RadNet / Lumexa Imaging Holdings Inc.: Model Updates: Solid Underlying Growth Despite Divergent Trends

研报英文原文证据摘录

RadNet / Lumexa Imaging Holdings Inc.: Model Updates: Solid Underlying Growth Despite Divergent Trends

Equity Research

19 May 2026

RadNet / Lumexa Imaging Holdings Inc.

Model Updates: Solid Underlying

Growth Despite Divergent Trends

We see solid underlying EBITDA growth despite evidence of U.S. Healthcare Facilities & Managed Care

divergent trends, where RDNT is outperforming on advanced NEUTRAL Unchanged

volume growth and imaging segment pricing. U.S. Healthcare Facilities & Managed

Care

Divergent Imaging Trends: In a quarter disrupted by severe weather for the two publicly- Andrew Mok, CFA

+1 212 526 5496traded imaging center operators, underlying EBITDA growth remained solid, though trends

andrew.mok@barclays.com

diverged. RDNT handily beat Street expectations, supported by solid advanced imaging

BCI, US

volumes from new-center contributions and strong pricing, and modestly raised

guidance. Meanwhile LMRI saw a more pronounced deceleration in same-center advanced Thomas Walsh

+1 212 526 5096volume growth and pricing, partially due to last year's payor contract tailwind and new

thomas.walsh@barclays.com

commercial mix pressures (worth monitoring), and the company pointed to 55% EBITDA

seasonality in 2H26 making the path to achieving 2026 guidance slightly more challenging - see

our EBITDA bridges below. Tiffany Yuan

+1 212 526 5568

Stock Implications: RDNT's underlying imaging center trends remain largely intact, elevated tiffany.yuan@barclays.com

BCI, US2025 capital deployment in acquisitions and de novos is bearing fruit, and the digital health

segment is tracking towards 2026 targets. Though the company has to sustain strong 1Q trends Mingchuan Song

to hit full year guidance, we remain constructive in light of the -24% YTD pullback in the +1 212 526 9787