Image Conscious: Assuming Coverage & Deep Dive - D/G to Hold

Research evidence excerpt

Image Conscious: Assuming Coverage & Deep Dive - D/G to Hold

Pro Medicus Limited (PME AU)

Equity Research

July 9, 2026

Executive Summary

Pro Medicus is a healthcare informatics company, providing a full range of medical imaging

software and services to hospitals, imaging centres and health care groups in Australia, Europe

and North America. The principal activities of Pro Medicus are the development and supply

of healthcare imaging software, Radiology Information System (RIS) software and services to

hospitals, diagnostic imaging groups and other related health entities in Australia, North America

and Europe.

History of the Company

1983: Pro Medicus founded by Dr. Sam Hupert and Anthony Hall•

2000: Listed on the Australian Securities Exchange (ASX)•

2002: First entered the European market via a deal with MIA Lodestone (UK)•

2004: First entered the US market via a A$10m deal with Agfa North America•

2009: Acquired Visage Imaging•

2010-2011: Shifted focus from RIS in Australian market to PACS in US market•

2024: Signed largest contract to date with Trinity Health (A$330.0m; 10yr)•

2025: Signed first contract including cardiology offering with UCHealth (A$170m; 7yr)•

Pro Medicus at a Glance

Key business activities consist of the following:

Research & Development - Software enhancements, updates, innovation, program•

extensions, AI, research.

Sales and Customer Engagement - Sales/marketing/ customer relationship development and•

nurturing.

Product Implementation - System implementation and continual updates (as available).•

Product Support and Training - Customer support and ongoing training.•

Support Services - Billing, risk management, governance, HR, management.•

Figure 4 - Pro Medicus - Expanded Summary Table (A$m)

Year-end 30 Jun (A$m) FY24A FY25A FY26E FY27E FY28E