Pro Medicus delivered full-year underlying net profit of $144.7 million, up 24.1% year-on-year, exceeding the company’s own guidance for 30% growth when viewed on a constant currency basis at $154.5 million, up 32.5%. This result comes against a backdrop of strengthening order momentum, with the company securing $407 million in new contract wins during the period, demonstrating sustained demand for its diagnostic imaging platform across North American healthcare systems.
The reported profit figure of $265.3 million includes one-off gains, but the underlying result reveals the core business trajectory more clearly. Revenue reached $261.7 million, up 22.9% on a reported basis and $273.5 million on constant currency, representing growth of 28.4%. The improvement in underlying earnings significantly outpaced revenue growth, with EBIT margin expanding 90 basis points to 74.9%, a reflection of the company’s operating leverage as it scales its Visage platform globally. Over the past five years, Pro Medicus has grown revenue at a 29% compound annual growth rate, establishing it as one of the market’s higher-growth healthcare software exporters.
Order intake remains a key strength for PME investors to monitor. The company secured 10 new contracts worth $407 million, including headline wins with UC Health Colorado for $170 million over 10 years and Beth Israel Lahey Health for $90 million over seven years. The majority of these contracts are for the full stack of products, which means higher-value, more integrated customer relationships. The company also renewed six customer contracts worth $141 million on five-year terms, suggesting strong customer retention and confidence in the product roadmap among existing clients.
PME remains in a strong financial position with $252.3 million in cash and other financial assets, up 19.7%, while carrying no debt. The board increased the fully-franked final dividend to 37 cents per share, bringing the full-year dividend to 69 cents, up 25.5%. This capital allocation reflects management’s confidence in cash generation and the sustainability of earnings. The company’s gross margins and capital-light model continue to differentiate it among healthcare software peers.
Looking ahead, investors should monitor the full-year contribution from the Trinity platform implementation, which the company has flagged as largely complete and ready to drive results in FY27. New product launches in digital pathology and AI-optimised reporting also position PME to expand its addressable market beyond traditional radiology and cardiology workflows. The company continues to demonstrate it can win across diverse customer segments, from smaller specialist health systems to large integrated delivery networks. This announcement is price sensitive and has been flagged as 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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