Financial Data and Key Metrics Changes - Consolidated revenue for Q4 2025 was $267.7 million, representing a 7.9% increase year-over-year [4][21] - Adjusted EBITDA for Q4 was $63.8 million, an 18.6% increase from the previous year, with an adjusted EBITDA margin of 23.8% [4][25] - Full-year consolidated revenues reached $1.023 billion, up 7.8% compared to 2024, with adjusted EBITDA of $230.2 million, a 14.6% increase [20][21] Business Line Data and Key Metrics Changes - The company completed 1.4 million advanced imaging exams in Q4, a 7.7% increase year-over-year [4] - Professional fee revenues for Q4 were $66.8 million, reflecting a growth of 10.6% [23][25] - Management fee and other revenues totaled $57.2 million, consisting of management fees from health system joint ventures and pass-through revenues [23][24] Market Data and Key Metrics Changes - System-wide revenue growth was 10.6% in Q4, driven by increased procedure volumes and a shift towards advanced imaging [21][23] - Advanced imaging modalities, including MRI, CT, and PET, are expected to continue driving higher revenue per procedure and margins [6][30] Company Strategy and Development Direction - The company aims to drive same-center growth, geographic expansion, and strategic service line expansion as key strategic initiatives for 2026 [9][12] - Plans to open 8-10 new de novo centers annually, with a focus on joint ventures to align with health system priorities [12][13] - The introduction of new service lines, such as Breast Arterial Calcification screenings, is part of the strategy to enhance service offerings and drive growth [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on growth opportunities, citing strong execution and a favorable operating environment [8][18] - The company anticipates continued growth in advanced imaging, with expectations for revenue in 2026 to be between $1.045 billion and $1.097 billion [29][30] - Management noted that Q1 is typically the lowest for revenue and adjusted EBITDA, but they expect to recover lost volumes throughout the year [32][70] Other Important Information - The company completed a small tuck-in acquisition in North Carolina and is continuously evaluating accretive M&A opportunities [14][15] - The balance sheet was strengthened with $58.8 million in cash and cash equivalents at the end of Q4, compared to $26.1 million at the end of 2024 [26][27] Q&A Session Summary Question: Growth in advanced imaging versus routine imaging for 2026 - Management confirmed a focus on advanced imaging growth, which is expected to outpace routine imaging growth, with a strong pipeline of new center openings [37][40] Question: Cash flow and CapEx expectations for 2026 - Management indicated strong cash generation capabilities and emphasized that CapEx will primarily focus on de novo openings and equipment upgrades [43][46] Question: Rate growth expectations for 2026 - Management expects rate growth to be driven by volume increases in advanced modalities and modest increases in contracted rates with payers [51][53] Question: Strategies to increase patient referrals - The company has a robust engagement strategy with referring physicians, focusing on high-referring specialties and targeted marketing campaigns [63][64] Question: Impact of weather and macro conditions on volumes - Management acknowledged the impact of weather on Q1 volumes but expressed confidence in recovering lost volumes and maintaining full-year guidance [70][72]

Core Viewpoint - Lumexa Imaging Holdings is set to raise $463 million by issuing 25 million shares at a price of $18.50 each, with a market capitalization of $1.8 billion post-listing [1] Company Overview - Lumexa Imaging Holdings is a national provider of outpatient diagnostic imaging services in the United States, operating 184 imaging centers across 13 states through wholly-owned sites and joint ventures with healthcare systems [1] - The company offers a range of advanced and routine imaging equipment, including MRI, CT, PET scans, X-rays, ultrasounds, and mammography [1] Financial Projections - For the 12 months ending September 30, 2025, Lumexa is projected to achieve sales of $1 billion [1] Listing Details - The company plans to list on NASDAQ under the ticker symbol "LMRI" [1] - The joint bookrunners for this offering include Barclays, JPMorgan, Jefferies, Deutsche Bank, Wells Fargo Securities, Leerink Partners, William Blair, Capital One Securities, Fifth Third Securities, and Raymond James [1]