ImExHS (ASX:IME) Passes 569 Imaging Installations Across 18 Countries as Revenue and EBITDA Accelerate

Sonal Goyal

10 August 2026 11:42 AM AEST

ImExHS (ASX:IME) Passes 569 Imaging Installations Across 18 Countries as Revenue and EBITDA Accelerate

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Key highlights:

• Second-quarter FY26 revenue reached a record A$8.0 million, up 21% year-on-year (15% in constant currency), with first-half revenue of A$16 million rising 17% and annualised recurring revenue climbing 12% to A$36.8 million.

• ImExHS won a public tender in Zacatecas, Mexico, its largest enterprise software contract to date, covering Aquila+ deployment across 20 public hospitals and clinics for roughly A$384,000 in new annual recurring revenue.

• Underlying quarterly EBITDA doubled to A$0.4 million and first-half EBITDA rose to A$1.3 million, while debt was cut to A$0.25 million and a further A$2.3 million of contracted software ARR is yet to be billed.

Few small-cap health technology names on the ASX carry a story as globe-spanning as ImExHS (ASX:IME). The Bogota-founded, Sydney-listed radiology software group has spent the better part of a decade wiring hospitals and clinics across Latin America into cloud-based diagnostic platforms. Its June-quarter update, lodged on 31 July 2026, gave investors a fresh reason to look again.

The company confirmed 569 Enterprise and Cloud installations across 18 countries, a record quarterly revenue result and a notable inflection in profitability. For a business that has long promised operating leverage from recurring software income, the half-year numbers begin to show it arriving. Against a backdrop of falling year-end share prices, the momentum poses a pointed question: is ImExHS finally turning scale into cash?

Company Overview

ImExHS was founded in 2012 in Colombia, reportedly by two neuroradiology professors and two software engineers. It builds picture archiving and communication systems (PACS) and radiology information systems (RIS) with the workflow realities of practising radiologists in mind. Its headquarters remain in Bogota, supported by offices in Doral, Florida and Sydney.

The group listed on the ASX in 2018 and runs two engines. The first is software: cloud-native RIS/PACS, a DICOM web viewer and the Aquila platform, now evolved into the AI-enabled Aquila+ suite. The second is radiology services, effectively teleradiology and image-reading operations. Together they underpin a recurring-revenue model backed by 47 partners across 13 Latin American countries.

Latest News

The headline from the FY26 second-quarter report was commercial. ImExHS won a public tender in Zacatecas, Mexico, described as its largest enterprise software contract to date. The deal covers deployment of the Aquila+ platform across 20 public hospitals and clinics and adds roughly A$384,000 in new annual recurring revenue, validating the push to sell AI-integrated workflow software into public health networks rather than single sites.

Product news reinforced that direction, with eight proprietary AI agents in development, three already operational, two in testing and three in active build, aimed at automating radiology workflows within Aquila+. Fabio Carrillo was appointed Chief Financial Officer effective 1 August 2026, following the departure of Reena Minhas after six years.

Why Investors Are Watching

The appeal is the shape of the model. Recurring revenue approaching A$37 million, growing at a double-digit clip atop a cost base scaling more slowly than the top line, is precisely the recipe that turns a loss-making software minnow into a self-funding one. The doubling of quarterly EBITDA, however small the absolute figures, is the directional shift small-cap investors look for.

The strategy also resonates in 2026: ImExHS is positioning artificial intelligence as embedded workflow automation in markets where it already holds distribution and clinical relationships, and Zacatecas shows public-sector buyers will pay for that at network scale.

Growth Opportunities

The most immediate lever is enterprise software penetration of public health systems. If Zacatecas becomes a template rather than a one-off, similar tenders across Latin America could layer meaningful ARR onto the base at little added cost.

Artificial intelligence is the second lever, as each operational agent within Aquila+ can raise the value, and price, of the platform while differentiating it from legacy PACS vendors. The third is expansion, with 47 partners giving ImExHS a channel to convert 569 installations into higher-value relationships.

Risks

Scale cuts both ways. With cash of just A$2.0 million at 30 June 2026, ImExHS has a limited buffer if growth spending outpaces cash generation or a large contract slips. The business is only marginally cash-flow positive, and the recent CFO transition adds change at a sensitive moment.

Currency is a genuine variable: reported quarterly growth of 21% fell to 15% in constant currency. Concentration is another concern, with a revenue base leaning heavily on Latin American markets exposed to political, budgetary and currency volatility, and public-tender revenue can be lumpy. The share price tells its own cautionary tale, sliding from around A$0.60 in 2023 to A$0.49 in 2024 and A$0.29 in 2025.

Industry Outlook

The structural tailwinds behind medical imaging software are hard to dispute. Global demand for diagnostic imaging keeps rising with ageing populations and expanding healthcare access, while a chronic shortage of radiologists makes cloud-based reading, teleradiology and AI-assisted workflows essential rather than optional, and cloud-native RIS/PACS platforms are steadily displacing legacy on-premise systems.

For emerging-market-focused vendors such as ImExHS, the shift is doubly favourable. Health systems in Latin America are digitising imaging without the sunk cost of decades-old infrastructure, letting cloud-first players that combine clinical credibility, local distribution and genuine AI capability compete on agility and price against larger incumbents.

What to Watch Next

The near-term signposts are clear. Investors will want the A$2.3 million of contracted software ARR to convert into billed revenue, with management guiding around A$1.2 million by the third quarter, alongside progress as the two AI agents in testing move into production.

Beyond that, the key questions are whether Zacatecas is replicated in other public tenders, whether underlying EBITDA continues its upward path into the full-year result, and how new CFO Fabio Carrillo frames the route to sustained free cash flow.

Conclusion

ImExHS enters the second half of FY26 with genuine operational momentum: record quarterly revenue, a landmark Mexican contract, an expanding AI toolkit and a profit line that is finally moving. With 569 installations across 18 countries and recurring revenue near A$37 million, the building blocks of a scalable, self-funding software business are visible.

Yet the story remains one of promise more than proof. Thin cash reserves, currency exposure, regional concentration and a share price that has drifted lower for three years temper the optimism. The coming quarters will decide whether ImExHS finally turns scale into shareholder value. This article is editorial journalism and general information only, not investment advice.

FAQs

Q:What is PACS and RIS software and why does it matter to hospitals?

A: Picture Archiving and Communication Systems (PACS) store, retrieve and display medical imaging data such as X-rays, CT scans and MRIs. Radiology Information Systems (RIS) manage the administrative and workflow side of radiology departments. Together, they are the software backbone of modern diagnostic imaging. ImExHS builds cloud-native versions of both, marketed under its Aquila and Aquila+ platforms, designed to be accessible in markets with limited on-premise IT infrastructure such as Latin America.

Q:What is the significance of the Zacatecas Mexico contract?

A: The Zacatecas tender is described as ImExHS's largest enterprise software contract to date. Covering 20 public hospitals and clinics, it validates the company's ability to sell AI-integrated workflow software at network scale into government-funded health systems rather than single sites or private clinics. If Zacatecas becomes a repeatable template, similar public tenders across Latin America could layer meaningful recurring revenue onto the base at relatively low marginal cost, which is the key growth lever the company is pursuing.

Q:What are the main financial risks facing ImExHS?

A: Cash is the most immediate concern. With only A$2.0 million on hand at 30 June 2026, the company has limited buffer if growth spending outpaces cash generation or a large contract is delayed. The recent CFO transition adds management risk at a sensitive period. Currency is a genuine variable given Latin American market exposure. The share price has also drifted lower for three consecutive years, reflecting market scepticism about whether the operational progress will translate into shareholder returns. Investors should weigh the operational momentum against these financial constraints.

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