Thank you all for joining us here in person and for those joining us via webcast. My name is Ben Rossi, and I'm the Healthcare Facilities Analyst here at JPMorgan. We are excited to be welcoming Lumexa Imaging to the stage here this morning. With us here today are CEO Caitlin Zulla and CFO Tony Martin. Thank you both for being here.
Thank you, Ben.
Thank you.
Thank you all for joining us bright and early on a Monday morning. We are excited to be with you. This is our first conference since going public, exactly one month and one day ago. Thank you. As Ben said, we'll do some quick introductions. My name is Caitlin Zul la. I serve as the CEO of Lumexa Imaging. My career has been in healthcare, really in two chapters. First, in healthcare revenue cycle outsourcing at a company called MedAssets. Then second, in healthcare services, specifically ambulatory surgery centers, as CEO of SCA and then as CEO of Optum Health in the East. Before we get into it, I'll let Tony introduce himself.
Hello, Tony Martin. I started my career for a few years at Price waterhouse and then shifted rapidly into the outpatient space, working for United Surgical Partners International, USPI, where I joined at inception and stayed for 21 years. So I have a long-standing passion for working in the outpatient space and partnering with health systems. Very, very excited about what we're doing at Lumexa. And thanks again for being here.
All right. So what you'll hear today are four things. First, diagnostic imaging is an exciting and dynamic industry. It's a $140 billion TAM growing at a 4% CAGR. Outpatient sector that we focus on, $33 billion TAM growing at a 7% CAGR, fueled by aging population, advancements in novel treatment paradigms, all that require more advanced imaging, MRI, CT, PET scan, which is the foundation of our company. Second, we are already the second largest platform, 188 sites. We're in great markets, and we have strong and successful joint venture partnerships. Third, I expect we'll talk a bit about AI and technology. It will only continue to make us better, advance our capabilities, and expand our margins.
And then, as you'll hear, there are significant, exciting opportunities for growth, all with strong ROIC, whether it's the shift from higher cost to lower cost, site-of-service trends to our lower-cost centers, or the fragmented industry and opportunity for M&A. But before we get into all that, I'll give you a little bit more about Lumexa Imaging. Quite simply, what we do is we operate world-class outpatient imaging centers. We are located in 13 states. Think strong MSAs like Dallas, Denver, Atlanta, Charlotte, that have 2x the average population growth rate that affords us a really strong commercial payer mix. As I said, we're focused in providing advanced imaging, your MRI, your CT, your PET scan. And we also provide routine imaging, your X-ray, your ultrasound, your diagnostic, and your screening mammo, because we want to be a one-stop shop to referring physicians. We want to make it easy.
Send us everything. Through our history, we've grown in two ways, through de novos and acquisitions. Proud to have done 44 de novos since our formation. We did nine this past year. You saw our press release. We were able to complete three in Q3, nine being a record for the company, and as you'll hear, we expect to continue to do 8- 10 on an ongoing basis, and again, that's on a basis of 188 centers, so significant growth through de novos, and then, as we'll talk through, the industry is fragmented. We have a history of doing M&A successfully, and there's opportunity there. The heart of everything we do are our subspecialized radiologists and our rad techs. We have a scalable operating model, and then, of course, we'll talk a bit about AI and our strategy around partnering with best-of-breed platforms to drive benefit to the company.
A little bit more about us. Our outpatient imaging centers are over 80% of our revenue in EBITDA. You can see a picture of one of them on the left. If you have ever taken a loved one or a parent, I took my mom recently to get imaging in Florida, and she had to go to a hospital MRI, you know first how long that walk is from the parking garage to the hospital doors. And then it's confusing. It's a labyrinth to actually find imaging. It's always in the basement. And for somebody who's in pain, it is exhausting. And you can see our patients literally drive right outside the door. They're greeted by one of our patient service reps, and we take quick and lovely care of them. You can see a standard facility layout on the right-hand side.
Typical facility is about $5.3 million in revenue, 6,500 sq ft, and when we talk about our de novos, they're about $4 million in CapEx to get up and running. Half of that are equipment capital leases, and that's if we own it 100%. If we have a joint venture partner, we share that pro rata, typically 51 them, 49 us. Some metrics that guide who we are. On the left, our true north, our patient and provider satisfaction. At the end of the day, if we don't provide a service that patients love and our referring physicians believe in, we don't have a business. So we take this incredibly seriously. Proud of our 97% patient satisfaction rate, a patient NPS of 91. You compare that to Apple at 61, Netflix at 67. We like to say people would prefer to get an MRI with us than watch streaming television.
We have 100,000 referring physicians that we call on through our sales force of 120 sales reps, highlighting our value prop every day. And very proud of that 88% referring physician satisfaction rate. The right-hand side, some of our metrics. 188 centers as of the end of--actually, as of today, 86 of those are in joint ventures. And you can see our joint venture partners on the right-hand side in the bottom, proud to be associated with the names of Baylor Scott & White, Advocate, Intermountain. And excited to have UPMC as the newest logo on this list. We signed our joint venture partnership with them in fall of last year, and exciting growth plans underway. We provide 4 million outpatient scans a year, 99% in network. I referenced our strong commercial payer mix. 63% of our revenue comes from commercial payers.
And then our advanced imaging, the MRI, CT, PET scan accounts for 63% of our revenue, and then 36% of our volume, showing you the multiple revenue premium you have on advanced imaging. And then on the left-hand side at the bottom, these are our financial metrics as of the end of Q3, the trailing 12 months. One of the things that is different from us, and if you read the impressive initiation reports, we do not consolidate any of our centers that are in a joint venture. All of that comes from the equity line item in our income statement. Happy to talk more about that. Tony and I feel like it's a fairly clean representation of the business. And that is why you'll often hear us talk about system-wide and consolidated, because at the end of the day, we run all of our centers the same.
And so we use system-wide as we're making investment decisions. A bit of what we will talk through today in rapid-fire fashion is, one, it's an exciting industry. Again, large, fragmented, growing with strong secular tailwinds. We are the second largest platform. We're located in great markets. And we have incredible, powerful partnerships with our joint venture partners that rely on us because of our clinical expertise, our commercial capabilities, and then, of course, our ability to run centers incredibly well. Tech stack is incredibly important in any healthcare entity, but certainly in radiology. And we will talk through our intentional strategy around a partnership approach that allows us to preserve our balance sheet for what we do best, which is building, operating, and buying imaging centers. We have a great team. And then, again, a lot of opportunity for growth.
It is a blessing to be able to provide services and value for everybody across the imaging ecosystem. Starting with patients, again, the remarkable 97% satisfaction score and 91 NPS. That is all about the fact that we are incredibly convenient. We are lower cost than HOPDs. And everything we do is about providing patients with fast and convenient services. We want you in same-day, next-day. Our heart breaks when we hear patients having to wait three weeks for an MRI. Referring physicians, what they appreciate is that we make it easy for them to refer patients to us through our portal and get access to images. They also want patients in quickly and then a fast turnaround time on the reads so they can move forward with the patient's treatment planning. And so we are always focused on same-day, next-day scheduling and then fast turnaround times of our reads.
We've invested great high-quality equipment. We provide the images to the referring physicians so that they can look at them as well. We partner with them on screening algorithms. And then, of course, we've got a great network of radiologists that practice in their subspecialty. Health systems, what they appreciate is the fact that we provide them another opportunity to diversify their revenue streams and the opportunity to proactively invest in and diversify outpatient revenue streams similar to what you've seen in ambulatory surgery centers, what Baylor and Tenet have done with USPI, what Ascension is doing with AmSurg. It's that same exact playbook, just in imaging. When we are talking to health system CEOs and CFOs, we often are talking through backlogs at their current centers, but then also how do we extend their reach to patients that are not already in their ecosystem.
And so typically, about 75% of the patients we treat in our JV centers come from outside the hospital's existing patient base, so bringing in net new patients. And of course, this is what we do. We are a focus factory. We know exactly how to run centers efficiently and drive margin. And so they appreciate the opportunity and the ability to run centers well, to get de novos up and running for $4 million total CapEx, and then have them breaking even in a year. And then finally, payers. We are 60% lower cost than HOPDs, hospital outpatient departments. You see that same site-of-service difference in the ASC space. Historically, they've had an inpatient-only rule that's dictated that some spinal and even hip replacement on Medicare patients could only be done in HOPD. We don't have that.
It's the exact same machines, the exact same screening protocols, and often the exact same radiologists reading it just at a 60% lower price point, and again, we are 99% in network. With that, I'm going to let Tony talk through our financial performance with you all.
Thanks, Caitlin. A few numbers here. There's quite a lot more in our S-1, of course, and in our future filings. So I'll hit the high points of what I think might make it the easiest to follow our numbers. As Caitlin described, our joint venture model means that we operate a lot of our sites in an unconsolidated structure, meaning their revenues are not in our consolidated reported revenues. This is fairly easy to get past in terms of understanding the scope of our company, we believe. We present a number of metrics, including revenues, on a system-wide basis, which simply takes all of our sites and adds them together, all the consolidated revenues, all the revenues of the unconsolidated sites that are in JVs. So you'll hear us talk about both. Obviously, consolidated is primary from the SEC and GAAP standpoint, so that we will lead with that.
But there will be a lot of system-wide metrics. And you can see the growth we've experienced in 2025 in both the system-wide and the consolidated revenue growth. 2024 was a bit muted for reasons that are explained in our S-1 that are, I think, fairly straightforward. Seeing our growth rates as 2025 has unfolded and has really kind of returned the company to the rate of growth it's seen over the last few years. From an EBITDA standpoint, it's even more straightforward. Our structure does have the mix of consolidated and unconsolidated. But our definition of adjusted EBITDA is simple. It's the EBITDA of the site times our ownership percentage, whether we consolidate it or not. So this is a really straightforward metric, we believe. And you can see we've had strong growth this year.
And over the last few years, have seen growth in the high single digits on EBITDA and then kind of the 6%-7% range on revenue. We'll talk a little bit more later in the presentation about what drives that. But hopefully, that's a good orientation to our financial picture.
Thank you, Tony. So I will skim through the next few slides to make sure we save time for Q&A. But as I said, exciting and growing industry. You can see the overall 4.2% growth CAGR. And then again, the blue section, which is outpatient imaging, growing at a 7% CAGR, very much fueled by site-of-service trends moving to lower-cost centers. Fueling the growth is a bunch of different drivers for holistic growth in radiology need, but specifically in advanced imaging. On the left-hand side, you see advanced imaging is growing 2x the rate of routine. And then, as I've referenced before, has a premium multiple on revenue about 3.3x higher. What's driving that is first the secular trends, aging population, increase in chronic conditions. And very often now, treatment starts with imaging as the first step to understanding how to best take care of a patient.
You have novel treatment paradigms that are requiring incremental access to imaging, whether that's PET scans, MRI, Alzheimer's treatments, new cancer treatments. Technology is making it safer and easier to do incremental scans on patients and improving accessibility. And then, of course, AI is supporting faster interpretation on the radiologist piece. As I mentioned, we, or I didn't mention. Normally, in my longer introduction, I talk about the fact that we fulfill the quadruple aim. We provide high-quality care at a lower price point that patients love and physicians find enduring, very similar to ambulatory surgery centers. And again, it starts with the convenience. We have retail locations, as you saw, easy parking. We want you same-day, next-day. We often have extended hours, 7:00 to 7:00, even later into the evening, Saturdays and Sundays as well.
We want patients to be able to access and get the answers they need and our referring physicians to have the plan to be able to treat our patients. We've already talked the fact that we're lower cost. The third graph on here, the third column, is the one that excites me the most. This shows you the current landscape of IDTFs, Independent Diagnostic Testing Facilities, across the US and how fragmented it is. Biggest operator in our space is RadNet, at 407. We're at 188. Together, we are less than 10% of the overall IDTF landscape. I mean, this reminds me of the ambulatory surgery center space, gosh, almost 15 years ago. It's incredibly fragmented. Incrementally, there's 8,900 HOPDs, which, again, provide the exact same service. If you added that into the total, us plus RadNet is less than 5% of the total population of outpatient imaging.
So exciting runway and opportunities for growth. The map on the left shows you where we're located today. Again, great states that have higher population growth than the average. We do see continued opportunity to grow within our current states, as you saw with our de novos, two in North Carolina and then one in South Carolina, continuing to expand and grow, as well as opening new states. Obviously, the partnership with UPMC is a significant part of that. This gives you a further breakdown of our revenue volume and payer. Again, advanced imaging being 63% of our revenue, 36% of our volume. We will continue to provide all because we want to be the one-stop shop. But we think about what truly drives the business. It is advanced imaging. You'll see that PET is not broken out. We usually get that question. We do have PET CTs.
We have eight today. We are continuing to grow and expand. We will be breaking that out in our future metrics. We just had to work with PwC to make sure we are doing it appropriately as a public company, but we'll share that. And it's a significant growth driver as well. And then you can see on the right, 63% commercial, 19% Medicare, 3% Medicaid. We have less than 2% exposure to health insurance exchanges, 600 payer contracts, a very diversified payer contracting approach. We, over the years, have built a scalable platform that allows us to continue to grow and drive our operating model. For the sake of time, I won't go into every piece of this. But this is where we have the benefit of having size and scale.
Beyond our sales team, which I'll talk a little bit more about in a second, we have a centralized scheduling team. We call them PACE, our Patient Access Center of Excellence. That ensures that the right patient is seen at the right place, the right time, on the right modality. They're the ones who make sure that our schedules are always optimized. We partner with the original equipment manufacturers, your Siemens and your GE, to make sure we've got the best equipment. And then we have a centralized revenue cycle team. 100% of our billing and collections goes through this team that gives us great visibility into, of course, our cost to collect, but also our revenue metrics. And then all of that drives our patient and physician satisfaction. I referenced our 120 sales reps. They are in the field every day talking to our referring physicians.
80% of the time, patients are going to go where their referring physician tells them to. And so we want to make sure referring physicians understand the value we provide. Subspecialized radiologists, quick turnaround times, easy report access. We have a very strong and very diversified referral base. And then 20% of the time, patients are going to do the research and determine where they want to go. And so we have a marketing team that's focused on highlighting the benefits to patients, lower out-of-pocket costs, fast and convenient broad availability of appointments, as well as the convenient retail locations. That's incredibly important when you think of things like mammography compliance, which I could talk about for longer than we have today. Reference our incredible health system partners. Why they want to work with us is the fact that we know how to run these centers incredibly well.
We have the marketing, the strategy, the technology, the optimization, the analytics. I referenced the fact that we are adding net new revenue to their health system. This isn't just decanting their inpatient HOPD and moving it to a lower cost. It's broadening the pie. We provide radiologist capacity through our own internal telerad group, and of course, we know how to do de novo as well. Why we partner with health systems and why we think it's an important part of our strategy. In any market, we want an enduring value proposition. That starts typically with rate and volume. Sometimes the payers can partner with us to accelerate timeline to get new rates in a market. We do partner with them to understand what volume from their aligned physicians we can take into our centers. They are a capital partner.
Obviously, they split the costs of M&A, de novos, and investments in equipment. And then, of course, they carry strong brands in their markets. Technology. Our goal with technology is to partner with best-in-breed providers that have a scalable, cost-efficient platform that allows us to grow and focus our capital on the core of our business. You can see the partners we work with on the left-hand side. Fuji is our scheduling and RIS system. We use Intelerad for PACS. We only use Visage for telemammo, because of the size of the images. Rad AI is our reporting and dictation. And then 100% of all claims are billed through Imagine. You can see the benefits on the right-hand side.
A key piece is the fact that this allows us to drive scale, creates our operating platform, fuels our data lake that allows us to get the analytics to drive the business, and then is the foundation for ongoing AI implementation. As I'm sure many of you have heard, AI is a big thing in imaging. And it's mind-blowing when you look at this graph, just the exponential investment of dollars and new entrants into the imaging AI space. And when I looked at this, it was pretty clear to me that the next best thing hasn't been developed yet. And I would like the opportunity to partner with whatever that next best solution is. And so that is why we have a strategy that's anchored in partnership. We work with firms either through a direct connection or through a convener. Think of a convener like an Apple App Store.
We have a partnership with Ferrum. One connection to Ferrum. Within Ferrum, they have all the different AI applications that our radiologists want to work with. And then we have the opportunity to pick and choose. Obviously, it drives fast accelerated implementation time, but we pay per click. If we use it, we pay for it. If we don't find value, we don't. We have no long-term contracts, no mandated spend. So obviously, reducing both OpEx risk and capital intensity. And again, all of this allows us to be focused on our business. We want to build the best and highest quality outpatient imaging platform. And that's where we want to use our dollars.
When I think about the impact of AI in imaging, and as I was thinking about the journey to come to Lumexa, gosh forbid, if you ended up tearing your ACL skiing this weekend and you needed to get an MRI, you're going to have to go to a location that's got a very expensive machine behind magnetic-safe walls that has someone who is certified to put you into the machine, run a diagnostic treatment script from your referring physician. All of that is hard to disrupt with technology and AI. But technology and AI makes all of that better. How do we get new patients in the door? How do we improve the efficiencies of the machines at our facilities? How do we support our radiologists and the reads?
Then, of course, how do we continue to take costs out of the platform, whether it's on our call center or in our revenue cycle platform? And so you can see we have proof points in all of these. The area that I'm the most excited about is the efficiency within our centers. We're a fairly heavy fixed-cost business. And so the more volume we're able to pull through, it has a high contribution margin. And so things that are exciting here are the original equipment manufacturers, so the biggest investors in radiology technology. And so they're doing things like FAST scan. So FAST scan truncates the amount of time it takes to do an MRI. So an example would be an ankle MRI in a Siemens goes from 20 minutes to eight. It is better for the patient. We say two Taylor Swift songs. Who can't get through that?
It's better for the radiologists because they have a higher quality image to read, and then it's better for us. It unlocks about 40% incremental capacity within the machine. Another thing that's not on the slide, but we're excited by, is things like remote tech. So that allows us to operate a machine remotely. We call it Virtual MRI, and so it helps with any sort of issues around tech callout, keeps the machines up and running. I referenced Kinexia. This is our internal teleradiology team. We are intentionally growing it to just continue to support the capacity as we grow. Of all the metrics on the slide, most proud of the fact that we have a retention rate of over 95%. Radiologists love the fact that it's flexible. They can do daytime reads. They're working remotely, and then, of course, they can read in their subspecialization.
The fact that at the end of the day, we are committed to quality always. This is our team, great mix of deep industry expertise as well as public company experience as well. With that, I'm going to let Tony talk about our growth strategy. Then we'll turn it over to Ben to ask us some questions.
Great. Thanks. So obviously, from Caitlin's description of the industry we're in and the opportunities that are inherent to that industry, we have a lot of different ways to grow and succeed over the next few years, starting with the sites that we already operate. There's a lot of increased demand. We're in great markets. So first and foremost, we are a same-store grower. And that'll be the foundation. Beyond that, we've opened over 40 de novos, I think 44 now, since inception, nine in the last year. This is a proven core competency for us. And there's lots and lots of opportunities to continue doing that, some on our own and some with JV partnerships, which you also see on this slide. We can grow both ways depending on the market that we're in and the situation. So you'll see a mix as we continue to deploy that strategy.
And then on top of all of this, it's not our primary focus, but accelerating our growth through acquisitions is another opportunity. It's a very fragmented industry. And as I'll show you in a minute, the prices are really attractive and accretive and create a lot of options. Next slide. Oh, thank you. So the organic growth. This is a business that's fairly resilient through economic cycles. And fortunately, from the beginning, our company has been focused on two things. One, focusing on the referrers who will trust us with all of their business because we want to be the one-stop shop. Make it simple. If you have a scan and a read, send it to us. But within that, a large portion of our company has its origins in focusing on the advanced modalities from the very start.
They've built the sites that way, and they've built the referral patterns that way. And that part of imaging is growing faster and is more profitable than others. Caitlin mentioned the sales force and what that brings on. But you can see attractive system-wide and consolidated volume growth that's really outpaced in the advanced versus the routine, which is a great place to be economically and in terms of where the growth of the country is going. The de novo strategy, you can see several a year, but really accelerated over the last year as we made this part of our key strategy. This is a really capital-efficient way to grow. Only $4 million opens one of these. And if we have a health system partner, it's only $2 million to us. It takes 12 months to get from idea phase to open, maybe another 12 to get to break even.
And then we're growing very, very rapidly for another two, three years after that. We have a proven playbook for this with a lot of science behind it in terms of where we want to go. And because of how rapidly and broadly the industry is growing, we have a lot of opportunity to be selective. So we seek returns in the mid-20s or above. And that means we have all the de novos we can handle from year to year with that as our core requirement. And then health systems, Caitlin talked about this already. You can see on the right side kind of what we bring versus what the JV partners bring to these partnerships. We run the sites. We're responsible for essentially everything because we are, in fact, the experts.
The JV partners marvel at how quickly and successfully we can get de novos out of the ground, how quickly we can make changes on the ground operationally that are beneficial. These are things that health systems have long valued in the ASC space and that they value a great deal in the imaging space as well. On the left is just what I talked about a few slides ago in terms of how the economics work. Whatever the center is, we have net revenues at the site, operating expenses where we're paying a professional fee to a radiology group. They don't have ownership in the site. That's very different than an ASC, for example. Then we collect a management fee in exchange for the services that you see us providing on the right and split the profit at the end. Very straightforward.
Works the same way for all sites, consolidated or not, except for the split of the income. Thanks. And there's a lot of opportunity to keep growing with health system partners. We've identified 100 or more across our top 20 target MSAs, the heavy, heavy majority of whom do not have an imaging partner. And there are not a lot of scaled providers in our space who can do what we can do. There's not a lot of options. And we have partners who are highly satisfied with how it's gone with us and are ready to go tell that story to other health systems and kind of spread the news about what we can do for all these other systems as well. Next slide.
M&A, like I said, not a focus item, but here's an illustration of how it can be a meaningful part of our strategy while maintaining a real strong focus on our balance sheet and continuing to deliver, which is really important to us. More than 75% of the centers that aren't affiliated with one of the top few players are in companies with fewer than five sites. This is a really attractive size to go collect. I remember working in the ASC space.
This was a wonderful time in that space because you had an opportunity in lots of different parts of the country to go in and buy things without a lot of competition, maybe at something like a five multiple that you could then push down to maybe a two or three by sales efforts and other throughput expansion that you can provide as an expert scaled provider to these groups, so those do not cost a lot of money and have a high degree of success, and the medium to large acquisitions are out there as a possibility too. The company has proven success in this in the past. We haven't focused on it much the last couple of years.
It'll be kind of tertiary to us behind same-site growth and de novo growth in terms of how we go about it because we really are focused on being selective in terms of how we use our capital and continuing to deliver. Having this as part of it is great. The company before our IPO was delivering and able to carry out all the things that we want to do in terms of opening those nine de novos, having the best equipment that we need in our existing sites. After the IPO, our leverage is down 2x . It's now at three and a half or was at five and a half.
And we can continue to push that number further and further down while carrying out all these expansion opportunities that we've talked about here, which is obviously very, very exciting from a balance sheet standpoint. So Caitlin, you want to wrap up?
Great. Thank you. Let's turn it over to Ben for questions you have for us, Ben.
Yeah. No, thank you so much for that introduction and sort of retrospective on what brought you here today. And I think a good turning would be how to think ahead. What are your top strategic priorities for Lumexa in 2026? And how are you balancing some of your near-term execution with some of your longer-term growth ambitions that you laid out?
Yeah. I mean, the benefit of our business is it is fairly simple and consistent. So our priorities for 2026 are very much what we've been talking about for the past year. First, how do we drive same-store growth? We do that by maximizing our schedules, by building those referral relationships, and all of that to expand volume in our current centers. Second, how do we expand our geographic footprint through health system relationships, de novos, acquisitions? Third, we want to maximize and accelerate our strategic service lines. That's certainly PET. That's also things like breast arterial calcification scores from mammography patients. And then we want to harness all the goodness of advanced technology. And so whether or not it's in our data strategy or in our workflows or within our RAD reads, we want to make sure we continue to leverage the benefits.
And then I love that question so much about how do we think about near-term, long-term? It's something I've been thinking a lot about. Obviously, as a new public company, execution is the foundation. We need to earn your trust, and we need to show you that we are going to do the things we said we were going to do. And we also want to make sure we're continuing to lean into things that will drive our growth into the future, whether it's health system relationships and technology. And so right now, the way I see them is that they are not as much competing, but reinforcing, but again, with that consistent focus.
Got it. And for the de novos, obviously a sizable part of the growth story here. We all saw the press release from last Thursday regarding the new facilities in North and South Carolina. How are you thinking about your outlook in 2026 for your de novo center openings? And how does this compare to your long-term target of eight to 10 openings per year?
Yes, so we are incredibly proud that we were able to do nine in 2025 company record. As the long-term growth algorithm that we've been talking through, we expect to do eight to 10 on an annual basis, and we've got a strong line of sight into that for 2026, and we'll continue to focus both in existing geographies, new geographies, and then both with health systems and then independently.
Okay. And I think you touched on this a bit in there with the JV structure as being part of these de novos. But could you just walk us through the key features of the joint venture model with health systems and maybe how this structure differentiates Lumexa from some of your other outpatient imaging operators?
Yeah. I mean, at Surgical Care Affiliates and I know at USPI, joint ventures were a key part of how we had a competitive value proposition in any market. And so the value, the relationship starts with one of cultural alignment and then also transparency and alignment around CapEx expectations, growth expectations, making sure that you're aligned with what not only good looks like today, but five years into the future. And then it comes down to regular communication, clarity of metrics, ability to deliver. But we're excited by the partners we have and looking forward to adding more to that logo list.
Understandable. Just turning to labor, can you provide an update on the labor market for radiologists and technologists and then how you're ultimately just managing these wage pressures and staffing challenges as you scale?
Can I take that one?
Sure. Sure.
Yeah. And I think first and foremost, as we look at how wage and labor pressures affect the industry, it makes a big difference whether you're in the inpatient or the outpatient space. It is not as desirable to work for most technologists or radiologists in an inpatient setting. So we kind of start with a bit of an advantage there in terms of drawing people to want to work where we are. And then beyond that, I think I could point to our retention statistics, which are better than the industry, both on the technologist and the radiologist side. We try to create a high level of satisfaction. The radiologists get to work in their subspecialty. The technologists often have flexibility in where they work and when they work because we tend to have some density in some of the markets we're in.
Part of PACE, which Caitlin described earlier, is about understanding how to map patients and resources among different centers in the same geographical area. That opens up a lot more flexibility in terms of technologist job satisfaction as well.
I guess just as we're kind of closing in on time here, I think one of the questions that we always like to ask companies is just our forward outlook. One year from now, what do you think investors will appreciate about Lumexa that they don't currently today?
Oh, that's a good question, and especially kind of at this inflection moment of just being a new public company, so I would say investors will appreciate the consistency and the quality of our growth. I think they will appreciate one of the leadership principles is say, do ratio. If you say it, do it. That's how we build trust with each other as a team and certainly with our stakeholders. They'll appreciate our say, do ratio and the fact that we are an incredible imaging platform, not a roll-up, one that's anchored with strong, enduring partnerships, great clinical quality, and differentiated growth.
Got it. Well, that's all the time we have here for today. I really appreciate Caitlin and Tony taking the stage with us. And thank you all for your time.
Thank you so much, Ben.
Thank you.