News

PME Signs Two Contract Renewals with a Combined Minimum Value of A$47M

14 June 2022; Company Announcement – Sutter Health and WellSpan Health Contract Renewals – Acrobat pdf 113k

Highlights

Signs two contract renewals with a combined minimum value of A$47M
Sutter Health renews for seven years – WellSpan Health for five
Contract renewals transaction-based with potential upside
Renewals negotiated at an increased fee per transaction

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced its wholly owned U.S. subsidiary, Visage Imaging, Inc., has signed two key contract renewals with a combined value of A$47M.

Sutter Health, a large IDN based in Sacramento, California has signed for a further seven years, and WellSpan Health based in Pennsylvania for a further five. Both deals are transaction-based with committed minimums and have been negotiated at a higher per transaction cost than their original contracts.

“The industry norm for renewals is for short extensions to the original contract at the same or lower price,” said Dr Sam Hupert, Pro Medicus CEO. “The fact that our clients have renewed for a full or longer term contract term at an increased price supports our belief that the Visage solution delivers unparalleled value both in terms of financial and clinical ROI.”

“Whilst it is still early days, our renewal success rate sends a positive message to the market and helps build on the network effect that we have been experiencing.”

Pro Medicus Limited Signs 7-year, A$28M Contract with Allina Health

2 June 2022; Company Announcement – Allina Health – Acrobat pdf 113k

Highlights

PME signs 7-year, A$28M deal with Allina Health
Visage to replace legacy PACS throughout the Allina Health network
Contract includes Visage 7 Workflow and Visage 7 Viewer
Visage 7 platform to be installed in the cloud
Continues PME’s rapid expansion into North American integrated delivery networks
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 A$28M, 7-year contract with Allina Health.

Allina Health, a not-for-profit health care system based in Minneapolis, Minnesota, has 28,000 employees and 6,000 associated and employed physicians and operates 11 hospitals and more than 90 clinics throughout Minnesota and Wisconsin.

Based on a transactional licensing model, the contract will see the company’s Visage 7 Enterprise Imaging Platform (“Visage 7”) and Visage 7 Workflow module implemented throughout Allina Health, providing a unified diagnostic imaging platform across the network.

Planning for the rollout will commence immediately and will be based on Visage’s proven cloud native implementation process with initial go-lives targeted for the second half of the calendar year.

“This is our fifth major contract in the North American integrated delivery network (IDN) space in 18 months, underpinning the strong momentum we continue to build in this important segment of the market,” said Dr Sam Hupert, Pro Medicus CEO. “IDN’s are growing because of the trend towards value-based medicine coupled with industry consolidation. Our Visage 7 platform is ideally suited to meet their needs with its unparalleled speed, scalability, and proven cloud capability.”

Allina Health joins an increasing number of Visage clients to opt for a fully cloud-based solution, a trend that has taken [...]

PME Signs 8-year, $32M Contract with Inova Health System

8 April 2022; Company Announcement – Inova Health System – Acrobat pdf 90k

Highlights

PME signs 8-year, AUD $32M deal with Inova Health System
Visage to replace two legacy PACS systems
Contract to include Fairfax Radiology – a joint venture between Fairfax Radiological Consultants. and Inova Health System
Visage 7 platform to be implemented in the public cloud
Extends PME’s rapidly growing footprint in the North American Integrated Delivery Network (IDN) market
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 $32M, 8-year contract with Inova Health System, the leading nonprofit healthcare provider in Northern Virginia.

Inova’s 20,000+ team members provide more than two million patient visits each year through an integrated network of hospitals, primary and specialty care practices, emergency and urgent care centers, outpatient services and destination institutes.

Based on a transactional licensing model, the contract will see the company’s Visage 7 Enterprise Imaging Platform (“Visage 7”) implemented throughout Inova and Fairfax Radiology, providing a unified diagnostic imaging platform across both networks.

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

“This is our fourth major contract in the IDN space in less than 18 months which further underpins the strong momentum we continue to build not only in this segment of market but also the North American market as a whole,” said Dr Sam Hupert, Pro Medicus CEO.

Inova also joins an increasing number of Visage clients to opt for a fully cloud-deployed solution, a trend that has taken a foothold in the global healthcare [...]

Dr Sam Hupert | Interview

CEO Interview 2021-22 Interim Results – Final – Acrobat pdf 155k

16 February 2022

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

First half results and recent contract wins
Shift to Cloud
Increased industry M&A
Recent wins and pipeline

 

Pro Medicus Limited Half Year Results

16 Feb 2022; Company Announcement – HY22 Results Final – Acrobat pdf 125k

Highlights

Revenue from ordinary activities $44.33m – up 40.3%
Underlying profit before tax $28.8m – up 53.5%
Net profit $20.68m – up 52.7%
Cash reserves $76.17m – up $14.91m
Company remains debt-free
Fully franked interim dividend 10c per share – up 42.9%

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced a half- year net profit of $20.68 million for the six months to the end of December 2021, 52.7% higher than for the previous corresponding period.

Revenue from ordinary activities increased by 40.3% to $44.33 million.

The company’s cash reserves at 31 December 2021 were $76.17 million, up $14.91 million. Pro Medicus announced a final fully franked interim dividend of 10c per share. The company remains debt-free.

During the six months Pro Medicus announced the following key contract wins:

Novant Health (A$40 million, 7-year contract), a community-based integrated delivery network that spans three US states.
Contract renewal with Allegheny Health (A$12 million, 5-year), a health network in Pittsburgh, Pennsylvania.
Further extension of German government hospital to a fourth site.

The company continued to make significant progress with all key implementations being on or
ahead of schedule, including Intermountain and UCSF.

Pro Medicus CEO Dr Sam Hupert said the result represented the strongest half-year revenue and profit results in Pro Medicus’ history, powered by contract wins and renewals in the US and an extension of a European contract to cover new regions.

“We thought it was a good result with all our key financial indicators heading in the right direction, not just revenue growth but also profit growth, margin expansion and retained earnings,” he said. “There were two key drivers behind [...]

Dr Sam Hupert | Interview

CEO Interview – Novant Health Final – Acrobat pdf 135k

4 October 2021

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

$40M – 7-year Novant Deal
Increasing momentum and penetration of North American IDN market
Cloud and Pipeline

PME Signs 7-year $40M Contract with Novant Health

1 Oct 2021; Company Announcement – Novant Health – Acrobat pdf 114k

Highlights

PME signs 7-year, A$40M deal with Novant Health
Visage to replace multiple legacy PACS
Contract includes Visage 7 Workflow, in addition to Visage 7 Viewer
Visage 7 platform to be fully implemented in the public cloud
Extends PME’s rapidly growing footprint in the North American IDN market
Transaction based licence 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 $40M, 7-year contract with Novant Health, Inc. (“Novant Health”).

Based on a transactional licensing model, the contract will see the company’s Visage 7 Enterprise Imaging Platform (“Visage 7”) and Visage 7 Workflow module implemented throughout Novant Health, providing a unified diagnostic imaging platform across the network.

Novant Health, headquartered in North Carolina, is a community-based integrated delivery network (IDN) that spans three U.S. states, including 15 medical centers and hundreds of outpatient facilities and physician clinics. Novant Health serves more than 6 million patients annually.

Planning for the rollout is to commence immediately, with initial go-lives targeted for the second half of the financial year. The implementation will be fully deployed in the Microsoft Azure cloud.

“Novant Health is our seventh major North American contract in less than 18 months and our equal largest deal to date, underpinning the strong momentum we continue to build in the market,” said Pro Medicus CEO Dr Sam Hupert.

“Like several of our other recent deals, it includes more than one of our products, in this case, Visage 7 Workflow as well as Visage 7 Viewer, validating our strategy of providing clients maximum flexibility by offering a highly modular, multi-product solution.”

Novant Health also [...]

Pro Medicus Appoints Alice Williams as Director

23 August 2021; Company Announcement Pro Medicus Appoints Alice Williams as Director – Acrobat pdf 90k

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced the appointment of Ms. Alice Williams as a Non-Executive Director, effective 1 September 2021.

Ms. Williams will assume the role of Chair of the Audit and Risk Committee.

The Board, with the assistance of an Executive Search firm, conducted an extensive search to identify suitable candidates to assume that role. Today’s announcement is the culmination of the process.

Ms. Williams has had wide and varied executive roles in the financial services sector including Vice President at JP Morgan as an institutional investor with responsibility for significant equity investments in transport, industrial companies & infrastructure. Former senior executive roles include Director Strategy & Fleet Planning in the aviation sector. Over her career she has a breadth of experience in risk management, including technology and cybersecurity risks as well as governance of significant technology projects involving outsourcing, cloud hosting and offsite support.

Alice has had Board roles on ASX listed companies, including Djerriwarrh Investments Limited (current), Equity Trustees Limited and Cooper Energy Limited. She is currently a Director of Defence Health Limited, Mercer Investments (Australia) Limited and has recently joined the Board of Vocus Communications Limited. In several of these organisations Alice has been a member of, or Chair, of the Audit and Risk Committee.

In addition, Alice has served on a number of Government Boards, including the Foreign Investment Review Board, Port of Melbourne Corporation, Victorian Funds Management Corporation and Airservices Australia. She has several positions in not-for-profit organisations which are primarily focused on health.

Ms. Williams has a Commerce degree from the University of Melbourne, is a Fellow of Australian Society of Certified Practicing Accountants [...]

Dr Sam Hupert | Interview

CEO Interview – FY Results 2021 – Acrobat pdf 149k

18 August 2021

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

Full-year results – record profit
Step up in transaction volumes
Implementation update – momentum shift to Cloud
Record number of new contract wins
Strong pipeline

 

 

Pro Medicus Limited Full-Year Results

18 August 2021; Company Announcement – Full Year Results 2020-21 – Acrobat pdf 125k

Highlights:

Revenue $67.9m – up 19.5%
Underlying profit before tax $42.6m – up 41.0%
Net profit $30.9m – up 33.7%
Cash and other financial assets $61.8m – up 42.4%
Company remains debt-free
Fully-franked final dividend 8c per share (total for the year 15c per share)
Record number of new contracts announced during the period
First FDA approved AI algorithm

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced a net profit of $30.9 million for the 12 months to the end of June 2021, an increase of 33.7% on the previous corresponding period. Revenue for the period was $67.9 million, up 19.5%. Underlying profit before tax was $42.6 million, up 41.0%.

The currencies of the countries in which Pro Medicus operates were volatile during the year. On a constant currency basis, revenue would have been $73.98 million, up 30.2%, and underlying profit before tax would have been $46.93 million, up 56.3%.

The company recorded significant revenue growth in all three of its key jurisdictions: North America (up 18.0%), Australia (up 23.4%) and Europe (up 25.7%).

The company’s cash and other financial assets at 30 June 2021 were $61.8 million, 42.4% higher than at the end of the previous year. The company remains debt-free.

Pro Medicus announced a final fully-franked dividend of 8c per share, taking total dividends for the year to 15c per share.

Pro Medicus won the following contracts during the year:

NYU Langone Health (A$25.0m, 7-year deal), a large tier 1 academic hospital system in New York, USA
Zwanger-Pesiri – Renewal ($8.5m – 5-year deal)
LMU Klinikum (A$10.0m, 7-year deal), one of the largest [...]