Lumexa Imaging
Lumexa Imaging (NASDAQ: LMRI) is the second-largest U.S. outpatient diagnostic imaging operator, running 190+ freestanding centers across 13 states with 1,000+ subspecialized radiologists and the proprietary Connexia teleradiology platform, serving patients via direct referrals and through nine health-system joint ventures including HSS, UPMC, and Advocate Health.
- Company typePublic
- Founded2018
- HeadquartersRaleigh, United States
- Headcount5,001–10,000
- GTM typeB2B
- OfferingServices
What Lumexa Imaging does
Lumexa Imaging (NASDAQ: LMRI), founded in 2018 and formerly known as US Radiology Specialists, is the second-largest outpatient diagnostic imaging operator in the United States. The company runs 190+ freestanding imaging centers across 13 states, delivering MRI, CT, PET/CT, mammography, and interventional radiology services at approximately 60% lower cost than hospital outpatient departments. Approximately 4 million outpatient procedures were performed system-wide in 2025.
The company's technology platform comprises three proprietary or integrated layers: (1) Connexia, a wholly-owned teleradiology platform providing subspecialized remote interpretation across body imaging, breast, neuroradiology, musculoskeletal, pediatric, and emergency radiology, staffed by 1,000+ radiologists; (2) Scanslated, an AI-driven NLP tool that translates complex radiology reports into patient-friendly language (2M+ reports accessed); (3) a growing suite of AI integrations including Rad AI dictation (PACS-integrated generative AI) and an in-house computer vision pilot for breast arterial calcification detection on mammograms. PET imaging volumes grew 17.0% consolidated in 2025, supported by expanded radiopharmaceutical capabilities for prostate cancer and dementia imaging.
Lumexa generates revenue on a per-procedure basis reimbursed through Medicare, Medicaid, and commercial payors, supplemented by joint-venture economics with health-system partners. The growth model combines de novo center development (8–10 per year), tuck-in acquisitions, and joint ventures with leading health systems — currently nine JVs including Hospital for Special Surgery, UPMC, and Advocate Health, representing 85+ of the company's centers. FY2025 consolidated revenue was $1.023 billion (+7.8% YoY) with Adjusted EBITDA of $230.2 million (+14.6%), and FY2026 guidance is $1.045–$1.097 billion in revenue. The company is backed by Welsh, Carson, Anderson & Stowe and went public in December 2025 at a $1.75 billion valuation, using IPO proceeds to reduce leverage from 5.5x to 3.5x.
Lumexa Imaging firmographics
Firmographics- Name
- Lumexa Imaging
- Legal name
- Lumexa Imaging, Inc.
- Website
- https://lumexaimaging.com
- Company type
- Public
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Lumexa Imaging (NASDAQ: LMRI) is the second-largest U.S. outpatient diagnostic imaging operator, running 190+ freestanding centers across 13 states with 1,000+ subspecialized radiologists and the proprietary Connexia teleradiology platform, serving patients via direct referrals and through nine health-system joint ventures including HSS, UPMC, and Advocate Health.
- Ownership category
- akta.pro rank
Lumexa Imaging industry classification
Industry- Product category
- Outpatient Diagnostic Imaging Services
- NAICS
- Diagnostic Imaging Centers (621512)
- SIC
- Services-Specialty Outpatient Facilities, Nec (8093)
- akta.pro primary industry
- Radiology Imaging Centers (X-ray/CT/MRI/Ultrasound) (HLAFAKAA)
- akta.pro secondary industries
- Advanced Imaging & Specialty Radiology Centers (PET/CT, Nuclear Medicine, Interventional Radiology) (HLAFAKAB), Nuclear Medicine & Molecular Imaging (SPECT/PET) (HLAHABAE), Image Exchange, Sharing & Patient/Provider Portals (DICOM/Web) (HLACALAI)
Keywords
Where Lumexa Imaging is headquartered
LocationHeadquarters
- HQ city
- Raleigh
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Lumexa Imaging business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Outpatient Imaging Services: Lumexa Imaging generates the majority of its revenue through outpatient diagnostic imaging procedures conducted at its network of 190+ freestanding outpatient imaging centers across 13 U.S. states. Services include MRI, CT, PET/CT, mammography, and other advanced imaging modalities. Revenue is driven by procedure volumes, same-center growth, and new center additions. The company reported consolidated revenues of $252.5 million in Q1 2026 and $1.023 billion for full-year 2025.
- Joint Venture Partnerships with Health Systems: Revenue is also generated through joint venture partnerships with leading health systems including Advocate Health, UPMC, and Hospital for Special Surgery. These partnerships account for 85+ of 190+ imaging centers and provide a capital-efficient growth model, with 9 joint venture partnerships total as of June 2026.
- Teleradiology Services (Connexia): The Connexia teleradiology platform provides remote radiology interpretation services to Lumexa's own imaging centers as well as external clients, offering subspecialized radiology coverage across body imaging, breast imaging, neuroradiology, musculoskeletal radiology, pediatric radiology, and emergency radiology.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Standard outpatient imaging procedure pricing (insurance-reimbursed) |
Distribution channels3 records
Marketing channels5 records
Lumexa Imaging product offering
Product offeringCore offering
Lumexa Imaging operates a national network of 190+ freestanding outpatient diagnostic imaging centers across 13 U.S. states, providing MRI, CT, PET/CT, mammography, and interventional radiology services to patients referred by physicians. The company complements its imaging centers with the proprietary Connexia teleradiology platform, delivering subspecialized remote radiology interpretations across body, breast, musculoskeletal, neuroradiology, pediatric, and emergency radiology supported by 1,000+ radiologists. AI-powered tools including Scanslated, Rad AI, FastScan, and breast arterial calcification detection enhance clinical quality, patient engagement, and operational efficiency across the network.
Product overview
Lumexa Imaging operates as a nationwide outpatient medical imaging provider with a platform combining over 190 outpatient imaging centers across 13 states, the Connexia teleradiology service for remote radiology interpretation, and AI-powered technology integrations. The core offering centers on diagnostic imaging services (MRI, CT, PET/CT, mammography, interventional) delivered at freestanding outpatient facilities. Connexia provides subspecialized teleradiology coverage, while AI tools including Scanslated for patient communication, Rad AI for dictation, and breast arterial calcification detection enhance clinical operations. The company also operates a Joint Ventures program partnering with health systems for strategic expansion.
Differentiator
Problem solved
Functional benefit
Brands
- Connexia: Teleradiology platform providing remote radiology interpretation services with over 1,000 radiologists utilizing AI technology for accurate and timely diagnoses.
- Scanslated
- FastScan
Products and services
- Outpatient Imaging Centers (MRI, CT, PET/CT, Mammography, Interventional Radiology) Network of 190+ freestanding outpatient medical imaging centers across 13 U.S. states delivering MRI, CT, PET/CT, mammography, and interventional radiology services to patients referred by physicians. Approximately 4 million outpatient procedures were conducted system-wide in 2025. Services are priced approximately 60% below hospital outpatient department equivalents and are billed to health insurance plans, Medicare, and Medicaid.
- Connexia Teleradiology Proprietary teleradiology platform providing subspecialized remote radiology interpretation services across body imaging, breast imaging, musculoskeletal, neuroradiology, pediatric radiology, and emergency radiology. Supports Lumexa's 190+ imaging centers and external clients with a network of 1,000+ subspecialized radiologists, delivering accelerated turnaround times and reliable capacity amid national radiologist shortages.
Quantifiable outcome
- Approximately 60% cost savings compared to hospital outpatient departments for equivalent imaging services (based on 2019 UnitedHealth Group claims analysis)
- +6 more outcomes
Companies that use Lumexa Imaging
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
Lumexa Imaging technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
AI capability8 records
Feature7 records
Lumexa Imaging partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered flagship and core.
- Hospital for Special Surgery (HSS)flagshipLumexa Imaging formed a strategic joint venture with Hospital for Special Surgery (HSS), world leader in musculoskeletal health ranked No. 1 in orthopedics by U.S. News & World Report for 16 consecutive years. The collaboration represents Lumexa's 9th joint venture and aims to expand access to advanced outpatient imaging services across the New York City metro area. The joint venture leverages HSS's subspecialized radiology expertise and supports Lumexa's growth in one of the nation's largest healthcare markets.
- UPMCcoreNew joint venture partnership with UPMC (University of Pittsburgh Medical Center). Wexford, Pennsylvania site represents the first contribution from the new joint venture. North Pittsburgh Imaging Specialists in Pine Township was acquired and rebranded as UPMC | Touchstone Medical Imaging as part of this partnership. UPMC is a leading health system operating in Pennsylvania and surrounding states.
- Advocate HealthcoreJoint venture partnership with Advocate Health, one of the largest health systems operating in seven states. A center in Concord, North Carolina was acquired as part of this joint venture partnership. Advocate Health represents an existing JV partner relationship supporting Lumexa's multi-channel growth strategy.
- Radiology Practice PartnerscoreLumexa Imaging partners with leading subspecialized private practice radiology groups across its 190+ center footprint. Each practice maintains local Clinical Governance Board (CGB) for patient care decisions and local hiring, scheduling, and salary decisions. Partners include Charlotte Radiology, Carolinas Imaging, Gateway Radiology, Rad Ltd, SJRA, Windsong Radiology, and others. Together the network comprises over 1,000 radiologists.
Scale indicators12 records
Recent moves7 records
Expansion highlights6 records
Lumexa Imaging competitors and assessment
Company assessmentDirect peers
- RadNet: RadNet is the largest U.S. outpatient diagnostic imaging network with ~400 centers across multiple states. It is the most direct competitor to Lumexa in freestanding MRI/CT/PET/mammography services and the #1 player in the same outpatient imaging category where Lumexa is #2.
- SimonMed Imaging: SimonMed is one of the largest privately held outpatient diagnostic imaging providers in the U.S., offering MRI, CT, PET/CT, mammography, and other modalities. It competes head-to-head with Lumexa in many of the same MSAs and serves a similar patient and referring-physician base.
- RAYUS Radiology: RAYUS Radiology (formerly Center for Diagnostic Imaging) is a national outpatient imaging network operating freestanding centers with MRI, CT, and other modalities. It is a directly comparable outpatient imaging peer to Lumexa, sharing the same freestanding-center, multi-modality service model.
- Akumin: Akumin operates a national network of freestanding outpatient imaging centers offering MRI, CT, PET/CT, and other diagnostic services. Despite recent financial restructuring, it remains a directly comparable outpatient diagnostic imaging peer to Lumexa.
- Radiology Partners: Radiology Partners is the largest radiology practice in the U.S., serving hospitals and outpatient imaging centers through teleradiology and on-site radiologist staffing. It is directly comparable to Lumexa's Connexia teleradiology and subspecialized radiologist network, though it does not own imaging centers at scale.
Broad incumbents
- Envision Physician Services: Envision provides outsourced clinical staffing, including radiology, to hospitals and health systems across the U.S. It is a broader healthcare-services incumbent that overlaps with Lumexa's outsourced radiology and teleradiology services but across a much wider clinical portfolio.
- HCA Healthcare: HCA is the largest U.S. for-profit hospital system and operates a broad network of hospital outpatient imaging departments. It is a broad incumbent whose HOPD imaging services compete with Lumexa's freestanding centers and whose joint-venture-friendly operating model is structurally relevant to Lumexa's JV strategy.
- Tenet Healthcare / United Surgical Partners International: Tenet, through USPI, is the largest operator of ambulatory surgery centers and a major outpatient healthcare services platform. It is a broad incumbent with a similar JV-driven growth playbook, providing a comparable public-market benchmark for Lumexa's growth and margin trajectory.
Emerging players
- SCA Health (Surgical Care Affiliates): SCA Health operates a national network of ambulatory surgery centers and partnered with Optum. While focused on outpatient surgery rather than imaging, SCA uses a similar health-system JV and capital-efficient expansion model that informed Lumexa's CGO Kyle Lynch (formerly SVP at SCA Health).
Others
- Innovative Health (and other imaging AI vendors): Independent imaging AI and analytics vendors serve the same radiology customer base as Lumexa's Connexia teleradiology and AI tools. They are adjacent ecosystem participants whose competitive positioning directly affects Lumexa's technology differentiation.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Lumexa Imaging social profiles
Digital presenceLumexa Imaging financial estimates
Financial estimateRevenue estimate
Valuation estimate
Lumexa Imaging leadership team
Management profileNumber of profiles
Profiles21 records
Lumexa Imaging subsidiaries and ownership
Company hierarchySubsidiaries3 records
Lumexa Imaging funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Lumexa Imaging M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Lumexa Imaging
What does Lumexa Imaging do?
Lumexa Imaging operates a national network of 190+ freestanding outpatient diagnostic imaging centers across 13 U.S. states, providing MRI, CT, PET/CT, mammography, and interventional radiology services to patients referred by physicians. The company complements its imaging centers with the proprietary Connexia teleradiology platform, delivering subspecialized remote radiology interpretations across body, breast, musculoskeletal, neuroradiology, pediatric, and emergency radiology supported by 1,000+ radiologists. AI-powered tools including Scanslated, Rad AI, FastScan, and breast arterial calcification detection enhance clinical quality, patient engagement, and operational efficiency across the network.
Is Lumexa Imaging a public or private company?
Lumexa Imaging is a public company. It is classified as public and is currently operating.
When was Lumexa Imaging founded?
Lumexa Imaging was founded in 2018. It employs 5,001 to 10,000 people.
Where is Lumexa Imaging based?
Lumexa Imaging is headquartered in Raleigh, United States, in the North America region.
How does Lumexa Imaging make money?
Three revenue lines are on record. Outpatient Imaging Services are the primary driver. The others are joint Venture Partnerships with Health Systems and teleradiology Services (Connexia).
Who are Lumexa Imaging's main competitors?
Direct peers on record are RadNet, SimonMed Imaging, RAYUS Radiology, Akumin and Radiology Partners. Broad incumbents are Envision Physician Services, HCA Healthcare and Tenet Healthcare / United Surgical Partners International. SCA Health (Surgical Care Affiliates) is listed as an emerging player. Innovative Health (and other imaging AI vendors) is listed as an others.
Does Lumexa Imaging have an API?
No public API is recorded for Lumexa Imaging.
What industry is Lumexa Imaging in?
Lumexa Imaging's product category is Outpatient Diagnostic Imaging Services. Its primary akta.pro industry code is HLAFAKAA, Radiology Imaging Centers (X-ray/CT/MRI/Ultrasound), with a secondary code of HLAFAKAB, Advanced Imaging & Specialty Radiology Centers (PET/CT, Nuclear Medicine, Interventional Radiology). Its NAICS code is 621512 and its SIC code is 8093.