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Lumexa Imaging Holdings, Inc.
(NASDAQ:LMRI)
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Rating:62Neutral
Price Target:
$12.50
▲(0.64% Upside)
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 Imaging Mix and Volume Growth
A rising advanced-imaging mix supports structurally higher reimbursement and margin potential. PET and MRI growth, alongside increasing capacity, can strengthen Lumexa’s service mix and improve long-term revenue quality.
Negative Factors
Persistently Weak Bottom-Line Profitability
Despite revenue growth and positive EBIT, sustained net losses show that operating earnings are not yet translating reliably into shareholder profitability. This limits internal capital generation and leaves results vulnerable to financing and cost pressures.
Read all positive and negative factors
Positive Factors
Negative Factors
Advanced Imaging Mix and Volume Growth
A rising advanced-imaging mix supports structurally higher reimbursement and margin potential. PET and MRI growth, alongside increasing capacity, can strengthen Lumexa’s service mix and improve long-term revenue quality.
Read all positive factors
Lumexa Imaging Holdings, Inc. (LMRI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.19B
Dividend YieldN/A
Average Volume (3M)596.29K
Price to Earnings (P/E)―
Beta (1Y)1.15
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees5,000
SectorGeneral
Sector StrengthN/A
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.33
Shares Outstanding96,074,974
10 Day Avg. Volume398,784
30 Day Avg. Volume596,288
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$17.50Price Target Upside40.90% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.76
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 | 784.43M | 1.02B | 948.87M | 935.92M |
| Gross Profit | 83.38M | 117.19M | 96.26M | 98.97M |
| EBITDA | 67.68M | 141.71M | 114.00M | 94.58M |
| Net Income | -24.23M | -47.10M | -94.10M | -122.23M |
Balance Sheet | ||||
| Total Assets | 1.81B | 1.76B | 1.71B | 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 | 1.55B | 1.51B |
| Stockholders Equity | 615.06M | 586.12M | 161.65M | 198.43M |
Cash Flow | ||||
| Free Cash Flow | 33.60M | -6.40M | 12.95M | 13.51M |
| Operating Cash Flow | 52.84M | 17.07M | 40.73M | 37.51M |
| Investing Cash Flow | -21.31M | -20.96M | -22.28M | -29.66M |
| Financing Cash Flow | 37.99M | 36.58M | -12.50M | -8.77M |
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 | $1.19B | -29.94 | -6.49% | ― | ― | ― | |
59 Neutral | $9.07B | -85.21 | -2.92% | 0.33% | 1.65% | -233.85% | |
59 Neutral | $780.16M | 35.26 | 4.60% | ― | 5.31% | ― | |
57 Neutral | $2.59B | -33.00 | -38.36% | ― | 28.14% | -5.15% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | $95.67M | -2.36 | -100.30% | ― | 53.16% | 27.17% | |
43 Neutral | $67.58M | -0.75 | -51.88% | ― | 25.74% | -26.25% |
* General Sector Average
LMRI
Lumexa Imaging Holdings, Inc.
12.42
-6.10
-32.94%
BRKR
Bruker
59.56
25.12
72.94%
VREX
Varex Imaging
18.51
7.11
62.37%
BFLY
Butterfly Network
9.55
8.00
516.13%
NNOX
Nano-X Imaging
0.86
-3.03
-77.92%
HYPR
Hyperfine
0.90
-0.35
-27.84%
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...
Business Operations and StrategyPrivate Placements and Financing
Lumexa Imaging Enters New Long-Term Secured Credit Facilities
Neutral
Jun 30, 2026
On June 30, 2026, Lumexa Imaging’s borrowing subsidiaries amended their existing credit agreement to establish an approximately $823 million secured replacement term loan maturing in December 2032 and a $250 million secured revolving credit ...
Executive/Board ChangesShareholder Meetings
Lumexa Stockholders Reaffirm Board and Auditor at Meeting
Positive
Jun 12, 2026
On June 10, 2026, Lumexa Imaging Holdings, Inc. held its 2026 Annual Meeting of Stockholders, where investors voted on the election of three Class I directors to serve until the 2029 annual meeting and on the ratification of the company’s in...
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.