Lumexa Imaging Goes Public in $462.5M IPO

Lumexa Imaging Holdings has priced its initial public offering (IPO) at $18.50 per share, raising approximately $462.5 million in gross proceeds as it enters the public markets.

The Raleigh, North Carolina-based company offered 25 million shares of common stock in the offering. Lumexa Imaging began trading on the Nasdaq Global Select Market on December 11 under the ticker LMRI, with the IPO expected to close on December 12.

The underwriters also have a 30-day option to purchase up to an additional 3.75 million shares.

Current Share Price:

The offering brings Lumexa Imaging public as one of the largest providers of outpatient diagnostic imaging services in the US. The healthcare services company operates a national network of freestanding imaging centers, with 184 locations across 13 states as of September 30, 2025, including eight joint venture partnerships with health systems.

Founded in 2018 as US Radiology Specialists, Lumexa Imaging has expanded through acquisitions and the development of new centers. Its facilities provide diagnostic imaging services across advanced modalities such as magnetic resonance imaging (MRI) and computed tomography (CT), as well as routine imaging services including X-ray, ultrasound and mammography.

Advanced imaging accounted for 52% of Lumexa Imaging’s consolidated revenue and 63% of system-wide revenue during the first nine months of 2025, despite representing a smaller share of total imaging volume.

The company operates outpatient imaging centers as an independent diagnostic testing facility operator, a care model increasingly used as payors and patients shift services toward lower-cost, more accessible settings. Many of Lumexa Imaging’s centers are located in metropolitan areas with above-average population growth, and the company maintains referral relationships with more than 29,000 physician practices nationwide.

Alongside its physical imaging infrastructure, Lumexa Imaging relies on third-party clinical and operational technology platforms, including radiology information systems, image archiving tools and revenue cycle management software, to standardize workflows across its national footprint.

The company has also begun using third-party AI tools to support scan efficiency, patient scheduling, reporting workflows and administrative processes, with adoption focused on operational efficiency rather than developing proprietary AI products.

Other developments across the imaging ecosystem have focused on technology and administrative workflows. RadNet’s DeepHealth unit said it expanded its imaging informatics and clinical AI offerings at the 2025 annual meeting of the Radiological Society of North America (RSNA).

CVS-owned Aetna said in December that it expanded bundled prior authorization reviews (insurer approvals typically required before certain imaging services can be performed) allowing providers to submit a single request covering multiple imaging studies and related services, including MRI and CT scans, under one review process.

Financially, Lumexa Imaging reported consolidated revenue of approximately $755.3 million for the nine months ended September 30, 2025, reflecting year-over-year growth of 7.8%. During the same period, the company generated adjusted EBITDA of $166.4 million, corresponding to a margin of 22.0%, according to its prospectus.

Lumexa Imaging expects net proceeds from the IPO to be approximately $426.9 million, or about $492.1 million if the underwriters’ option is fully exercised. The company plans to use the proceeds primarily to pay down a portion of its existing term loan, which totaled approximately $1.2 billion as of September 30, 2025, and is scheduled to mature in December 2027.

Remaining funds are expected to support working capital, capital expenditures and general corporate purposes.

Barclays, J.P. Morgan and Jefferies served as joint lead book-running managers for the offering.

Following the IPO, Lumexa Imaging’s near-term focus remains on debt reduction, operational execution and disciplined expansion of its outpatient imaging footprint.

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