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Pro Medicus Stock PME.AX

Pro Medicus Limited · IR documents · Reporting currency AUD · Half-year reporting · Figures as of H2 FY2026 (Jan to Jun 2026) · updated 2026-10-28 · ISIN AU000000PME8

Pro Medicus is an Australian medical imaging technology company that develops and licences the Visage 7 enterprise imaging platform to hospitals, radiology groups and health systems. Pro Medicus stock (PME.AX): Half-year and annual results since 2023 from Half-Year Report and IR documents: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 08/2026, half-year reporting. Stock analysis by NadirAlpha. Pro Medicus stock (PME.AX): listed on ASX. NadirAlpha has evaluated 13 original documents, cross-checked every figure automatically and linked each to its source; sources as of 08/2026. Revenue H2 FY2026 (Jan to Jun 2026): AUD 133 million (+18% year on year). Latest reading: Net profitable.

Net profitable

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Pro Medicus Current Status

Summary of the most recent reporting period of Pro Medicus (H2 FY2026): core figures, drivers and management statements, every figure with a source number. NadirAlpha methodology

Assessment by NadirAlpha, as of H2 FY2026 (Jan to Jun 2026).

Pro Medicus reported revenue of 261.7 million for the year ended 30 June 2026, an increase of 22.9% on the prior year 13. Underlying profit before tax reached A$205.2 million, up 24.2% 13, while reported profit before tax was 377.5 million, materially higher due to fair value gains on financial assets 13. Net profit for the period was 265.3 million, up 130.3% 13. Pro Medicus won 10 new long-term contracts totalling A$407 million during the year, with 9 in North America and 1 in Europe 12.
Management commentary on the 2026-Q4 results (IR-Report, 2026-08-18):

“These new applications will provide additional revenue streams into FY27 and beyond.”

Peter T Kempen AM and Dr Sam Hupert, Chairman and Chief Executive Officer 12

“The company remains debt-free and has sufficient reserves to fund organic growth and invest strongly in its future.”

Peter T Kempen AM and Dr Sam Hupert, Chairman and Chief Executive Officer 12
Revenue · 2026-H2133A$ million+18.4 % vs. 2025-H2
Net profit · 2026-H294A$ million+48.2 % vs. 2025-H2
EPS · 2026-H289.95A$+48.3 % vs. 2025-H2
Revenue trend
Guidance
For FY2026, Pro Medicus guides Revenue n/a (initiated); Revenue and growth 26 (raised). 10
Profitability
Reported profit before tax of 377.5 million included a A$174.2 million fair value movement on other financial assets; excluding 4DX and EchoIQ unrealised fair value gains, profit after tax was A$143.3 million, up 24.4% 12. Net profit after tax was 265.3 million, primarily driven by a A$172.0 million fair value gain on the 4D Medical debt instrument 12. Operating cash flow increased to 127.5 million from 111.3 million in the prior year 12.
Leverage
Pro Medicus remained debt-free at 30 June 2026, with no financial debt on the balance sheet 12. Cash and bank term deposits and other current financial assets totalled A$252.3 million, up 19.8% on the prior year, with a net cash position of 69.6 million 12. Pro Medicus stated that cash reserves are sufficient to fund organic growth and strategic investments 12.
Recurring
Pro Medicus generates revenue through long-term contracts, with minimum contracted revenue over the next five years increasing 41% to A$1.3 billion at 30 June 2026 12. Six existing client contracts were renewed during the year with a combined value of A$141 million, and the company maintained a 100% client retention record 12. Sixteen implementations were completed during the period, including four cohort go-lives at Trinity Health and the go-live of UCHealth 12.
Management view
Five new Visage 7 platform products were released during FY2026, including Visage 7 Digital Pathology, Visage Chat, Visage 7 Web and Visage 7 Reporting, alongside the Visage 7.1.20 major platform upgrade featuring AI-assisted development 12. Authority to Operate for the Veteran Affairs Enterprise Cloud was received, and 11 of the top 20 US hospitals per U.S. News Best Hospitals rankings are standardised on Visage 7 12. Previously won transaction-based contracts are scheduled to come on stream in 2027 12.
Change
The carrying value of the 4D Medical investment declined from A$182.0 million to A$149.1 million during the period 12. A total FY2026 dividend of 69.0 cents per share was declared, up 25.5% on the prior year, comprising an interim dividend of 32.0 cents and a final dividend of 37.0 cents per share 12. Danny English was promoted to Chief Financial Officer effective 16 March 2026, and voluntary employee turnover decreased from 5.6% to 2.1% 12.
Risks (current)
AI regulatory approval pathways remain uncertain across jurisdictions, and clinical performance validation of AI algorithms requires rigorous ongoing testing and post-market surveillance 12. Unrealised fair value gains on financial instruments including the 4D Medical debt instrument are susceptible to changes in the underlying share price, and the EchoIQ convertible note is subject to FDA clearance conditions and valuation caps 12. Privacy regulation compliance under HIPAA and GDPR carries ongoing risk, though no breaches were recorded in FY2026 12.
New this reporting period
Notable individual contract wins in FY2026 included Beth Israel Lahey Health (A$90.0 million, 7 years, May 2026), UCHealth Colorado (A$170.0 million, 10 years) and BayCare Visage 7 Archive (A$25.0 million, 7 years), among others 12. Pro Medicus entered a binding Heads of Agreement with EchoIQ Ltd for investment of up to A$20.0 million in convertible notes and options for AI cardiology solutions, and formalised a A$10.0 million debt facility with 4D Medical Limited to support lung function imaging software development 12. An investment of approximately A$7.3 million (USD 5.0 million) in Elucid Bioimaging, Inc in early-stage cardiovascular imaging technology was also completed 12.

Pro Medicus Stock: Key Figures (A$ million)

NadirAlpha shows fiscal years, half-years and quarters of Pro Medicus one below the other, most recently H2 FY2026; every figure is clickable and leads to raw value, location and source. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.

Revenue (A$ million) · annual basis, as reported
Net income (A$ million) · annual basis, as reported
EPS (A$) · annual basis, as reported
Operating cash flow (A$ million) · annual basis, as reported
Revenue (A$ million) · half-year basis, as reported
Net income (A$ million) · half-year basis, as reported
EPS (A$) · half-year basis, as reported
Operating cash flow (A$ million) · half-year basis, as reported
Cash (A$ million) · annual basis, as reported
Debt (A$ million) · annual basis, as reported
Net Debt (A$ million) · annual basis, as reported
Cash (A$ million) · half-year basis, as reported
Debt (A$ million) · half-year basis, as reported
Net Debt (A$ million) · half-year basis, as reported
Capex (A$ million) · half-year basis, as reported
FCF (A$ million) · half-year basis, as reported
Shown: the most recent fiscal years. Full history since FY2022 is on record.

Fiscal years

Amounts in A$ million · EPS in A$ per share · as reported
Pro Medicus stock: key figures on annual basis, FY2024 to FY2026, in A$ million. Compiled by NadirAlpha from IR documents.
PeriodCalendar quarterRevenueOp. incomeNet incomeEPS (A$)OCFSource
FY2026Q3/2025–Q2/2026261.7377.5265.3253.6127.512
FY2025Q3/2024–Q2/2025213163.3115.2110.1111.39
FY2024Q3/2023–Q2/2024161.5–82.80.79824

Half-years

Amounts in A$ million · EPS in A$ per share · as reported
Pro Medicus stock: key figures on half-year basis, 2024-H1 to 2026-H2, in A$ million. Compiled by NadirAlpha from IR documents.
PeriodCalendar quarterPublishedRevenueOp. incomeNet incomeEPS (A$)FCFCashNet DebtSource
2026-H2*Q1–Q2/20262026-08-18132.8–94.189.95*≈–69.6-69.612
2026-H1*Q3–Q4/20252026-02-12128.9~–171.2163.88≈–118.3–112
2025-H2*Q1–Q2/20252025-08-14112.293.463.560.65*≈59.4107.5~-99.7~9
2025-H1*Q3–Q4/20242025-02-13100.8~69.951.749.53≈4582.9–11
2024-H2*Q1–Q2/20242024-08-1487.4–46.5–5060.1~-58.6~4
2024-H1*Q3–Q4/20232024-02-1574.148.236.234.7125.699.8–3
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Op. income = EBT: the company reports no operating income; the column shows profit before tax (EBT), the adjusted column the adjusted EBT.

Pro Medicus Balance Sheet & Cash Flow (A$ million)

Balance sheet and cash flow of Pro Medicus up to H2 FY2026 in A$ million: net debt = financial debt minus cash, free cash flow = operating cash flow minus capex, every input sourced. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

Fiscal years

Amounts in A$ million · as reported
Pro Medicus stock: balance sheet and cash flow on annual basis, FY2024 to FY2026, in A$ million. Compiled by NadirAlpha from IR documents.
PeriodCalendar quarterPublishedCashDebtNet DebtOCFCapexFCFSource
FY2026Q3/2025–Q2/2026–69.60-69.6127.5––12
FY2025Q3/2024–Q2/20252025-08-14107.5~7.8-99.7~111.36.9104.49
FY2024Q3/2023–Q2/20242024-08-1460.1~1.5~-58.6~826.475.64

Half-years

Amounts in A$ million · as reported
Pro Medicus stock: balance sheet and cash flow on half-year basis, 2024-H1 to 2026-H2, in A$ million. Compiled by NadirAlpha from IR documents.
PeriodCalendar quarterPublishedCashDebtNet DebtOCFCapexFCFSource
2026-H2Q1–Q2/2026–69.60-69.662.3––12
2026-H1Q3–Q4/20252026-02-12118.3––65.2––112
2025-H2Q1–Q2/20252025-08-14107.5~7.8-99.7~62.63.259.49
2025-H1Q3–Q4/20242025-02-1382.9––48.73.74511
2024-H2Q1–Q2/20242024-08-1460.1~1.5~-58.6~533504
2024-H1Q3–Q4/20232024-02-1599.8––293.425.63
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.

Pro Medicus Guidance Tracking (latest per metric/period · 4/4)

What Pro Medicus guided for H2 FY2026 and beyond and whether the targets were met; ranges count as met when the actual lies within. NadirAlpha methodology

Actuals: revenue in A$m

Direction: initiatedraised

Pro Medicus: guidance and actuals per metric and period, 4 entries. Compiled by NadirAlpha from IR documents.
For periodGuided onMetricGuidedActualDirectionSource
FY20262026-08-18 °Dividends37–12
FY20262025-10-23Revenuen/a261.710
FY20262025-08-14Revenue and growth26–9
FY20252024-08-14RevenueIncreased revenue from previously won transaction-based contracts2134

Pro Medicus Stock: Price & Chart

Price history of Pro Medicus stock (PME.AX) as a TradingView chart, loaded only after a click, alongside the trend of the key figures from the tables. NadirAlpha methodology

Daily candles with news and earnings markers. Loads only on click.

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Pro Medicus Event Timeline

NadirAlpha sorts 25 events of Pro Medicus by quarter, most recent first, each with source number and event type, management quotes as direct quotes at the start of the quarter. NadirAlpha methodology

Overview: one dot per event · click jumps to the period
earningsrevenuemarginstrategy2024-Q22024-H12025-Q12025-H12026-Q12026-Q42026-H1
2026 · 13 events

“Underlying profit before tax was $90.7m compared with $69.9m for the previous corresponding period, an increase of 29.7%.”

Directors, Board 11
earnings 2026-02-12
Reported profit after tax rose 230.9% to AUD 171.2m, with AUD 149.1m unrealised fair value gain on 4D Medical debt instrument recognised in the period 11
Revenue accelerating ◦ 2026-02-12
H1 FY2026 revenue grew 28.4% to AUD 124.8m; North America up 30.6% on six new contracts worth AUD 278.0m and six new implementations 11
Net income doubled 2026-02-12
Net income more than doubled YoY (51.7 to AUD 171.2 million, +231%). 112
Segment divergence 2026-02-12
North America revenue grew +30.6% to AUD 112.8 million in 2026-H1 (90% of group revenue) while group revenue changed -35.4%. 11

Adjusted result turned positive ◦ 2026-08-18
Underlying PBT grew 24.2% to A$205.2m; reported PBT rose 131.2% to 377.5 million, driven by A$174.2m fair value movement on financial assets 12
Revenue accelerating ◦ 2026-08-18
Full-year revenue rose 22.9% to 261.7 million; constant currency growth 28.4% to A$273.5m 12
Partnership 2026-08-18
Won 10 new long-term contracts worth A$407m including University of Heidelberg; entered Heads of Agreement with EchoIQ to become reseller of EchoSolv AI cardiology algorithms 12
Operating income doubled 2026-08-18
Operating income more than doubled YoY (163.3 to AUD 377.5 million, +131%). 12
Net income doubled 2026-08-18
Net income more than doubled YoY (115.2 to AUD 265.3 million, +130%). 12
Segment divergence 2026-08-18
Picture Archiving Communications System (Visage 7/Open Archive), North America revenue grew +24.0% to AUD 236.8 million in FY2026 (91% of group revenue) while group revenue changed -38.6%. 12

“This has laid the foundation for continued growth in FY26 and beyond.”

Peter T Kempen AM and Dr Sam Hupert, Chairman and Chief Executive Officer 9
Revenue accelerating ◦ 2025-08-14
Full-year revenue reached 213 million, up 31.9%, with North American revenue up 35.8% year on year 9
Partnership 2025-08-14
Won seven new long-term contracts in North America with combined minimum contract value of A$520 million; all contracts for cloud-based Visage 7 CloudPACS 9
New market 2025-08-14
Implemented Visage 7 Cardiology module with first customer, expanding the product suite into cardiology 9
2025 · 6 events

“Margins improved more than we expected, largely because of a step up in transaction revenue.”

Dr Sam Hupert, Chief Executive Officer 6

“Normally our first-half margins are slightly less than the second half due to the cost of RSNA, which is biggest single spend that increases year on year but even taking this into account we have grown our margins above what they were in the second half of FY25.”

Dr Sam Hupert, Chief Executive Officer 8
Revenue accelerating ◦ 2025-02-13
Revenue increased 31.1% to $97.2 million, driven by North America growth of 34.6% to $86.4 million 6
Margin expanding 2025-02-13
EBIT margins improved to 72% from 66% in the prior corresponding period 6
Partnership 2025-02-13
Won key contracts with Trinity Health, Lurie Children's Hospital and Duly Health and Care for combined minimum A$365 million over 7-10 years 6

“We are delighted to report that the 2024 financial year has been our most successful year to date with the company continuing to deliver strong, profitable growth.”

Peter T Kempen AM / Dr Sam Hupert, Chairman / Chief Executive Officer 4
Net income turned positive ◦ 2024-08-14
Full-year revenue up 29.3% to AUD 161.5 millionm; profit after tax up 36.5% to AUD 82.8 millionm 4
Partnership 2024-08-14
Nine North America contracts won with combined minimum value of $245m, largest being $140m 10-year deal with Baylor Scott and White; 11 of top 20 US hospitals now customers 4
New market 2024-08-14
Introduced Visage 7 Cardiology Imaging and released Visage Ease VP for Apple Vision Pro, extending the platform into new imaging modalities and spatial computing 4
2024 · 6 events

earnings 2024-02-15
Half-year after-tax profit up 33.3% to $36.25m; revenue up 30.3% to $74.11m 3
Partnership 2024-02-15
North American revenue grew 36.8%; contracts signed with Memorial Sloan Kettering, Baylor Scott & White, South Shore Health and Oregon Health & Science University (combined A$200.0m, 7-to-10-year deals) 3
Acquisition 2024-02-15
Agreed to acquire 3.2% interest in Elucid Bioimaging Inc for USD $5.0m to integrate cardiac CT solutions, settled 3 January 2024 3

Net income turned positive ◦ 2023-10-16
Net profit after tax rose 37% to AUD 60.6 millionm; profit before income tax increased 36% 2
Revenue accelerating ◦ 2023-10-16
Full-year revenue grew 34% to AUD 124.9 millionm 2
New market 2023-10-16
Continued commercialisation and rollout of Visage RIS expected in FY24; improved North American prospects for Visage 7 anticipated 2

Pro Medicus Business Model

How Pro Medicus (PME.AX) makes its money, summarised from the filings up to H2 FY2026, neutral and without forecast. NadirAlpha methodology

Pro Medicus is an Australian medical imaging technology company that develops and licences the Visage 7 enterprise imaging platform to hospitals, radiology groups and health systems. Pro Medicus generates revenue primarily through long-term, transaction-based contracts under which client institutions pay a fee per imaging study processed, creating a volume-driven revenue stream anchored by multi-year agreements. North American PACS (picture archiving and communication system) deployments are the primary revenue driver, with additional activity in Europe and Australia. Beyond core radiology, Pro Medicus is extending Visage 7 into adjacent clinical areas including digital pathology, cardiology imaging, AI-assisted reporting and enterprise communication tools. Pro Medicus has also made strategic minority investments in early-stage healthcare technology businesses, including 4D Medical, EchoIQ and Elucid Bioimaging, to broaden its clinical platform over the medium term.

Pro Medicus Stock: Share-Price Drivers

The drivers of Pro Medicus stock from the company's perspective: demand, prices, costs and capacity as the investor relations reports describe them. NadirAlpha methodology

North America expansion led by long-term Visage contract wins
North America is by far the largest region for Pro Medicus at 112.8 in 2026-H1, up 30.6% (11), and recent long-term agreements such as Beth Israel Lahey Health (A$90.0m, 7 year) and University of Maryland (A$23m, 5 year) extend the contracted backlog (12).
North America revenue
Pro Medicus reported North America revenue of 112.8 in 2026-H1, up 30.6% (11), the dominant segment by a wide margin.
New long-term contract wins
Pro Medicus recorded 10 new long-term contracts plus 6 renewals and expansions as at 30 June 2026 (12), including Beth Israel Lahey Health (A$90.0m, 7 year), University of Maryland (A$23m, 5 year) and TidalHealth (A$16.0m, 7 year) (12).
Visage platform suite traction
Pro Medicus launched the expanded Visage 7 (PACS) suite, Visage 7 Web, Visage Chat and the Visage 7.1.20 platform upgrade (12), with Visage RIS commercialisation and roll out and a Visage 7 extension to Enterprise Imaging underway (12).
Trinity Health implementation ramp
Pro Medicus brought Trinity Cohort 1 live in October 2025 and Cohort 2 in January 2026, with seven additional implementations scheduled for 2026-H2 (8).
Europe revenue
Pro Medicus reported Europe revenue of 2.8 in 2026-H1, up 40.5% (11), a higher rate but off a small base.
Strategic investments and partnerships
Pro Medicus entered an EchoIQ investment and strategic partnership and a convertible note (12) and holds a 4D Medical debt instrument with equity features (11); revenue contribution is not yet established.

Sector trend: Pro Medicus describes demand for its cloud imaging and PACS platform as broadening across North American health systems, with growth accelerating, profitability improving and guidance raised (12). Utilisation of the Visage suite is expanding through new long-term enterprise contracts rather than contracting (12).

Pro Medicus Revenue by Type (as of 2026-H2 · AUD million · 8/8)

Where the revenue of Pro Medicus comes from: segments and product types with share, growth and margin, as of H2 FY2026, older structures remain in the expandable part. NadirAlpha methodology

Pro Medicus: revenue by segment, as of 2026-H2, in AUD million. Compiled by NadirAlpha from IR documents.
SegmentSinceRevenueGrowthSource
Period FY2026 (12M)
Picture Archiving Communications System (Visage 7/Open Archive) - North AmericaFY2025236.8–12
Picture Archiving Communications System (Visage 7/Open Archive) - EuropeFY20255.9–12
Picture Archiving Communications System (Visage 7/Open Archive) - AustraliaFY20251.9–12
Radiology Information System (RIS) - Australia2025-H117–12
Period 2026-H1 (6M)
North AmericaFY2022112.830.6%11
AustraliaFY20229.24.2%11
EuropeFY20222.840.5%11
Period 2025-H1 (6M)
Picture Archiving Communications Systems (Visage 7/PACS)2025-H189.3–7

Pro Medicus Products & announcements (22/30 active+recent)

30 product announcements of Pro Medicus since 2023, grouped by year; active means still mentioned in the most recent reports, nothing is deleted. NadirAlpha methodology

Status: PlannedLaunched

Pro Medicus: product announcements from the filings, 30 entries. Compiled by NadirAlpha from IR documents.
Product/LineSinceStatusSource
2026
Visage RIS commercialisation and roll out2026-1212
Visage 7 extension to Enterprise Imaging2026-1212
Visage 7 (PACS) expanded suite2026-1212
Seven additional implementations scheduled2026-128
Trinity Cohort 1 implementation (2x)2026-018
Visage 7.1.20 major platform upgrade202612
Visage 7 Web202612
Visage 7 Reporting202612
Visage 7 Digital Pathology202612
Visage 7 Cardiology release202612
Vancouver Clinic cardiology offering20268
University of Colorado cardiology offering20268
2025
Visage RIS rollout (4x)202510
Visage Chat202512
Visage 7 Worklist addition at VISN23202511
Visage 7 AI opportunistic screening algorithms202510
University of Iowa implementation (2x)202511
UCHealth Colorado contract202511
Trinity Health Phase 1 implementation202511
Lucid Health implementation202511
Advanced Radiology Management contract202511
2024
Visage 7 Cardiology Imaging module (3x)202410
2025
Visage AI Accelerator enhancements20259
Visage 7 CloudPACS platform (2x)20255
2024
Moffitt Cancer Centre (Breast Imaging) implementation2024-067
Baylor Scott and White final phases completion2024-067
Visage RIS new capabilities release20245
Visage Ease VP for Apple Vision Pro launch20244
Visage 7 RadPath Hub (2x)20245
2023
Visage 7 expansion in North American market20232

Pro Medicus Transactions & Events (34)

34 transactions and events of Pro Medicus from the original reports, financing measures and management changes are not listed here, cancelled items in grey. NadirAlpha methodology

Acquisitions · 32Partnerships/contracts · 2
202420252026

Acquisitions by Pro Medicus

Pro Medicus: Acquisitions, 32 entries. Compiled by NadirAlpha from IR documents.
Transaction / stakeDateTypeSource
2026
TidalHealth contract (A$16.0m - 7 year)2026-06Completed12
6 contract renewals and expansions2026-06Completed12
10 new long-term contracts2026-06Completed12
Beth Israel Lahey Health contract (A$90.0m - 7 year)2026-05Completed12
University of Maryland contract (A$23m - 5 year)2026-04Completed12
4D Medical Limited Debt Facility2026Completed12
2025
Radiology Associates of North Texas contract (A$44.0m - 5 year)2025-11Completed12
Children's of Alabama contract (A$6.5m - 5 year)2025-11Completed12
UC Health Colorado contract (A$170.0m - 10 year)2025-07Completed12
Investment in 4D Medical Limited debt instrument with equity features2025-07Completed11
NYU Langone archive module addition2025-06Completed6
Duke Health archive module addition2025-06Completed6
Baylor Scott and White contract (3x)2025-06Completed4
Australian radiology practice contract renewal2025-06Completed6
Vancouver Clinic contract (2x)2025Completed12
University Hospital Heidelberg contract (2x)2025Completed11
Roswell Park Comprehensive Cancer Centre contract (2x)2025Completed12
Investment in 4D Medical2025Completed8
FMOL Health contract renewal (2x)2025Completed6
BayCare Archive contract (2x)2025Completed12
2024
Trinity Health contract (2x)2024-06Completed10
Oregon Health & Science University contract (2x)2024-06Completed4
Lurie Children's Hospital contract (5x)2024-06Completed4
Duly Health and Care contract2024-06Completed7
US Radiology Specialists contract2024-05Completed4
Moffitt Cancer Centre contract2024-05Completed4
Consulting Radiology Limited contract2024-01Completed4
Visage Imaging Inc acquisition2024Completed5
Nine North America contracts2024Completed5
Elucid Bioimaging investment (3×)2024Completed5
2023
South Shore Health contract2023-10Completed4
Memorial Sloan Kettering Cancer Centre contract2023-07Completed4

Partnerships and contracts of Pro Medicus

Pro Medicus: Partnerships & contracts, 2 entries. Compiled by NadirAlpha from IR documents.
Transaction / stakeDateTypeSource
2026
EchoIQ investment and strategic partnership2026-06Agreement12
2025
UCSF Research Collaboration Agreement2025-04Agreement9

Pro Medicus Risks (26 since the annual report of 2025-10-23, 47 tracked in total)

Which risks Pro Medicus has named since the annual report, company-specific first, generic standard risks in the expandable part; first mention refers to the document base from 2023. NadirAlpha methodology

Category: CyberFinancialLegalRegulatoryTechnologyequityMacroSupply chainPeopleCustomersMarket

Pro Medicus: risk factors as reported, 26 since the last annual report, 47 tracked. Compiled by NadirAlpha from IR documents.
RiskCategoryLast reported
Pro Medicus: first mention in IR-Annual annual report of 2024-10-23 (FY2024), source 5
Healthcare PACS platform holds sensitive patient imaging data; ongoing cyber security evolution required2026-Q4
2026-08-18 12
Pro Medicus: first mention in IR-Report report of 2026-08-18 (2026-Q4), source 12
Significant unrealised fair value gains on financial instruments including $172,019 thousand on 4D Medical debt instrument susceptible to share price changes=
EchoIQ convertible note subject to FDA clearance conditions and valuation caps; 4D Medical debt instrument dependent on share price at maturity=
Non-compliance with privacy regulations including HIPAA and GDPR risks; FY26 had no breaches=
AI regulatory approval pathways and jurisdiction-specific regulation development pace uncertain=
Clinical performance and validation of AI algorithms requires rigorous testing and post-market surveillance=
Exposure to equity price risk through 4D Medical investment measured at fair value=
Fraud and misconduct risk managed through financial reconciliations and delegations=
IP transgression risk managed through insurance, agreements and active surveillance=
Fair value of 4D Medical Limited investment declined from AUD 182.0 million to AUD 149.1 million=
Lease liabilities of $2,231 thousand for property and motor vehicle leases with finance costs of $114 thousand in the year=
Pro Medicus: first mention in IR-Annual annual report of 2025-10-23 (FY2025), source 10
Operating lease at 450 Swan Street, Richmond with related party Champagne Properties Pty Ltd expiring 01 April 2026 with three-year renewal option=
Cash and bank term deposits of $216,126 thousand subject to variable interest rate risk affecting cash flow2026-Q4
2026-08-18 12
Minimal credit risk given Government funding support and strong commercial track record=
Approximately 92% of Group sales denominated in currencies other than presentational currency=
Minimal liquidity risk with no external borrowings and strong cash reserves=
Pro Medicus: first mention in IR-Annual annual report of 2025-08-14 (FY2025), source 9
Risk of IP transgression managed through insurance, agreements, patents and surveillance=
Cyber security and privacy compliance risks managed through SOC 2 attestation and HIPAA compliance=
Pro Medicus: first mention in IR-Annual annual report of 2024-10-23 (FY2024), source 5
Intangible asset development for Visage PACS and RIS requires capitalisation estimates with 5-year amortisation period2026-Q4
2026-08-18 12
Pro Medicus: first mention in IR-Annual annual report of 2024-08-14 (FY2024), source 4
Succession planning for key executives identified as priority following strategic HR review2026-Q4
2026-08-18 12
No customer contributes more than 10% of total consolidated revenue2026-Q4
2026-08-18 12
Climate-related risks and opportunities being assessed for AASB S2 mandatory disclosure2026-Q4
2026-08-18 12
Threat of new entrants and revenue base impact managed through long-term contracts2026-Q4
2026-08-18 12
Risk of product obsolescence managed through customer interaction and R&D roadmap2026-Q4
2026-08-18 12
Pro Medicus: first mention in IR-Annual annual report of 2023-10-16 (FY2023), source 2
Concentration of credit risk in Diagnostic Imaging market with reliance on Government funding support in hospital settings2026-Q4
2026-08-18 12
93% of sales denominated in currencies other than AUD presentation currency with exposure to USD, CAD, GBP and EUR movements2026-Q4
2026-08-18 12
= last mention identical with the first mention (same source)

Pro Medicus Reported KPIs (as disclosed) (237)

NadirAlpha collects 237 reported KPIs of Pro Medicus from the filings up to H2 FY2026; the definition comes from the company, period and source are stated at every value. NadirAlpha methodology

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
Pro Medicus: reported KPIs as disclosed, 237 entries. Compiled by NadirAlpha from IR documents.
KPIValue / changeSource
Pro Medicus, published 2026-08-18, period 2026-Q4
Total emissions121.012
Scope 2 emissions119.112
Scope 1 emissions1.912
Women in senior executive roles (%)37.5%12
Women in organisation (%)30.5%12
Minimum contracted revenue (5 years)1.3b12
Final dividend per share37c12
Dividend per share69c12
Unsatisfied performance obligations total65,34112
Underlying Revenue266,640 (AUD $'000)12
Underlying EPS138.4212
Underlying EBIT199,519 (AUD $'000)12
Total liabilities159,22412
Total assets610,13912
TSR over 5 years210%12
Deferred revenue non-current42,71112
Deferred revenue current22,63012
4D Medical share price sensitivity10% increase would increase profit before tax by $18,200,00012
4D Medical investment carrying value$182,019,57712
Pro Medicus, published 2026-02-12, period 2026-H1
Underlying profit before tax90.7m11
Deferred revenue - non-current38,98811
Deferred revenue - current19,73111
Pro Medicus, published –, period 2026-Q4
Net Tangible Assets per security (prior year)$2.2613
Net Tangible Assets per security$4.1013
Pro Medicus, published 2025-10-23, period FY2025
Weighted average remaining contractual life2.410
Weighted average remaining contractual life2.510
Unsatisfied performance obligations 1-5 years21,40710
Unsatisfied performance obligations 1-5 years26,29410
Unsatisfied performance obligations more than 5 years5,08210
Unsatisfied performance obligations more than 5 years3,13810
Unsatisfied performance obligations less than 1 year16,41210
Unsatisfied performance obligations less than 1 year19,10710
Total revenue from unsatisfied performance obligations42,90110
Total revenue from unsatisfied performance obligations48,53910
Total other financial assets38,84210
Total other financial assets43,45510
Total non-current financial assets7,33610
Total overseas fees EY84,41410
Total overseas fees EY79,32210
Total fees EY Australia374,85610
Total fees EY Australia552,61410
Total current financial assets31,50610
Total current financial assets36,11910
Total cash reserves and financial assets210.710
Total auditor remuneration459,27010
Total auditor remuneration631,93610
Shares outstanding 30 June104,462,90910
Shares outstanding 30 June104,424,88210
Share reserve balance 30 June(1,086)10
Share reserve balance 30 June17610
Share buyback reserve balance 30 June(16,395)10
Share buyback reserve balance 30 June(8,543)10
Right of use assets total2,14510
Right of use assets total1,86710
Right of use assets property2,00710
Right of use assets property1,82610
Right of use assets motor vehicles13810
Right of use assets motor vehicles4110
Retained earnings balance 30 June239,45910
Retained earnings balance 30 June173,35610
Performance rights outstanding end of year222,12010
Performance rights outstanding end of year256,01210
Performance rights outstanding beginning of year256,01210
Performance rights outstanding beginning of year248,74110
Performance rights granted41,03010
Performance rights granted69,25810
Performance rights forfeited(921)10
Performance rights forfeited(38,961)10
Performance rights exercised(74,001)10
Performance rights exercised(23,026)10
Performance rights exercise price$0.0010
Parent entity total shareholders equity18,83310
Parent entity total shareholders equity10,66010
Parent entity total liabilities39,65710
Parent entity total liabilities36,50710
Parent entity total comprehensive income12,67310
Parent entity total comprehensive income5,47310
Parent entity total assets58,48910
Parent entity total assets47,16710
Parent entity share reserve(15,946)10
Parent entity share reserve(9,609)10
Parent entity share buyback reserve(16,395)10
Parent entity share buyback reserve(8,543)10
Parent entity retained earnings21,16410
Parent entity retained earnings8,50710
Parent entity profit/loss12,67310
Parent entity profit/loss5,47310
Parent entity issued capital34,73410
Parent entity issued capital23,64910
Parent entity foreign currency translation reserve(4,724)10
Parent entity foreign currency translation reserve(3,344)10
Parent entity current liabilities37,41410
Parent entity current liabilities33,81610
Parent entity current assets32,89010
Parent entity current assets42,02010
Other debt instruments unlisted6,96810
Other debt instruments unlisted10,59310
Other debt instruments listed1,45710
Other debt instruments listed010
Net profit for the year115,21710
Net profit for the year82,79410
Managed fund units unlisted1,26310
Managed fund units unlisted1410
Long service leave non-current11310
Long service leave non-current6410
Long service leave current1,59010
Long service leave current1,76710
Lease liabilities total(2,255)10
Lease liabilities total(2,069)10
KMP total compensation6,158,18410
KMP total compensation4,546,54010
KMP share-based payments674,66710
KMP share based payments450,12510
KMP post employment benefits170,64510
KMP post employment benefits150,42310
KMP long term benefits37,83210
KMP long term benefits30,78710
KMP lease payments215,12010
KMP lease payments215,12010
Issued capital34,73410
Issued capital23,64910
Interest expense leases10510
Interest expense leases7610
Hybrid convertible debt instruments unlisted14,94410
Hybrid convertible debt instruments unlisted16,28810
Hybrid convertible debt instruments listed6,33910
Hybrid convertible debt instruments listed7,75410
Foreign exchange forward contracts53510
Foreign exchange forward contracts1,47010
Foreign currency translation reserve balance 30 June25110
Foreign currency translation reserve balance 30 June(910)10
Fair value per right TSR$64.5210
Fair value per right TSR$25.5010
Fair value per right EPS$145.5210
Fair value per right EPS$68.8810
FX forward contracts USD payment gross$21,50010
FX forward contracts USD payment gross$19,50010
FX forward contracts AUD receipt$34,37510
FX forward contracts AUD receipt$29,76810
Equity instruments unlisted7,33610
Equity instruments unlisted7,33610
Elucid Bioimaging investment USDUSD $4,999,99910
Elucid Bioimaging investment AUDAUD $7,336,03410
Dividends paid(49,114)10
Dividends paid(36,554)10
Development costs total net20,76610
Development costs total net20,07110
Development costs Visage RIS net6,87110
Development costs Visage RIS net5,84310
Development costs Visage PACS net13,89510
Development costs Visage PACS net14,22810
Depreciation expense right-of-use assets66410
Depreciation expense right of use assets57910
Deferred revenue non-current25,85010
Deferred revenue non-current29,43210
Deferred revenue current17,05110
Deferred revenue current19,10710
Cash outflows for leases76910
Cash outflows for leases66810
Bank term deposits103.210
Auditor fees overseas other services11,09010
Auditor fees overseas other services8,82210
Auditor fees overseas audit73,32410
Auditor fees overseas audit70,50010
Auditor fees EY statutory audit300,90610
Auditor fees EY statutory audit345,38310
Auditor fees EY other services73,95010
Auditor fees EY other services207,23110
Annual leave current2,76110
Annual leave current4,34810
Pro Medicus, published 2025-08-14, period FY2025
Women in managerial roles30.0%9
Women across entire organisation21.9%9
Transaction revenue YoY growth35.8%9
Minimum contracted revenue (5 years)948m9
Unsatisfied performance obligations - Total48,5399
Unsatisfied performance obligations – more than five years3,1389
Unsatisfied performance obligations – less than one year19,1079
Unsatisfied performance obligations – one to five years26,2949
Total shareholders' equity18,8339
Total comprehensive income of parent entity12,673 (AUD $'000)9
Short-term deposits67,049 (AUD $'000)9
Share reserve(15,946)9
Share buyback reserve(16,395)9
Profit/(loss) of parent entity12,673 (AUD $'000)9
Lease liabilities less than 1 year7579
Lease liabilities 2024 less than 1 year6369
Lease liabilities 2024 one to five years1,6979
Lease liabilities one to five years2,0119
Issued capital34,734 (AUD $'000)9
FX forward contracts fair value1,470 (AUD $'000)9
FX forward contracts fair value535 (AUD $'000)9
FX forward contracts carrying amount1,470 (AUD $'000)9
FX forward contracts carrying amount535 (AUD $'000)9
Foreign currency translation reserve(4,724)9
Depreciation of PP&E and right-of-use lease assets993 (AUD $'000)9
Deferred revenue – Non-current29,432 (AUD $'000)9
Deferred revenue – Current19,107 (AUD $'000)9
Pro Medicus, published 2025-02-13, period 2025-H1
Unrealised gain 4D Medicaljust under $150 million8
Total minimum contracted volume 5 yearsover $1 Billion8
Shareholder returns: dividends & buybacksa bit over $10M8
Renewal value$20M8
New sales value$280 million8
Cash and financial assetsmore than $220 million8
Total non-current assets54,7797
Total current assets239,3997
Total assets294,1787
Other financial assets non-current7,3367
Other financial assets current33,9277
Net assets222,2527
Interim dividend per share25c6
EBIT margin72%6
Deferred tax asset20,1637
Deferred revenue non-current28,6747
Deferred revenue current16,0397
Bank term deposits65,4577
Pro Medicus, published 2024-10-23, period FY2024
Unsatisfied performance obligations36,0235
Total compensation4,175,9175
Share-based payments450,1255
Receipts from customers158,4495
Post-employment benefits150,4235
Long-term benefits30,7875
Interest received4,8325
Income tax paid38,8535
Cash and cash equivalents60,0625
Bank term deposits63,8575
Pro Medicus, published 2024-08-14, period FY2024
Unsatisfied performance obligations42,9014
Other financial assets38,842 (AUD $'000)4
Deferred revenue (non-current)25,850 (AUD $'000)4
Deferred revenue (current)17,051 (AUD $'000)4
Bank term deposits63,857 (AUD $'000)4
Women in managerial roles (%)30.0%4
Women across organisation (%)26.7%4
Water consumption832.94
Net cash inflows from operating activities$82.0m4
Full contracted revenue$624m4
Dividend per share40c4
Cash reserves, bank term deposits and other current financial assets$155.4m4

Pro Medicus Development

The business development of Pro Medicus period by period up to H2 FY2026, each text from the original report of that period, source numbers lead to the source. NadirAlpha methodology

FY2026: Pro Medicus

Pro Medicus reported FY2026 revenue of 261.7 million, up 22.9% on a reported basis and 28.4% in constant currency 12. Reported profit before tax of 377.5 million was significantly higher year-on-year, elevated by a fair value gain of A$174.2 million on financial assets; excluding this effect, underlying profit before tax grew 24.2% to A$205.2 million 12. Net profit was 265.3 million with diluted earnings per share of 253.6 cents, while operating cash flow reached 127.5 million and the company remained debt-free 12. Pro Medicus won 10 new long-term contracts worth A$407 million and maintained 100% client retention, lifting minimum contracted revenue over the next five years by 41% to A$1.3 billion 12.

FY2025: Pro Medicus

Pro Medicus delivered full-year revenue of 213 million in FY2025, up 31.9% year on year, with North American revenue growing 35.8% to become the dominant segment 9 10. Net profit after tax increased 39.2% to 115.2 million, and operating cash flow rose to 111.3 million 9. At the half-year stage, EBIT margins improved to 72% from 66% in the prior corresponding period, and Pro Medicus remained debt-free throughout the year 6 9. The company won seven new long-term contracts in North America with a combined minimum value of A$520 million during the year, while minimum contracted revenue for the next five years reached A$948 million 9. Pro Medicus declared total dividends of 55 cents per share, fully franked, up 37.5% for the full year 9.

FY2024: Pro Medicus

Pro Medicus reported revenue of AUD 161.5 millionm in FY2024, up 29.3% 4, driven primarily by North American PACS revenue growth of 34.6% 4. Net profit after tax reached AUD 82.8 millionm, up 36.5% 4, and operating cash flow was AUD 82 millionm, up 31.1% 4. Pro Medicus won nine key contracts in North America during the year with a combined minimum total contract value of $245m, the largest being a $140m 10-year deal with Baylor Scott and White 4. Cash reserves, bank term deposits and other current financial assets totalled $155.4m, up 27.9%, and Pro Medicus ended the year debt-free 4.

FY2023: Pro Medicus

Pro Medicus delivered FY2023 revenue of AUD 124.9 millionm, representing 34% growth versus the prior year 2. Net profit after tax rose 37% to AUD 60.6 millionm 2, and profit before income tax increased 36% 2. North American revenue grew 38.6% in the first half, driven by major implementations at Novant Health, Allina Health and Inova Health alongside new multi-year contracts totalling A$32.0m 1. Pro Medicus ended FY2023 with cash of AUD 91.2 millionm on a debt-free balance sheet and generated operating cash flow of AUD 62.5 millionm 2.

Glossary

  • Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
  • Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
  • Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
  • EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
  • FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
  • OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
  • Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
  • Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
  • *: derived, the formula is in the hover
  • ≈: calculated, approximation
  • ~: uncertain; the value stays visible, verdicts do not use it
  • °: repaired by a targeted query against the document, or curated with documentary evidence
  • EBIT: EBIT as a fallback: the income statement carries no operating line
  • basic: basic earnings per share as a fallback when diluted is missing

Sources: quarterly reports, annual reports and investor relations documents

13 sources on Pro Medicus since 2023; the superscript numbers in the chapters refer to these rows, older documents are in the expandable part. NadirAlpha methodology

13 documents · 2023 to 2026 · IR
Sources for Pro Medicus stock: 13 original documents, 2023 to 2026. Compiled by NadirAlpha.
#Document typePublished
#13IR-Report report–
#1 / #101IR-Half half-year report2023-02-15
#2IR-Annual annual report2023-10-16
#3 / #104IR-Half half-year report2024-02-15
#4 / #105IR-Annual annual report2024-08-14
#5IR-Annual annual report2024-10-23
#6IR-Half half-year report2025-02-13
#7 / #108IR-Half half-year report2025-02-13
#8IR-Half half-year report2025-02-13
#9 / #110IR-Annual annual report2025-08-14
#10IR-Annual annual report2025-10-23
#11 / #112IR-Half half-year report2026-02-12
#12 / #113IR-Report report2026-08-18

Pro Medicus Stock FAQ

Does Pro Medicus pay a dividend?

The filings report on the dividend; most recent entry: dividend per share 37c (2026-Q4) (as reported, no assessment of our own). Details with source links are in the report chapters.

Where can I find the official investor relations documents of Pro Medicus?

NadirAlpha links all 13 original filings used (IR documents) in the sources chapter: half-year report, annual report, report, each with type, publication date and a direct link; every figure in the report carries a source number.

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