Pro Medicus (PME) H2 2026 earnings summary

Executive summary

• Achieved record financial results with revenue up to AUD 261.7 million, underlying EBIT of AUD 196.1 million, and underlying NPAT of AUD 144.7 million, with margins just under 75%.

• Underlying revenue up 28% and NPAT up 33% year-over-year (constant currency), with reported NPAT up 130.3% to AUD 265.3 million due to one-time items.

• Secured 10 new contracts totaling AUD 407 million and completed six renewals worth AUD 141–144 million, maintaining a 100% client retention rate.

• Expanded product suite with launches in digital pathology, AI-optimized reporting, and cardiology imaging, with first implementations in Europe and U.S. rollout planned.

• U.S. market now represents over 90% of revenue, with all jurisdictions showing growth year-over-year and a robust North American pipeline.

Financial highlights

• Revenue increased to AUD 261.7 million, up 22.9% year-over-year; underlying EBIT at AUD 196.1 million, up 24.4%; underlying NPAT at AUD 144.7 million, up 24.1%.

• Margins improved by 90 basis points to just under 75%, with underlying EBIT margin at 74.9%.

• Cash and financial assets rose to AUD 252.3 million, up nearly 20%, with a cash conversion rate of 91%.

• Total fully franked dividend increased by 25.5% to AUD 0.69 per share.

• Currency fluctuations reduced revenue by AUD 11.8 million and EBIT by AUD 9.9 million.

Outlook and guidance

• Full benefit of recent implementations expected in FY27, with a significant uplift as new contracts contribute a full 12 months of revenue.

• Confident in achieving 30%+ growth in revenue and profit on a constant currency basis for FY27.

• Robust and diverse sales pipeline, with increased inbound RFPs and opportunities across all market segments, especially in North America.

• Ongoing product innovation with new modules and expanded clinical use cases.

• Market share in North America PACS at 11%, with aspirations to reach 15% or higher over the next three years.