ImExHS (IME) H2 2024 earnings summary

Executive summary

• FY24 revenue reached $26.5m, up 34% year-over-year, at the top end of guidance, with operations spanning 18 countries and over 518 installations/sites.

• Operates two businesses: cloud-based AI medical imaging software and radiology services outsourcing, focusing on democratizing access and robust sales pipeline.

• Underlying EBITDA was $0.5m, up from $0.2m in the prior year.

• Annual Recurring Revenue (ARR) increased 20% to $30.0m, with 59% of software ARR now in hard currencies.

• Major software development (New Value Proposition/Aquila) on track for progressive release from end of Q1 2025.

Financial highlights

• FY24 revenue of $26.5m, up 34% year-over-year; software revenue $8.9m (+17%), radiology $17.6m (+45%).

• ARR at $30.0m as of Dec 31, 2024, up 20% year-over-year; $20.1m from radiology, $9.9m from software.

• 97% of total revenue is recurring, supporting a predictable revenue model.

• Net assets at $14.5m; closing cash balance of $2.1m as of Dec 31, 2024.

• Debt reduced to $1.2m from $1.3m in FY23.

Outlook and guidance

• FY25 priorities include expanding software sales in Mexico and Latin America, optimizing radiology contracts, and launching new software.

• First half of FY25 will focus on sales and marketing investment; second half targets improved profitability and cash flow.

• EBITDA and cash positive expected for FY25, with more specific guidance to be provided at half year.