17 February 2017  |  pdfCompany Announcement Pro Medicus Limited Half Year 2016-17 Results – Acrobat pdf 463k

Highlights:

  • After-tax profit of $4.80 million – up 63.1%
  • Revenue of $15.20 million – up 6.4%
  • Underlying profit after tax – $4.08 million – up 44.7%
  • Cash reserves $20.28 million – up $3.17 million in the six-month 
period
  • Interim dividend of 1.5c per share unfranked

Leading health imaging company Pro Medicus Limited [ASX: PME] today announced a first-half after-tax profit of $4.80 million for the six months to 31 December 2016 – 63.1% higher than for the previous corresponding period.

Revenue for the six months was $15.20 million – a 6.4% increase on the previous corresponding period.

Profit after tax from underlying operations for the half was $4.08 million compared to $2.82 million from the previous corresponding period, an increase of 44.7%.

The company’s cash reserves were $20.28 million at the end of the period, an increase of $3.17 million for the six-month period. The company remains debt-free and announced an unfranked interim dividend of 1.5c per share.

Pro Medicus CEO, Dr Sam Hupert said, “During the period we continued to make significant inroads into the North America market. In July we signed an $18 million six-year contract with Mayo Clinic, one the world’s most recognised health systems, whilst operationally we were extremely busy installing a large number of new Visage 7 sites. Pleasingly, all of these implementations were on, or ahead of schedule.”

“Transaction based revenue from our US operation grew strongly as more facilities were brought on line whilst at the same time expenses, as a percentage of revenue, were down. We see these trends continuing in the second half.”

The company is looking to build on its presence in North America as its pipeline continues to grow with key opportunities in both enterprise imaging/large teaching hospitals and private imaging centres.

The Company’s European business performed in line with expectations and the Australian business improved as a result of increased adoption of the Visage RIS and Visage PACS products. Promedicus.net, the company’s e-health offering, continued to perform well in the period despite increasing competition.

“We have had one of the busiest periods in our company’s history,” said Dr Hupert. “In addition to winning a key US contract, we successfully implemented a large number of new sites, all in significantly less time than the industry norm. We also continued to invest heavily in R&D which we believe will position us well for further growth in both the North American and international markets.”