Highlights

  • Pro Medicus reported FY26 Revenue of $261.7 million, up 22.9% (28.4% in constant currency) for the year ended 30 June 2026
  • Underlying EBIT rose 24.4% to $196.1 million, with underlying EBIT Margin widening 90 basis points to 74.9%
  • The company secured nine US contracts and one European contract worth a combined $407 million during FY26
  • Pro Medicus renewed all six contracts up for renewal during the year, each with five-year extensions

Pro Medicus Limited (ASX:PME) is a Melbourne-based healthcare technology company specialising in enterprise imaging and radiology information systems. This article reviews the company's FY26 full-year results, its core operations, sector context and developments shareholders are monitoring heading into FY27.

The share price was AUD 169.22 during the Trading session on 17 September 2026. The stock moved up by 2.37% during the trading session on 17 September 2026.

Company Business

Pro Medicus develops and supplies software used by healthcare providers to store, distribute, process and view medical images, with its core product being the Visage 7 imaging platform. The company's customers include hospitals, integrated delivery networks and radiology practices, predominantly in the United States, alongside a growing presence in Europe. Pro Medicus operates on a transaction-based revenue model tied to imaging volumes processed through its software, supporting a multi-year forward revenue pipeline. During FY26, the company expanded its product offering with the launch of digital pathology and an AI-optimised reporting module, and continued to build out its cardiology offering through implementations with healthcare providers including UC Health Colorado and Vancouver Clinic.

Sector Context

The enterprise medical imaging software sector is shaped by hospital and health system Investment in cloud-based imaging infrastructure, growing imaging volumes, and increasing interest in artificial intelligence-enabled diagnostic and reporting tools. Providers in the United States, the company's primary market, continue to evaluate cloud migration and integrated delivery network consolidation, which influences the scale and structure of enterprise software contracts in the sector. Companies operating in this space are also monitoring the evolving role of artificial intelligence in radiology workflows, both as an opportunity for new product development and as a Factor shaping competitive dynamics.

Recent Developments

Pro Medicus released its FY26 full-year results to the ASX on 18 August 2026, for the twelve months ended 30 June 2026. Earlier in the financial year, the company reported half-year results for the six months ended 31 December 2025, in which it disclosed a forward revenue pipeline of over $1.08 billion over the next five years, based on key contracts up for renewal being renewed. During FY26, the company signed nine new contracts in the United States and one in Europe, with a combined contract value of $407 million, and renewed all six contracts scheduled for renewal during the year, each on five-year terms.

Financial Performance

For FY26, Pro Medicus reported revenue of $261.7 million, up 22.9% on the prior year, or 28.4% in constant currency. Underlying Earnings before interest and tax rose 24.4% to $196.1 million, or 30.6% in constant currency, with the underlying EBIT margin widening 90 basis points to 74.9%. Underlying net profit after tax increased 24.1% to $144.7 million. Cash reserves increased 23.8% to $216.1 million, and total cash and financial Assets reached $252.3 million, up 19.7%. For the first half of FY26, the company had reported revenue of $124.8 million, up 28.4%, underlying EBIT of $90.7 million, up 29.7%, and an Interim Dividend of $0.32 per share, up 28% on the prior corresponding period.

Risks to Consider

Pro Medicus's results and disclosures point to risks including currency movements, given a substantial portion of its revenue is generated in United States dollars. The company's growth depends on continued contract wins and renewals in a competitive enterprise imaging software market, as well as successful implementation of new sites and products, including its newer digital pathology, AI reporting and cardiology offerings. Reliance on a transaction-based revenue model linked to imaging volumes also means that revenue can be influenced by patient volumes and go-live timing at customer sites. Market penetration in the broader United States imaging software market remains an area the company continues to address.

What to Watch Next

Shareholders are monitoring the pace of transaction revenue growth as recently signed sites are implemented and go live, along with further contract wins and renewals across Pro Medicus's core radiology, cardiology, digital pathology and AI reporting products. The company's half-year results for the six months ending 31 December 2026 represent the next scheduled reporting milestone, along with continued updates on its forward revenue pipeline.

Key Insights

Pro Medicus's FY26 results reflect continued double-digit growth in revenue, earnings and margins, supported by new contract wins, a strong renewal record and an expanding product suite beyond its core radiology offering. The company's forward revenue pipeline and recent product launches in digital pathology, AI reporting and cardiology are among the factors likely to shape its reporting through FY27.