Here are 1-2 brief analogies for Lumexa Imaging (LMRI):

• DaVita for diagnostic imaging: Lumexa Imaging is building a national network of outpatient diagnostic imaging centers, much like DaVita built a vast network of outpatient dialysis clinics, by consolidating a fragmented market and providing specialized healthcare services outside of traditional hospital settings.
• Quest Diagnostics for imaging: Similar to how Quest Diagnostics operates a large, technology-driven network for convenient and efficient lab testing, Lumexa Imaging is establishing itself as a leading provider of outpatient diagnostic imaging services like MRIs and CT scans.

• Diagnostic Imaging Services: Lumexa Imaging provides a comprehensive range of medical imaging procedures used for diagnosing various conditions in an outpatient setting.
• Advanced Imaging Modalities (MRI and CT): The company specializes in advanced diagnostic imaging services, particularly Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) scans, which are significant revenue drivers.

Lumexa Imaging (LMRI) sells its diagnostic imaging services primarily to **individuals** (patients).

The company serves the following categories of customers:

1. Patients: These are the individuals who directly receive diagnostic imaging services (e.g., MRI, CT scans) at Lumexa Imaging's outpatient centers, typically based on referrals from their physicians. The company emphasizes high patient satisfaction and convenience to attract and retain patients.
2. Payors (Insurance Companies): These are the health insurance companies and other third-party entities that reimburse Lumexa Imaging for the services provided to insured patients. Lumexa Imaging aims to meet the needs of payors by offering high-quality, convenient, and lower-cost care compared to hospital outpatient departments.
3. Referring Physicians and Practices: These are the doctors and medical practices who refer their patients to Lumexa Imaging for diagnostic services. Lumexa Imaging maintains a large network of referring physicians by delivering high-quality care, accurate reporting, and excellent service, which is crucial for driving patient volume.

Caitlin Zulla, Chief Executive Officer

Caitlin Zulla was appointed Chief Executive Officer in January 2025. Prior to this role, she served as the Chief Executive Officer of Optum Health East from 2023 to January 2025. From 2019 to 2023, Ms. Zulla was the Chief Executive Officer of SCA Health, an operator of outpatient surgery facilities, where she also previously held the roles of Chief Financial Officer and Chief Administrative Officer from 2017 to 2019. She oversaw health care delivery across 10 states at Optum Health East, and at SCA Health, she helped expand the organization's network of ambulatory surgery centers.

Tony Martin, Chief Financial Officer

Tony Martin serves as the Chief Financial Officer of Lumexa Imaging. He participates in investor conferences alongside CEO Caitlin Zulla.

Lee Cooper, Chairman

Lee Cooper is the Chairman of Lumexa Imaging. He previously served as the company's Chief Executive Officer in 2024, leading US Radiology Specialists (now Lumexa Imaging) from April 2024 to January 2025. Before this, Mr. Cooper was an Operating Partner at WCAS in 2023. He has also served as the Chief Executive Officer of AssistRx, LLC since March 2025. Earlier in his career, he was the Executive Vice President – Pharmacy of Walgreens from 2022 to 2023 and Chief Executive Officer of Shields Health Solutions from 2020 to 2022, which was acquired by Walgreens in December 2022. He also held multiple leadership positions at General Electric, including President and Chief Executive Officer of GE Healthcare – U.S. and Canada from 2016 to 2019.

Dr. Russell Stewart, Chief Medical Officer

Dr. Russell Stewart was appointed Chief Medical Officer in August 2025. He is a board-certified musculoskeletal radiologist with a background in clinical radiology, AI-driven innovation, and quality improvement. Previously, he was the Chief Clinical Officer at Covera Health, leading initiatives with advanced data analytics and artificial intelligence. He also held executive roles at Nines, a radiology AI company, where he guided regulatory strategy and secured FDA clearances for machine learning-based diagnostic tools.

Dr. Robert Mittl, Chief Quality Officer

Dr. Robert Mittl has served as the Chief Quality Officer of Lumexa Imaging since 2024 and has been the Chair of Lumexa Imaging's National Physician Leadership Board since 2021. He joined Charlotte Radiology, which later became part of Lumexa Imaging, in 1993, and served as Chairman and President of the group for 10 years, as well as chairing the Physician Operations Committee for 13 years. Dr. Mittl is also a practicing neuroradiologist.

The key risks to Lumexa Imaging's business are:

1. Intense Competition and Market Fragmentation: The diagnostic imaging services market is highly fragmented, with approximately 6,000 independent diagnostic testing facilities (IDTFs) in the United States, over 75% of which are owned by single facility operators or small chains. Lumexa Imaging operates in a market with significant competition, where comparable imaging services in IDTFs are approximately 60% less expensive than those in hospital outpatient departments (HOPDs). This fragmentation and cost sensitivity could lead to pricing pressures and challenges in maintaining or growing market share, requiring continuous investment to remain competitive.

2. Risks Associated with Aggressive Growth Strategies: Lumexa Imaging has a history of rapid expansion, having grown from 20 centers in 2018 to 184 centers as of September 30, 2025, through 20 acquisitions and the opening of 41 de novo centers. Its stated strategy includes ongoing de novo expansion, new joint venture partnerships, and accelerating growth through acquisitions. Such aggressive growth, particularly through acquisitions, inherently carries risks such as difficulties in integrating acquired businesses, failure to realize expected synergies, challenges in successfully establishing new centers, significant capital requirements, and potential strains on management and operational resources.

3. Dependence on Third-Party Technology and AI Solutions: Lumexa Imaging relies on third-party technology providers for its scalable clinical technology system, including radiology information systems (RIS), picture archiving and communication systems (PACS), and revenue cycle management (RCM) systems. The company has also implemented third-party clinical, operational, and back-office artificial intelligence (AI) solutions. This dependence creates risks related to vendor performance, data security, potential cost increases from vendors, disruptions if a key vendor fails or alters its offerings, and the ongoing challenge of effectively integrating and adapting to evolving third-party technologies and AI advancements.

The addressable market for Lumexa Imaging's main products or services, which are diagnostic imaging services, was approximately $140 billion in the U.S. as of December 31, 2024.

Lumexa Imaging (LMRI) anticipates several key drivers of future revenue growth over the next 2-3 years:

• De Novo Expansion and Acquisitions: The company plans to expand its footprint by opening new "de novo" centers in both existing and new metropolitan statistical areas, and by accelerating growth through strategic acquisitions.
• New Joint Venture Partnerships: Lumexa Imaging intends to pursue new joint venture partnerships, particularly with health systems, in both existing and new MSAs to expand its network and reach.
• Organic Growth from Existing Centers: The company expects to drive revenue growth through the "Ongoing Execution of Same-Center Organic Growth Playbook," suggesting increased utilization and efficiency within its current facilities.
• Increased Utilization of Advanced Imaging and Technology Adoption: Lumexa Imaging is positioned to benefit from the accelerating growth of advanced imaging referrals (such as MRI and CT) due to an aging population and increasing disease prevalence. Furthermore, ongoing investment and implementation of best-in-class technology and AI solutions are expected to enhance efficiency, attract advanced imaging referrals, and improve patient experience.
• Market Share Capture by Independent Diagnostic Testing Facilities (IDTFs): Lumexa Imaging, as an IDTF, is poised to gain market share from hospital outpatient departments (HOPDs) and inpatient settings. This shift is driven by patient and payor preference for more convenient and less expensive care delivery settings offering comparable quality.

Outbound Investments

• Expanded operations from 20 centers in 2018 to 184 centers as of September 30, 2025, through 20 acquisitions and opening 41 de novo centers.
• Established eight joint venture partnerships with health systems.
• A strategic focus includes new joint venture partnerships in existing and new metropolitan statistical areas (MSAs).

Capital Expenditures

• Invests in best-in-class equipment and technology from innovative manufacturers and software companies to remain at the forefront of imaging care.
• Implemented third-party clinical, operational, and back-office artificial intelligence (AI) solutions to improve efficiency and accuracy.
• Planned further investment and implementation of technology and AI strategy.