Pro Medicus Limited delivered full-year FY26 results that met management expectations, with net profit after tax increasing more than 32% on a constant currency basis. While reported results were affected by Australian dollar strength that impacted reported revenue by approximately $12 million and NPAT by $9.8 million, the underlying performance demonstrates sustained growth in the company’s core diagnostic imaging software business and validates management guidance provided earlier in the year.
The year was marked by significant activity across new contracts, renewals, and implementations. The company achieved its second-biggest year for new sales, reflecting accelerating demand for its software solutions. Total contract value per customer has been rising as customers increasingly adopt cloud infrastructure and opt for multiple modules from Pro Medicus, including the newly released cardiology module, with some customers now described as taking a full stack plus one configuration. Six major renewals were also secured, supporting the stability and predictability of the company’s recurring revenue base.
Notably, the company experienced its busiest year for implementations, with many contracts moving late into the second half of FY26. While these implementations did not materially contribute to revenues in the current year, they are expected to drive a significant uplift in transaction revenue during FY27 as the company recognizes a full 12 months of revenue from these contracts. This pipeline of late-stage implementations provides material momentum heading into the new financial year and suggests revenue growth acceleration is likely to follow.
On the strategic front, management remains increasingly convinced of Pro Medicus’ positioning to benefit from artificial intelligence adoption in healthcare. The company serves as the radiologist’s desktop and functions as the gateway for image-based AI output, a positioning management describes as ideal for capturing AI-driven opportunities. The company’s platform is utilized by approximately 11% of the US market, including 11 of the top 20 healthcare institutions in the country, providing a substantial installed base for layering AI capabilities, whether developed internally, through research partnerships, or from third-party providers.
The combination of rising total contract value per customer, a broad installed base in leading US healthcare institutions, and the substantial implementation pipeline positions Pro Medicus to capitalize on secular trends of cloud migration and AI integration in medical diagnostics. Investors should monitor the revenue uplift from implementation conversions in FY27, the pace of AI algorithm deployment across the customer base, and any further impact from currency movements on reported results. This announcement has been flagged as price sensitive and material by the ASX.
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About Pro Medicus Limited (ASX: PME)
Pro Medicus Limited is an Australian health imaging software company headquartered in Victoria that develops advanced diagnostic imaging solutions for the global healthcare market. The company’s main business segment centers on its Visage imaging platform, a viewer and analysis solution used by hospitals and medical institutions to manage and interpret medical images. Pro Medicus operates primarily through its U.S. subsidiary Visage Imaging, Inc., serving major healthcare systems across North America and internationally on a transaction-based licensing model.
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