News

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.

PME Signs A$10M – 7 Year Contract with Munich based Ludwig-Maximilians-Universität (LMU Klinikum)

15 October 2020; Company Announcement – LMU Klinikum Munich – Acrobat pdf 118k

Highlights

PME signs 7-year, A$10M deal with LMU Klinikum
LMU Klinikum is one of the largest university hospitals in Germany
Visage technology to be deployed throughout LMU Klinikum’s imaging departments replacing systems from legacy vendors
Extends PME’s footprint in the European hospital segment

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced its wholly- owned German subsidiary, Visage Imaging GmbH, has signed a 7-year A$10million contract with Munich based Ludwig-Maximilians-Universität (LMU Klinikum) one of the largest university hospitals in Europe.

The contract will see the company’s Visage 7 technology implemented across all LMU Klinikum’s radiology and subspecialty imaging departments replacing existing legacy PACS systems with a single centralized instance of the Visage 7 Enterprise Imaging Platform. Visage is also used in the hospital’s state of the art operating theatre suite for HD video documentation and point-of-care Ultrasound archival and viewing.

LMU Faculty of Medicine is the largest medical training institution in southern Germany and regarded as one of the top academic hospitals in Europe.

The implementation is scheduled to commence in December 2020.

“We look forward to taking our partnership with Visage to the next level as we implement their technology across our radiology department,” said Dr Kurt Kruber, CIO of LMU Klinikum. “The Visage platform provides a highly scalable and reliable platform combined with sophisticated clinical features that will support us in both day-to-day patient care and advanced research.”

“We are very excited about this project,” said Dr Malte Westerhoff, Managing Director of Visage Imaging GmbH. “LMU Klinikum is a thought leader in making a digital strategy a core principle of their operations. We are confident that our technology and expertise can make [...]

Dr Sam Hupert | Interview

CEO Interview NYU Sept 2020 – Acrobat pdf 195k

11 September 2020

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

$25m NYU Langone contract
Multi-year Research Collaboration Agreement
PME to establish R&D hub in New York City
Update on pipeline