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Pro Medicus soars on full year results

Health imaging company Pro Medicus soared on Wednesday after it released its full year results for 2021.

The company announced a net profit of $30.9 million for the 12 months to the end of June 2021, an increase of 33.7% on the previous corresponding period. Revenue for the period was $67.9 million, up 19.5%, while underlying profit before tax came in at $42.6 million, up 41.0%.

PME recorded significant revenue growth in all three of its key jurisdictions: North America (up 18.0%), Australia (up 23.4%) and Europe (up 25.7%).

The result allowed them to announce a final fully-franked dividend of 8c per share, taking total dividends for the year to 15c per share.

Pro Medicus announced a record number of new contracts during the period, winning the following contracts during the year:

  • NYU Langone Health (A$25.0m, 7-year deal), a large tier 1 academic hospital system in New York, USA

  • Zwanger-Pesiri - Renewal ($8.5m – 5-year deal)

  • LMU Klinikum (A$10.0m, 7-year deal), one of the largest university hospitals in Germany

  • Medstar Health (A$18.0m, 5-year deal), the largest health system in Maryland and Washington DC, USA

  • Intermountain Healthcare (A$40.0m, 7-year deal), the largest health system in Utah, USA

  • University of California (A$31.0m, 7-year deal), including all five academic campuses: UCLA, UCSD, UCSF, UC Irvine and UC Davis

  • University of Vermont (A$14.0m, 8-year deal), a large teaching hospital in Vermont, USA

In addition, the company signed Research Collaboration Agreements with NYU Langone Health and Mayo Clinic, two of the most prestigious academic healthcare institutions in North America. These agreements provide a framework for collaboration to facilitate development and commercialisation in the field of Artificial Intelligence, leveraging Pro Medicus’ Visage AI Accelerator platform.

Pro Medicus Limited CEO Dr Sam Hupert said COVID-19 restrictions had minimal impact on the company’s operations, with sales and implementation activities at an all-time high during the year. “It was our most successful year by any measure,” he said. “All of our key financial metrics headed in the right direction. We foreshadowed a step-up in revenue this year despite currency headwinds and lower numbers in the first quarter due to COVID restrictions and we have delivered on that. Margins continued to increase as did our cash and other financial assets. It was also our biggest year in terms of both sales and implementations, laying the foundation for a further step-up in exam volumes in FY22”.

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