Key insights
- Lumexa Imaging (LMRI) reported stable Q1 2026 EPS, meeting forecasts, but GAAP EPS was lower due to rising expenses. Revenue increased 3% YoY, driven by advanced modalities. The stock declined nearly 2% in aftermarket trading, extending a six-month downtrend. Despite analyst optimism and future growth plans, investor concerns about profitability and expenses are weighing on the stock.
Lumexa Imaging Holdings Corp (LMRI) reported its Q1 2026 financial results, delivering an adjusted earnings per share (EPS) of $0.18, meeting analyst forecasts. However, the company’s GAAP EPS was lower at $0.02. The company achieved a revenue of $253 million, marking a 3% year-over-year increase. Despite these results, the stock experienced a 1.97% decline in aftermarket trading, closing at $9.96, down from the previous close of $10.16.
Lumexa Imaging reported stable performance in Q1 2026, with a 3% increase in revenue compared to the same period last year. Advanced modalities, including PET and MRI, showed significant growth, contributing to the overall revenue increase. However, routine scans remained flat, and the company faced challenges from weather-related disruptions affecting patient volumes.
Lumexa’s adjusted EPS of $0.18 met the forecast, indicating stable financial performance. However, the GAAP EPS was lower due to increased stock-based compensation and G&A expenses.
The stock price fell by 1.97% in aftermarket trading, reflecting investor concerns over flat profitability and rising expenses. The decline extends a troubling trend, with shares down 43% over the past six months. An InvestingPro tip notes the stock has "taken a big hit over the last six months," though the company’s current price suggests it may be undervalued according to InvestingPro’s Fair Value analysis. The decline contrasts with the stock’s 52-week range of $7.23 to $19.45, indicating a cautious market sentiment.
Lumexa projects continued growth in advanced modalities and plans to expand its AI-powered programs into new markets. The company aims to achieve two-thirds adoption of its FastScan technology by the end of 2026, enhancing operational efficiency. Analysts remain optimistic, with price targets ranging from $13 to $23, and expect the company to achieve profitability this year with forecasted EPS of $0.75. For investors seeking deeper insights, InvestingPro offers a comprehensive Pro Research Report on LMRI, one of 1,400+ US equities covered with expert analysis and actionable intelligence.
CEO of Lumexa Imaging stated, "Our focus on advanced modalities and strategic acquisitions positions us well for future growth. We are committed to enhancing operational efficiencies and expanding our innovative programs."
During the earnings call, analysts inquired about the impact of weather disruptions on future performance and the company’s strategy to mitigate operational expenses. Executives emphasized ongoing efficiency initiatives and the potential for future revenue growth through strategic expansions.
Operator: As a reminder, today’s program is being recorded. Now I’d like to introduce your host for today’s program, Sue Dooley from Lumexa Investor Relations. Please go ahead.
Sue Dooley, Head of Investor Relations, Lumexa: 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 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 will 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’ll turn the call over to Caitlin. Caitlin, please go ahead.
Caitlin Zulla, Chief Executive Officer, Lumexa: Thanks, Sue. Thank you all for joining us today. In Q1, we delivered several meaningful achievements to kick off a 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 few highlights of our announcement tonight. Our Q1 results came in line with our expectations after the seasonal and weather dynamics we discussed in our Q4 call. Q1 volumes ramped throughout March, and we recovered our momentum. Specifically, we drove strong same-center growth and strategic service lines are expanding among a healthy mix of advanced modalities.
In Q1, advanced modalities grew 7% year-over-year, with PET growing at 23.1% year-over-year and MRI growing at 8.2% year-over-year. Rollout of our AI-powered breast arterial calcification solution continues with plans for expansion into new markets and strong continued patient uptake. We are actively ramping de novo centers, and our 2024 and 2025 cohorts are tracking in line with our expectations and advancing our plans towards long-term growth and profit expansion. In some exciting news tonight, we completed 2 acquisitions and opened 2 de novos this year, and we are well on our way to achieving our stated goal of opening 8 to 10 de novos to fuel future growth.
Meaningfully, one of the acquisitions was an IDTF site in Pennsylvania, the first site in our new JV with UPMC. We are actively advancing multiple site location plans with this important partner. Finally, we’re excited to welcome two exceptional leaders to Lumexa, each bringing the depth of experience and vision that will help drive our next chapter of growth and results. I’ll go into some more detail in just a moment. At Lumexa, we are addressing a large market opportunity and deploying a disciplined growth algorithm. We are confident we are well-positioned to execute our growth plans while driving better outcomes across the imaging landscape.
I would like to take a moment to speak about our experience in the market as we meet with health systems and the providers who are so important to us and as we continue with our commercial efforts to drive growth and acuity mix. Our value proposition resonates strongly with patients, providers, and payers, reflected in net promoter scores that consistently exceed 90. We deliver high-quality imaging in more convenient settings on a more timely basis and at a meaningfully lower cost than hospital outpatient departments, helping health systems solve important operational challenges and achieve their patient care and market expansion goals. As we pursue our priorities, it is clear the market is moving towards us. We are benefiting from durable long-term tailwinds, aging populations, new treatment paradigms requiring advanced imaging, rising preventative screening rates, and an ongoing shift from inpatient to outpatient care in a fragmented, capacity-constrained industry.
In our conversations with multiple potential health system partners, they cite struggles with imaging bottlenecks that constrain operational throughput and delay patient access. This underscores a strong need for outpatient capacity and a growing demand for a partner who can deliver speed, access, and capital-efficient expansion. At the same time, many systems are proactively preparing for potential site neutrality by accelerating their shift towards lower-cost outpatient settings, which we believe further reinforces the relevance of our model. They tell us they like our nimble best-of-breed approach that ensures we will always be able to leverage innovation to drive efficiency and the best patient experience and outcomes. As I mentioned a moment ago, reflecting the sizable growth opportunity we are pursuing at Lumexa, we are delighted to welcome two seasoned leaders.
First, Kyle Lynch, our new Chief Growth Officer, brings deep experience in building high-performing business development organizations, executing complex transactions, and implementing growth strategies that translate into durable financial performance. Another proven industry veteran, Rikki Mondo, has joined Lumexa as Chief Enterprise Operations Officer. Rikki has a strong track record of leading and scaling national platforms to drive performance, integration, and operational excellence. As we continue to grow, her focus on enterprise-wide alignment will be critical to delivering for our patients, partners, and teams. Welcome, Kyle and Rikki. We are thrilled to have you join our team to help drive disciplined, efficient, and sustainable growth through joint ventures, de novo development acquisitions, and commercial growth initiatives. Now a moment on the key elements of our growth algorithm. Our commercial team is laser-focused on driving same-center growth.
On the heels of a successful New Jersey launch, we expanded our AI-powered breast arterial calcification program to include New York, and in both markets we are seeing strong acceptance for this cash add-on assessment for cardiac health in women. Our team continued their focus on driving advanced imaging. PET and MRI are strategic areas of focus for us. Additional seasonal campaigns targeted gastroenterologists and ENT specialists timed to the start of allergy season. These contribute to our growth and increase in acuity mix in Q1. We are on track to expand our geographic footprint through new de novo openings, JV partnerships, and carefully selected M&A. Tonight’s announcement showcases the opening of 4 new Lumexa Imaging centers, including 2 small but strategic tuck-in acquisitions, demonstrating the strength of our JV partnerships. The first location is in Pennsylvania with UPMC, and the second location is in North Carolina with Advocate Health.
The acquired facilities will ramp over time and their integration into our operating platform and as we complete payer enrollment requirements. The 2 new de novos are in South Carolina and Florida, expanding our footprint in attractive MSAs and advancing us towards our goal to open