Highlights

• ImExHS supplies cloud-based medical imaging and radiology software solutions across approximately 18 countries.

• The company’s recent announcements included a registered office relocation to North Sydney and a company secretary transition.

• FY25 results showed revenue growth of approximately 10% to around A$29 million, while annual recurring revenue increased 16% to A$34.8 million.

• Underlying EBITDA increased from A$0.5 million to A$1.6 million, supported by improved operational performance.

• Management has guided toward achieving full-year cash-positive status in FY26.

ImExHS Limited (ASX:IME), a Sydney-headquartered medical imaging software provider with operations across Latin America and Australia, continues developing its healthcare technology platform as it expands its recurring revenue base and works toward sustained cash generation.

The company recently provided corporate updates, including a registered office relocation to North Sydney and a change in company secretary, while continuing to progress its medical imaging software and healthcare technology operations.

ImExHS shares traded at AUD 0.32 on 30 July 2026, recording a gain of 14.29% during the session. The company’s market performance comes as investors continue assessing its transition toward recurring software revenue, profitability improvements and expansion opportunities across healthcare markets.

What Happened

ImExHS shares recorded a notable movement during the 30 July 2026 trading session.

The company’s recent ASX announcements around this period were primarily administrative in nature, including the relocation of its registered office to North Sydney and a company secretary transition.

On 28 July 2026, ImExHS confirmed that its registered office had moved to North Sydney, supporting its operational footprint as the business continues expanding.

On the same day, the company announced a change in company secretary.

Reena Minhas, who had also served as chief financial officer, stepped down from the company secretary role, with Kamille Dietrich from Automic Group appointed as her replacement.

The transition followed an earlier June 2026 announcement that incoming chartered accountant Fabio Carrillo would assume the CFO position from 1 August 2026.

These updates represent normal corporate governance changes rather than major operational announcements.

The company’s underlying business performance remains focused on expanding medical imaging software adoption, increasing recurring revenue and progressing toward positive cash flow.

Inside the Announcement

ImExHS’s recent corporate updates focused on organisational changes supporting its continued growth.

The registered office relocation to North Sydney reflects the company’s ongoing operational development.

The company secretary transition also forms part of its governance changes, with Kamille Dietrich appointed to the role following Reena Minhas’ departure.

Fabio Carrillo is scheduled to take over as CFO from 1 August 2026, with the company continuing its finance leadership transition.

While these announcements are important from a corporate administration perspective, they do not directly represent changes to the company’s operational strategy.

ImExHS continues focusing on its healthcare technology platform, customer expansion and improving financial performance.

The Business

ImExHS was established to provide cloud-based medical imaging and diagnostic technology solutions to hospitals, clinics and radiology providers.

The company describes itself as the first Latin American medical technology company to list on a global stock exchange.

Its product suite includes:

• Picture Archiving and Communications System (PACS), which stores and retrieves medical images such as X-rays, CT scans and MRI scans.

• Radiology Information System (RIS), supporting scheduling and reporting functions.

• Cardiology Information System (CIS).

• Anatomical Pathology Laboratory Information System (APLIS).

ImExHS operates across approximately 18 countries, with key markets including Colombia, Mexico and Australia.

The company operates through two main business segments.

The Software division provides healthcare imaging platforms to customers, while the Radiology Services division operates diagnostic imaging services, mainly in Latin America.

In 2025, ImExHS launched Aquila+, an AI-assisted radiology workflow platform designed to improve reporting efficiency and radiologist productivity.

The product has been progressively introduced across healthcare sites in Latin America.

Financial and Operational Position

ImExHS reported FY25 results in early March 2026, showing continued revenue and operational improvements.

Revenue increased approximately 10% to around A$29 million.

On a constant-currency basis, revenue growth was approximately 6%, reflecting the impact of Latin American currency movements.

Annual recurring revenue increased 16% to A$34.8 million.

The Software division’s annual recurring revenue increased 19%, while Radiology recurring revenue increased 14%.

Underlying EBITDA improved significantly, increasing from A$0.5 million to A$1.6 million, supported by stronger second-half performance.

The company reported cash on hand of A$3.3 million, representing a 57% increase, while debt declined 58% to A$0.5 million.

Management has guided toward achieving full-year cash-positive status during FY26 alongside further EBITDA growth.

These results indicate that ImExHS has recently progressed toward profitability, although it remains a small-cap technology company with ongoing execution requirements.

Potential Growth Drivers

ImExHS’s growth strategy is focused on increasing recurring software revenue and expanding its healthcare technology offering.

The company aims to increase the contribution from software licensing, which generally provides more scalable revenue opportunities compared with healthcare service operations.

A key growth opportunity remains expansion across Latin American healthcare markets.

The company has secured public-sector imaging contracts in Mexico, including a contract in Zacatecas state reported in May 2026 that contributed approximately A$384,000 in new annual recurring revenue.

The rollout of Aquila+ provides another potential growth avenue.

The AI-enabled radiology platform is designed to improve workflow efficiency and support healthcare providers managing increasing diagnostic workloads.

Further expansion into Australia and the United States also represents a longer-term opportunity for the company.

Key Risks and Uncertainties

ImExHS faces risks associated with operating as a small, internationally exposed technology company.

A significant portion of its revenue is generated in Latin American markets, exposing reported financial results to currency movements.

The difference between reported and constant-currency revenue growth in FY25 highlights the impact foreign exchange movements can have on financial results.

The company has only recently achieved positive underlying EBITDA and is targeting its first full year of positive cash flow in FY26.

Execution risk remains relevant as ImExHS continues scaling its software operations and investing in growth initiatives.

Recent leadership changes, including the incoming CFO and new company secretary, introduce a period of transition within financial and governance functions.

The company’s reliance on government healthcare contracts in Latin America also creates exposure to public-sector budget decisions and regulatory changes.

What to Watch Next

Investors following ImExHS may monitor upcoming quarterly cash flow reports and operational updates for evidence of continued cash generation.

The transition to Fabio Carrillo as CFO from 1 August 2026 and the appointment of Kamille Dietrich as company secretary will also be relevant from a governance perspective.

Further healthcare contract wins in Mexico, Colombia and other regions could provide additional recurring revenue growth.

Investors may also watch the continued rollout of Aquila+ and its contribution to the company’s software offering.

Future financial results will provide further insight into whether ImExHS can maintain revenue growth while improving margins and cash generation.

The Bottom Line

ImExHS continues developing its position as a cloud-based medical imaging software provider with exposure to healthcare markets across Latin America and Australia.

The company’s recent corporate updates involved governance and administrative changes rather than major operational developments.

The broader investment focus remains on ImExHS’s recurring revenue growth, improving profitability profile and expansion of its software platform.

With revenue growth, increasing annual recurring revenue and progress toward cash-positive operations, the company is working toward establishing a more sustainable financial position.

However, investors will continue monitoring execution, currency impacts, contract growth and the company’s ability to maintain operational momentum.