Lumexa Imaging Holdings Inc.: 1Q26 First Look: EBITDA In-Line, Guidance Reiterated

研报英文原文证据摘录

Lumexa Imaging Holdings Inc.: 1Q26 First Look: EBITDA In-Line, Guidance Reiterated

Equity Research

U.S. Healthcare Facilities & Managed Care

12 May 2026

Lumexa Imaging Holdings Inc.

1Q26 First Look: EBITDA In-Line,

Guidance Reiterated

Overall, headline results were largely in-line with lowered LMRI OVERWEIGHT

NEUTRALexpectations, but a 2Q guide-below and soft KPIs cast some U.S.ManagedHealthcareCare Facilities &

doubt on the EBITDA ramp. Price Target USD 15.00

Price (12-May-26) USD 10.50

Potential Upside/Downside +42.9%

1Q EBITDA In-Line: On Tuesday (5/12) after market close, LMRI reported 1Q26 revenue of $252.5 Source: Bloomberg, Barclays Research

mn, which was up 3% y/y and 1% ahead of consensus. Adjusted EBITDA of $51.2 mn was in-line

as outperformance in revenue and cost of operations offset a +130 bps increase in G&A as a % of

U.S. Healthcare Facilities & Managedrevenue and a slight y/y decline in equity in earnings (unconsolidated EBITDA). Free cash flow

Care

was -$2 mn in the quarter, up +$13 mn y/y primarily driven by lower interest expense. Overall,

Andrew Mok, CFA

headline results were largely in-line with lowered expectations, but a 2Q guide-below and +1 212 526 5496

soft KPIs cast some doubt on the EBITDA ramp. andrew.mok@barclays.com

BCI, US

2026 Guidance Reiterated: With the release LMRI reiterated its 2026 revenue, EBITDA, and

adjusted EPS guidance and now expects 55% of EBITDA to be generated in the back half of the Thomas Walsh

+1 212 526 5096year ($131 mn), implying 2Q EBITDA of $56 mn, or 4% below current consensus. Management

thomas.walsh@barclays.com

also guided to 25–30% adjusted EBITDA conversion to free cash flow in 2026, implying $66 mn at BCI, US

the midpoint. This would require a $72 mn y/y improvement in free cash flow, with $50 mn