ImExHS (IME) H2 2025 earnings summary

Executive summary

• FY25 revenue grew 10% year-over-year to $29.0m, exceeding guidance, with underlying EBITDA rising to $1.6m, at the top end of guidance.

• Annual Recurring Revenue (ARR) increased 16% to $34.8m, with software ARR up 19% and radiology ARR up 14%.

• Operational improvements led to higher cash ($3.3m), reduced debt ($0.5m), and positive net operating cash inflow of $0.6m.

• The business operates cloud-native software and radiology services divisions, both showing improved performance and profitability.

• Achieved strong operational performance with 8.2 million studies processed and 99.8% platform uptime across 564 sites in 18 countries.

Financial highlights

• Revenue of $29.0m, up 10% year-over-year; constant currency growth was 6%.

• Underlying EBITDA of $1.6m, up from $0.5m the prior year; H2 EBITDA of $1.3m, 4x H1.

• Cash balance increased to $3.3m; net assets rose to $15.9m.

• Debt reduced to $0.5m from $1.2m at prior year-end.

• One-off goodwill impairment of $1.7m excluded from underlying EBITDA.

Outlook and guidance

• Expects to exceed FY25 underlying EBITDA, remain cash positive, and achieve faster software revenue growth in FY26, with growth and earnings weighted to H2.

• FY26 priorities include accelerating software ARR growth, expanding radiology margins, and maintaining tight working capital.

• Radiology Services growth to be pursued selectively for high-margin, reliable contracts.

• More specific FY26 guidance to be provided at half-year results in August 2026.