Pro Medicus (PME) H1 2025 earnings summary

Executive summary

• Achieved record half-year results with net profit after tax of $51.74m, up 42.7% year-over-year, and revenue of $97.2m, up 31.1%, driven by strong North American growth and major contract wins and renewals including Trinity Health, Lurie Children's Hospital, Duly Health and Care, and Mercy Health.

• Expanded presence in academic, IDN, and private radiology markets, with over 50% of top U.S. hospitals now clients and significant wins in both public and private healthcare segments.

• Completed major implementations (Baylor Scott & White, OHSU) ahead of schedule, demonstrating operational efficiency and client savings.

• Maintained a debt-free position and increased cash and financial assets to $182.3m, up 17.7%.

• Strategic focus on cloud, AI, and cardiology, with new product launches (Visage Ease VP, Visage Chat) and first full cardiology contract secured.

Financial highlights

• Revenue for HY 2025 reached $97.2m, up 31.1% year-over-year, with profit after tax up 42.7% to $51.7m.

• Underlying EBIT increased 42.9% to $69.9m, with EBIT margin expanding to 71.9%-72%.

• Cash and investments rose to $182.3m, up 17.7% over six months; company remains debt-free.

• Record half-year fully franked dividend of $0.25 per share, up 38.9%.

• Earnings per share (basic) increased to 49.53c from 34.71c year-over-year.

Outlook and guidance

• Revenue growth expected to accelerate in the second half as new implementations contribute a full period, with contracts like Trinity Health beginning revenue contribution in FY2026.

• Pipeline remains robust across all market segments and sizes, with strong replenishment after record conversions.

• Strategic focus on expanding client footprint, transaction growth, and new product offerings, leveraging AI and expansion into new "ologies".

• Board believes cash reserves are sufficient to fund anticipated growth from internal sources.