$8.90 +0.25 (+2.90%) As of 03:36 PM Eastern
This is a fair market value price provided by Massive. Learn more. 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.
