Lumexa Imaging announces 1st earnings results, with $44M net loss in 2025
Lumexa Imaging on Monday announced its first quarterly and annual earnings results since going public on the Nasdaq in December.
For the full year, the Raleigh, North Carolina-based imaging group logged consolidated revenues of nearly $1.02 billion, up about 7% compared to $945 million in 2024. When the numbers are finalized, Lumexa expects to have recorded systemwide revenue growth of at least 8%.
The company was previously majority owned by private equity firm Welsh, Carson, Anderson & Stowe and has carried a heavy debt load following the original 2018 partnership with Charlotte Radiology. Lumexa said it was able to “meaningfully” reduce leverage and refinance remaining debts at a “more favorable rate” in 2025.
However, the company formerly known as US Radiology Specialists still recorded a nearly $44 million net loss in 2025, down from a $94 million net loss in 2024, with debt one factor.
“With favorable industry macro tailwinds of increasing demand for high-quality outpatient imaging and a focused execution model, we believe Lumexa Imaging is well-positioned to deliver sustained growth in 2026,” CEO Caitlin Zulla, MBA, said in a statement March 2.
Lumexa raised approximately $463 million from its successful initial public stock offering last year. The company used the proceeds to pay off at least $370 million of its $1.2 billion in outstanding debt. Moody’s upgraded its outlook for Lumexa Imaging following news of the deal, estimating its debt-to-earnings ratio would be about 5x after the IPO close.
Adjusted earnings (before interest, taxes, depreciation and amortization, or EBITDA) were approximately $229 million last year, up 14% from $201 million in 2024. Zulla and colleagues said Lumexa opened a total of nine newly constructed imaging centers last year, with six wholly owned and three through joint ventures.
In the fourth quarter, Lumexa opened three newly constructed centers while completing the acquisition of an additional site. Expected consolidated revenues grew at least 10% in Q4, at $261 million when compared to $248 million the same period of 2024. Lumexa recorded an anticipated net loss no larger than $25.4 million for the quarter, a slight increase from the $25.1 million in Q4 of 2024. Adjusted EBITDA earnings were $63 million, up 17% from $54 million the same period of the previous year.
“Lumexa Imaging delivered strong and consistent fourth quarter results, closing 2025 with solid growth momentum across the platform,” Zulla said. She added that expected earnings growth was driven by “continued demand for advanced imaging in the outpatient setting, growth within our referral base, solid performance of recent de novo centers, and the accelerated ramp following our return in-network with a large payer in New Jersey.”
Systemwide total procedures (including data from joint ventures) grew about 3.4% from 2024 to 2025, up to nearly 4 million. Advanced procedures (including MRI and CT) increased by 7.7% up to over 1.4 million. On a same-center basis, only counting the imaging locations Lumexa operated both years, advanced imaging grew by about 7.1%. In Q4, advanced procedures climbed by 11%, up to nearly 380,000, or about 9.2% on a same-center basis. PET imaging was a bright spot, up 13.5% systemwide, “supported by expanding adoption of radiopharmaceuticals for enhanced detection of prostate cancer and amyloid plaques associated with dementia.”
Lumexa also released 2026 financial guidance on Monday. The company expects to record consolidated revenues of up to $1.097 billion for this year. Adjusted EBITDA will reach up to $242 million, a figure that includes $7 million of public-company costs that Lumexa did not incur last year. Lumexa also launched a new AI-powered breast arterial calcification assessment in New Jersey last year, with over 12% of screening mammography patients electing to add the offering. It expects to expand this new AI tech offering to other geographies in 2026, potentially further driving additional revenues.
Lumexa emphasized that the figures are preliminary and not yet audited. It plans to host a company earnings call on March 26 at 7:30 a.m. Central Time. Those interested in participating can register here. Lumexa operates a total of 185 outpatient imaging centers across 13 states, handling 4 million outpatient procedures.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.