Pro Medicus Limited Interim Results
13 February 2020
Revenue $29.3m – up 15.7%
Net profit after tax $12.1m – up 32.7%
Underlying profit before tax $14.8m – up 45.3%
Cash reserves $38.8m – up 20.2%
Fully franked interim dividend 6c per share up 71.4%
2 key contracts announced during the period
Leading health imaging company Pro Medicus Limited [ASX: PME] today announced an
interim after-tax profit of $12.1m for the six months ending 31 December 2019, 32.7% higher
than for the previous corresponding period.
Revenue from operations was $29.3m, a 15.7% increase on the previous corresponding period.
Underlying revenue which excludes the one-off capital sale to the German Government made in
the first half of FY2019 increased by 39.1% due to solid growth in all key jurisdictions: North
America (43.1%) Europe (52.0%) and Australia (21.5%).
The company's cash reserves at 31 December 2019 were $38.8m, a rise of 20.2%. Pro
Medicus announced an interim fully-franked dividend of 6c per share. The company remains
During the six-month period Pro Medicus announced two key contract wins:
Ohio State University - November 2019 – a $9 million five-year contract with the Ohio State
University Wexler Medical Center, a large multi-disciplinary academic medical centre in
Nines Inc - December 2019 – a $6 million five-year deal with Palo Alto-based Nines that will
see Nines standardise on the Visage in the Cloud platform.
Dr Sam Hupert, Pro Medicus CEO, described the interim result as one that provides a solid
base for future growth.
“All our numbers moved in the right direction,” he said. “We surpassed last year’s revenue by
over 15% taking into account the $3.0M one-off capital sale from the previous period which
we told the market would unlikely to be repeated this half. If you exclude the one off capital
sale in HY19 the underlying revenue growth figure is 39.1%. We were able to achieve this as
a result of the significant step-up in our transaction revenue which grew by 30% compared to
Pro Medicus Limited
450 Swan Street Richmond
Victoria 3121 Australia
T +61 3 9429 8800
F +61 3 9429 9455
the previous 6 month period. The added benefit is that this revenue is recurring rather than
one off so provides us with a good base for growth in the next half and future periods.
Our cash balance grew by over 20% despite a bigger dividend, a share buy-back and
increased tax payments. And, whilst we continued our ongoing investment in the business
increasing staff numbers, our cost base as a percentage of revenue decreased resulting in
The half was also notable for the successful completion of Phase 1 of the Partners Health
rollout which included Boston’s two largest hospital systems in Mass Gen and BWH. “This,
was one of our biggest implementations to date, on par with Mayo, and we were able to
complete it in under six-weeks which is a record for the industry,” Dr Hupert said. “We have
Duke Health which goes live at the end of this month and Ohio State University and the
remainder of phase two of Partners HealthCare ahead of us, so we have plenty of capacity to
implement new clients going forward.”
Dr Hupert said Pro Medicus’ pipeline remains strong and continues to grow. In December
2019 the company showcased its technology at the Radiological Society of North America
(RSNA) annual conference in Chicago, attended by an estimated 60,000 delegates. “The
RSNA has served to strengthen our pipeline, progressing existing opportunities as well as
presenting us with a number of new ones, more so than at any other RSNA in the past,” Dr
“There is no doubt we are experiencing an increased network effect generated by our growing
customer base in North America, not just in the Tier 1 academic space but also other
segments of the market as witnessed by the recent Nines contract”.
courtesy of Bell Direct
( DYOR )
i hold PME ( 'free-carried ' )
i bought @ 16.5c so i am as happy as blazes with this company , but gee for the new ( potential ) buyer how much do you pay for growth ???