Pro Medicus Surges to Record High on $53 Million U.S. Contract Win

2 min read | February 03, 2025 04:08 PM PST | By Team Kalkine Media

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Pro Medicus Surges to Record High on $53 Million U.S. Contract Win — Image source: Shutterstock

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Highlights

Pro Medicus shares hit a record high of $281.25, gaining 4% in morning trade.

The company secured a seven-year, $53 million contract with U.S.-based healthcare system BayCare.

Shares have soared nearly 160% over the past year.

Shares of Pro Medicus Limited (ASX:PME) soared to a new all-time high on Tuesday, rising 4% to $281.25 following the announcement of a significant contract win in the United States. The Australian health imaging technology firm’s latest deal further cements its stronghold in the North American market.

BayCare Signs Seven-Year Deal

Pro Medicus revealed that its Visage Imaging division has secured a seven-year agreement with BayCare, the leading healthcare system in Tampa Bay and Central Florida. BayCare operates 16 hospitals and hundreds of medical facilities, making it one of the largest healthcare providers in the region.

With a workforce of over 32,000 employees, including more than 800 physicians, BayCare provides services across multiple disciplines, including imaging, surgery, urgent care, home care, and graduate medical education programs. By 2029, the system aims to expand its medical residency program to 650 residents, reinforcing its commitment to healthcare excellence.

$53 Million Cloud-Based Solution

The deal, valued at $53 million, is based on a transactional licensing model and will see Pro Medicus’ Visage 7 Enterprise Imaging Platform deployed across BayCare’s network. This includes the Visage 7 Viewer and Workflow modules, providing an integrated and cloud-based diagnostic imaging system.

Implementation planning begins immediately, with a go-live date set for late Q3 or Q4 of 2025. Pro Medicus will use its proven cloud-based rollout strategy, ensuring a seamless transition for BayCare’s medical imaging operations.

Dr. Sam Hupert, CEO of Pro Medicus, expressed enthusiasm over the contract, highlighting the growing trend of cloud adoption in North American healthcare IT.

He also reassured investors that Pro Medicus’ pipeline remains robust, with multiple potential contracts in progress.

Stock Performance and Market Outlook

Pro Medicus has been one of the ASX’s best-performing stocks, with shares skyrocketing nearly 160% in the past year.

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