# Lumexa Imaging Holdings, Inc. (LMRI) Informational only - not investment advice. CIK: 0002071288 SIC: 8071 Services-Medical Laboratories SIC breadcrumb: [Services](/division/I/) > [SIC Major Group 80](/major-group/80/) > [SIC 8071 Services-Medical Laboratories](/industry/8071/) Latest 10-K filed: 2026-03-30 SEC page: https://www.sec.gov/edgar/browse/?CIK=2071288 Filing source: https://www.sec.gov/Archives/edgar/data/2071288/000119312526131907/lmri_10k_2025.htm ## At a glance No standardized annual SEC companyfacts metrics were extracted for this company; the at-a-glance panel is omitted rather than estimated. No market price, no rating, no forecast on this site. Not investment advice. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | ## Financials No standardized annual SEC companyfacts metrics were extracted for this company. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0002071288.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2026-Q1 | 2026-03-31 | 252,537,000 | 1,717,000 | 0.02 | reported discrete quarter | | 2026-Q2 | 2026-03-31 | | 1,717,000 | | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 264,162,000 | | 0.03 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from LMRI's latest 10-K: [/company/LMRI/business/](/company/LMRI/business/). ## Risk Factors Verbatim Item 1A Risk Factors from LMRI's latest 10-K: [/company/LMRI/risk-factors/](/company/LMRI/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/2071288/000119312526348902/lmri-20260630.htm Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub. Confidence: high Filing date: 2026-08-13 Report date: 2026-06-30 Overview We are one of the largest national providers of diagnostic imaging services. Our platform is integrated, scalable and has a proven track record of creating value for our stakeholders. As of June 30, 2026, we operated the second largest outpatient imaging center footprint in the United States. It spans 192 centers in 14 states and includes nine joint venture partnerships with health systems. Our primary source of income is fees paid by patients, insurance companies or other payors in exchange for our centers providing imaging studies and radiologists’ interpretations of those studies. We also earn revenue from payors when our radiologists interpret an imaging study performed in another facility, often the imaging department of a hospital. In addition, we earn a monthly fee from centers that we operate, but do not consolidate for accounting purposes, in exchange for managing their operations. We also earn fees from third-party hospitals for providing radiology and administrative support. How these income streams affect our consolidated financial statements depends on whether we consolidate the center generating the fee for accounting purposes. Because our ownership levels and rights vary from center to center, as of June 30, 2026, we consolidated 104 of the 192 centers that we operated and accounted for our investments in the remaining 88 centers under the equity method of accounting. As of June 30, 2025, we consolidated 99 of the 184 centers that we operated and accounted for our investments in the remaining 85 centers under the equity method of accounting. The following table shows our outpatient imaging centers in operation and consolidated net patient service revenue for the periods indicated (dollars in thousands): [[GREPCENT_TABLE]] [["","","THREE MONTHS ENDED JUNE 30,","SIX MONTHS ENDED JUNE 30,"],["","","2026","","","2025","","","2026","","","2025"],["Consolidated net patient service revenue","","$","203,735","","","$","198,185","","","$","401,053","","","$","390,483"],["Centers in operation","","","192","","","","184","","","","192","","","","184"],["Outpatient imaging centers with a health system joint venture partner (equity method)","","","88","","","","85","","","","88","","","","85"],["Consolidated outpatient imaging centers","","","104","","","","99","","","","104","","","","99"]] [[/GREPCENT_TABLE]] The following table summarizes the centers we operated as of the periods indicated: [[GREPCENT_TABLE]] [["","","Type of Center"],["","","Consolidated","","","Joint Venture","","","Total"],["Number of Centers, December 31, 2024","","","98","","","","83","","","","181"],["De novos","","","6","","","","3","","","","9"],["Acquisitions","","","\u2014","","","","1","","","","1"],["Closed or sold","","","(2",")","","","(1",")","","","(3",")"],["Number of Centers, December 31, 2025","","","102","","","","86","","","","188"],["De novos","","","2","","","","\u2014","","","","2"],["Acquisitions","","","\u2014","","","","2","","","","2"],["Closed or sold","","","\u2014","","","","\u2014","","","","\u2014"],["Number of Centers, June 30, 2026","","","104","","","","88","","","","192"]] [[/GREPCENT_TABLE]] Our operations are comprised of two segments for financial reporting purposes, “Outpatient Imaging Centers” and “Professional Services.” For further financial information about our segments, see Note 13 in the notes accompanying our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. 26 Factors Affecting Our Results of Operations We believe there are several important factors that impact our operating performance and results of operations, including: ▪ Physician referrals. A significant portion of the services that we perform and the revenue we generate is derived from patient referrals from unaffiliated physicians and other healthcare providers. Because the majority of our routine and advanced imaging volume involves providing non-recurring services to patients, our business depends on continuing to receive new referrals from those physicians and other healthcare providers. Our performance depends on our ability to maintain those referrals and to become and/or remain designated providers under “closed panel” preferred physician organizations or other managed care contracting systems which manage those referrals exclusively to contracted providers. We seek to be the designated provider under those programs and the failure to compete to remain such under those programs and our inability to maintain and increase the number of physician referrals could impact our revenues and operations. ▪ Demand for advanced imaging in our geographies. Our operations and profitability depend in part on our ability to increase the amount of patient volume from advanced imaging scans. According to industry estimates, demand for advanced imaging continues to grow and outpaces routine imaging growth. We believe that our centers, equipment, personnel and strategy will enable advanced imaging to continue to increase as a percentage of our imaging volumes and revenues over time. The following tables show our consolidated and system-wide outpatient MRI and CT volumes as a percentage of our total outpatient consolidated imaging revenue and total outpatient system-wide imaging revenue for the periods indicated: [[GREPCENT_TABLE]] [["","","CONSOLIDATED","","","SYSTEM-WIDE"],["","","THREE MONTHS ENDED JUNE 30,","","","THREE MONTHS ENDED JUNE 30,"],["","","2026","","","2025","","","2026","","","2025"],["MRI and CT as percentage of revenues","","","52","%","","","52","%","","","63","%","","","63","%"],["MRI and CT as a percentage of volumes","","","31","%","","","30","%","","","37","%","","","36","%"],["","","CONSOLIDATED","","","SYSTEM-WIDE"],["","","SIX MONTHS ENDED JUNE 30,","","","SIX MONTHS ENDED JUNE 30,"],["","","2026","","","2025","","","2026","","","2025"],["MRI and CT as percentage of revenues","","","52","%","","","52","%","","","63","%","","","63","%"],["MRI and CT as a percentage of volumes","","","31","%","","","30","%","","","37","%","","","36","%"]] [[/GREPCENT_TABLE]] ▪ Favorable and Sustainable Reimbursement. Our revenues depend on achieving broad coverage and reimbursement for our imaging exams from third-party payors, including both commercial and government payors. Payment from third-party payors differs depending on whether we have entered into a contract with the payor as a “participating provider” or do not have a contract and are considered a “non-participating provider.” Payors will often reimburse non-participating providers, if at all, at a lower rate than participating providers. We operate in geographies with attractive payor dynamics that support sustainable commercial reimbursement. The following tables disaggregate consolidated and system-wide net patient service revenue by third-party payor source for the periods indicated: [[GREPCENT_TABLE]] [["","","CONSOLIDATED","","","SYSTEM-WIDE"],["","","THREE MONTHS ENDED JUNE 30,","","","THREE MONTHS ENDED JUNE 30,"],["","","2026","","","2025","","","2026","","","2025"],["Commercial insurance","","","59","%","","","59","%","","","62","%","","","63","%"],["Government","","","29","","","","29","","","","23","","","","23"],["Self-pay, liens and other payors","","","12","","","","12","","","","15","","","","14"],["","","","100","%","","","100","%","","","100","%","","","100","%"],["","","CONSOLIDATED","","","SYSTEM-WIDE"],["","","SIX MONTHS ENDED JUNE 30,","","","SIX MONTHS ENDED JUNE 30,"],["","","2026","","","2025","","","2026","","","2025"],["Commercial insurance","","","58","%","","","58","%","","","62","%","","","63","%"],["Government","","","28","","","","29","","","","23","","","","24"],["Self-pay, liens and other payors","","","14","","","","13","","","","15","","","","13"],["","","","100","%","","","100","%","","","100","%","","","100","%"]] [[/GREPCENT_TABLE]] 27 ▪ We are broadly diversified across over 600 payor contracts and have a dedicated managed care team, focused on securing competitive reimbursement rates and contract terms for our centers using a data-driven approach. If we are not able to obtain or maintain coverage and adequate reimbursement from commercial payors, we may not be able to effectively increase our patient volume and revenue as expected. Additionally, retrospective reimbursement adjustments can negatively impact our revenue and cause our financial results to fluctuate, though we have not experienced any material adjustments of that nature. ▪ Investment and implementation of technology. Our integrated technology system supports our current day-to-day operations and is the foundation of our continued deployment of third-party artificial intelligence (“AI”) tools. We intend to continue investing in these technologies and believe that using third-party AI allows us to benefit from the most advanced solutions in the market. Implementation of AI can enable faster scan times, improved clinical efficiency and faster patient scheduling and communication of results. Furthermore, back-office tasks can use AI to self-learn and self-manage processes, increase collections and reduce labor expenses, driving greater profitability. ▪ Continuing growth through de novo expansion, joint ventures and acquisitions. We believe that our expansion strategy to establish new de novo centers, continue to partner with health systems in joint ventures and complete new acquisitions will continue to drive greater revenues. Our failure to continue to expand could have an adverse effect on our revenue growth. ▪ Seasonality. Our business exhibits seasonal fluctuations. The first quarter of each year generally sees the lowest procedure volumes and revenue levels. We believe this trend is driven by two factors. First, many patients participate in high-deductible health plans. As these deductibles reset in January, patients tend to reduce their use of medical services during the first quarter to avoid substantial out-of-pocket expenditures. Second, our outpatient imaging centers are sometimes affected by severe winter weather conditions, with snowstorms and other adverse weather leading to patient appointment cancellations and occasional center closures. While each of these factors presents significant opportunities for us, they are not the only factors that may adversely affect our revenues and they also pose significant risks and challenges that we must address. See the section titled “Risk Factors” for more information. Our Business and Performance Measures We deliver high-quality, convenient and low-cost care through our expansive network of outpatient imaging centers, meeting the needs of our key stakeholders—patients, referring physicians, health system joint venture partners and payors. Our accessible locations, flexible scheduling options and extended hours make it easier for patients to receive the imaging services they need. Referring physicians choose our centers for their patients’ imaging needs because of our high-quality care, subspecialized radiologists, skilled technologists and modern equipment and technology. Our health system joint venture partners benefit from providing patients access to our high-quality, lower cost, conveniently located centers to reduce hospital backlogs and the time required to diagnose and begin treatment. Our centers also benefit payors by reducing the overall cost of delivering diagnostic imaging to their members. We operate outpatient imaging centers, some of which we wholly own and others that we own in partnership with health system joint ventures. As of June 30, 2026, we managed 85 of our 88 outpatient imaging centers owned by joint ventures on a day-to-day basis through management services contracts. As of June 30, 2025, we managed 82 of our 85 outpatient imaging centers owned by joint ventures on a day-to-day basis through management services contracts. Our role as an owner and day-to-day manager provides us with signi [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/2071288/000119312526131907/lmri_10k_2025.htm Complete FY 2025 MD&A: /company/LMRI/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-03-30 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand the results of operations and financial condition of Lumexa Imaging. The MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes included in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following MD&A. Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company's final prospectus filed with the SEC on December 12, 2025, pursuant to Rule 424(b)(4) for a discussion of the results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023. Overview We are one of the largest national providers of diagnostic imaging services. Our platform is integrated, scalable and has a proven track record of creating value for our stakeholders. At December 31, 2025, we operated the second largest outpatient imaging center footprint in the United States. It spans 188 centers in 13 states and includes eight joint venture partnerships with health systems. Our primary source of income is fees paid by patients, insurance companies or other payors in exchange for our centers providing imaging studies and radiologists’ interpretations of those studies. We also earn revenue from payors when our radiologists interpret an imaging study performed in another facility, often the imaging department of a hospital. In addition, we earn a monthly fee from centers that we operate, but do not consolidate for accounting purposes, in exchange for managing their operations. We also earn fees from third-party hospitals for providing radiology and administrative support. How these income streams affect our consolidated financial statements depends on whether we consolidate the center generating the fee for accounting purposes. Because our ownership levels and rights vary from center to center, at December 31, 2025, we consolidated 102 of the 188 centers that we operated and accounted for our investments in the remaining 86 centers under the equity method of accounting. At December 31, 2024, we consolidated 98 of the 181 centers that we operated and accounted for our investments in the remaining 83 centers under the equity method of accounting. The following table shows our outpatient imaging centers in operation and consolidated net patient service revenue for the specified periods (dollars in thousands): [[GREPCENT_TABLE]] [["","","YEAR ENDED DECEMBER 31,"],["","","2025","","","2024","","","2023"],["Consolidated net patient service revenue","","$","802,707","","","$","746,850","","","$","767,391"],["Centers in operation","","","188","","","","181","","","","183"],["Outpatient imaging centers with a health system joint venture partner (equity method)","","86","","","","83","","","","82"],["Consolidated outpatient imaging centers","","102","","","","98","","","","101"]] [[/GREPCENT_TABLE]] 56 The following table summarizes the centers we operated as of December 31, 2025, 2024 and 2023: [[GREPCENT_TABLE]] [["","","Type of Center"],["","","Consolidated","","","Joint Venture","","","Total"],["Number of Centers, December 31, 2023","","","101","","","","82","","","","183"],["De novos","","","3","","","","1","","","","4"],["Closed or sold","","","(6",")","","","\u2014","","","","(6",")"],["Number of Centers, December 31, 2024","","","98","","","","83","","","","181"],["De novos","","","6","","","","3","","","","9"],["Acquisitions","","","\u2014","","","","1","","","","1"],["Closed or sold","","","(2",")","","","(1",")","","","(3",")"],["Number of Centers, December 31, 2025","","","102","","","","86","","","","188"]] [[/GREPCENT_TABLE]] Our operations are comprised of two segments for financial reporting purposes, “Outpatient Imaging Centers” and “Professional Services.” For further financial information about our segments, see Note 20 in the notes accompanying our consolidated financial statements included in this Annual Report on Form 10-K. Factors Affecting Our Results of Operations We believe there are several important factors that impact our operating performance and results of operations, including: ▪ Physician referrals. A significant portion of the services that we perform and the revenue we generate is derived from patient referrals from unaffiliated physicians and other healthcare providers. Because the majority of our routine and advanced imaging volume involves providing non-recurring services to patients, our business depends on continuing to receive new referrals from those physicians and other healthcare providers. Our performance depends on our ability to maintain those referrals and to become and/or remain designated providers under “closed panel” preferred physician organizations or other managed care contracting systems which manage those referrals exclusively to contracted providers. We seek to be the designated provider under those programs and the failure to compete to remain such under those programs and our inability to maintain and increase the number of physician referrals could impact our revenues and operations. ▪ Demand for advanced imaging in our geographies. Our operations and profitability depend in part on our ability to increase the amount of patient volume from advanced imaging scans. According to industry estimates, demand for advanced imaging continues to grow and outpaces routine imaging growth. As of December 31, 2025, management estimates that advanced imaging payments per procedure at our consolidated and unconsolidated centers were on average approximately 330% of routine imaging payments per procedure. MRI and CT accounted for 30% of our consolidated imaging volumes and 36% of our system-wide imaging volumes, and 52% of our consolidated revenue and 63% of our system-wide revenues in 2025. MRI and CT accounted for over 29% of our consolidated imaging volumes and over 35% of our system-wide imaging volumes, and over 51% of our consolidated revenue and 63% of our system-wide revenue in 2024. We believe that our centers, equipment, personnel and strategy will enable advanced imaging to continue to increase as a percentage of our imaging volumes and revenues over time. ▪ Favorable and Sustainable Reimbursement. Our revenues depend on achieving broad coverage and reimbursement for our imaging exams from third-party payors, including both commercial and government payors. Payment from third-party payors differs depending on whether we have entered into a contract with the payor as a “participating provider” or do not have a contract and are considered a “non-participating provider.” Payors will often reimburse non-participating providers, if at all, at a lower rate than participating providers. We operate in geographies with attractive payor dynamics that support sustainable commercial reimbursement. 58% of our consolidated revenue in 2025 came from commercial payors, with government payors making up an incremental 29% and the remaining portion of our consolidated revenue in 2025 coming from self-pay, liens and other payors. 63% of our system-wide revenue in 2025 came from commercial payors, with government payors making up an incremental 22% and the remaining portion of our system-wide revenue in 2025 coming from self-pay, liens and other payors. 57% of our 2024 consolidated revenue came from commercial payors, with government payors 57 making up an incremental 28% and the remaining portion of our 2024 consolidated revenue coming from self-pay, liens and other payors. 63% of our 2024 system-wide revenue came from commercial payors, with government payors making up over 23% and the remaining portion of our 2024 system-wide revenue coming from self-pay, liens and other payors. We are broadly diversified across over 600 payor contracts and have a dedicated managed care team, focused on securing competitive reimbursement rates and contract terms for our centers using a data-driven approach. If we are not able to obtain or maintain coverage and adequate reimbursement from commercial payors, we may not be able to effectively increase our patient volume and revenue as expected. Additionally, retrospective reimbursement adjustments can negatively impact our revenue and cause our financial results to fluctuate, though we have not experienced any material adjustments of that nature. ▪ Investment and implementation of technology. Our integrated technology system supports our current day-to-day operations and is the foundation of our continued deployment of third-party AI tools. We intend to continue investing in these technologies and believe that using third-party AI allows us to benefit from the most advanced solutions in the market. Implementation of AI can enable faster scan times, improved clinical efficiency and faster patient scheduling and communication of results. Furthermore, back-office tasks can use AI to self-learn and self-manage processes, increase collections and reduce labor expenses, driving greater profitability. ▪ Continuing growth through de novo expansion, joint ventures and acquisitions. We believe that our expansion strategy to establish new de novo centers, continue to partner with health systems in joint ventures and complete new acquisitions will continue to drive greater revenues. Our failure to continue to expand could have an adverse effect on our revenue growth. ▪ Seasonality. Our business exhibits seasonal fluctuations. The first quarter of each year generally sees the lowest procedure volumes and revenue levels. We believe this trend is driven by two factors. First, many patients participate in high-deductible health plans. As these deductibles reset in January, patients tend to reduce their use of medical services during the first quarter to avoid substantial out-of-pocket expenditures. Second, our outpatient imaging centers are sometimes affected by severe winter weather conditions, with snowstorms and other adverse weather leading to patient appointment cancellations and occasional center closures. While each of these factors present significant opportunities for us, they are not the only factors that may adversely affect our revenues and they also pose significant risks and challenges that we must address. See the section titled “Risk Factors” for more information. Our Business and Performance Measures We deliver high-quality, convenient and low-cost care through our expansive network of outpatient imaging centers, meeting the needs of our key stakeholders—patients, referring physicians, health system joint venture partners and payors. Our accessible locations, flexible scheduling options and extended hours make it easier for patients to receive the imaging services they need. Referring physicians choose our centers for their patients’ imaging needs because of our high-quality care, subspecialized radiologists, skilled technologists and modern equipment and technology. Our health system joint venture partners benefit from providing patients access to our high-quality, lower cost, conveniently located centers to reduce hospital backlogs and the time required to diagnose and begin treatment. Our centers also benefit payors by reducing the overall cost of delivering diagnostic imaging to their members. We operate outpatient imaging centers, some of which we wholly own and others that we own in partnership with health system joint ventures. At December 31, 2025, we [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/LMRI/mda/fy2025/ All MD&A years: /company/LMRI/mda/ ## Macro cross-references Indicators mapped to this company's SIC classification (industry 8071 Services-Medical Laboratories) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/LMRI.md · JSON record: /company/LMRI.json · verified financials: /company/LMRI/financials.json / /company/LMRI/financials.csv · machine TOC for the whole site: /llms.txt