Pro Medicus (PME) H2 2025 earnings summary

Executive summary

• Achieved record financial performance in FY25, with revenue of $213.0M up 31.9% year-over-year and net profit of $115.2M up 39.2% year-over-year.

• Secured seven new contracts totaling $520M minimums, two major renewals worth $130M, and $39M in product upgrades.

• Expanded product portfolio with successful launches and upgrades in radiology, cardiology, and digital pathology, and completed seven cloud-based implementations.

• Maintained 100% renewal rate and continued strong growth in North America, now with 11 of the top 20 US hospitals using the platform.

• Significant progress in AI and research collaborations, including UCSF, NYU Langone, and Mayo.

Financial highlights

• Revenue reached $213.0M, up 31.9% year-over-year.

• Profit after tax was $115.2M, up 39.2% year-over-year.

• Underlying EBIT grew 40.5% year-over-year to $157.7M, with a 74.0% EBIT margin.

• Cash and investments totaled $210.7M, up 35.5% year-over-year; company remains debt free.

• Fully franked dividend of $0.30 per share, up 37.5%.

Outlook and guidance

• Strong base for continued growth in FY26 and beyond, supported by robust pipeline and recent contract wins.

• Forward revenue over five years increased from ~$600M to $948M minimums.

• Cloud deployment and AI integration expected to drive future growth and competitive advantage.

• Continued expansion into new geographies and specialties, leveraging R&D for next-generation products.

• OpEx growth for FY26 expected to be similar to FY25, mainly from headcount increases.