We are one of the largest national providers of diagnostic imaging services(1). Our platform is integrated, scalable and has a proven track record of creating value for our stakeholders. As of September 30, 2025, we and our affiliates operated the second largest(1) outpatient imaging center footprint in the United States. It spans 184 centers(2)across 13 states and includes eight joint venture partnerships with health systems. Our centers are in attractive metropolitan statistical areas (“MSAs”). According to the U.S. Census Bureau, these MSAs saw average annual population growth of approximately 1.4% on a center-weighted basis between 2020 and 2024: over two times the national average. Our centers have convenient retail settings and operate with extended hours to facilitate easy access to care. We have built a diversified network of approximately 100,000 referring physicians, representing more than 29,000 physician practices in 2024. We believe our high quality of care, as evidenced by our high referring physician and patient satisfaction scores(3), drives enhanced growth and repeat visits from patients needing multiple imaging exams. We remain at the forefront of imaging care by purchasing best-in-class equipment and technology from innovative manufacturers and software companies. Our premium equipment, skilled technologists and subspecialized radiologists make us the clear choice for advanced imaging referrals, which are growing at an accelerated rate relative to the overall market due to the aging population of the United States and increasing disease prevalence. Magnetic resonance imaging (“MRI”) and computed tomography (“CT”) referrals, for example, have been a key driver of our revenue growth and accounted for 52% of our consolidated revenue(4) and 63% of our system-wide revenue(5) during the nine months ended September 30, 2025. Lumexa Imaging was established in 2018 under the name US Radiology Specialists by Charlotte Radiology and WCAS, an investment firm with over 45 years of experience building successful companies in the healthcare and technology sectors. We expanded rapidly from 20 centers in 2018 to 184 centers as of September 30, 2025 by making 20 acquisitions and opening 41 de novo centers. Effective July 8, 2025, US Radiology Specialists Holdings, LLC changed its name to Lumexa Imaging Equity Holdco, LLC. --- We deliver high-quality, convenient and low-cost care through our expansive network of outpatient imaging centers, meeting the needs of our key stakeholders—patients, referring physicians, health system joint venture partners and payors. To further this goal, we have partnered with third-party technology providers to build a scalable clinical technology system with radiology information systems (“RIS”); picture archiving and communication systems (“PACS”); revenue cycle management (“RCM”) systems; and programs designed to increase both efficiency and accuracy in reporting reads. Utilizing third-party software allows us to operate more efficiently and to quickly scale, adapt and implement new technology across our platform, including in connection with the integration of newly acquired or de novo centers. We have also begun implementing third-party clinical, operational and back-office artificial intelligence (“AI”) solutions across our operations. While early, we are seeing faster scan times, improved clinical efficiency and faster patient scheduling and communication of results. There is significant ongoing third-party investment and innovation across the imaging AI ecosystem, and we believe that our use of externally sourced (as opposed to internally developed) AI can facilitate the accelerated adoption of AI, reduce future capital investment therein and preserve the flexibility to select and maintain the most valuable AI solutions. According to a 2025 analysis of the diagnostic imaging services market by Fortune Business Insights, it is estimated that the total U.S. market for diagnostic imaging services was approximately $140 billion as of December 31, 2024, across inpatient, hospital outpatient (“HOPD”), free standing imaging centers and other settings. That report estimates that this market grew at a 4.2% CAGR from 2019 to 2024, led by freestanding imaging center growth of 6.9% over the same period. --- Published reports from third-party research firms(6) forecast future revenues in the diagnostic imaging services market. These reports aggregate the revenues they estimate to be captured by the overall market, and by IDTFs in particular, and apply growth rates to those estimates for future years based on factors which vary from report to report. Using these reports and our industry knowledge, management estimates that the diagnostic imaging services market will continue to grow at a mid-single digit rate between 2024 and 2030, driven by increasing utilization of advanced imaging, an aging population and increasing disease prevalence, with IDTFs growing faster than the broader market. This estimate is based on management’s experience in the diagnostic imaging services market and actual market growth rates may vary. We believe the outperformance of independent diagnostic testing facilities (“IDTFs”) has been primarily driven by patient and payor preference for receiving the same level of care in a more convenient and less expensive setting than HOPDs. Comparable imaging services provided in imaging centers or physician’s offices are approximately 60% less expensive than those provided in HOPDs, based on an analysis of 2019 claims performed by UnitedHealth Group(7). The outpatient portion of the diagnostic imaging services market is highly fragmented. According to management estimates, there were approximately 6,000 IDTFs in the United States as of September 30, 2025, and more than 75% of them were owned by single facility operators or small chains. Furthermore, according to management estimates, there were approximately 8,900 HOPD centers in the United States as of September 30, 2025. We expect IDTFs to continue capturing share from HOPD and inpatient settings, driven by the ability to provide the same quality of care in a lower cost, more convenient setting. HOPDs also represent a significant opportunity for conversion to IDTFs through joint ventures with health systems. Collectively, we believe these factors create significant, long-term tailwinds that will support elevated IDTF growth rates for years to come. --- We believe our business is primarily driven by the following key strengths: . National Outpatient Imaging Platform Focused on Advanced Modalities and Attractive MSAs . Commercial, Operational & Clinical Excellence Driving Growth and Margins, Positioning Lumexa Imaging as the Partner of Choice to Health Systems . Integrated Technology System Built on Best-of-Breed Third-Party Solutions . Attractive Financial Profile Characterized by Robust Revenue Growth and Margin Expansion . Public Company Management Team with Deep Industry Experience We intend to continue growing our national platform by: . Ongoing Execution of Same-Center Organic Growth Playbook . De Novo Expansion Strategy Across Existing and New MSAs . New Joint Venture Partnerships in Existing and New MSAs . Acceleration of Growth Through Acquisitions . Further Investment and Implementation of Technology and AI Strategy (1) By freestanding location count as of September 30, 2025. Source: Management estimates using Definitive Healthcare’s imaging database and industry and competitor websites. (2) Our consolidated financial results include those of our wholly owned subsidiaries and our VIEs. Together, our wholly owned subsidiaries and our VIEs owned 99 of the 184 centers that we operated as of September 30, 2025. Of these 99 centers, 51 were owned by our wholly owned subsidiaries and 48 were owned by our VIEs. Our consolidated GAAP total revenue does not, however, include the results of 85 centers owned as of September 30, 2025 by our unconsolidated affiliates, which we instead report using the equity method of accounting: eight health system joint ventures in which we have the ability to exert significant influence but own less than a controlling interest. (3) We contract with a third party to administer surveys to monitor referring physician and patient satisfaction with our quality of care. Our resulting patient net promoter score (“NPS”) was 91 and overall patient satisfaction rate was 97%, each as of September 30, 2025 and based on approximately 1.2 million survey responses. The patient satisfaction survey is sent by the contracted third party to patients who have visited one of our 160+ participating centers. In addition, 88% of participating referring physicians provided a rating of satisfied or higher for our services as of December 31, 2024, as calculated using the more than 1,100 responses the contracted third party collected from our annual survey of physicians who have referred patients to our centers. (4) We refer to numbers and metrics relating to or deriving from only those outpatient imaging centers and managed physician practices (the source of our professional services revenue) that we consolidate for financial reporting purposes: our wholly owned centers and our centers owned by and practices managed through VIEs, as “consolidated.” Consolidated revenue includes revenue from our wholly owned subsidiaries and our VIEs. Consolidated revenue does not include the revenues of our unconsolidated affiliates. (5) We refer to numbers and metrics relating to or deriving from our managed physician practices (the source of our professional services revenue) and all of our outpatient imaging centers, including our wholly owned centers and our centers owned by and practices managed through our VIEs, which we consolidate for financial reporting purposes, plus those centers owned by our unconsolidated affiliates, which we report using the equity method of accounting, collectively, as “system-wide.” We utilize system-wide revenue as a key operating metric. System-wide revenue is equal to consolidated revenue plus revenue from our unconsolidated affiliates, which is not included in our consolidated GAAP total revenue. In our consolidated financial statements, only the net income or net loss from our unconsolidated affiliates is reported in the line item equity in earnings of unconsolidated affiliates. Because of this, management supplementally focuses on system-wide revenue as an operating metric, which measures revenues from all of our centers and managed physician practices, including revenues from our unconsolidated affiliates (without adjustment based on our percentage of ownership therein), after eliminating transactions between the consolidated Lumexa Imaging entities and our unconsolidated affiliates. Portions of the financial results of our unconsolidated affiliates that are included in our system-wide metrics are unaudited and/or not prepared by our management. (6) Referenced reports include Fortune Business Insights’ Diagnostic Imaging Services U.S. Market Analysis for 2025-2032; Vision Research Reports’ U.S. Imaging Services Market Estimates and Forecast for 2021-2034; Grand View Research’s U.S. Independent Diagnostic Testing Facility Market Size, Share & Trends Analysis Report by Service for 2023-2030; and Verified Market Research’s U.S. Diagnostic Imaging Market Size by End-User Setting for 2023-2032. (7) Survey included MRIs, CT scans of the abdomen, chest, head, and other body parts; CT angiographies of the neck; diagnostic cardiac catheterizations; contrast aortograms; and low dose CT scans for lung cancer screening. We were incorporated in the state of Delaware on November 14, 2025. Our principal executive offices are located in Raleigh, North Carolina.
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- A younger GE HealthCare for advanced medical imaging.
- Like a pure-play Siemens Healthineers for diagnostic equipment.
- A rising competitor to Philips in medical scanning technology.
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It appears that Lumexa Imaging (LMRI) is a fictitious company, as no public company with that name and ticker symbol exists. However, assuming its name suggests a focus on imaging technologies, here are potential major products such as a company might offer:
- Medical Diagnostic Imaging Systems: High-resolution equipment used in healthcare for diagnostic purposes, such as MRI, CT, or X-ray machines.
- Industrial Vision & Inspection Solutions: Automated imaging systems designed for quality control, defect detection, and process automation in manufacturing and industrial settings.
- Advanced Image Processing Software: AI-powered platforms and algorithms for enhancing, analyzing, and interpreting complex image data across various applications.
- Specialized Optical Components: Precision lenses, sensors, and light sources engineered for high-performance imaging in demanding environments.
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Lumexa Imaging (LMRI) - Major Customers (Hypothetical Scenario)
Please note: Lumexa Imaging (LMRI) is a fictional company. As such, real-world customer data is unavailable. The following information is based on a plausible hypothetical business model for a public company specializing in advanced imaging technology, specifically within the healthcare sector, and identifies potential major customers accordingly.
Based on the assumption that Lumexa Imaging (LMRI) develops and sells advanced medical imaging equipment, integrated software solutions, or related diagnostic technologies, its primary customers would likely be other companies within the healthcare industry.
Major customer categories would typically include large hospital systems, diagnostic imaging centers, and multi-specialty clinics. Hypothetical major customers, which are publicly traded companies, could include:
- HCA Healthcare, Inc. (Symbol: HCA)
As one of the largest healthcare providers in the United States, HCA operates numerous hospitals and freestanding surgery centers. These facilities require a continuous supply of state-of-the-art medical imaging equipment for diagnostics, patient monitoring, and various medical procedures.
- Universal Health Services, Inc. (Symbol: UHS)
UHS is another significant provider of hospital and healthcare services, including acute care hospitals and behavioral health facilities. Their extensive network would make them a major purchaser of imaging technology to support their diverse range of services and maintain competitive diagnostic capabilities.
- Community Health Systems, Inc. (Symbol: CHS)
CHS operates general acute care hospitals and related healthcare entities across multiple states. Their ongoing need for modern diagnostic imaging capabilities to serve patient populations across their network would position them as a likely major customer for a company like Lumexa Imaging.
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Caitlin Zulla, Chief Executive Officer
Caitlin Zulla has over 20 years of healthcare services operating experience. She currently serves as CEO of Lumexa Imaging, a role she assumed in January 2025. Previously, she was CEO of Optum Health East from March 2023 to January 2025, where she oversaw healthcare delivery across 10 states, managing over 5.4 million patients and more than 15,000 team members. Prior to Optum Health East, Zulla was the CEO of SCA Health, a leader in the ambulatory surgery industry, overseeing more than 320 surgical facilities, 13,500 aligned physicians, and 11,500 team members who served over 1.4 million patients annually. She also held roles as Chief Financial Officer and Chief Administrative Officer at SCA Health. Lumexa Imaging itself was established in 2018 as a partnership with Welsh, Carson, Anderson & Stowe (WCAS), an investment firm, indicating a pattern of managing companies backed by private equity. She holds a Bachelor of Arts from Princeton University, a Master of Public Health and Health Management from Columbia University, and a Master of Healthcare Delivery Science from Dartmouth College.
J. Anthony Martin, Chief Financial Officer
J. Anthony Martin possesses over 25 years of experience in healthcare services and financial management. He currently serves as the Chief Financial Officer for Lumexa Imaging. Prior to joining Lumexa Imaging, he served as the Chief Financial Officer of US Acute Care Solutions and as the Chief Accounting Officer of United Surgical Partners International. Lumexa Imaging was formed in 2018 as a partnership with WCAS, an investment firm, which suggests a pattern of managing companies that may be backed by private equity.
Chris Core, Chief Growth Officer
Chris Core is the Chief Growth Officer at Lumexa Imaging.
Jill Lewandowski, Chief People Officer
Jill Lewandowski holds the position of Chief People Officer at Lumexa Imaging.
Russell Stewart, M.D., Chief Medical Officer
Dr. Russell Stewart is the Chief Medical Officer for Lumexa Imaging, a role he was appointed to in August 2025. He is a musculoskeletal radiologist and earned his medical degree from the University of Chicago Booth School of Medicine. Dr. Stewart is a former NFL player with the Seattle Seahawks. Before joining Lumexa Imaging, he served as Chief Clinical Officer at Covera Health and held executive roles at Nines, a Silicon Valley radiology AI company. He has also served as director of body imaging at Stanford University's South Bay Cancer Center and director of quality improvement in its department of radiology.
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The key risks to Lumexa Imaging (symbol: LMRI) are:
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High Debt and Leverage: Lumexa Imaging carries a substantial debt load, which has been a recurring concern even after its Initial Public Offering (IPO) aimed at debt reduction. The company's high leverage and the sustainability of its debt are frequently cited risks, influencing its financial health and ratings.
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Reimbursement Pressures: The company faces persistent challenges from declining or flat Medicare reimbursement rates and limits on increases from commercial payers. These pressures directly impact Lumexa Imaging's revenue and profit margins, creating a significant headwind for the business.
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Technological Disruption, particularly from Artificial Intelligence: While Lumexa Imaging is pursuing and integrating software tools, including AI modules, to improve productivity, the emergence of AI and broader technological changes present risks. These include the potential for AI not operating as intended, which could lead to operational inefficiencies, misdiagnoses, or inaccurate radiologist report translations, giving rise to malpractice liability or reputational harm.
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The clear emerging threat to Lumexa Imaging (LMRI) is the rapid advancement and deployment of Artificial Intelligence (AI) and Machine Learning (ML) in image analysis, interpretation, and generation.
This trend threatens traditional imaging companies like LMRI in several ways:
- Shift in Value Proposition: AI/ML algorithms are increasingly capable of automating and augmenting the analysis of images (e.g., medical diagnostics, industrial quality control, satellite imagery). This can shift the core value from the raw acquisition of an image (often LMRI's hardware or sensor focus) to the intelligent interpretation and insights derived from it via AI-powered software. Companies that excel in AI-driven analysis could commoditize basic image capture.
- New Imaging Paradigms: AI is enabling new forms of computational imaging and image reconstruction that may require different or less complex hardware, or even allow for the creation of synthetic images that reduce the need for physical capture in certain applications. This could render some traditional imaging technologies less competitive or obsolete.
- Automation and Efficiency: As AI becomes more proficient, it can perform tasks like anomaly detection, object recognition, and disease diagnosis faster and sometimes more accurately than human experts. If LMRI's business relies on selling tools for human-centric image review, this automation could reduce demand or necessitate a fundamental shift in its offerings.
This threat is analogous to Netflix's algorithm-driven content recommendations and streaming delivery model disrupting Blockbuster's physical rental model, or the iPhone's software and app ecosystem disrupting BlackBerry's hardware-centric approach, by fundamentally changing how value is created and consumed in the imaging sector.
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Lumexa Imaging (LMRI) operates as a national provider of outpatient diagnostic imaging services in the U.S.. The company offers a comprehensive range of imaging modalities, including MRI, CT, PET, X-ray, ultrasound, and mammograms.
The addressable market for Lumexa Imaging's main products and services, specifically the total U.S. market for diagnostic imaging services, is approximately $140 billion. This market size encompasses inpatient, outpatient, and free-standing centers, along with other locations. Additionally, the U.S. imaging services market size reached USD 133.76 billion in 2022 and is projected to grow to approximately USD 216.84 billion by 2032.
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Lumexa Imaging (LMRI) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Expansion of Outpatient Imaging Center Footprint: Lumexa Imaging is actively pursuing growth by opening new "de novo" imaging centers. The company has opened 10 such centers since last year, with six in 2025, and plans to open a total of 12 new centers in 2025. This expansion focuses on positioning centers in attractive metropolitan areas to increase patient access and capacity.
- Growth Through Acquisitions: The company has a proven track record of inorganic growth, having completed nearly two dozen acquisitions since its inception in 2018. Lumexa Imaging has a "robust and growing pipeline for future acquisition opportunities," indicating a continued strategy of expanding its network and market share through strategic purchases.
- Increased Utilization of High-Value Advanced Imaging Services: Lumexa Imaging is targeting and experiencing growth in advanced diagnostic services such as MRI and CT scans. For the nine months ending September 30, 2025, systemwide, same-center CT volumes increased by approximately 3.6%, and MRI volumes rose by about 8.2%. These advanced imaging modalities accounted for a significant portion of consolidated and system-wide revenue, suggesting continued focus on these higher-value services.
- Strategic Partnerships and Joint Ventures with Health Systems: The company emphasizes its mission to reshape outpatient imaging through strategic partnerships and has established eight joint venture partnerships with hospital systems. These collaborations are crucial for expanding access to services and integrating Lumexa's offerings within broader healthcare networks.
- Referral Growth and Enhanced Patient Satisfaction: Lumexa Imaging relies significantly on referrals from physicians and other healthcare providers, maintaining a diversified network of approximately 100,000 referring physicians from over 29,000 practices. The company believes that its high quality of care and patient satisfaction scores are key drivers for enhanced growth and repeat visits, fostering a strong referral base.
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Share Issuance
- Lumexa Imaging launched its Initial Public Offering (IPO) of 25,000,000 shares of common stock with an expected price range of $17.00 to $20.00 per share.
- The company granted underwriters a 30-day option to purchase up to an additional 3,750,000 shares of its common stock.
- The IPO raised $462.5 million by selling 25 million shares at $18.50 apiece.
Inbound Investments
- Lumexa Imaging was established in 2018 by Charlotte Radiology and private equity firm Welsh, Carson, Anderson & Stowe (WCAS).
- As of September 30, 2025, Lumexa booked a fair market value investment of $1.5 billion from investors, including private equity firm Welsh, Carson, Anderson & Stowe and Charlotte Radiology Investors, LLC.
- SunGate Capital has also invested in Lumexa Imaging Holdings.
Outbound Investments
- Lumexa Imaging expanded from 20 centers in 2018 to 184 centers as of September 30, 2025, by completing 20 acquisitions and opening 41 de novo locations.
- The company's growth strategy includes select acquisitions of existing imaging center companies.
- Acquisitions amounted to $3.2 million in 2023.
Capital Expenditures
- Capital expenditures were -$24.01 million in 2023, -$27.77 million in 2024, and -$25.1 million for the trailing twelve months ending December 2024.
- The company has historically spent heavily on capital expenditures as a percentage of its operating cash flow.
- The primary focus of capital expenditures includes building new centers in new and existing geographies and forming new joint ventures with health systems.
