PME: Adding Cardiology AI to the Arsenal Through Binding HOA with EchoIQ

Research evidence excerpt

PME: Adding Cardiology AI to the Arsenal Through Binding HOA with EchoIQ

EQUITY RESEARCH QUICK TAKE

Royal Bank of Canada, Sydney Branch

Jackson Lee (Analyst)

June 24, 2026

Pro Medicus Limited

Adding Cardiology AI to the Arsenal Through Binding HOA with EchoIQ

ASX: PME | AUD 178.99 | Sector Perform | Price Target AUD 195.00

Sentiment: Positive

RBC View: PME and EIQ have entered into a binding Heads of Agreement (HOA) which will allow PME to distribute EchoSolve HF,

an AI-powered heart failure detection software, in exchange for an A$10m upfront investment and an optional A$10m tranche

upon FDA clearance. A strategically logical partnership, in our opinion, with initial analysis suggesting Visage and EchoSolve as

complementary platforms - Visage serving as the imaging and workflow layer and EchoSolve serving as the AI-driven diagnostic

intelligence layer on top. EIQ noted that the partnership provides a working capital bridge to FDA clearance (with last 4Q

reporting ~4.2 quarter of cash remaining) while simultaneously providing access to PME's network of tier-1 US health systems

and eliminating the need to build a direct sales force. For PME, the deal delivers both an economic interest and a product that

deepens its cardiology value proposition through the embedding of an AI diagnostic capability directly onto Visage. Ultimately,

a small investment here for PME with significant optionality: strategic upside if EchoSolve HF clears the FDA and gains traction

across PME's hospital network for an immaterial ~A$20m investment.

All values in AUD unless otherwise noted. Priced as of prior trading day's market close, EST (unless otherwise noted).

Disseminated: Jun 24, 2026 20:38EDT; Produced: Jun 24, 2026 20:38EDT

For Required Non-U.S.