15 February 2024; Company Announcement: Pro Medicus Limited Interim Results – Acrobat pdf 358k

Highlights

  • Revenue from ordinary activities $74.1m – up 30.3%
  • Underlying profit before tax $48.9m – up 31.5%
  • Net profit $36.3m – up 33.3%
  • Cash and other financial assets $131.5m – up 8.3%
  • Company remains debt-free
  • Fully-franked interim dividend 18c per share

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced a half-year net profit of $36.3 million for the six months to the end of December 2023, 33.3% higher than for the previous corresponding period.

Revenue from ordinary activities was $74.1 million, up 30.3%.

The company’s cash and other financial assets at December 2023 were $131.5 million, an increase of 8.3%.

Pro Medicus announced a fully-franked interim dividend of 18c per share. The company remains debt-free.

The result was largely driven by increased revenue from North America (revenue up 36.8%), with four major implementations completed.

During the six-month period Pro Medicus also won four key contracts; Memorial Sloan Kettering, Baylor Scott & White, South Shore Health and Oregon Health & Science University. These contracts have a total contract value of A$200 million (at committed minimum exam volumes) with contract terms ranging from 7 to 10 years.

Pro Medicus CEO Dr Sam Hupert said he was very pleased with the result, which was a record one for the company in terms of revenue and net profit as well as new sales.

“We benefited from above industry growth in exam volumes across our client base and successfully completed four new implementations all of which will provide a full six months of revenue in the second half. On top of this, we had our strongest start to the year in terms of sales, so, we believe our second half will be stronger than our first forming the base for future growth in FY2025 and beyond.”

Looking ahead, Pro Medicus aims to further build on its presence in North America, Germany and Australia and is actively pursuing a growing number of opportunities across key markets – academic medical centers (AMC), integrated delivery networks (IDN) and corporate/private imaging centres.

“Our pipeline is strong across all sectors of the market,” Dr Hupert said. “Our cloud-based modular approach continues to provide unprecedented flexibility and scalability, as evidenced by the increasing number of clients choosing the full stack of all three Visage products – Viewer, Workflow and Archive, a trend we see continuing.”