Radiology provider Lumexa Imaging seeks to raise $200M through IPO
Radiology provider Lumexa Imaging is seeking to raise funds through an initial public stock offering, according to a Monday filing with the U.S. Securities and Exchange Commission.
The Raleigh, North Carolina-based imaging group—which until July went by US Radiology Specialists—hopes to raise up to $200 million through the IPO, Renaissance Capital estimates.
If the fundraising effort succeeds, Lumexa would soon begin trading on the Nasdaq under the ticker symbol LMRI.
“We are one of the largest national providers of diagnostic imaging services. Our platform is integrated, scalable and has a proven track record of creating value for our stakeholders,” Lumexa said in a Nov. 17 filing with the SEC.
The company was first formed in 2018 as a joint venture between Charlotte Radiology and New York private equity firm Welsh, Carson, Anderson & Stowe. As of Sept. 30, Lumexa believes it was the second largest operator of outpatient imaging centers in the U.S., with 184 across 13 states. The company also has inked eight joint venture partnerships with hospital systems, building a network of 100,000 referring providers representing over 29,000 physician practices as of 2024, according to the prospectus.
“We believe our high quality of care, as evidenced by our high referring physician and patient satisfaction scores, drives enhanced growth and repeat visits from patients needing multiple imaging exams,” Lumexa noted.
The company said it has achieved significant growth in recent years while generating “robust margins” using a business model that emphasizes cash flow generation. Total consolidated revenues increased about 7.8% year over year, up to $755.3 million for the nine months ending Sept. 30. Lumexa recorded a net loss of about $18.4 million during those same nine months, a decrease from the $69 million loss in 2024. Meanwhile, adjusted earnings (before interest, taxes, depreciation and amortization) were approximately $166.4 million during the same period, with an adjusted EBITDA profit margin of 22%.
Lumexa said it aims to drive same-center growth by positioning itself in attractive metropolitan areas, partnering with hospital systems, targeting high-value referral sources, and boosting center/staff capacity. It also has targeted growth across high-value advanced imaging services, with systemwide, same-center CT volumes up about 3.6% and MRI up about 8.2% in 2025. Lumexa additionally has sought to grow through the building of new “de novo” imaging centers. Typically, the company invests about $4 million in capital into a new outpost, targeting annual adjusted earnings of about $1 million to $3 million per center. Lumexa already has opened 10 such centers since last year including six so far in 2025. Acquisitions are another element of its growth strategy, with the radiology group executing nearly two dozen deals since its founding in 2018.
“As one of the largest outpatient imaging providers in the country, we believe our scale and track record of 20 successfully executed and integrated acquisitions provides us with a competitive advantage and positions us as a partner of choice to drive inorganic growth across and outside of our [metropolitan statistical areas],” Lumexa noted. “We continuously seek new opportunities in attractive MSAs and have a robust and growing pipeline for future acquisition opportunities,” it added later.
The company also offered several potential risk factors of which investors should be aware. Lumexa’s ability to generate revenue depends in large part on referrals from physicians and other healthcare providers. Plus, many of its costs are fixed, with lower scan volumes or other decreases in revenue potentially adversely affecting profitability. Plus, if its contracted radiology practices terminate their agreements with Lumexa, business “could be negatively impacted.” Other potential mitigating factors could include reduced reimbursement rates, hospitals potentially terminating agreements, disruptions in the availability of medical equipment, or potential future use of AI.
“When used responsibly, we believe AI has the potential to enhance our business processes and support efficient delivery of high-quality care,” Lumexa noted. “However, AI may not always operate as intended, which could lead to operational inefficiencies, misdiagnoses or inaccurate radiologist report translations, which could give rise to malpractice liability or reputational harm.”
Lumexa did not disclose pricing of the public offering in its initial SEC filing. The company said it plans to use the proceeds to pay down a portion of its nearly $1.2 billion in outstanding borrowings, along with deploying these dollars for “other general corporate purposes,” including working capital and expenditures. Lumexa intends to retain all available funds and future earnings and does not anticipate declaring or paying any cash dividends in the foreseeable future.
The company declined to comment on the IPO Monday. You can read much more in the SEC filing here. Lumexa also appears to have previously filed for IPOs in June, August, September and October.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.