Lumexa Imaging hauled in $462.5 million during its initial public offering, far exceeding the $200 million the outpatient diagnostic services provider had earlier planned.
The company, which rebranded this past July from US Radiology Specialists, now trades on the Nasdaq under the ticker "LMRI." Shares of Lumexa closed Friday at $18.53 per share, slightly up from its price point of $18.50.
Based in Raleigh, North Carolina, Lumexa operates 184 sites across 13 states, including wholly owned locations and joint ventures with health systems, offering a range of imaging modalities such as MRI, CT, PET, X-ray, ultrasound and mammogram.
Its main U.S. geographic areas include Atlanta, Austin, Charlotte, Dallas, Denver and San Antonio. The company pegged the total U.S. market for diagnostic imaging services at roughly $140 billion, spanning inpatient, outpatient and freestanding centers, plus other locations.
Founded in 2018, Lumexa booked $948 million in revenue for the full year of as 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 million in the same period the year prior. Prior to its IPO, Lumexa was backed by private equity firm Welsh, Carson, Anderson & Stowe.
The company cited artificial intelligence as a force behind initial gains in reducing scan times and speeding both patient scheduling and the turnaround of results.
“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,” the company said in its IPO prospectus.
The public offering for Lumexa comes the wake of DNA test maker BillionToOne’s early November IPO, which raised a hefty $314 million.