Virtual NDR Takeaways: Secular Tailwinds Unchanged, De Novos to Drive 2H EBITDA

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Virtual NDR Takeaways: Secular Tailwinds Unchanged, De Novos to Drive 2H EBITDA

USA | Healthcare Services

Lumexa Imaging Holdings EquityJuneResearch18, 2026

ESTIMATE CHANGEVirtual NDR Takeaways: Secular Tailwinds

RATING BUYUnchanged, De Novos to Drive 2H EBITDA

PRICE $8.79^

We hosted a virtual NDR with LMRI mgmt & investors this week. Key takes:

1) the story is intact, supported by strength in advanced imaging and durable PRICE TARGET | % TO PT $23.00 | +162%

secular tailwinds; 2) JV pipeline remains a key upside lever, with ~100 potential 52W HIGH-LOW $19.45 - $6.45

partners and improving inbound interest after recent HSS announcement; and FLOAT (%) | ADV MM (USD) 26.4% | 9.11

3) increased comfortability around 2H EBITDA acceleration from de novo ramp. MARKET CAP $850.5M

TICKER LMRI

^Prior trading day's closing price unless otherwise

IPO Learnings Reinforce Intact Growth Story Despite Early Volatility. Mgmt emphasized that noted.

while the initial post-IPO period has been bumpier than expected, the fundamental core story has

not changed. Durable secular tailwinds, including favorable demographics, expanding screening

protocols, and the continued site-of-service-shift, remain firmly in place and continue to underpin FY (Dec) CHANGE TO JEFe JEF vs CONS

the LT 8-9% EBITDA growth algo. Addressing FCF, '26 is effectively being treated as a reset year, 2025 2026 2025 2026

reflecting incremental strategic investments & higher-than-expected pubco costs. These are viewed REV NA NA NA NA

as one-time in nature, with the growth trajectory beyond '26 remaining fully intact. EPS NA NA NA NA

Organic Growth Is Strong; Advanced Imaging Driving Better-Than-Expected Performance. 2025 ($) Q1A Q2A Q3A Q4 FY

Advanced imaging vols remain strong, growing ~7% Y/Y in Q1, ahead of expectations.