News

Pro Medicus Signs 5-Year Platform Deal with Nines for Future Radiology Services

30 December 2019; Company Announcement – Nines Dec 2019 – Acrobat pdf 283k

Highlights

Visage 7: the cloud-based platform for Nine’s development of future radiology services
Transactional based model with potential upside as volumes grow
Opens up potential for new Radiology-as-a-Service market for Visage
Adds to PME’s growing footprint in North America

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, multi-million dollar contract with Palo Alto based Nines. Nines is co-founded by CEO David Stavens PhD, a highly respected Silicon Valley inventor/entrepreneur, and CMO Alexander Kagen, MD the Site Chair of Radiology at Mount Sinai’s West and St. Luke’s Hospitals in New York City.

The offering, based on Visage 7 technology, will be hosted in Google Cloud Platform and will provide Nines with an immensely scalable and highly optimised platform.

“This is an extremely exciting opportunity for us,” said Pro Medicus CEO Dr Sam Hupert. “The team behind Nines are incredibly well known and respected in machine learning, AI, and radiology circles. Partnering with them will allow us to support their efforts to develop future products with our highly optimised Visage 7 cloud-based solution for on-demand reads.”

The five-year contract is based on committed exam volumes that step up year-on-year aligning with projected growth of the Nines offering in the market. This will result in base revenue to Pro Medicus in excess of AUD$6M over the life of the contract with the potential for significant upside. Implementation will begin in the next few weeks with go live anticipated in early Q2 of the 2020 calendar year.

“Leading healthcare institutions expect high-quality radiology reports 24/7. Visage and Nines are collaborating on a modern cloud-based service [...]

Dr Sam Hupert | CEO on Update

PME OB 16 Dec 19 – Acrobat pdf 415k

16 December 2019

Open Briefing interviewed Pro Medicus CEO, Dr Sam Hupert, where he discussed:

AGM Commentary – ahead of budget year to date plus strong cash inflow post balance date
Feedback from the recent RSNA conference in Chicago
Market’s reaction to PME’s AI accelerator platform announced at last month’s AGM
Visage’s new Breast Density Algorithm
Competitive landscape – positioning of PME technology

 

 

 

 

 

 

 

Pro Medicus to Showcase Visage AI Accelerator at RSNA 2019

28 November 2019; Company Announcement – Pro Medicus to Showcase Visage AI Accelerator at RSNA 2019 – Acrobat pdf 119k

Highlights

PME to showcase Visage AI Accelerator at the RSNA 2019 meeting in Chicago
New semantic annotation functionality to optimise curation and building of new AI models
Collaboration with the American College of Radiology (ACR) to integrate Visage semantic annotations with ACR AI-LABTM
AI ecosystem for Visage and third-party algorithms
Visage developed breast density classification algorithm to be demonstrated as WIP

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced its wholly-owned U.S. subsidiary, Visage Imaging, Inc., will be showcasing the Visage AI Accelerator solution and the new Visage developed breast density classification algorithm (works-in-progress (WIP)) at the Radiological Society of North America (RSNA) conference, December 1-5, 2019.

Visage AI Accelerator is a multi-faceted, end-to-end solution translating AI ‘from research to bedside’. The Visage AI Accelerator solution includes: the Visage 7 AI research server, as well specialised data curation and annotation tools including the new semantic annotation capability to bridge the entire spectrum from research to diagnostic use via a single, unified platform. Key to the accelerator solution is an open API that enables native integration of both Visage and third-party developed algorithms into the company’s flagship Visage 7 product.

“Radiologists have told us they don’t want separate systems when it comes to AI, so we developed an open API that allows our customers to choose the algorithms that best suit their needs all fully integrated into the Visage 7 Enterprise Imaging Platform. We see this as the foundation of our Visage AI Accelerator ecosystem and will be showing a number of third-party AI products seamlessly integrated into our platform at the RSNA,” [...]

Dr Sam Hupert | CEO on Update

PME OB 4 Nov 2019 Final – Acrobat pdf 410k

4 November 2019

Open Briefing interviewed Pro Medicus CEO, Dr Sam Hupert, where he discussed:

New 5-year contract with The Ohio State University Wexler Medical Center
Pipeline growth and recent influx of RFPs
Competitive landscape – WA Health contract
Upcoming RSNA 2019

 

 

 

 

Pro Medicus Signs A$9M 5-year Contract with The Ohio State University Wexner Medical Center

4 November 2019; Company Announcement – OSUWMC Final – Acrobat pdf 120k

Highlights

PME signs 5-year deal with The Ohio State University Wexner Medical Center (OSUWMC)
Visage 7 to be implemented across all of OSUWMC’s radiology departments
Transaction-based financial 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 The Ohio State University Wexner Medical Center (OSUWMC). OSUWMC is a large multi-disciplinary academic medical center located in Columbus, Ohio.

OSUWMC employs approximately 30,000 staff, 1,700 physicians, supporting over 1,500 inpatient beds. It is also the teaching hospital for The Ohio State University College of Medicine (OSUCOM).

The contract, based on a transaction-based licensing model, will see Pro Medicus’ Visage 7 technology implemented across all of OSUWMC’s radiology departments spanning seven (7) hospitals and outpatient clinics, as well as integrated to OSUWMC’s electronic health record.

The implementation will begin in Q2 FY20, and complete in mid-2020.

 

Video: Pro Medicus Limited Full-Year FY 2019 Results Webcast

27 August 2019

Pro Medicus Limited (ASX:PME) hosted a webcast conference call on Thursday, 22 August 2019 at 11.30am, where Dr Sam Hupert, Pro Medicus CEO,  discussed PME’s Full-Year FY 2019 Results.

This is the archived webcast of the discussion.

 

 

 

 

PME Investor Presentation FY2019 Results

PME Investor Presentation FY2019 Final  – Acrobat pdf 3,000k

22 August 2019

Pro Medicus Limited Investor Presentation FY2019 Results

 

 

 

 

 

Dr Sam Hupert | CEO on Update

PME CEO on Full Year Results Aug 2019  – Acrobat pdf 414k

22 August 2019

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

 

 

 

 

Pro Medicus Limited Full-Year Results

22 August 2019; Company Announcement – Full Year Results 2018-19 Final – Acrobat pdf 145k

Highlights

Revenue $50.1m – up 47.9%
After-tax profit $19.1m – up 91.9%
Underlying after-tax-profit $22.7m – up 83.1%
EBIT margins increased to 51.6%
Three significant new contracts
Cash reserves up 28.0% to $32.3m
Fully franked final dividend 4.5c per share – total FY19 dividend up 75%
Company joins S&P/ASX 200 index

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced a full-year after-tax profit of $19.1m for the year ending 30 June 2019, 91.9% higher than for the previous corresponding period.

During the period, revenues rose in all key jurisdictions: by 42.2% in North America, by 102.3% in Europe and by 30.2% in Australia, resulting in revenue for the year increasing by 47.9% to $50.1m.

The figures are based on new AASB 15 accounting standards where professional services revenue and capital license sales are now spread evenly over the period of contracts. Underlying profit after tax (minus currency gains and the new accounting standards) was $22.7m, up 83.1%.

The company’s cash reserves at 30 June 2019 were $32.3m with the company announcing a final dividend of 4.5c per share fully franked. Total dividend for the year increased by 75% to 10.5c per share. The Company remains debt-free.

During the year, Pro Medicus announced three key contract wins:

November 2018 – Signed a $27.0m, seven-year contract with Partners HealthCare for the prestigious Massachusetts General Hospital (MGH) and Brigham and Women’s Hospitals, (BWH) which are ranked the second and thirteenth best hospitals in the USA (U.S. News & World Report).
December 2018 – Announced a $3.0m plus extension to the contract it has with a large German Government [...]

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.”