Outpatient imaging operator Lumexa Imaging Holdings’ recent debut on the Nasdaq Global Select Market spotlights growing investor interest in lower-cost imaging outside the hospital setting, according to a recent VMG Health blog post.
Here are nine things to know:
1. Lumexa’s Dec. 11 debut priced 25 million shares at $18.50 per share, raising roughly $462.5 million before underwriter options. After listing, shares fell to about $17.08 per share before rebounding to roughly $18.11 per share by year-end.
2. The company said it plans to use the proceeds to pay down debt, support working capital and fund future acquisitions, according to the report.
3. VMG Health said the move reflects a broader shift: payers are steering scans to independent diagnostic testing facilities while health systems are looking for partners that can build and run freestanding imaging centers quickly.
4. Lumexa and its affiliates operate 184 outpatient imaging centers across 13 states and have eight joint ventures with health systems.
5. Lumexa was founded in 2018 as a joint venture between Charlotte Radiology and private equity sponsor Welsch, Carson, Anderson & Stowe. The platform previously operated as US Radiology Specialists and rebranded as Lumexa in July 2025.
6. For the 12 months ended Sept. 30, 2025, Lumexa reported $1 billion in consolidated revenue and $220.1 million in adjusted EBITDA, a 21.8% margin.
7. Lumexa argues the IDTF market remains ripe for roll-ups, citing roughly 6,000 IDTFs nationwide, about 75% owned by single-site operators or small chains, and estimating a $140 billion imaging addressable market, according to VMG Health.
8. Since 2018, the company scaled from about 20 facilities to more than 180 through de novo development and acquisitions. Lumexa also cites leverage as part of its growth model, and says the initial public offering supports refinancing and deleveraging, which could increase flexibility for continued expansion and health system partnerships.
