Lumexa Imaging operates a network of 188 outpatient diagnostic imaging centers across 13 U.S. states, making it the second largest outpatient imaging center operator in the country by location count. Lumexa's centers offer MRI, CT, X-ray, ultrasound, mammography, and PET scans to patients referred by their physicians. The centers are located in retail settings with convenient parking and extended hours, positioned as a lower-cost, more convenient alternative to hospital outpatient departments. Advanced imaging — MRI and CT — is the core growth driver, accounting for 52% of consolidated revenue. Lumexa earns revenue by billing for both the technical component (operating the equipment and facility) and the professional component (radiologist interpretation) of each scan. Revenue is driven by scan volume, modality mix, and reimbursement rates negotiated with over 600 payors; commercial insurance accounts for 58% of consolidated revenue. Of Lumexa's 188 centers, 102 are wholly owned and fully consolidated, while 86 operate through health system joint ventures accounted for under the equity method. Lumexa grows through same-center volume growth, de novo center openings (targeting ~$4M investment per center), acquisitions, and new health system JV partnerships. Lumexa also operates an in-house teleradiology platform, Connexia, and employs approximately 350 radiologists through managed physician practices to reduce reliance on third-party radiology groups.