Pro Medicus (PME) H2 2025 earnings summary

Executive summary

• Achieved record financial performance in FY25, with seven new contracts totaling $520 million minimums, two major renewals worth $130 million, and $39 million in product upgrades.

• Expanded product portfolio, including successful launches and upgrades in radiology, cardiology, and digital pathology, and launched Visage Ease VP for Apple Vision Pro.

• Completed seven cloud-based implementations and expanded research collaborations, including UCSF, NYU Langone, and Mayo.

• Maintained 100% renewal rate and continued strong growth in North America, with 11 of the top 20 US hospitals using Visage 7.

• Significant progress in expanding to other medical specialties and AI, forming a strong base for future growth.

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 was $157.7M, up 40.5% year-over-year, with a 74.0% EBIT margin.

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

• Final fully franked dividend of $0.30 per share, up 37.5% year-over-year.

Outlook and guidance

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

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

• Ongoing expansion in product offerings and addressable market, with digital pathology and AI expected to drive future growth.

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

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