Highlights

  • FY26 revenue rose 25.6% to $788.7 million, with operating NPAT of $47.4 million.
  • Q1 FY27 Group revenue increased 3.0%, or 4.4% excluding closed sites and currency effects.
  • FY27 guidance includes revenue growth of 4.0% to 6.0% and an operating EBITDA margin of 19.5% to 20.5%.
  • New CEO Jason Martinez outlined operational, technology and growth priorities.

Integral Diagnostics Limited (ASX:IDX), a medical imaging provider across Australia and New Zealand, has released the Chair's and CEO's presentations from its 2026 Annual General Meeting. The presentations reviewed the company's FY26 results, provided a first-quarter trading update and set out FY27 guidance under newly appointed CEO Jason Martinez.

FY26 Results and Board Update

Chair Toby Hall reported that FY26 revenue rose 25.6% to $788.7 million, while operating EBITDA increased 30.3% to $164.8 million, with the margin improving to 20.9%. Operating NPAT was $47.4 million, and total dividends rose to 9.3 cents per share from 6.5 cents per share.

The Chair acknowledged the company's share price underperformance over the past 12 months, which was partly linked to a broader decline in Australian healthcare stocks. He also noted leadership changes, including the appointment of Jason Martinez as Managing Director and CEO and Jenny Martin as CFO. Industry drivers include an ageing population, earlier detection, MRI deregulation and the National Lung Cancer Screening Program, while access to radiologists and sonographers remains the main constraint.

Q1 FY27 Trading Update

Group revenue for the first quarter of FY27 rose 3.0%, or 4.4% excluding closed sites and on a constant currency basis. Australian revenue excluding closed sites increased 5.1%, and MRI revenue rose more than 10%. The new Maroochydore Private Hospital site, opened in August 2026, exceeded revenue expectations.

Metro Victoria continued to underperform, and a new General Manager Victoria was appointed in September. New Zealand revenue fell 6.5% in local currency due to the loss of Health New Zealand CT referrals and a site closure, and a strategic review of the New Zealand business is underway. Radiologist costs rose as a share of revenue due to reliance on locums and other factors.

FY27 Guidance and Strategic Priorities

For FY27, the company expects revenue growth of 4.0% to 6.0%, an operating EBITDA margin of 19.5% to 20.5% with improvement expected in the second half, and capital expenditure of $50 million to $60 million. Cost actions include reducing reliance on locums, more disciplined rostering and procurement savings.

Mr Martinez said the business fundamentals are sound, with strong demand, referrer relationships and clinical quality. Priorities include improving Victorian clinic profitability, increasing doctor productivity, reviewing pricing and the clinic footprint, and rolling out technology through the PACE program, including online booking and AI-assisted reporting. The 1H FY27 result is due in February 2027.

Key Takeaways

  • IDX delivered strong FY26 growth, with revenue up 25.6% and higher dividends.
  • First-quarter FY27 revenue growth was modest, with Victoria and New Zealand underperforming.
  • FY27 guidance points to revenue growth of 4.0% to 6.0%.
  • The new CEO is focused on cost discipline, productivity and technology adoption.