The shares screen at a forward P/E of 10.5x with analyst consensus implying roughly 84% upside, but a near-78% earnings miss in the only available quarter, no competitive moat, 13% short interest, and a sub-$1 billion market capitalization that restricts institutional access combine to create a speculative profile with substantial unresolved execution risk.
Thesis pillars
- Forward Valuation Quality Gap→Stable
- Analyst Consensus Large Implied Upside→Stable
- Unproven Earnings Execution→Stable
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Mar 30, 2026· older than 90 days
Lumexa Imaging Holdings, Inc. (LMRI) Stock Analysis
Breakout setup · Inst Constrain edge
Healthcare · Medical Devices
Sell if holding. Engine safety override at $11.22: Quality below floor (2.6 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 4.9/10 and A.R:R 3.7:1 is above the 1.5:1 BUY gate. Specifically: Below-average business quality.
Lumexa Imaging Holdings operates the second-largest U.S. outpatient diagnostic imaging network, with 188 centers across 13 states, including eight health-system joint ventures. Revenue comes from imaging exams billed to commercial and government payors and referred by over... Read more
Sell if holding. Engine safety override at $11.22: Quality below floor (2.6 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 4.9/10 and A.R:R 3.7:1 is above the 1.5:1 BUY gate. Specifically: Below-average business quality. Chart setup: Golden cross, above all MAs, RSI 65, MACD bullish. Score 4.9/10, moderate confidence.
Passes 7/9 gates (positive momentum, favorable risk/reward ratio, clean insider activity, no SEC red flags, news events none recent, semi cycle peak clear, materials cycle peak clear). Fails on earnings proximity 6d<=7d. Suitability: speculative.
About Lumexa Imaging Holdings, Inc.
About Lumexa Imaging Holdings, Inc.
Lumexa Imaging Holdings, formerly US Radiology Specialists, operates 188 outpatient diagnostic imaging centers across 13 states as of December 31, 2025, making it the second-largest freestanding imaging platform in the country by center count. The company completed its initial public offering in 2025, raising approximately $427 million in net proceeds, and its consolidated revenue grew 7.8% year over year while advanced imaging (MRI, CT and PET) made up 52% of consolidated revenue.
The company earns revenue from MRI, CT, PET, x-ray, ultrasound and mammography exams billed to referring physicians' patients, with 58% of consolidated revenue collected from commercial payors and 29% from government programs such as Medicare and Medicaid, and the remainder from self-pay and other payors in 2025. Centers depend on referrals from more than 102,000 independent physicians across over 32,000 practices, none of which are contractually obligated to continue referring patients. Radiologist coverage is largely provided through contracted third-party radiology groups and the company's own teleradiology platform, Connexia, which it began building in 2023 to reduce reliance on outside practices. Lumexa also operates eight joint ventures with health systems including Baylor Scott & White Health, Intermountain Health, and Atrium Health, with ownership stakes ranging from 30% to 50% in exchange for management and professional service fees.
Show full overview
Lumexa's payer mix creates rate-setting exposure distinct from a typical services company: government programs accounted for 29% of consolidated 2025 revenue, and the 10-K notes that commercial payors often set their own reimbursement as a percentage of Medicare rates, so a CMS Physician Fee Schedule cut could pressure pricing across the entire payor base, not just Medicare patients. The October 2025 calendar-year 2026 Medicare Physician Fee Schedule final rule governs the majority of Lumexa's services, and multi-year contracted rates with commercial insurers limit the company's ability to offset adverse rate changes.
See also: Healthcare · Medical Devices
From Lumexa Imaging Holdings, Inc.'s most recent 10-K filing, extracted July 6, 2026.
Recent developments
updated Oct 28, 2026Recent Developments — Lumexa Imaging Holdings, Inc.
Latest news
- NEWS Lumexa Imaging Announces Third Quarter 2026 Earnings Conference Call Date — fiscal.ai Oct 28, 2026 neutral
- NEWS This Vertiv Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For Monday — benzinga Oct 5, 2026 positive
- NEWS Truist Securities Initiates Coverage On Lumexa Imaging Hldgs with Buy Rating, Announces Price Target of $18 — benzinga Oct 5, 2026 positive
- NEWS Keybanc Initiates Coverage On Lumexa Imaging Hldgs with Overweight Rating, Announces Price Target of $18 — benzinga Sep 25, 2026 positive
- NEWS Barclays Maintains Overweight on Lumexa Imaging Hldgs, Raises Price Target to $13 — benzinga Aug 28, 2026 positive
Latest item Oct 28, 2026 · Generated 2026-11-04T12:04:36Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Concentration Risks(10-K Item 1A)
- HIGHProductadvanced imaging (MRI/CT/PET)52%10-K Item 1: 'advanced imaging accounted for 52% of our consolidated revenue and 63% of our system-wide revenue'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
4 floor-breakers
No near-term catalyst priced in. Thesis progression will come from fundamentals grinding, not event reaction.static
Unprofitable operations — net margin -2.7%. Quality floor flags this regardless of sector context.static
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Growth below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Engine safety override at $11.22: Quality below floor (2.6 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 4.9/10 and A.R:R 3.7:1 is above the 1.5:1 BUY gate. Specifically: Below-average business quality. Chart setup: Golden cross, above all MAs, RSI 65, MACD bullish. Prior stop was $10.43. Score 4.9/10, moderate confidence.
Analyst target: $15.37 (+37.0% upside). Prior stop was $10.43. Stop-loss: $10.43.
Concentration risk — Product: advanced imaging (MRI/CT/PET) (52.0%); Quality below floor (2.6 < 4.0).
Lumexa Imaging Holdings, Inc. trades at a P/E of N/A (forward 12.6). TrendMatrix value score: 7.5/10. Verdict: Sell.
16 analysts rate LMRI, with a consensus score of 4.3/5. 9 analysts publish price targets averaging $18.
What does Lumexa Imaging Holdings, Inc. do?Lumexa Imaging Holdings operates the second-largest U.S. outpatient diagnostic imaging network, with 188 centers across...
Lumexa Imaging Holdings operates the second-largest U.S. outpatient diagnostic imaging network, with 188 centers across 13 states, including eight health-system joint ventures. Revenue comes from imaging exams billed to commercial and government payors and referred by over 102,000 physicians; advanced MRI/CT/PET scans made up 52% of 2025 consolidated revenue. The company's scale in high-growth metropolitan markets differentiates it from single-site independent operators.