On Monday, William Blair initiated coverage on Lumexa Imaging Holdings Inc. (NASDAQ:LMRI). Lumexa Imaging is a nationwide provider of diagnostic imaging services.
As of Sept. 30, 2025, the company operated the second-largest outpatient imaging center footprint in the U.S.
It spans 184 centers across 13 states and includes eight joint venture partnerships with health systems.
In December, Lumexa Imaging priced its initial public offering of 25 million shares at $18.50 per share, and granted the underwriters an option to purchase up to an additional 3.75 million shares.
Analyst Ryan Daniels on Monday wrote, “Lumexa has a multipronged growth strategy that presents a highly visible and resilient sales stream.”
William Blair initiated with an Outperform rating and said the company is prioritizing same-center growth through a differentiated commercial strategy.
Central to this approach is a dedicated sales force targeting high-value referral sources—primarily specialists—who generate higher patient volumes and greater utilization of advanced imaging. Advanced imaging currently accounts for roughly two-thirds of systemwide revenue.
Advanced imaging commands roughly a 300% price premium over basic imaging. It is growing faster, driven by targeted company marketing, wider adoption of advanced diagnostics for early detection and preventive care, and ongoing technology improvements.
The analyst estimates this mix shift alone can provide a sustained ~100 basis point boost to overall growth.
William Blair also highlights that Lumexa Imaging runs multiple digital marketing campaigns to attract price-sensitive consumers who seek imaging services without physician referrals.
The segment currently represents about 20% of average volume and is expected to grow as high-deductible insurance plans become more common.
Daniels anticipates the company will open 8 to 10 de novos per year (the majority with JV partners). However, the estimates could prove conservative over time as novel JV relationships develop. Existing partners seek to accelerate expansion amid current market trends.
“Given our conversations with current partners, we believe the company's industry reputation positions it well for future partnerships,” Daniels wrote in an investor note on Monday.
Other Analysts
- Jefferies initiates with a Buy rating and announces a price forecast of $23.
- Leerink Partners initiated Lumexa Imaging, with an Outperform rating and a price forecast of $23.
- Deutsche Bank initiates coverage on Lumexa Imaging with a Buy rating and a price forecast of $22.
- Wells Fargo initiates with an Overweight rating and announces a price forecast of $22.
- Price Action: LMRI stock is down 2.62% at $17.09 at the last check on Monday.
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