News

Pro Medicus Signs $14M – 7 Year Contract with Leading U.S. Academic Medical Center

24 April 2019; Company Announcement – Duke Health Final – Acrobat pdf 121k

Highlights

PME signs 7-year deal with Duke Health
Duke ranked in the top 20 best hospitals in the U.S.
Visage 7 to be implemented across all of Duke’s radiology departments
Transaction-based model with potential upside
Adds to PME’s growing footprint in the tier 1 U.S. academic hospital segment

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 Duke Health (“Duke”), the largest health system in the state of North Carolina and one of the most respected health providers in North America.

The contract, based on a transaction licensing model, will see Pro Medicus’ Visage 7 technology implemented across all of Duke’s radiology departments and integrated to Duke’s electronic health record (EHR).

The implementation will span three hospitals and dozens of additional locations across Duke Health, including their flagship 957-bed academic medical center, Duke University Hospital. Planning for the rollout is to commence in Q4 FY19 with the first sites scheduled to be implemented in Q1 FY20.

“This is another significant deal for us,” said Dr Sam Hupert, Pro Medicus CEO. “Duke is a leading U.S. academic institution and adds to the growing number of top-ranked North American health systems standardising on our technology. This not only helps consolidate our strong position in this highly competitive market, it enables us to leverage our development and commercialisation efforts across an increasing base of academic, research oriented clients which we feel provides us with a strategic advantage particularly in rapidly evolving fields such as artificial intelligence and machine learning.”

Dr Sam Hupert | CEO on Update

PME CEO on Interim Results  – Acrobat pdf 588k

21 February 2019

Open Briefing interviewed Pro Medicus CEO, Dr Sam Hupert, discussing the latest Pro Medicus Limited Interim Results announcement.

 

 

 

 

 

Pro Medicus Limited Interim Results

21 February 2019; Company Announcement – Half Year Results 2019 – Acrobat pdf 127k

Highlights

Revenue $25.3m – up 59.4%
Reported after-tax profit $9.1m – up 184.3%
Underlying after-tax profit $9.2m – up 79.9%
EBIT margins increased to 51.8%
Cash reserves $24.7m
Company remains debt-free
Fully franked interim dividend of 3.5c per share
Special fully franked dividend of 2.5c per share
Ten-year anniversary of Visage Imaging acquisition

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced a first-half after-tax profit of $9.1m for the six months to 31 December 2018, 184.3% higher than for the previous corresponding period.

During the period, revenues rose in all key jurisdictions: by 40% in North America, by 30% in Australia, and by 204% in Europe, resulting in revenue for the half increasing by 59.4% to $25.3m.

The interim results figures are based on new AASB 15 accounting standards that deal with customer revenue, which will now be deemed to be spread evenly over the period of contracts. Last year’s figures have also been updated for comparison purposes.

The company’s cash reserves at 31 December 2018 were $24.7m. The company will pay an interim dividend of 3.5c per share and a special dividend of 2.5c. Pro Medicus remains debt-free.

Dr Sam Hupert, Pro Medicus CEO, said “The interim result was particularly pleasing in that we saw solid growth in all three major jurisdictions. There was a significant uptick in transaction revenues in the US as a greater number of transactions flowed from our Yale and Mayo implementations, our implementations in Australia are progressing well and our wholly-owned European subsidiary, Visage Imaging GmbH, signed an A$3+million extension to the contract it has with a large German Government [...]

Pro Medicus Signs Extension to Contract with German Government Hospital

10 December 2018; Company Announcement – Pro Medicus Signs Extension to Contract with German Government Hospital – Acrobat pdf 130k

Highlights

German Government Hospital network to extend use of Visage 7 technology Additional licences for existing site plus 2 satellite hospitals Cross-regional diagnostic image access with other key hospitals across Germany Capital sale with upfront license value to PME in excess of A$3 million Expands Visage footprint in German Hospital market 

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced its wholly owned European subsidiary, Visage Imaging GmbH, has signed an A$3 million plus extension to the contract it has with a large German Government Hospital network. 

The deal, which includes additional licenses for the existing site, will also see Visage 7 and Visage Open Archive serve as the central component of a next generation imaging infrastructure at two additional hospitals within the network. 

Visage’s unique client-server architecture and streaming technology with its high-end performance will allow cross-regional diagnostic image access from other government sites in northern and southern Germany to facilitate a new enhanced level of image sharing. The solution is scheduled to go live before the end of 2018 calendar year. 

Dr Malte Westerhoff, General Manager of Visage Imaging GmbH and Visage Chief Technology Officer said, “Existing customers expanding their use of our offering is the best validation of the strength of our technology and the quality of our customer service. This contract extension follows on from the success we have had at the first site we implemented for this government department.” 

The project, based on a capital purchase model, will see Visage provide software and services with revenue in excess of A$3 million, excluding ongoing service contracts. 

“The German hospital market is difficult to penetrate so we see this as a solid step [...]

Pro Medicus Signs $27M – 7 year Contract with US-based Partners HealthCare

20 November 2018; Company Announcement – Pro Medicus Signs Partners HealthCare – Acrobat pdf 119k

Highlights

PME signs 7 year deal with Partners HealthCare in the USAInitial rollout to include Massachusetts General Hospital and Brigham and Women’s Hospital, ranked fourth and twentieth best hospitals in the USA Estimated value to PME for the initial rollout in excess of AUD $27M Scope to expand to the rest of Partners HealthCare in the future Transaction-based model with significant potential upside Two of the top four hospitals in the USA are now Visage clients 

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced its wholly-owned US subsidiary, Visage Imaging, Inc., has signed an AUD $27 million, 7-year contract with Partners HealthCare (“Partners”), the largest health system in the state of Massachusetts and one of the largest and most respected health providers in North America. 

Partners was founded in 1994 by Massachusetts General Hospital (“MGH”) and Brigham and Women’s Hospital (“BWH”). Partners is a national leader in biomedical and data science research, including the MGH & BWH Center for Clinical Data Science. 

The contract, based on a transaction licensing model, will see Pro Medicus’ Visage 7 technology implemented at Partners’ two flagship hospitals, MGH and BWH, eliminating their legacy PACS with scope to expand to other Partners network hospitals at a later date. 

Dr Sam Hupert, Pro Medicus CEO, described the deal as a ‘milestone’ for Pro Medicus. “Not only is it our biggest deal to date, there is the potential for further upside within the Partners network after this initial rollout is completed. In addition, MGH and BWH are two of the most prestigious medical institutions in North America renowned for their medical research, as well as their key roles as teaching hospitals for Harvard Medical School. The [...]

Dr Sam Hupert | CEO on Update Open Briefing

PME CEO on FY2018 Results – Acrobat pdf 483k

16 August 2018

Open Briefing interviewed Pro Medicus CEO, Dr Sam Hupert, discussing the latest Pro Medicus Limited’s Full-Year Results announcement.

 

 

 

Pro Medicus Limited Full-Year Results

16 August 2018; Company Announcement – Full Year Results 2017-18 – Acrobat pdf 128k

Highlights

After-tax profit of $12.74 million – up 36.7%
Revenue of $36.02 million – up 13.9%
Underlying profit of $12.57 million – up 27.4%
EBIT margins increase to 48.5%
Three key contract wins
Cash reserves $25.24 million – up 10.8%
Final dividend of 3.5 cents per share fully franked – up 50% for the year
Company remains debt-free

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced a record after-tax profit of $12.74 million for the year ended 30 June 2018 – an increase of 36.7% over the previous year.

Full-year revenue was $36.02 million, an increase of 13.9%. Underlying profit, excluding currency movements was $12.57 million, an increase of 27.4%.

The company’s cash reserves were $25.24 million at the end of the period, an increase of $2.46 million for the period.

The company remains debt-free and announced a final dividend of 3.5c per share fully franked making the total dividend payout for the year 6.0c fully franked, a 50% increase on the previous year.

The group’s revenue from North America increased by 18.4% and revenue from European operations by 33.2%. Australian revenue was largely in line with the previous year.

During the year the company signed three key contracts. In North America, an A$18 million, seven-year contract with Yale New Haven Health, one of the leading academic institutions and a A$15 million, seven- year contract with Mercy Health for Visage Open Archive.

The company also announced a five-year renewal and extension agreement with I-MED, Australia’s largest diagnostic imaging provider, which will see I-MED standardise on Visage RIS across all of its practices.

“This has been another very successful year for us,” [...]

Pro Medicus Signs Industry Defining Visage 7 Open Archive Agreement with Mercy

28 June 2018; Company Announcement – Pro Medicus Signs Industry Defining Visage 7 Open Archive Agreement with Mercy – Acrobat pdf 122k

Highlights

Mercy to standardise on Visage 7 Open Archive across its diagnostic imaging business
Industry defining transaction
Estimated value to PME in excess of AUD $15M over 7 years
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 an AUD $15M, 7 year contract with the U.S. based Mercy health system for Visage 7 Open Archive.

The contract, based on a transaction licensing model, will see Pro Medicus’ Visage 7 Open Archive implemented across the Mercy healthcare enterprise, which is the fifth largest Catholic health system in the U.S., spanning 4 states.

“This is an industry defining deal for us,” said Dr Sam Hupert, Pro Medicus CEO. “We introduced our archive to the North American market because we saw the need for a scalable, interoperable, high performance archive which we felt was not being adequately addressed by others. This deal validates our strategy. Our customers now have the flexibility to extend the use of Visage 7 in a totally modular fashion across their enterprise.”

The project will involve the migration of over 25M diagnostic imaging exams from the current Mercy archive to Visage 7 Open Archive making it one of the largest medical imaging archives in North America. Commencement of the project is scheduled for late June 2018 and is to be completed in the third quarter of FY2019.

Dr Hupert continued, “In March 2017, we successfully completed the implementation of Visage 7 across all of Mercy in less than 6 months setting a new standard for an implementation of [...]

Pro Medicus Signs 5-Year Visage RIS Deal with I-MED Radiology

1 May 2018; Company Announcement – Pro Medicus Signs 5-year Visage RIS Deal with I-MED Radiology – Acrobat pdf 259k

Highlights

I-MED to standardise on Visage RIS across all 200 practices
I-MED’s Regional Imaging (RIL) and Queensland businesses to transition to Visage RIS over next 12 months
New sites to add an additional $1.4 million in revenue per annum
Contracts for existing Visage RIS sites to be extended for a further 5 years
Potential for upside as I-MED continues to grow
Once completed, will be one of the largest RIS installations globally

Leading healthcare imaging company Pro Medicus Limited [ASX: PME] today announced it has signed a five-year agreement with I-MED Radiology Network (I-MED), that will see I-MED standardise on Visage RIS across all of its practices.

I-MED, Australia’s largest diagnostic imaging provider, performs over 4.6 million patient procedures annually across New South Wales, ACT, Victoria, Tasmania, Northern Territory and Queensland.

As part of this agreement, I-MED will transition its Regional Imaging (RIL) and Queensland practices to Visage RIS over the next 12 months. This is expected to deliver an additional $1.4 million per annum revenue once these sites are fully implemented. In addition, I-MED will extend its existing Visage RIS contract for the Victorian, NSW and ACT operations for a further 5 years.

Dr Sam Hupert, CEO of Pro Medicus said, “I-MED is the largest diagnostic imaging provider in Australia and with this deal we further cement our position as leaders in the Australian RIS market. Once completed, this will be one of the largest RIS installations in the world.”

I-MED Chief Executive Steven Rubic said, “We were keen to consolidate our systems into a single, national platform that would provide us with significant cost synergies [...]

Dr Sam Hupert | CEO Interim Results Open Briefing

PME 1H FY18 Open Briefing 14 Feb 2018 – Acrobat pdf 375k

16 February 2018

Open Briefing interviewed Pro Medicus CEO, Dr Sam Hupert, discussing Pro Medicus Limited’s Interim Results announcement.