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Highlights
- Record Performance: Pro Medicus shares surged to a record high of AU$226.79 on Monday, marking a 160% increase year-over-year.
- Impressive Financials: FY24 saw revenue grow by 29.3% and net profit after tax by 36.5%.
- Growth Opportunities: The company highlighted a vast U.S. market opportunity and plans to leverage AI for future expansion.
Shares of Pro Medicus Limited (ASX:PME) continued their meteoric rise on Monday, climbing over 2% in morning trade to a record high of AU$226.79. This remarkable rally has propelled the health imaging technology company’s share price by a staggering 160% compared to the same time last year.
Strong FY24 Performance
The rally comes on the heels of Pro Medicus’ annual general meeting presentation, which provided an optimistic outlook for FY25 while reflecting on an exceptional FY24.
Chairman Peter Kempen noted that FY24 was a record-breaking year, with revenue increasing by 29.3% to AU$161.5 million and net profit after tax soaring 36.5% to AU$82.8 million. The company maintained a strong cash flow position, with cash and liquid investments rising to AU$155.4 million, even after a AU$2.77 million share buyback, a AU$5 million investment in cardiac CT AI company Elucid, and the payment of increased dividends.
Kempen expressed confidence in the company’s growth trajectory, stating:
"The Board anticipates FY25 will be another strong year. Results to date are ahead of budget on a constant currency and Australian dollar basis, despite some volatility in currency markets."
He also forecasted stronger performance in the second half of the financial year, in line with historical trends.
Massive Growth Potential in the U.S.
Pro Medicus’ presentation highlighted the immense potential of its total addressable market (TAM) in the United States. The U.S. market sees 650 million medical imaging exams annually, growing at 2%–3% per year.
The company’s flagship Visage platform is uniquely positioned to capture this market, capable of addressing 100% of the TAM from a product perspective and 85% from a commercial perspective. Despite its current market penetration of only 7%, this represents a lucrative runway for future growth.
Focus on Artificial Intelligence
Management also outlined plans to harness artificial intelligence to enhance its product offerings and expand its market share further. The combination of a cutting-edge platform and AI-driven innovation positions Pro Medicus to remain a leader in the evolving health imaging technology sector.
