Key Highlights

  • 1H FY26 Revenue increased 17% to AUD 16mn, or 13% on a constant-currency basis.
  • Underlying EBITDA increased AUD 1.0mn to AUD 1.3mn.
  • ARR reached AUD 36.8mn, up 12% year on year.
  • IMEXHS launched an AI-native agentic radiology platform and won a tender covering 20 public hospitals and clinics in Mexico.

IMEXHS (ASX:IME) delivered higher revenue and Earnings in the first half of FY26 while moving its AI-native radiology strategy from launch towards deployment.

For the six months ended 30 June 2026, revenue increased 17% year on year to AUD 16mn, while underlying EBITDA rose AUD 1.0mn to AUD 1.3mn. Annualised Recurring Revenue reached AUD 36.8mn at the end of the period.

Revenue and ARR Continue to Grow

IMEXHS generated AUD 16mn of revenue in 1H FY26, comprising AUD 7.9mn in Q1 and AUD 8.0mn in Q2. Software revenue contributed AUD 4.8mn, while radiology services generated AUD 11.2mn.

ARR increased 12% to AUD 36.8mn at 30 June 2026. Radiology services accounted for AUD 25mn of ARR and software for AUD 11.8mn.

The company also reported AUD 2.3mn of contracted but not yet billing software ARR. Of this amount, AUD 1.2mn of annualised run rate was expected to commence billing by the end of Q3 FY26.

AI-Native Aquila+ Platform Advances

The defining product development during the half was the launch of an AI-native, agentic platform for radiology.

Proprietary AI agents are embedded across Aquila+, with the platform designed to automate workflow tasks from scheduling through to final report delivery. Eight proprietary agents had been developed by the reporting date.

The company said three agents developed beyond the original five extend automation into image visualisation and patient-survey workflows. Development also progressed across the diagnostic Viewer, scheduling modules, superadmin functionality and DICOM gateway scaling.

Mexico Tender Validates Platform Strategy

IMEXHS secured a public tender in Zacatecas, Mexico, to deploy Aquila+ across 20 public hospitals and clinics.

The contract contributed approximately AUD 384,000 in software NARR and included five proprietary AI workflow agents alongside two Gleamer diagnostic algorithms.

The company said the win provided field validation of its strategy of managing the full radiology workflow rather than a single point within it.

Other software contracts included Pulso Salud in Peru, CESAC IPS in Cartagena and Hospital La Misericordia. Two radiology services contracts with Sanitas and Colsanitas are also expected to add approximately AUD 2.0mn in ARR when they commence.

Radiology Services Lift Earnings

Radiology services revenue rose 24% year on year to AUD 11.2mn, with underlying EBITDA of AUD 1.1mn.

IMEXHS attributed the improvement to revised pricing structures and cost reductions from automation, including proprietary AI agents deployed at key points in the operation.

With Margin improvements largely embedded, management's focus is shifting towards collections and working capital, alongside service quality and expansion.

Commercial Execution Remains a Focus

While the large Zacatecas win drove a significant portion of software NARR during the half, IMEXHS said smaller deals converted less consistently than required.

The company is continuing its commercial transformation through tighter qualification, disciplined pipeline management and a focus on higher-quality opportunities.

The Partner Programme expanded to 47 partners across 13 Latin American countries and contributed 75% of software NARR in 1H FY26.

What Could Come Next for IMEXHS (ASX:IME)?

IMEXHS enters the second half focused on converting its large-deal capability into a more repeatable flow of software contracts, while continuing to develop Aquila+ and its agentic AI platform.

Collections and Working Capital will remain priorities in the radiology services business, while contracted software ARR and new deployments provide potential sources of future revenue.