ImExHS (IME) H2 2025 earnings summary

Executive summary

• Revenue grew 10% year-over-year to AUD 29 million, exceeding guidance, with underlying EBITDA more than tripling to AUD 1.6 million at the top end of guidance.

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

• Operational improvements led to higher cash (AUD 3.3 million) and reduced debt (AUD 0.5 million) by year-end.

• Net operating cash inflow of AUD 0.6 million reversed a prior year outflow.

• The business consists of a cloud-native software division and a radiology services division, both showing improved performance.

Financial highlights

• Revenue of AUD 29 million, up 10% year-over-year; constant currency growth was 6%.

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

• Cash balance increased to AUD 3.3 million; net assets rose to AUD 15.9 million.

• Debt reduced to AUD 0.5 million from AUD 1.2 million at prior year-end.

• One-off goodwill impairment of AUD 1.7 million excluded from underlying EBITDA.

Outlook and guidance

• FY 2026 priorities: accelerate software ARR growth, expand radiology margins, and maintain tight working capital.

• Expect to exceed FY 2025 underlying EBITDA, remain cash positive, and achieve faster software revenue growth, with growth and earnings weighted to H2.

• Focus on margin expansion and disciplined portfolio mix.