ImExHS (IME) H1 2025 earnings summary

Executive summary

• Operates two segments: cloud-based medical imaging software and radiology services, with a focus on Colombia, Spain, and LATAM, serving hospitals and clinics with a cloud-native AI suite.

• 1H FY25 revenue reached $13.7m, up 4% year-over-year or 7% on a constant currency basis, excluding a $0.7m prior period one-off.

• Annualised Recurring Revenue (ARR) grew 11% year-over-year to $32.8m, with software ARR at $11.9m and radiology services ARR at $20.9m.

• Installed base exceeds 549 sites across 18 countries, processing over 8.9 million imaging studies annually and 2.1 million studies per quarter.

• Aquila+ platform saw strong commercial adoption, with new contracts and public tender wins contributing $389,000 in new ARR.

Financial highlights

• Revenue for 1H FY25 was $13.7m, up 4% year-over-year and 7% on a constant currency basis, excluding one-offs.

• Underlying EBITDA was $0.3m, flat year-over-year; statutory EBITDA loss of $1.7m due to a $1.7m non-cash impairment.

• Net loss after tax was $3.0m, impacted by the impairment charge.

• Cash at 30 June 2025 was $2.5m, up from $2.1m at 31 December 2024; debt at $1.3m.

• No dividends declared or paid.

Outlook and guidance

• FY25 revenue is expected between $27.5m and $28.2m, up 4.0% to 6.6% year-over-year.

• Underlying EBITDA guidance for FY25 is $1.3m to $1.6m, up from $0.5m in FY24.

• Strategic focus on accelerating Aquila+ sales, maintaining margin discipline, and driving automation and cost-out programs.