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JP Morgan Healthcare Conference January 2026
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Disclaimer 1 Forward-Looking Statements This presentation has been prepared by Lumexa Imaging Holdings, Inc. ("Lumexa Imaging," the "Company" or "we") and contains forward-looking statements. All statements other than statements of historical fact contained in this presentation, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “would,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this presentation are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, results of operations and liquidity. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict and beyond our ability to control. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. If one or more events related to these forward-looking statements or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Many of the important factors that will determine these results are beyond our ability to control or predict. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. We cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We urge you to read documents we have filed with the SEC for more complete information about the Company, which are made publicly available at www.sec.gov and via our website, ir.lumexaimaging.com, and to stay apprised of additional risks and uncertainties to be described in our periodic reports filed with the Securities and Exchange Commission from time to time. Any forward-looking statements in this presentation should be evaluated in light of the information in these documents. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date made, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to rely unduly upon these statements. Industry Information Unless otherwise indicated, information contained in this presentation concerning our industry, competitive position and the markets in which we operate is based on information from independent industry and research organizations, other third-party sources and management estimates. Such information is as of its original publication dates (and not as of the date of this presentation). Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing such data, and our experience in, and knowledge of, such industry and markets, which we believe to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, which could cause results to differ materially from those expressed in the estimates made by the independent parties and by us. Non-GAAP Financial Measures This presentation uses financial measures that are not presented in accordance with generally accepted accounting principles in the United States (“GAAP”) to supplement financial information presented in accordance with GAAP. There are limitations to the use of the non-GAAP financial measures presented in this presentation. For example, the non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies may calculate non-GAAP financial measures differently than the Company, limiting the usefulness of those measures for comparative purposes. See slide 31 for reconciliations of such non-GAAP financial measures to their most directly comparable GAAP measures. Unaudited Financial Information Financial information for the twelve- and nine-month periods ended September 30, 2025 and certain non-financial operating data included in this presentation are unaudited. Such financial information may also be revised as a result of management's further review of such information and any adjustments that may result from the completion of the audit of our consolidated financial statements for the 2025 fiscal year.
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Lumexa Imaging at a Glance 2 Who We Are National outpatient imaging platform with 2nd largest outpatient imaging center footprint(1) focused on attractive metropolitan statistical areas (“MSAs”) across 13 states Provide advanced (MRI, CT, PET) and routine (X-ray, ultrasound, mammography) diagnostic imaging services 44 de novo sites established since Lumexa Imaging’s formation –Strong pipeline of new MSAs to continue fueling de novo growth –Established M&A track record in a highly fragmented industry Fully integrated and scalable operating model, delivered by highly skilled technologists and subspecialized radiologists Unified platform leverages AI advancements intended to enhance the quality and efficiency of care delivery Note: PET = Positron emission tomography Data as of December 31, 2025. 1. By freestanding location count. Source: Management estimates using Definitive Healthcare’s imaging database and industry and competitor websites. Consolidated Locations Unconsolidated Locations Total Count of Locations 11 1 9 63 8 1 9 22 13 25 18 6 2
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What We Do 6,500 sq. ft. Average center size 3 $4M Average initial capital investment per de novo center 83 Average exams per center per day ~$5.3M Average annual revenue per consolidated center(1) 21 MRI, 12 CT, 33 US/XR Average select daily exam volume per center(2) Illustrative center staffing 1 Manager 6 Technologists 3 Service Reps Note: Based on 2024 averages. 1. Illustrative average annual revenue per wholly owned center calculated by dividing our outpatient imaging center segment’s Patient Service Revenue of $521M for the year ended December 31, 2024 by 98 consolidated outpatient imaging centers as of December 31, 2024. 2. Illustrative average select daily exam volume per center calculated by dividing a sample of 2.1 million of the 3.8 million scans performed by Lumexa Imaging's outpatient imaging centers in 2024 by 130 outpatient imaging centers included in the sample.
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Snapshot of Lumexa Imaging Today 1. We contract with a third party to administer surveys to monitor referring physician and patient satisfaction with our quality of care. Our resulting patient net promoter score (“NPS”) was 91 and overall patient satisfaction rate was 97%, each as of September 30, 2025 and based on 1.1 million survey responses. The patient satisfaction survey is sent by the contracted third party to patients who have visited one of our 160+ participating centers. In addition, 88% of participating referring physicians provided a rating of satisfied or higher for our services as of December 31, 2024, as calculated using the more than 1,100 responses the contracted third party collected from our annual survey of physicians who have referred patients to our centers. 2. Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. See appendix for reconciliation. 3. Comparing 9-month period ending September 30, 2025 to the 9-month period ending September 30, 2024. 4. Date as of and for December 31, 2025. 5. More than 99% of our services were in-network with commercial payors in the geographies we served as of September 30, 2025. $1,003M Consolidated GAAP Revenue $220M Adj. EBITDA(2) ~8% YTD Consolidated Revenue Growth(3) 22% Adj. EBITDA Margin(2) ~4M Outpatient Scans per Year 188 Imaging Centers (86 in JVs) 63% System-Wide Revenue from Advanced Imaging 63% System-Wide Commercial Payor Mix 99% In-Network Reimbursement(5) 97% Overall Patient Satisfaction Rate(1) 91 Patient NPS(1) 88% Referring Physician Satisfaction(1) 4 ~100,000 Unique Referring Physicians High Patient and Provider Satisfaction Financial Highlights (LTM 9/30/25) Partnerships with Health Systems Operational Highlights(4) ($43M) Net Loss
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Key Business Highlights 5 Large, Growing & Fragmented Industry Featuring Strong Secular Tailwinds1 National Outpatient Imaging Platform Focused on Advanced Modalities & Attractive MSAs2 Integrated Technology Stack Built on Best-of-Breed Third-Party Solutions4 Commercial, Operational & Clinical Excellence Drive Growth & Margins, Positioning Lumexa Imaging as the Partner of Choice to Health Systems3 Public Company Management Team with Deep Industry Expertise5 Multiple Growth Levers with Strong Return on Capital Characteristics6
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z zzzz Patients Referring Physicians PayorsHealth Systems 97% Satisfaction ~100,000 Referring Physicians 8 Joint Ventures Across 86 Centers ~60% Less expensive and more convenient than HOPD competitors(3) IDTFs(1) are often the most convenient site of care Lower co-pays and co-insurance than HOPD(2) alternatives High quality service designed to promote patient satisfaction –Fast and efficient centralized scheduling –Digital patient communications before and after appointment –Friendly, highly skilled staff in centers Physician portal simplifies referrals and access to images Fast turnaround time Modern, high-quality imaging equipment Reading performed by ~350 internal radiologists and ~890 radiologists in independent practices located near our centers Participate in shift to IDTFs and diversify revenue Additional volumes targeted from outside of the health system affiliated referral network Partnership with outpatient imaging operators provides operational expertise, including de novo expansion 10+ year average tenure with JV partners IDTFs lower payors’ overall cost of care Patient access increases early diagnosis, decreasing overall cost of care 99%+ in-network reimbursement 1. Independent Diagnostic Testing Facility. 2. Hospital Outpatient Department. 3. Comparable imaging services provided in imaging centers or physician’s offices are approximately 60% less expensive than those provided in HOPDs, based on an analysis of 2019 claims performed by UnitedHealth Group. Survey included MRIs, CT scans of the abdomen, chest, head, and other body parts; CT angiographies of the neck; diagnostic cardiac catheterizations; contrast aortograms; and low dose CT scans for lung cancer screening. We Provide Significant Value to Stakeholders Across the Imaging Ecosystem 91 NPS 6
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$936 $949 $700 $755 $288 $315 $235 $246 2023 2024 YTD 9/30/24 YTD 9/30/25 Our strategy has produced attractive growth and profitability Revenue Adjusted EBITDA(2) $197 $201 $147 $166 2023 2024 YTD 9/30/24 YTD 9/30/25 ($ in millions)($ in millions) 7 21% 21%1%% Growth (Consolidated) % Margin (Consolidated) % Growth (Consolidated) 2% Robust Track Record of Growth and Financial Performance Robust margin profile driven by commercial payor mix Consolidated GAAP Basis Unconsolidated Affiliates Revenue(1) % Growth (System-wide) 3% 13% 1. Represents revenue of unconsolidated affiliates on an aggregate basis after eliminating net patient service revenue, related party and management fee and other revenue, related party, each of which are included within Consolidated GAAP revenues. 2. Adjusted EBITDA is a non-GAAP financial measure. See appendix for reconciliation. 8% 7% Consolidated GAAP Basis 22%21%
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19 23 39 40 33 44 24 33$114B $140B 2019A 2024A ’19-’24 CAGR 5.9% 0.7% Aging population, technological and healthcare advancements are driving imaging market growth, particularly in advanced modalities Source: Fortune Business Insights, 2025 Diagnostic Imaging Services Market Report. ($ in billions) Inpatient HOPD Centers Freestanding Imaging Centers 8 CAGR US Diagnostic Imaging Services Market Management estimates this market will grow at a mid-single digit rate between 2024 to 2030, with IDTFs growing faster than the broader market Other 3.9% We Operate in a Large and Growing Imaging Market … 6.9% 4.2% 1
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Newly approved therapies for certain diseases (e.g. Alzheimer’s) require initial PET scans and ongoing MRI scans; growth of image-guided therapies (prostate, vascular, ablations) Growing use cases where AI aids faster and more accurate interpretation Advanced imaging is becoming safer (lower radiation dose with modern CT), faster (fast scan tech.), and more accurate (3T MRI and 3D mammo) and is expanding within advanced modalities (cardiac CTA, dual energy CT, new MRI protocols) Continued move to outpatient sites of care makes it easier for patients to obtain their scans U.S. population aged 65+ makes up a record high of ~18% of total population and is growing significantly faster than working-age adults (18 to 64) Advanced imaging plays an increasing role in screening, diagnosis, staging, and post treatment monitoring …With Powerful Underlying Trends Driving Demand for Advanced Imaging… 9 (2019-2024 revenue growth) Advanced Imaging is Driving Market Growth(1) 2.6% 5.7% Routine (X-ray, Ultrasound & Others) Advanced (MRI, CT) 2x+ Drivers Advanced imaging payments per procedure are ~3.3x higher(2) 1 1. Source: 2025 analysis of the diagnostic imaging services market by Fortune Business Insights. 2. As of September 30, 2025, management estimates that advanced imaging payments per procedure at our centers were on average approximately 330% of routine imaging payments per procedure. Novel treatment paradigms AI solutions enhancing advanced imaging Safer, faster and more accurate imaging technology Increased accessibility Aging population + increase in chronic & complex conditions
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…and are on the Right Side of the Shift to IDTF Outpatient Imaging Centers Sources: Lumexa Imaging Professional Claims Data 7/1/21-6/30/22, Truven MarketScan, 2019 claims analysis by UnitedHealth Group. 1. Management estimates as of December 31, 2025 Convenience of Our IDTFs 10 IDTF ownership is highly fragmented There are approximately 8,900 HOPD centers in the United States, creating a long runway for a continued shift to IDTFs(1) Shift to IDTF primarily driven by patient/payor preference for receiving the same quality of care for a lower cost and in a more convenient setting than HOPDs Top 10 operators comprise ~20% of IDTF locations Same-Day Scheduling Extended Hours Shorter Scheduling Wait Times Convenient Retail Locations Cost Savings Highly Fragmented Ownership Payors are actively steering patients from HOPDs to IDTFs due to lower costs HOPD IDTF ~60% Lower Cost 407 188 ~4,700 ~6,000 US IDTF Imaging Centers Lumexa ImagingRadNet Remaining CentersOther Top 10 Cost per Scan 1
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A Leading Outpatient Imaging Platform Located in Attractive Geographies 1. Based on system-wide revenues for year the nine months ended September 30, 2025. 2. US Census Bureau 2020-2024. 3. Center-weighted average. National Footprint of 188 Imaging Centers TX 32% NC 19% NJ 15% AZ 8% GA 8% Other 18% # of Centers 11 AZ 1 MT 9 CO 63 TX 8 OK 1 AR 9 AL 22 GA 13 SC 25 NC 18 NJ 6NY 2 FL Geographic Revenue Mix(1) 11 Core geographies with attractive demographics and growth Diversified national footprint 2 Ample whitespace for future de novo expansion ~0.6% ~1.4% US Average All Lumexa Imaging MSAs Population Growth(2) ~2x (3)
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Indexed to High Growth Advanced Modalities Supported by Diversified Payor Mix Note: Nine months ended September 30, 2025. Figures presented on a system-wide basis. 1. Excludes JV management fee revenue. 2. Includes Medicare Advantage and Medicaid managed care. Indexed to higher growth advanced imaging MRI and CT exams (63% of System-Wide Revenue) Providing X-Ray and Ultrasound positions Lumexa Imaging as a “one-stop multi-modality shop” for referring offices Advanced imaging represents ~3.3x more revenue per scan than routine modalities Advanced imaging services are the “front door” to specialty care Majority of MRI and CT referrals from higher-volume specialties like orthopedics and neurology MRI and CT volumes driven by an aging population and an increase in complex chronic conditions Modality Revenue Mix Modality Volume Mix Payor Revenue Mix(1) MRI 44% CT 19% Mammo 16% U/S 10% X-Ray 5% Other 6% MRI 22% CT 14% Mammo 28% X-Ray 18% U/S 15% Other 3% Approximately 99% in-network (as of September 30, 2025) 600+ regional payor contracts Strong payor relationships driven by reputation for high-quality, low-cost outpatient imaging Commercial 63% Medicare 19% Medicaid 3% Liens 3% Self-pay 5% Other 7% (2) 12 2 (2)
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Seamless Patient Journey Enabled by Clinical, Commercial and Operational Excellence 13 Intake & Scheduling Billing & RCM Strong referral networks Sales team calling on physician offices to highlight differentiators Targets the most valuable potential referral sources Uniform RCM processing pathways across portfolio Centralized QA team defines and measures outcomes Equipment strategy Modernized fleet concentrated with GE and Siemens FastScan technology Virtual MRI capability Optimized labor model Strength of services provided by technologists and radiologist access through Connexia with relevant sub- specialization Optimized patient journey: Focused on accessibility for patients Prioritizing efficiency and streamlined operations Highly integrated systems to deliver results at scale Patient Journey Centralized scheduling platform (PACE) to match patient referral to optimal center in network Text message to patient to schedule Confirmation call to patient before appt with co-pay Text reminder to patient before appt with link to paperwork Roll-out of paperless tablet check-in at centers Streamlined intake experience Patient Referral Tech-enabled capacity management Visibility into scheduling Operational KPIs Patient and referring physician satisfaction metrics Strong patient NPS score of 91 Consistent repeat referrals from physicians with 88% overall satisfaction rate Efficient turnaround time Scans delivered back promptly to referring physicians through digital portals Teleradiology capabilities through Connexia to create additional rad capacity as needed 3
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First-Rate Commercial Capabilities 14 3 Referring Physician Offices Patients Convenient Retail Locations Broad Availability of Appointments In Network / Low Out-of-Pocket Costs Key Needs: Subspecialized Radiologists Quick Turnaround Times Ease of Report Access Key Needs: 120 sales reps build deep relationships through in-person visits Proprietary targeting focuses on highest value referring offices Focused on driving high-value MRI & CTs Highly-diversified referral base Robust direct-to-consumer digital marketing platform Multi-media advertising to drive brand awareness Customer-relationship marketing program to increase annual mammography screening compliance Key Stakeholders
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Trusted Partner to Health Systems Long-standing relationships with growth-oriented health systems and whitespace for potential new partnerships 15 3 Benefits to Health Systems Management and operational expertise Connexia provides radiologist capacity De novo development expertise Revenue diversification from targeting volumes outside the affiliated referral network Drive growth and increase patient share Outpatient Imaging Joint Ventures Managed care contracting expertise Referral volume from health system’s affiliated network Capital partner for investments in M&A and de novos Health care brands with deep connections to local communities Benefits to Lumexa Imaging
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Highly Integrated Technology Stack 16 Lumexa Imaging partners with best-in-class imaging technology providers across its integrated IT platform to support future expansion PACS: Advanced Visualization Tools RCM RIS: Workflow Management Reporting: Efficiency & Accuracy Operational Efficiency Gains Clinical Quality Improvements Supports Remote Reads, Including Teleradiology Scalable Technology Platform Harmonized Data Environment Ongoing AI Implementation 4 100% of claims in a single platform Implementing latest cloud-based platform
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FDA Approved AI for Radiology Clinical Use Cases 17 Radiology has by far the most advanced development in AI for clinical use cases Sources: FDA, AI-Enabled Medical Device List and Journal of the American College of Radiology. 841 (77%) FDA-approved clinical AI algorithms in Radiology ~4X Growth in # of FDA-approved clinical AI algorithms in Radiology since 2020 $13B Investments in Radiology AI in 2022 # of FDA Approved Clinical AI Algorithms 14 15 26 42 82 133 232 342 480 658 841 22 27 34 45 70 99 114 134 158 206 258 36 42 60 87 152 232 346 476 638 864 1,099 -150 50 250 450 650 850 1050 1250 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Other Specialties Radiology 4
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We Are the Beneficiaries of Ongoing Investment and Innovation in AI 18 We believe that our approach can facilitate accelerated adoption, reduced capital intensity and flexibility to pick best-of-breed solutions depending on business needs 1. Brand names are illustrative. Potential Benefits of Our Third-Party AI Strategy 4 Accelerated implementation time Reduced capital intensity Flexibility to use best systems Allows us to remain focused on core business Leveraging an Ecosystem of Innovation(1) Clinical Decision Support Analytics and Back Office Clinical Image and Workflow Management
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Ongoing Implementation of AI Tools Powering Growth and Efficiency 19 1. Total number of Scanslated reports viewed during the period from November 2020 to September 2025. 2. Source: Lumexa Imaging Scanslated Metrics Report for Q2 2025 (April - June). 3. Illustrative average based on MRI machines in a 60 outpatient imaging center sample monitored during the time period from 1/1/25 to 5/21/25. 4. CY 2024. 5. Scans conducted between June 2024 and June 2025 used at least one of Rad AI, Aidoc, or iCad in generating read reports. 6. Lumexa Imaging currently uses auto-coding capabilities for screening mammograms and breast tomosynthesis. Calculated as a percentage of the total number of CPT Codes used across Lumexa Imaging during the period from January 2025 to September 2025. Improve Patient Access and Engagement Opportunity Digitized patient intake forms Faster scheduling and result distribution Patient-friendly results language Proof Points 100+ Bots deployed ~10% of CPT coding automated(6) 96% of patients found Scanslated helpful(2) 2.1M+ Scanslated reports viewed(1) Deployment of third-party AI solutions can drive enhanced capacity and volume growth in a capital efficient manner Our best-of-breed convener approach allows us to quickly adapt to technological changes and scale solutions to meet customer needs Reduce Administrative Complexity Self-learning and self-managing processes RCM AI coding solution Reduced labor expense 1 Enhance Clinical Efficiency & Quality Early diagnostic AI implementation Improved read quality and times Continued radiologist capacity expansion through Connexia ~$30M Lumexa Imaging annual consolidated spend on 3rd party radiologist fees(4) ~700K Annual exams using Clinical AI(5) 3 4 4 Automate Workflows and Unlock Capacity Improve scan times and unlock capacity Clinical and workflow efficiencies Automated patient validation ~40% Faster scans with Fast Scan(3) ~45% MRI Fast Scan implementation 2
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Rapidly Building a Strategic Capability: An Internal Teleradiology Team Ability to control radiologist capacity improves outpatient imaging growth and reduces reliance on third-party radiologists Sources: American College of Radiology, U.S. Bureau of Labor Statistics and Association of Academic Radiology. 20 4 Creates capacity safety net in event of increasing report times Pipeline of applicants far surpasses openings Retention rate > 95% Sub- specialization Flexible Schedules Remote Reading Robust Technology Support Commitment to Clinical Quality Outpatient, Daytime Reads Radiologist Value Proposition Teleradiologist Ramp 6 23 33 Dec-23 Dec-24 Sep-25 # of Connexia teleradiologists employed Intentionally established platform prior to scaling
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Public Company Management Team with Deep Industry Experience 21 Experienced leadership team with deep operational capabilities & expertise across public and private healthcare companies Today’s Presenters Caitlin Zulla Chief Executive Officer Tony Martin Chief Financial Officer Russell Stewart, M.D. Chief Medical Officer Robert Mittl Jr., MD, FACR Chief Quality Officer Jill Lewandowski Chief People Officer Chris Core Chief Growth Officer Chris Robertson Chief Revenue Officer Lachlan Tidmarsh Chief Information Officer Alyssa Pepper Chief Strategy Officer Julie Szeker General Counsel Jennifer Bibles Division President Dan Balentine Division President Rick Grodin Division President 5
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Accelerate Growth Through Acquisitions Continued Execution of Same-Center Organic Growth Playbook De Novo Expansion Strategy Across Existing and New MSAs Develop New JV Partnerships in Existing and New MSAs 22 Continued Investment and Implementation of Technology and AI Strategy 6 Scalable Growth Strategy 22 1 2 3 4 Continued Investment and Implementation of Technology and AI Strategy
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Differentiated commercial approach has driven revenue and volume growth despite macro conditions 1. For the nine months ended September 30, 2025. 23 Revenue Growth(1) Resilient through economic cycles Focus on the highest potential referring offices and specialties (Neuro, Ortho) Digital marketing campaigns capture price-sensitive consumers Capacity expansion and improved conversion rates 6 Same-Center Organic Growth Playbook 7.0% System-wide Outpatient Same- Center Revenue Growth 7.8% Consolidated Revenue Growth 7.4% System-wide Revenue Growth MRI Volume Growth(1) 5.2% Consolidated outpatient same- center CT volume growth 7.1% Consolidated outpatient same- center MRI volume growth 3.6% System-wide outpatient same- center CT volume growth 8.2% System-wide outpatient same- center MRI volume growth CT Volume Growth(1) Represents same-center metrics
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10 15 18 24 29 31 35 5 3 6 5 2 4 9 10 15 18 24 29 31 35 44 0 5 10 15 20 25 30 35 40 45 50 2018 2019 2020 2021 2022 2023 2024 2025 Since its formation, Lumexa Imaging has developed 44 de novo sites across new and existing MSAs 1. As of December 31, 2025. 24 Cumulative Centers Opened Since 2018 13 De Novo Openings since December 31, 2023(1) Robust pipeline of opportunities to develop wholly-owned and JV de novos Significant whitespace in existing geographies, future M&A would create opportunities for additional de novo development Key Points $4M Average Initial Capital Investment New Centers Existing Centers 6 Highly Accretive De Novo Strategy As short as 12 months Center-level ramp to profitability As short as 24 months Center-level ramp to maturity
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Illustrative Responsibilities How We Partner with Health Systems 25 Net Revenue Operating Expenses JV EBITDA Mgmt. Fees Illustrative Split (%)49% 51% IDTFs Radiology Group Professional Fees JV Partners Branding (e.g., Touchstone) Defining partnership growth strategy Operations and center staffing Radiologist coverage (Connexia + local third-party groups) RCM Sales and marketing Managed care contracting Providing network utilization JV Partners Illustrative JV Structure Lumexa Imaging takes 49% ownership of JV Manages all operations and receives a management fee based on percent of revenue Health System takes 51% ownership of JV Clinically integrates the JV’s assets for referring physician utilization 6 Profits, losses and cash distributions distributed pro rata based upon JV ownership interest
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26 Significant Whitespace for New Health System JVs 1. As of August 1, 2024. Estimated using Definitive Healthcare’s hospital database, restricting for top 20 target MSAs and aggregating bed counts by health system. Further focused search of health systems using various criteria, including, but not limited to, (i) those representing a minimum of 2 percent of the hospital beds in the respective MSA and (ii) overall brand reputation. Confirmed whether a health system had an existing imaging joint venture partner with an established IDTF platform by using publicly available sources, such as industry and competitor websites. Leaders in Respective Geographies Partnership Mentality Focus on Quality Growth Orientation Partnership Criteria Robust potential for growth-accretive partnership opportunities in both new de novos and existing centers ~100 Potential Health System Partners across our top 20 target MSAs(1) >80% of those potential partners do not have an imaging partnership with an established IDTF platform(1) 5 of 13 States in existing footprint without JVs ~8,900 HOPDs provide significant IDTF conversion opportunity 6 Significant Opportunity to Expand Joint Venture Footprint with New Partners
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Extensive list of outpatient imaging acquisition targets offers significant growth opportunity 27 6 Track Record of Creating Value via M&A 407 188 ~4,700 Summary of Historical M&A ~8-9x ~6-7x Entry Year 3 ~5x ~2-3x Entry Year 3 Average Imaging Center Adjusted EBITDA Multiples(1) Medium to Large Imaging Center Companies (≥ 5 Locations) Small Imaging Center Companies (< 5 Locations) Highly Fragmented Ownership(2) 20 Acquisitions Since 2018 Optimized Integration Playbook (# of US IDTFs) More than 75% of Remaining Centers are in companies with fewer than 5 centers Lumexa ImagingRadNet Remaining CentersOther Top 10 1. Management estimates as of September 30, 2025. 2. Source: Management estimates using Definitive Healthcare's imaging database and industry and competitor websites.
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Wrapping it Up 28 We operate in a large, growing, and economically resilient market benefitting from secular tailwinds Our attractive geographies and operational execution have enabled us to generate growth AI will further advance our capabilities, solutions and efficiencies We’re excited about Lumexa Imaging’s future – join us on this journey! Our IDTF centers are generally more convenient and lower cost than HOPDs
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Appendix
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1. Consolidated (GAAP) revenue – Consolidated revenue includes revenue from our wholly owned subsidiaries, our variable interest entities and our franchise centers. Consolidated revenue does not include the revenues of our unconsolidated affiliates 2. Consolidated Revenue Growth – the percentage change in total GAAP revenue, as compared to the prior year period 3. System-Wide Revenue – consolidated revenue plus the revenue from our unconsolidated affiliates, which is not included in our consolidated GAAP total revenue but for which we report results using the equity method of accounting. In our consolidated financial statements, only the net income or net loss from our unconsolidated affiliates is reported in the line item equity in earnings of unconsolidated affiliates. Because of this, management supplementally focuses on system-wide revenues as an operating metric, which measures revenues from all of our centers and managed physician practices, including revenues from our unconsolidated affiliates (without adjustment based on our percentage of ownership therein), after eliminating transactions between the consolidated Lumexa Imaging entities and our unconsolidated affiliates 4. System-Wide Revenue Growth – the percentage change in system-wide revenue, as compared to the prior year period 5. System-Wide Outpatient Same-Center Revenue Growth – the percentage change in system-wide outpatient same-center revenue, as compared to the prior year period. We define system-wide outpatient same-center revenue as the total revenue generated by all of our outpatient imaging centers, including outpatient imaging centers which we consolidate for financial reporting purposes under GAAP and those which we report using the equity method of accounting. This metric does not reflect professional services revenue 6. Net Patient Service Revenue – revenues generated by providing diagnostic imaging services (i.e., scans) and radiologist interpretation services (i.e., reads) to patients within outpatient imaging centers. We also earn professional services revenue where revenue is earned by providing radiologist interpretation services to patients at hospitals or other sites of care. Revenue is recognized as of the read date 7. Equity in earnings of unconsolidated affiliates – share of the net income or loss of each unconsolidated affiliate, which is based on that affiliate’s net income or loss and the percentage of that affiliate’s outstanding equity interests owned by us 8. Adjusted EBITDA – removes non-cash and non-recurring charges that occur in the affected period and provides a basis for measuring our core financial performance against other periods. We define Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, as adjusted to exclude loss or gain on the disposal of property and equipment, other income or losses, loss on debt extinguishment, gain on sale of outpatient imaging centers and non-cash equity compensation. Adjusted EBITDA includes equity in earnings of unconsolidated affiliates (and adds back our proportional share of depreciation and amortization, interest expense and losses on the disposal of assets at unconsolidated affiliates) and is adjusted for non-cash or non-recurring events that take place during the period that, in our judgement, significantly impact the period-over-period assessment of performance and operating results 9. Adjusted EBITDA Margin – defined as Adjusted EBITDA divided by total consolidated revenue Glossary 30
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Non-GAAP Reconciliations 31 1. Includes severance and recruiting expenses for executive leadership departures as part of strategic organizational changes. 2. Includes third-party consulting, implementation, and integration expenses incurred as part of our strategic transformation and optimization initiatives, specifically related to the deployment of a new technology system and labor model, as well as the development, customization, and integration of a new enterprise resource planning (ERP) system. 3. Includes costs for buy side and sell side due diligence activities to evaluate and execute potential mergers and acquisitions, integrate acquired businesses, one-time employee retention bonuses related to potential mergers and acquisitions, and third-party non-recurring IPO costs. 4. Consists of litigation and settlement costs for matters not related to core operations. 5. Consists of other costs related to debt financing, certain de novo start-up costs related to outpatient imaging centers and certain exit costs related to closed outpatient imaging centers. 6. To adjust for Lumexa Imaging’s proportional share of these expenses, which are included in equity in earnings from unconsolidated affiliates. Year Ended December 31, 2023 Year Ended December 31, 2024 9mo ending September 30, 2024 9mo ending September 30, 2025 GAAP Net loss $ (122,227) $ (94,099) ($69,041) ($18,414) Depreciation and amortization expense 56,630 42,164 32,348 27,984 Goodwill impairment charge 18,969 – – – Income tax provision 2,978 14,906 5,874 11,452 Amortization of basis difference 2,000 2,000 1,500 1,500 Interest expense 141,694 136,027 104,640 90,523 Loss on extinguishment of debt – 703 703 – Non-cash unit-based compensation 55,296 56,654 42,616 23,032 Gain on imaging center sold, related party – (2,294) (2,184) – Loss on disposal of property and equipment 1,285 – – 477 Severance and executive recruiting¹ 2,931 3,436 404 2,538 Strategic initiatives and implementation² 14,187 5,362 3,416 3,084 Transaction costs³ 4,013 18,167 13,982 10,363 Litigation and settlements⁴ 3,835 588 187 (142) Other⁵ 1,582 1,904 1,435 886 Depreciation and amortization–unconsolidated affiliates⁶ 12,789 13,772 10,144 11,361 Interest expense–unconsolidated affiliates⁶ 917 1,460 1,066 1,451 Losses (gains) on asset disposal or sale–unconsolidated affiliates⁶ 432 190 108 467 Other adjustments–unconsolidated affiliates⁶ (139) (101) (103) (158) Adjusted EBITDA $197,172 $200,839 $147,095 $166,404 Adjusted EBITDA Margin 21% 21% 21% 22% $ in thousands
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Thank You!