Pro Medicus Signed a 7-year contract with Leading U.S. Academic Medical Center

Healthcare

Leading medical imaging IT provider, Pro Medicus Limited (ASX: PME) has taken a significant step in further implementing its Visage 7 technology across different academic and research-oriented clients. In an announcement made on Wednesday, 24 April 2019, the company announced that its wholly owned U.S. subsidiary, Visage Imaging, Inc., has signed a 7-year contract with Duke Health, a leading academic institution in US.

Under the 7-year deal with Duke Health, Pro Medicus’ Visage 7 technology will be implemented across all of Duke’s radiology departments and integrated to Duke’s electronic health record (EHR). The Visage 7 technology will be implemented across three hospitals and various additional locations across Duke Health, including their flagship 957-bed academic medical center, Duke University Hospital.

It is expected that the planning for the rollout will start in the fourth quarter of FY 2019 with the first sites scheduled to be implemented in the first quarter of FY 2020.

While commenting on this deal, Pro Medicus CEO Dr. Sam Hupert told that this is another significant deal for the company as this contract will add to the growing number of top-ranked North American health systems standardising on the company’s technology. According to him, this contract will help the company in consolidating its strong position in this highly competitive market.

Further, it will enable the company to leverage its development and commercialisation efforts across an increasing base of academic, research-oriented clients which will provide a strategic advantage to the company.

Earlier in December 2018, the company had signed an A$3 million-plus extension to the contract with a large German Government Hospital network, extending the use of its Visage 7 technology.

For the six months ended 31 December 2018, the company had reported an after-tax profit of $9.1m, up 184.3% year on year. During the period, all of the company’s divisions, Australia, Europe and the US, delivered increased operating results and as a result, it achieved a pre-tax profit of $13.2 million.

Earlier, the had company announced a $27.0 million, 7-year deal with Partners Health, leading health systems in North America which include Massachusetts General Hospital and Brigham and Women’s Hospital, renowned for both their research and academic side being the main teaching hospitals for Harvard Medical School.

Now, let’s have a glance at the company’s stock performance and the return it has posted over the past few months. At the time of writing, i.e., on 24 April 2019 AEST 11:33 AM, the stock of the company was trading at a price of A$18.80, up 5.322% during the day’s trade with the market capitalisation of ~A$1.85 Bn. The stock has provided a year till date return of 56.97% & also posted returns of 81.88%, 38.06% & 5.12% over the past six months, three & one-month period respectively. It had a 52-week high price of $19.270 and touched 52 weeks low of $6.839, with an average volume of ~153,121.


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