Lumexa Imaging (NASDAQ:LMRI) released preliminary, unaudited results for the fourth quarter and full year ended December 31, 2025, highlighting continued revenue growth and improving operating performance despite ongoing net losses.
Fourth-quarter consolidated revenue increased 7.9% year over year to $267.7 million. System-wide revenue rose 10.6%, while same-center advanced imaging volumes grew 12.7% on a consolidated basis and 9.2% system-wide. Adjusted EBITDA climbed 18.6% to $63.8 million, although the company reported a slightly wider net loss of $28.7 million for the quarter.
For the full year 2025, Lumexa reported consolidated revenue of $1.023 billion, up 7.8% from the prior year. System-wide revenue increased 8.2%, while adjusted EBITDA rose 14.6% to $230.2 million, with margins exceeding 22%. During the year, the company opened ten new imaging centers and reduced its net loss to $47.1 million, compared with $94.1 million in 2024.
Management also noted progress in strengthening the balance sheet, including a reduction in leverage from 5.5x to 3.5x, which the company said generated more than $50 million in annual cash savings. Lumexa reaffirmed its outlook for 2026, expecting modest growth in both revenue and adjusted EBITDA, along with updated adjusted earnings-per-share targets. The company said the guidance reflects confidence in continued volume growth and margin improvement as outpatient imaging demand expands and newly opened facilities ramp up operations.
More about Lumexa Imaging Holdings, Inc.
Lumexa Imaging Holdings, Inc., operating as Lumexa Imaging, is among the largest providers of outpatient diagnostic imaging services in the United States. The company specializes in advanced imaging technologies such as MRI and CT scans and continues to expand through new center development, joint ventures and acquisitions.
Its strategy focuses on driving same-center growth, broadening geographic reach and increasing the share of advanced imaging procedures. The company aims to capitalize on the ongoing shift of diagnostic imaging from hospital-based settings to outpatient facilities.
By scaling its imaging network and strengthening its financial position, Lumexa seeks to improve margins while expanding access to advanced imaging services for patients, healthcare providers and payors across its system-wide platform.