Lumexa Imaging Holdings, Inc. (LMRI)
NASDAQ:LMRI
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Lumexa Imaging Holdings, Inc.
(NASDAQ:LMRI)
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Rating:52Neutral
Price Target:
$8.50
▼(-12.01% Downside)
Action:Reiterated
Date:05/15/26
The score is held back primarily by weak technicals (downtrend below key moving averages) and expensive valuation (P/E ~120x). Financials are improving (better leverage and strong revenue inflection) but remain mixed due to inconsistent profitability and recent free-cash-flow weakness, while the latest earnings call was constructive with reaffirmed guidance and strong advanced-modality growth.
Positive Factors
Advanced modality momentum
Sustained double-digit PET growth and rising MRI volumes increase the share of higher‑margin advanced imaging. A larger advanced mix supports durable revenue per scan and margin stability versus routine scans, underpinning long‑term profitability if volume trends persist.
Negative Factors
Inconsistent profitability
Despite revenue scale and some positive EBIT periods, the company has persistent net losses and negative return on equity. Continued bottom‑line inconsistency limits internal funding capacity, raises execution risk for guidance, and makes long‑term investor returns dependent on sustained margin recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Advanced modality momentum
Sustained double-digit PET growth and rising MRI volumes increase the share of higher‑margin advanced imaging. A larger advanced mix supports durable revenue per scan and margin stability versus routine scans, underpinning long‑term profitability if volume trends persist.
Read all positive factors
Lumexa Imaging Holdings, Inc. (LMRI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$781.14M
Dividend YieldN/A
Average Volume (3M)905.30K
Price to Earnings (P/E)―
Beta (1Y)1.76
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
EmployeesN/A
SectorTechnology
Sector Strength88
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.36
Shares Outstanding96,080,734
10 Day Avg. Volume596,422
30 Day Avg. Volume905,296
Financial Highlights & Ratios
PEG Ratio0.82
Price to Book (P/B)2.24
Price to Sales (P/S)1.28
P/FCF Ratio-205.07
Enterprise Value/Market Cap2.13
Enterprise Value/Revenue3.20
Enterprise Value/Gross Profit30.48
Enterprise Value/Ebitda70.83
Forecast
1Y Price Target
$15.75Price Target Upside63.04% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.74
Revenue Forecast (FY)$1.07B
Lumexa Imaging Holdings, Inc. Business Overview & Revenue Model
Company Description
Lumexa Imaging Holdings, Inc. manages and operates diagnostic imaging centers throughout the United States. These facilities deliver a comprehensive range of outpatient medical imaging solutions, encompassing advanced procedures like Magnetic Reso...
Lumexa Imaging Holdings, Inc. Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Apr 01, 2027
Earnings Call Sentiment Positive
The call conveyed a constructive growth story: revenue and advanced modality volumes expanded (notably PET +23%), adjusted EBITDA held steady at $51.2 million, profitability returned to positive net income, and management reiterated full-year guidance while outlining disciplined growth via de novos, JVs and technology adoption. Near-term headwinds included a roughly $4 million weather and seasonality EBITDA drag, slower routine scans and mammography, higher public company and stock-based compensation costs, and a Q1 free cash flow shortfall. On balance, the operational momentum in high-margin advanced services, improved cash flow trajectory, successful JV and de novo activity, and affirmed guidance outweigh the transitory and timing-related challenges discussed on the call.Positive Updates
Revenue Growth and Scale
Consolidated revenues of $253 million, up 3% year-over-year, and system-wide revenue growth of 4% for the quarter, driven approximately two-thirds by volume and one-third by rate.
Negative Updates
Weather and Seasonality Impact
Q1 volumes were disrupted by multiple weather events and enhanced seasonality, creating an estimated $4 million EBITDA headwind in the quarter and contributing to flat adjusted EBITDA despite revenue growth.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth and Scale
Consolidated revenues of $253 million, up 3% year-over-year, and system-wide revenue growth of 4% for the quarter, driven approximately two-thirds by volume and one-third by rate.
Read all positive updates
Company Guidance
Management reiterated full‑year 2026 guidance of $1.045B–$1.097B in revenue, $234M–$242M of adjusted EBITDA (including roughly $7M of public‑company costs; midpoint adjusted‑EBITDA growth ex those costs ≈7%) and adjusted EPS of $0.71–$0.77, with free cash flow expected to be about 25%–30% of adjusted EBITDA for the year; CapEx is expected to be roughly $5M–$7M per quarter (mid‑to‑upper $20M for the year, with some spend financed via leases). Management expects a gradual sequential ramp in adjusted EBITDA with roughly 55% of full‑year EBITDA in the back half (Q1 ≈21.5% and Q2 ≈23.5% at the midpoint), noted that Q1 results ($253M revenue, adjusted EBITDA $51.2M, 20.3% margin) absorbed an estimated ~$4M hit from seasonality/weather, and highlighted strong advanced modality momentum (system‑wide advanced +7% YoY; PET +23.1% YoY; MRI +8.2% YoY), a FastScan MRI adoption target of ~66–67% by year‑end (from 51% at start of year) and the ongoing plan to open 8–10 de novos annually.Lumexa Imaging Holdings, Inc. Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
62
Positive
Cash Flow
44
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 520.27M | 1.02B | 948.87M | 935.92M |
| Gross Profit | 54.58M | 117.19M | 96.26M | 98.97M |
| EBITDA | 23.49M | 82.12M | 114.00M | 94.58M |
| Net Income | -26.97M | -47.10M | -94.10M | -122.23M |
Balance Sheet | ||||
| Total Assets | 1.76B | 1.76B | 1.71B | 1.67B |
| Cash, Cash Equivalents and Short-Term Investments | 51.23M | 58.83M | 26.13M | 20.19M |
| Total Debt | 967.45M | 960.90M | 1.31B | 1.30B |
| Total Liabilities | 1.16B | 1.18B | 1.51B | 1.47B |
| Stockholders Equity | 599.62M | 586.12M | 161.65M | 198.43M |
Cash Flow | ||||
| Free Cash Flow | 10.47M | -6.40M | 12.95M | 13.51M |
| Operating Cash Flow | 20.04M | 17.07M | 40.73M | 37.51M |
| Investing Cash Flow | -7.67M | -20.96M | -22.28M | -29.66M |
| Financing Cash Flow | 38.67M | 36.58M | -12.50M | -8.77M |
Lumexa Imaging Holdings, Inc. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $8.56B | -738.17 | -0.51% | 0.42% | 0.36% | -145.55% | |
55 Neutral | $139.97M | -3.96 | -101.28% | ― | 30.66% | 25.64% | |
52 Neutral | $781.14M | -15.00 | -15.45% | ― | ― | ― | |
52 Neutral | $1.25B | -16.18 | -36.79% | ― | 20.20% | -0.81% | |
47 Neutral | $433.21M | -5.21 | -17.61% | ― | 3.63% | -93.57% | |
47 Neutral | $134.31M | ― | -47.09% | ― | 15.40% | -25.87% |
* Technology Sector Average
LMRI
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Lumexa Imaging Holdings, Inc. Corporate Events
Business Operations and StrategyFinancial Disclosures
Lumexa Imaging Posts Q1 Profit and Revenue Growth
Positive
May 12, 2026
Lumexa Imaging, one of the largest U.S. outpatient imaging providers, reported first-quarter 2026 results on May 12, 2026, showing consolidated revenue of $252.5 million, up 3.1% year on year, and system-wide revenue growth of 4%. The company shif...
Financial DisclosuresRegulatory Filings and Compliance
Lumexa Imaging Reaffirms Full-Year 2026 Financial Guidance
Neutral
Apr 9, 2026
On April 8, 2026, Lumexa Imaging Holdings, Inc. held a meeting and site visit during which it reiterated its previously disclosed full-year 2026 guidance, signaling no change to its current financial outlook. By reaffirming its guidance, the compa...
Business Operations and StrategyFinancial Disclosures
Lumexa Imaging Posts Strong Q4 Growth, Reaffirms 2026 Outlook
Positive
Mar 26, 2026
Lumexa Imaging reported preliminary, unaudited results for the fourth quarter and full year ended Dec. 31, 2025, showing solid top-line growth and improving profitability despite ongoing net losses. Fourth-quarter consolidated revenue rose 7.9% ye...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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