News

PME Signs Research Collaboration Agreement with Mayo Clinic

3 June 2021; Company Announcement – Mayo Clinic Research Collaboration Agreement – Acrobat pdf 125k

Highlights

PME signs multi-year research collaboration agreement with Mayo Clinic
Mayo Clinic to leverage the capabilities of the Visage AI Accelerator platform
Collaboration to facilitate artificial intelligence (AI) research and development with a view to product commercialisation
Builds on existing Mayo Clinic Visage 7 Viewer agreement

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced its wholly owned U.S. subsidiary, Visage Imaging, Inc., has signed a multi-year research collaboration agreement with Mayo Clinic.

The agreement will serve as the framework for collaboration between the two parties to facilitate development and commercialisation in the field of AI leveraging the Visage AI Accelerator platform.

“Our AI Accelerator program was designed to closely align Visage’s engineering and product development capability with clinical research partners such as Mayo Clinic who have a depth of clinical knowledge and extensive research expertise,” said Malte Westerhoff, PhD, Visage Imaging Global CTO. “It provides a unique set of tools for data de-identification, collection, curation, analysis and ‘path-to-production’ in research projects bringing the efficiency and speed of Visage technology to research, resulting in a unified link between the two domains.”

Dr Westerhoff continued, “We see AI playing a significant role in healthcare particularly in our field of imaging IT. We have optimized our Visage 7 platform for AI enabling both our own, as well as third-party algorithms to be seamlessly integrated into the clinician’s desktop. We see this research collaboration agreement with Mayo Clinic as another significant piece of our AI strategy, one that has the potential to develop innovative AI solutions that meet well defined clinical goals and ultimately lead to better patient outcomes.”

PME Signs 8-year Contract with The University of Vermont Health Network Inc.

13 May 2021; Company Announcement – The UVM Health Network Final – Acrobat pdf 157k

Highlights

PME signs 8-year, A$14M deal with The University of Vermont Health Network Inc.
Visage to replace multiple legacy PACS
Visage 7 to be deployed in the public cloud
Further extends PME’s US academic institution footprint
Transaction based model with potential upside

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced its wholly owned U.S. subsidiary, Visage Imaging, Inc., has signed a $14M, 8-year contract with The University of Vermont Health Network Inc (UVM).

Based on a transactional licensing model, the contract will see the company’s Visage 7 Enterprise Imaging Platform (“Visage 7”) implemented across UVM’s six hospitals, providing a unified diagnostic imaging platform across the network. The UVM Medical Center in Burlington, Vermont is the teaching hospital for The Larner College of Medicine.

Planning for the rollout is to commence immediately with initial go-lives targeted for the second half of the calendar year. Visage 7 will be fully deployed in the public cloud.

“We continue to build momentum in the market with this, our seventh contract win in a row, adding to other recent major announcements,” said Dr Sam Hupert, Pro Medicus CEO. “UVM Health Network is the fourth of these to opt for a cloud-based solution, a trend we see increasing rapidly amongst healthcare systems in North America.”

“Our pipeline continues to grow. Visage 7, with its proven cloud-native capability, provides us with a significant strategic advantage that enables us to address these opportunities across a growing segment of the market both in North America and other regions.”

Interview with Dr Sam Hupert, CEO Pro Medicus [ASX: PME]

17 February 2021; CEO Interview 2020-21 Interim Results – Final – Acrobat pdf 168k

Interview with Dr Sam Hupert, CEO Pro Medicus Ltd

Half-year results – impact of COVID and appreciating AUD
Step up in transaction volumes

$31M – 7-year deal with leading Californian academic health system

Other recent wins and pipeline


Q: This morning you announced that underlying profit before tax increased by 25.9% despite COVID and headwinds caused by the rapidly appreciating Australian dollar. Can you comment on the impact these had?

A: We were very pleased with the result especially taking into account that in the first three months of the half we were still coming out of the COVID induced dip in examination numbers from March/April 2020 lows. So, we were happy to make up that deficit and improve our revenue and bottom line during the period.

The Australian dollar appreciated very significantly during the half, so clearly it created a headwind as we use a monthly average of the exchange rate to translate our US-dollar earnings to Australian dollars and given that over 80% of our income is generated in the US it did have an impact. On a constant currency basis our revenue would have been $32.93m up 12.4% and the underlying profit before tax would have been $19.66m up 32.0%.


Q: Were you way surprised that revenue held up so well given that many communities worldwide were locked down for so long and that many people put off medical procedures?

A: We were pleased at the speed of recovery particularly following a very sharp drop in exam numbers in mid-March to early-April and that the last three months of the half saw volumes return to normal, and in some cases, even [...]

Pro Medicus Limited Interim Results

17 February 2021; Company Announcement – Half Year Results 2020-21 Final – Acrobat pdf 131k

Highlights

Revenue $31.59m – up 7.8%
Underlying profit before tax $18.76m – up 25.9%
Net profit $13.54m – up 12.4%
Continued growth in margins
Cash reserves of $50.93m – up $7.53m
Company remains debt-free
Fully franked final dividend 7c per share – up 16.6%

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced a half- year net profit after tax of $13.54m for the six months to the end of December 2020, 12.4% higher than for the previous corresponding period. Underlying profit before tax rose 25.9%.

Revenue from ordinary activities increased by 7.8% to $31.59m. The currencies of the countries in which the Company has its activities have been volatile during the half-year. On a constant currency basis, the revenue would have been $32.93m (up 12.4%) and the underlying profit before tax would have been $19.66m (up 29.0%) for the half-year ended 31 December 2020.

The company’s cash reserves at 31 December 2020 were $50.93m, up $7.53m. Pro Medicus announced a final fully-franked interim dividend of 7c per share. The company remains debt-free.

Tax expense for the six months was $4.66m, representing a tax rate of 25.6% compared to a tax expense of $2.76m in 2019 which translated to a tax rate of 18.6%, the 2019 tax rate being the result of a larger than normal delta between the share price at the date of granting and the date the shares vested. The company does not anticipate this will be repeated and is expecting that the tax rate will move closer to the statutory rate for the full year.

The company did not receive any Jobkeeper benefits during [...]

PME Receives FDA Clearance for Breast Density Algorithm

2 February 2021; Company Announcement – FDA Breast Density 2 FEB 2021 – Acrobat pdf 109k

Highlights

First Artificial Intelligence (AI) algorithm developed by PME 
Developed using PME’s unique end-to-end AI Accelerator solution 
FDA clearance is in addition to previously received CE (Europe) and TGA (Australia)
approvals 
Paves the way for commercialization in North America, Europe and Australia 
Opens up further research collabouration opportunities

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced that it has received FDA clearance for its Breast Density AI algorithm. This is in addition to previously receiving CE clearance (Europe) and TGA clearance (Australia) paving the way for the company to market the algorithm across all three jurisdictions.

The Breast Density algorithm is intended for use with compatible full field digital and digital breast tomosynthesis systems. It assesses breast density from a mammography study and provides an ACR BI-RADS Atlas 5th Edition breast density category to aid radiologists in the assessment of breast tissue composition. 

“We developed this algorithm using our own AI Accelerator platform which enabled us to significantly speed up every stage of the process from concept to FDA approval,” said Dr Sam Hupert, Pro Medicus CEO. “This not only provides us with a fast-track mechanism to develop our own algorithms in the future, it paves the way for further collaborations with the growing number of our research oriented clients.”

Dr Sam Hupert | Interview

CEO Interview – Intermountain 14 Jan 2021 – Acrobat pdf 266k

14 January 2021

Interview with Pro Medicus CEO, Dr Sam Hupert, where he discussed:

A$40M – 7 year Intermountain Healthcare contract
Momentum behind Visage in the Cloud offering
Recent wins, competitive position and pipeline

PME Signs A$40M – 7 Year Contract with Intermountain Healthcare

14 January 2021; Company Announcement – PME Announces Intermountain 14 JAN 2021 – Acrobat pdf 119k

Highlights

PME signs 7-year, A$40M deal with Intermountain Healthcare
Intermountain is the largest healthcare provider in the Intermountain West 
(Utah, Idaho, Nevada)
Visage to replace legacy PACS and other specialty systems across their 24 hospitals and more than 200 clinics
Contract includes the Visage 7 Viewer and Visage 7 Open Archive
Visage 7 platform to be fully deployed in the public-cloud
Extends PME’s leading position in large, regional health systems
Transaction-based model with potential upside

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced its wholly-owned U.S. subsidiary, Visage Imaging, Inc., has signed a 7-year contract with Salt Lake City based Intermountain Healthcare (“Intermountain”), the largest health system in the State of Utah. Intermountain also provides medical services in the states of Idaho and Nevada making it the largest healthcare provider in the Intermountain West region.

The contract, based on a transactional licensing model, will see the company’s Visage 7 Viewer and Visage 7 Open Archive products implemented across all of Intermountain’s radiology and subspecialty imaging departments.

The implementation will be fully deployed on Google Cloud Platform (GCP), leveraging Visage’s native, cloud-engineered enterprise imaging technology.

Planning for the rollout is to begin in Q3 FY21, with data migration commencing immediately by Visage’s engineering team. The first sites will be scheduled to go-live shortly thereafter.

“This is a very important deal for us, not only because of its size and scope, it will provide us with a material footprint in Intermountain West, previously an untapped region for us,” said Dr Sam Hupert, Pro Medicus CEO. “It also validates our decision to engineer Visage 7 from the ground up to be natively cloud capable, with [...]

Dr Sam Hupert | Interview

CEO Interview – MedStar LMU Dec 2020 – Acrobat pdf 135k

17 December 2020

Interview with Pro Medicus CEO, Dr Sam Hupert, where he discussed:

A$18M 5-year MedStar Health contract
LMU Klinikum A$10M 5-year deal announced in October 2020
New single vendor, offering
Visage In The Cloud

PME Signs A$18M – 5 Year Contract with MedStar Health

17 December 2020; Company Announcement – PME Signs MedStar Health 17 Dec 2020 – Acrobat pdf 107k

Highlights

PME signs 5-year, A$18M deal with MedStar Health
Visage to replace MedStar’s legacy PACS across their 10 hospitals, representing the largest health system in the Maryland/District of Columbia (DC) region
Contract is for the full suite of Visage 7 modules – Visage 7 Viewer, Visage 7 Open Archive and Visage 7 Workflow
Visage 7 platform to be fully deployed in the public-cloud
Extends PME’s rapidly growing footprint in North America
Transaction-based model with potential upside

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced its wholly-owned U.S. subsidiary, Visage Imaging, Inc., has signed a 5-year contract with MedStar Health (“MedStar”), the largest health system in the Maryland and Washington, D.C. metropolitan region.

The contract, based on a transactional licensing model, will see the company’s complete enterprise imaging solution comprising Visage 7 Viewer, Visage 7 Open Archive and Visage 7 Workflow implemented across all of MedStar’s radiology and subspecialty imaging departments including MedStar Georgetown University Hospital.

The implementation is notable in that it will provide MedStar with a fully cloud deployed environment on GCP (Google Cloud Platform), leveraging Visage’s native, cloud-engineered enterprise imaging technology.

Planning for the rollout is to commence in Q2 FY21 with the first sites scheduled to go-live in Q3 FY21.

“MedStar went through an extensive evaluation process including a pilot that not only benchmarked Visage 7 compared to on-premise systems from other vendors, it served to verify the speed of Visage 7 in the public-cloud,” said Dr Sam Hupert, Pro Medicus CEO. “Unlike systems from other vendors, Visage has been developed from the ground up for cloud deployment. Traditionally, our clients have deployed Visage in their own “private-cloud” [...]

PME Signs A$8.5M – 5 Year Renewal Contract with Zwanger-Pesiri

19 November 2020; Company Announcement – ZP Renewal Nov 2020 – Acrobat pdf 154k

Highlights

PME signs 5-year renewal contract with Zwanger-Pesiri 
Zwanger-Pesiri one of the largest private outpatient radiology providers in the U.S. 
Transaction-based model with potential upside 

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced its wholly-owned U.S. subsidiary, Visage Imaging, Inc., has signed a 5-year renewal contract with Long Island based Zwanger-Pesiri, one of the largest private outpatient radiology providers in the U.S.. 

The contract, based on a transaction-based licensing model, will see the company’s Visage 7 technology continued to be used across all Zwanger-Pesiri locations for the next 5 years. 

“We have had a great partnership with Visage over the preceding 5 years,” said Dr Steve Mendelsohn, CEO of Zwanger-Pesiri. “The speed and capabilities of their software is unrivalled in the market. Since implementing it 5 years ago, we have experienced significant increases in radiologist productivity and clinical accuracy which has underpinned our substantial growth over that time.” 

“We are very pleased to have played such a key role in Zwanger-Pesiri’s growth over the past 5 years,” said Dr Sam Hupert, Pro Medicus CEO. “We believe our solution provides the best return on investment of any system in the market from both financial and clinical perspectives. We think the results we achieved at Zwanger-Persiri is validation of that.” 

Authorised by the Board of Pro Medicus Limited.