Lumexa Imaging Holdings: Secular Tailwinds, High-Return Expansion, and Joint-Venture Model Support Buy Rating

Whit Mayo, an analyst from Leerink Partners, has initiated a new Buy rating on Lumexa Imaging Holdings, Inc. (LMRI).

Whit Mayo has given his Buy rating due to a combination of factors that point to durable, above-market growth for Lumexa Imaging Holdings, Inc. He highlights that the company is positioned to benefit from strong secular trends in outpatient imaging, including rapid advances in imaging technology, rising disease detection, and a broad shift by payers, physicians, and patients toward lower-cost, ambulatory settings. In addition, Mayo underscores the firm’s differentiated joint-venture model with health systems, which closely aligns with hospital strategies to expand ambulatory networks and supports the potential for sustained double-digit compounding growth.
Mayo also emphasizes Lumexa’s compelling organic expansion plan and attractive economics. The company operates 184 centers today and aims to add 8–10 new locations annually, implying roughly 30% center growth over the next 4–5 years, with new-site returns projected around 25%. He notes a favorable revenue mix skewed toward commercial payers, manageable cost inflation, and sizeable opportunities to deepen partnerships in high-growth metropolitan areas, all within a fragmented market that leaves room for disciplined M&A upside. On valuation, Mayo’s $23 price target, based on applying a roughly in-line 13x EV/EBITDA multiple to 2027 estimates, further supports his Outperform view on LMRI shares.

Mayo covers the Healthcare sector, focusing on stocks such as Ardent Health Partners, Inc., HCA Healthcare, and Tenet Healthcare. According to TipRanks, Mayo has an average return of 2.9% and a 50.46% success rate on recommended stocks.

In another report released today, Jefferies also initiated coverage with a Buy rating on the stock with a $23.00 price target.