ImExHS Secures Contract Extension with its major Columbia-based client

ImExHS Limited (ASX: IME) reported that a prominent privately-owned hospital, Promotora Medica De Las Americas S.A. - “Clínica Las Americas” extended and amended ImExHS HIRUKO® RIS/PACS multi-site contract for an additional six years. The contract also introduces the first VNA based integrated Cardiology module from ImExHS’ pre-release Cardiology suite, which will deliver the first client and revenue from upcoming “Anteros” Cardiology imaging product line.

Clínica Las Americas is based in Medellin, Colombia. It is reported that the contract extends and expand the ImExHS’ current managed services contract with Clínica for further six years, and the contract with the Colombian hospital covers HIRUKO®’s suite of imaging products in Pathology, Radiology and newly extended Cardiology. Reportedly, the services in the hospital expanded from HIRUKO®’s RIS/PACS into other practices, utilising HIRUKO®’s VNA solution (Vendor Neutral Archive) and deployment from ImExHS would continue to enhance productivity and workflow at the hospital along with improvement of functionality and quality of diagnostics of the medical imaging services. The hospital extension to VNA based integrated Cardiology module would mark the first client and revenue from upcoming “Anteros” Cardiology imaging product line for IME, as reported.

The announcement reads that the only change in the contract pertains to the TCV of the contract for IME which is ~A$1,579,000 over the next six years while other terms and conditions remaining the same as in the existing contract. As per the release, Clínica operates over 12,000 studies per year and expansion is underway for imaging services to increase the scale of operation for catering anticipated rise in imaging volumes. HIRUKO®’s range of products integrates 27 DICOM modalities across multiple sites of the hospital and deliver imaging workflow in a more efficient environment, as reported.

HIRUKO® (Source: Managing Director's Presentation, May 2019)

It is reported that the capital expenditure required for this contract is ~A$211k, which is funded from cash reserves. As per the release, IME had provided a complete SaaS and PaaS solution that includes multidisciplinary imaging SaaS offering, imaging storage, advanced workstations, and digitising technologies as a part of integrated solutions.

Dr German Arango, CEO of ImExHS, said:

“The extension of this contract demonstrates the confidence and strength of the relationship with one of IME’s most important customers and represents the expanding capabilities of IME’s products to support the growing operations of one of the best clinics in the region. The company was also pleased to have Clínica Las Americas select IME’s first Cardiology module as part of their capabilities”.

SaaS (Source: Managing Director's Presentation, May 2019)

ImExHS Limited is based in Australia and founded in the year 2012. The company is known for its innovative imaging services market which offers flexible and scalable solutions through its HIRUKO® branded suit of Picture Archiving and Communications System (PACS) and integrated Radiology Imaging System (RIS). HIRUKO® is completely cloud based, zero footprint with no need of installed software and PACS. And RIS could reportedly be provided on a Platform as a Service (PaaS) basis when packed with equipment.

PaaS (Source: Managing Director's Presentation, May 2019)

Clínica Las Americas is a privately-owned hospital based in Medellin, Colombia. It is a specialist hospital comprising of 340 beds, intensive care, neonatal care unit with microbiological protection and specialised medical imaging services. In 2018, Grupo AUNA purchased Clínica Las Americas for ~US$193 million.

IME stock surged up by 3.03% to trade at $0.034 on 29 May 2019 (12:28 PM AEST). Over the past 12 months, the stock has gone up by 32.00% including a positive price change of 37.50% recorded in the past three months.

Also Read: ImExHS Limited Signs New Distribution Agreement in Panama


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