Lumexa Imaging Model Update

研报英文原文证据摘录

Lumexa Imaging Model Update

J P M O R G A N North America Equity Research

22 May 2026

Lumexa Imaging Overweight

LMRI, LMRI US

Model Update Price (21 May 26):$8.18

▼Price Target (Dec-26):$18.00

Prior (Dec-26):$23.00

Following 1Q earnings (see our takeaways and follow-up with mgmt here), we

have updated our estimates for LMRI. With the in-line performance during 1Q and Managed Care and Facilities

reaffirmed 2026 guidance that anticipates ~flat growth in 2Q and a back-half Benjamin Rossi AC

inflection that peaks in 4Q, we trim our 2026 estimate for revenue to $1,068M (1-212) 622-9603

(+4.4% y/y and vs prior $1,070M) while maintaining our expectations for adj benjamin.rossi@jpmorgan.com

EBITDA of $237.6M (+3.2% y/y), with 2Q26 results impacted by continued Lisa C. Gill

volume drag across routine procedures and a larger proportion of volume growth (1-212) 622-6466

lisa.c.gill@jpmorgan.com

across advanced procedures now expected during 2H26. While the 2Q-4Q

John Stansel, CFA

pathway anticipates a more pronounced step-up this year, we note that this

(1-212) 622-0083

otherwise matches the company’s expectations for seasonality, with margins john.stansel@jpmorgan.com

typically progressing over the course of the calendar year and peaking in October Cole Harris

when there are no holiday-related dampening effects on elective volumes/staffing. (1-212) 622-9068

For 2027, we decrease our revenue on the lower baseline to $1,132M (+6.0% y/y cole.harris@jpmorgan.com

and vs prior $1,134M) while maintaining adj EBITDA of $256.5M (+8.0% y/y) J.P. Morgan Securities LLC

that anticipates acceleration as LMRI laps these incremental pubco costs in 2027

and sees increased benefit from embedded earnings lift from ramping de novos

Quarterly Forecasts (FYE Dec)