Revenue Growth and Scale
Consolidated revenues of $253 million, up 3% year-over-year, and system-wide revenue growth of 4% for the quarter, driven approximately two-thirds by volume and one-third by rate.
Lumexa Imaging Holdings, Inc.
· LMRI
May 12th, 2026
Summary
- Earnings Call Date:
- 2026-05-12
- Change Since:
- +0.76%
Earnings Call Sentiment
PositiveThe call conveyed a constructive growth story: revenue and advanced modality volumes expanded (notably PET +23%), adjusted EBITDA held steady at $51.2 million, profitability returned to positive net income, and management reiterated full-year guidance while outlining disciplined growth via de novos, JVs and technology adoption. Near-term headwinds included a roughly $4 million weather and seasonality EBITDA drag, slower routine scans and mammography, higher public company and stock-based compensation costs, and a Q1 free cash flow shortfall. On balance, the operational momentum in high-margin advanced services, improved cash flow trajectory, successful JV and de novo activity, and affirmed guidance outweigh the transitory and timing-related challenges discussed on the call.
Company Guidance
Management reiterated full‑year 2026 guidance of $1.045B–$1.097B in revenue, $234M–$242M of adjusted EBITDA (including roughly $7M of public‑company costs; midpoint adjusted‑EBITDA growth ex those costs ≈7%) and adjusted EPS of $0.71–$0.77, with free cash flow expected to be about 25%–30% of adjusted EBITDA for the year; CapEx is expected to be roughly $5M–$7M per quarter (mid‑to‑upper $20M for the year, with some spend financed via leases). Management expects a gradual sequential ramp in adjusted EBITDA with roughly 55% of full‑year EBITDA in the back half (Q1 ≈21.5% and Q2 ≈23.5% at the midpoint), noted that Q1 results ($253M revenue, adjusted EBITDA $51.2M, 20.3% margin) absorbed an estimated ~$4M hit from seasonality/weather, and highlighted strong advanced modality momentum (system‑wide advanced +7% YoY; PET +23.1% YoY; MRI +8.2% YoY), a FastScan MRI adoption target of ~66–67% by year‑end (from 51% at start of year) and the ongoing plan to open 8–10 de novos annually.
Strong Advanced Modality Performance
Advanced modalities grew 7% year-over-year system-wide and consolidated, with PET up 23.1% year-over-year and MRI up 8.2% year-over-year; advanced scans comprised 37.4% of total volume, a 160 basis point improvement versus Q1 2025.
Profitability Improvement and EPS
Pretax income improved to $3 million from a pretax loss of $4 million in Q1 2025; net income was $2 million versus a net loss of $8 million prior year. GAAP EPS was $0.02 and adjusted EPS was $0.18.
Adjusted EBITDA Resilience
Adjusted EBITDA was $51.2 million, essentially flat versus $51.1 million a year ago, with an adjusted EBITDA margin of 20.3% and management reiterating full-year adjusted EBITDA guidance of $234 million to $242 million.
Improved Cash Flow Profile
Cash flows from operating activities were $3 million, a $17 million improvement year-over-year, and free cash flow was negative $2 million, a $13 million improvement versus prior year; interest expense run rate fell by about $14 million versus Q1 2025 after IPO debt paydown.
Disciplined Capital Deployment and Guidance
Q1 CapEx of $5 million with expected quarterly CapEx of $5 million to $7 million (mid-to-upper $20s full year). Full-year revenue guidance of $1.045 billion to $1.097 billion and adjusted EPS guidance of $0.71 to $0.77 reaffirmed.
Growth via De Novos, JVs and M&A
Opened 4 new centers (2 tuck-in acquisitions and 2 de novos) in Q1, completed first IDTF acquisition in Pennsylvania as part of the UPMC JV, and have 15 centers opened since late 2024 that are ramping; company targeting 8 to 10 de novos annually.
Technology and Operational Enhancements
FastScan deployment driving MRI productivity; beginning the year at 51% MRI fleet adoption and targeting roughly 66-67% by year-end. Virtual cockpit remote MRI scanning and AI-enabled offerings (breast arterial calcification) expanding strategic service lines and efficiency.
Operator
Thank you for standing by, and welcome to Lumexa Imaging's First Quarter 2026 Earnings Call. [Operator Instructions] As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Sue Dooley from Lumexa Investor Relations. Please go ahead.
Sue Dooley
Thank you, and hello, everyone. We appreciate you joining us today. Leading today's call are our Chief Executive Officer, Caitlin Zulla; and Tony Martin, our CFO. Before we begin, I want to note that we'll be discussing non-GAAP financial measures that we consider helpful in evaluating Lumexa's performance. You can find details of how these relate to our GAAP measures, along with reconciliations in the press release available on our website. We'll also be making forward-looking statements based on our current expectations and assumptions, which are subject to risks and uncertainties, including factors listed in our press release and in our various SEC filings. Actual results could differ materially, and we assume no obligation to update these forward-looking statements. With that, I will turn the call over to Caitlin.
Caitlin, please go ahead.
Caitlin Zulla
Thanks, Sue. Thank you all for joining us today. In Q1, we delivered several meaningful achievements to kick off the year executing on our strategic priorities, which include driving strong same-center growth with an expanding mix of advanced modalities, targeting a record number of de novo openings, ensuring the successful ramp of newly opened centers, accelerating high-impact strategic service lines and expanding our geographic footprint. Here are a f...
Subscribe to unlock transcripts
Get The Fly Pro 7 days for free