Lumexa Imaging, formerly known as US Radiology Specialists, has filed with the SEC to go public and is set to raise as much as $200 million, according to an analysis by Renaissance Capital.
The provider of outpatient diagnostic services has not yet set a date for opening on the Nasdaq, according to its prospectus, nor has it established pricing terms for its shares.
Lumexa, which rebranded in July, will claim the ticker LMRI. It operates 184 sites across 13 states, including wholly owned locations and joint ventures with health systems, and offers a range of imaging modalities such as MRI, CT, PET, X-ray, ultrasound and mammograms.
“We are the second largest provider of outpatient imaging services in the country by number of centers, with a national footprint predominantly located in attractive MSAs (major statistical area),” the company said in its prospectus. “We target MSAs with favorable demographics, opportunities for health system joint venture partners, strong commercial insurance coverage and opportunities for long-term growth.”
Lumexa’s current top U.S. geographic areas include Atlanta, Austin, Charlotte, Dallas, Denver and San Antonio.
The Raleigh, North Carolina-based company, founded in 2018, booked $948 million in revenue for the full year of 2024, and $755 million for the first nine months of 2025. During those three quarters, it also shrank its net loss to $18.4 million, down from $69.0 million in the same period the year prior.
The company's net loss for all of 2024 amounted to $94.1 million. Lunexa also reported $200,000 in cash and equivalents on hand as of September 30, and plans to use a portion of the IPO's proceeds to pay down its $1.2 billion in outstanding debts.
It pegs the total U.S. market for diagnostic imaging services at about $140 billion, spanning inpatient, outpatient and free-standing centers, plus other locations.
The company also cited artificial intelligence programs—with the lion's share of FDA-cleared software being focused in radiology—as delivering early gains in reducing scan times and speeding both patient scheduling and the turnaround of scan 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," it said in its prospectus.
"We use externally sourced AI to improve care delivery, translate radiologist reports into patient-friendly language, and facilitate back-office tasks, including digitizing patient intake forms and automating our call center and appointment scheduling processes," it said, noting that about 700,000 scans between June 2024 and June 2025 used at least one service from Rad AI, Aidoc or iCad in generating read reports.
"We are optimistic about the positive impact AI has on our operations and the numerous ways it could improve efficiency and quality across our business going forward, including with respect to a potential reduction in our consolidated expenses related to third-party radiologist salaries, which totaled approximately $30 million in 2024," Lumexa added.
News of Lumexa’s offering came one week after DNA test maker BillionToOne raised $314 million its IPO, with its technology concentrating on small genetic changes and their impacts, compared to the more traditional prenatal screening tests aimed at uncovering chromosomal alterations.