Lumexa Imaging Holdings Inc (LMRI) is an outpatient diagnostic imaging company that operates a network of imaging centers and manages physician radiology practices across the United States. Revenue comes from per-procedure patient service fees billed to commercial and government payors, plus management fees earned from affiliated and joint venture entities. As of March 31, 2026, LMRI operated 189 outpatient imaging centers across 13 states, making it the second largest outpatient imaging center footprint in the United States by its own disclosure. The business is organized into two segments: outpatient imaging centers and professional services. Total consolidated revenue was $252.5 million for Q1 2026, up from $245.0 million in Q1 2025. Commercial payors contributed 57% of consolidated revenue and government payors 28% in Q1 2026. Growth is driven by de novo center openings, joint venture partnerships with health systems, and acquisitions. The business carries material interest expense ($16.3 million in Q1 2026) and relies on third-party payor reimbursement rates for the bulk of its economics.

Revenue model

Per-procedure net patient service revenue billed to commercial payors (57% of consolidated revenue, Q1 2026), government payors (28%, Q1 2026), and self-pay or lien payors. Management fees and pass-through cost reimbursements from unconsolidated affiliates and joint venture partners, including BTDI, constitute a secondary revenue stream. Management fee and related-party revenue totaled $55.2 million in Q1 2026.

Products and services

Outpatient diagnostic imaging studies with radiologist interpretation, teleradiology reads for unconsolidated BTDI centers, and management services provided to affiliated physician practices and joint venture imaging centers.

Customers and end markets

Patients covered by commercial health insurers (57% of consolidated revenue, Q1 2026), government payors including Medicare and Medicaid (28% of consolidated revenue, Q1 2026), and self-pay or lien patients. Health system joint venture partners are customers of the management services segment.

Value-chain role

Operator of outpatient imaging centers performing diagnostic scans and providing radiologist interpretations, combined with a management services provider to affiliated physician groups and joint venture health system partners. Equity earnings from unconsolidated affiliates, including BTDI, contributed $15.0 million in Q1 2026.

Geographic exposure

United States only. 189 outpatient imaging centers across 13 states and eight joint venture partnerships with health systems, as of March 31, 2026.

Source: SEC 10-Q, filed 2026-05-12

Industry: Services-Medical Laboratories