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Highlights
- FY25 revenue of PME reached AUD 213.0 million, reflecting contributions from U.S. contracts and cloud implementations.
- New cloud agreements in North America increased 1HFY26 total contract value to AUD 273 million.
- FY26 outlook includes revenue contribution from Trinity, University of Iowa, and other large-scale deployments.
Pro Medicus Limited (ASX:PME) is a healthcare informatics company that develops and supplies medical imaging software and related services to hospitals, imaging centres, and healthcare organisations globally. Established in 1983, the company expanded its technology portfolio with the acquisition of Visage Imaging in 2009, which provides the Visage 7 platform designed for scalable deployment across cloud-based and on-premise environments.
Financial Performance
For financial year 2025 (FY25), the company reported revenue of AUD 213.0 million, representing a 31.9% YoY increase from AUD 161.5 million in FY24. The financial performance was supported by a combination of record new U.S. contract wins, contract renewals, broader adoption of full-stack cloud deployments, and higher implementation activity, contributing to operating leverage and margin expansion. Profit after tax rose to AUD 115.2 million in FY25, up 39.2% YoY from AUD 82.8 million in the prior year, while operating cash flow increased to AUD 111.3 million in FY25, reflecting a 35.8% YoY from AUD 82.0 million in FY24.
Business Update
According to ASX update dated 24 November 2025, PME’s U.S. subsidiary Visage Imaging signed three new cloud contracts with a combined minimum value of AUD 29 million, secured with Children’s of Alabama, Roswell Park Cancer Center, and Vancouver Clinic, taking total contract value for 1HFY26 to AUD 273 million.
On 17 November, the company announced that it entered into a five-year contract worth AUD 44 million with Advanced Radiology Management, LLC to deploy its cloud-based Visage 7 Enterprise Imaging Platform, with implementation commencing immediately and a planned go-live by late Q2 2026.
Key Positives and Negatives
For FY25, the company reported an EBITDA margin rising of 78.2%, increasing from 75.8% in FY24 and net margin of 52.2%, comparable with 49.8% in the prior year. However, the inventory turnover ratio declined to 4.2x in FY25 from 5.8x in FY24 and operating expenses increased by 14.86% YoY.
Business Outlook
PME expects FY26 performance to be supported by the full-year revenue contribution from the Trinity Phase 1 and University of Iowa implementations, along with contributions from new large-scale contracts anticipated in the early part of the second half of the year.
The company plans to expand its market presence through continued development of CloudPACS, the Visage 7 full-stack platform, AI integration, and digital pathology solutions, supporting client acquisition and recurring revenue growth across global markets. In addition, many contracts signed in FY25 are scheduled to commence in FY26 and later periods, providing multi-year revenue visibility as the company targets enterprise-scale migrations, selective acquisitions, and ongoing product innovation.
Share Performance of PME
PME’s shares were trading at AUD 266.69 per share on 27 November 2025, with an intraday gain of 2.01%. PME’s stock has declined by 11.10% in the last three months, 4.13% over the six months but increased by 16.76% over the past year. PME’s 52-week high is AUD 336.0, recorded on 17 July 2025, and the 52-week low is AUD 161.64, recorded on 07 April 2025.
Support and Resistance Summary
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 27 November 2025. The reference data in this report has been partly sourced from EODHD/Others.
Technical Indicators Defined:
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.
Disclaimer
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