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Lumexa Imaging Holdings, Inc.
(NASDAQ:LMRI)
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Rating:62Neutral
Price Target:
$11.00
▼(-6.38% Downside)
Action:Reiterated
Date:08/17/26
LMRI scores moderately: financial performance is improving but still constrained by weak profitability and volatile/negative recent free cash flow, which is the primary limiter. Offsetting this, technical momentum is favorable and the latest earnings call reflected solid execution with reaffirmed guidance, better cash generation and deleveraging. Valuation is less supportive due to the negative P/E and lack of dividend yield data.
Positive Factors
Advanced Modality Mix
A rising advanced-modality mix supports Lumexa’s competitive positioning because these services generally receive higher reimbursement than routine scans. Continued PET and MRI growth can improve revenue quality, utilization, and future margin potential as the mix expands.
Negative Factors
Persistent Net Losses
Lumexa has not yet established durable bottom-line profitability despite sharply higher 2025 revenue. Persistent net losses and recent EBITDA margin compression limit internal funding capacity and leave results more sensitive to operating costs, financing expense, and execution risks.
Read all positive and negative factors
Positive Factors
Negative Factors
Advanced Modality Mix
A rising advanced-modality mix supports Lumexa’s competitive positioning because these services generally receive higher reimbursement than routine scans. Continued PET and MRI growth can improve revenue quality, utilization, and future margin potential as the mix expands.
Read all positive factors
Lumexa Imaging Holdings, Inc. (LMRI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.12B
Dividend YieldN/A
Average Volume (3M)398.71K
Price to Earnings (P/E)―
Beta (1Y)0.95
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees5,000
SectorGeneral
Sector StrengthN/A
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.38
Shares Outstanding96,074,974
10 Day Avg. Volume311,456
30 Day Avg. Volume398,709
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 Cap1.77
Enterprise Value/Revenue1.91
Enterprise Value/Gross Profit16.16
Enterprise Value/Ebitda17.37
Forecast
1Y Price Target
$17.00Price Target Upside44.68% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.64
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:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Apr 01, 2027
Earnings Call Sentiment Positive
The call conveyed strong operational momentum and financial improvement: revenue and system-wide growth, record advanced modality mix, improved cash generation and deleveraging, PET and JV expansion, and platform/technology investment. Offsetting items include margin compression from public-company costs and elevated stock-based compensation, higher G&A, some routine-scan and payor-mix headwinds, and modeling complexity from JV pass-throughs. Management reiterated and narrowed guidance, signifying confidence in execution. Overall, positives around growth, cash flow, strategic partnerships and balance-sheet improvement materially outweigh the manageable cost and timing challenges discussed.Positive Updates
Revenue and System-Wide Growth
Consolidated revenues of $264.2 million, up 5.1% year-over-year; system-wide revenue growth of 6.0% driven by advanced modalities. Same-site system-wide revenue growth was 4.4% (2.2% volume, 2.2% rate). Outpatient revenue was $143.7 million, up 3.5%.
Negative Updates
Margin Pressure from Public Company Costs and Stock-Based Compensation
Adjusted EBITDA margin declined to 21.4% from 22.4% a year ago (down ~100 basis points), partly attributable to a $1.5 million step-up in public-company costs in the quarter. Stock-based compensation increased from $8.3 million in Q2 2025 to $12.7 million in Q2 2026; full-year SBC expected to be ~$50 million in 2026 (about half related to historic M&A and expected to amortize out by end of 2026), with an anticipated ongoing run-rate of ~$20M–$28M in 2027.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and System-Wide Growth
Consolidated revenues of $264.2 million, up 5.1% year-over-year; system-wide revenue growth of 6.0% driven by advanced modalities. Same-site system-wide revenue growth was 4.4% (2.2% volume, 2.2% rate). Outpatient revenue was $143.7 million, up 3.5%.
Read all positive updates
Company Guidance
Lumexa reiterated consolidated revenue guidance of $1.045B–$1.097B and adjusted EPS of $0.71–$0.77, while narrowing adjusted EBITDA guidance to $235M–$241M (midpoint $238M); management expects full‑year free cash flow conversion of ~25%–30% of adjusted EBITDA (roughly $60M–$70M) despite Q2 delivering record quarterly free cash flow of $23.1M and a 41% conversion of adjusted EBITDA. Q2 operational and financials that underpin the outlook included consolidated revenue of $264.2M (+5.1%), system‑wide revenue growth of 6%, adjusted EBITDA of $56.4M (21.4% margin, down from 22.4% YoY but +110 bps sequentially), system‑wide volume growth of 3.1% with advanced modalities at a record 37.4% of volumes (advanced volumes +6.3% system‑wide; PET +23.2%; MRI +7.2%), cash of $69.7M, net leverage of 3.6x, Q2 interest expense of $16.2M and a term‑loan repriced to SOFR+250bp (saving ~$4M/year), and CapEx of $9.7M in Q2 with expected quarterly cash CapEx of ~$5M–$7M.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 | 1.04B | 1.02B | 948.87M | 935.92M |
| Gross Profit | 123.08M | 117.19M | 96.26M | 98.97M |
| EBITDA | 114.50M | 141.71M | 114.00M | 94.58M |
| Net Income | -27.73M | -47.10M | -94.10M | -122.23M |
Balance Sheet | ||||
| Total Assets | 1.81B | 1.76B | 1.67B | 1.67B |
| Cash, Cash Equivalents and Short-Term Investments | 69.70M | 58.83M | 26.13M | 20.19M |
| Total Debt | 975.35M | 962.50M | 1.31B | 1.30B |
| Total Liabilities | 1.19B | 1.18B | 1.51B | 1.47B |
| Stockholders Equity | 615.06M | 586.12M | 161.65M | 198.43M |
Cash Flow | ||||
| Free Cash Flow | 31.84M | -6.40M | 12.95M | 13.51M |
| Operating Cash Flow | 64.70M | 17.07M | 40.73M | 37.51M |
| Investing Cash Flow | -34.98M | -20.96M | -22.28M | -29.66M |
| Financing Cash Flow | 35.24M | 36.58M | -12.50M | -8.77M |
Lumexa Imaging Holdings, Inc. Technical Analysis
Positive
11.75
Price Trends
11.12
Positive
10.97
Positive
11.16
Positive
Market Momentum
0.15
Negative
65.48
Neutral
86.86
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LMRI, the sentiment is Positive. The current price of 11.75 is above the 20-day moving average (MA) of 10.76, above the 50-day MA of 11.12, and above the 200-day MA of 11.16, indicating a bullish trend. The MACD of 0.15 indicates Negative momentum. The RSI at 65.48 is Neutral, neither overbought nor oversold. The STOCH value of 86.86 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LMRI.
Lumexa Imaging Holdings, Inc. Risk Analysis
Lumexa Imaging Holdings, Inc. disclosed 50 risk factors in its most recent earnings report. Lumexa Imaging Holdings, Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Lumexa Imaging Holdings, Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $1.12B | -31.05 | -5.64% | ― | ― | ― | |
59 Neutral | $9.25B | -86.90 | -2.92% | 0.33% | 1.65% | -233.85% | |
58 Neutral | $2.00B | -25.50 | -38.36% | ― | 28.14% | -5.15% | |
56 Neutral | $783.88M | 35.16 | 4.60% | ― | 5.31% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | $79.50M | -1.96 | -100.30% | ― | 53.16% | 27.17% | |
44 Neutral | $25.20M | -0.19 | -94.35% | ― | 31.52% | -89.07% |
* General Sector Average
LMRI
Lumexa Imaging Holdings, Inc.
11.67
-6.85
-36.99%
BRKR
Bruker
60.74
22.18
57.54%
VREX
Varex Imaging
18.46
6.00
48.15%
BFLY
Butterfly Network
7.38
5.17
233.94%
NNOX
Nano-X Imaging
0.32
-3.57
-91.77%
HYPR
Hyperfine
0.75
-0.48
-39.11%
Lumexa Imaging Holdings, Inc. Corporate Events
Business Operations and StrategyFinancial Disclosures
Lumexa Imaging Posts Strong Q2 Results and Growth
Positive
Aug 12, 2026
On August 12, 2026, Lumexa Imaging reported second-quarter 2026 results showing consolidated revenue of $264.2 million, up 5.1% year-on-year, and system-wide revenue growth of 6.0%, driven by a 6.8% increase in consolidated advanced outpatient vol...
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.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.