News

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 [...]

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.”