Lumexa Imaging (fka US Radiology Specialists) — NASDAQ: LMRI

Employment

Directly employed radiologists: salaried + likely productivity component. 'Variable compensation model with employee ownership' noted by S&P — suggests some equity/profit-sharing component for physician employees. Contracted rads via Connexia platform paid per-read or contracted rate.

History

Founded 2018 in Raleigh, NC as USRS via Charlotte Radiology / WCAS JV. Grew from 20 centers (2018) → 188 centers (Dec 2025) through 21 acquisitions and 44 de novos. Rebranded July 2025 (Lumexa Imaging). IPO Dec 2025 raised $462.5M. Second-largest outpatient imaging operator in U.S. after RadNet. WCAS subject to FTC consent order 2025. CEO Caitlin Zulla (joined Jan 2025). Q1 2026 continued growth via 4 new centers and 2 acquisitions. UPDATES (2025–2026): • FY2025 results (filed Mar 2026): Consolidated revenue $1.023B (+7.8%); Adj. EBITDA $229M; net loss $43.8M. Leverage reduced from 5.5x to 3.5x = $50M+ annual cash savings. • Q1 2026: Revenue $252.5M (+3.1%); net income $1.7M — first profitable quarter as a public company. • Center count: 188 centers at IPO (Dec 2025); 10-K as of Dec 31 2025 shows 102 wholly owned + JV-operated (of 188 total operated). 190+ centers as of Q1 2026 (added 4 centers Q1 2026). • Opened 9 de novo centers in 2025 (6 wholly owned, 3 JV). • Lumexa rebranded from US Radiology Specialists (USRS) Jul 2025. • Diversified Radiology (Denver, 75+ rads) remains Lumexa JV partner. • Charlotte Radiology (founding JV partner, equity holder) remains a named equity holder.

Technical Component

Owns and operates 188+ outpatient imaging centers (TC) as of Dec 31, 2025. Employs radiologists for in-house PC reads AND contracts independent practices via Connexia teleradiology. JV partnerships with 8 health systems for additional center development.