What Did Pro Medicus (ASX:PME) Say About FY26 and Its Pipeline After a Year of Share Price Decline?

Sonal Goyal

20 October 2026 12:47 PM AEDT

What Did Pro Medicus (ASX:PME) Say About FY26 and Its Pipeline After a Year of Share Price Decline?

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Key highlights

Pro Medicus (ASX:PME) the shares closed at $177.64, up approximately 1.09% on 19 October 2026, and the shares are down approximately 38.07% over the past year.
The 18 August 2026 interview covers FY26 results in line with expectations, with six major renewals and a busy year for implementations.
Currency reduced FY26 revenue by just under $12 million and NPAT by $9.8 million, while NPAT rose more than 32% in constant currency.

Pro Medicus (ASX:PME) develops Visage medical imaging software used by hospitals and imaging groups, mainly in the United States. On 19 October 2026, the shares closed at $177.64, up approximately 1.09%. Over the longer term, the shares are down approximately 38.07% over the past year. On 18 August 2026, the company published an interview with its chief executive on its full-year results, covering contracts, renewals, currency effects, AI, margins and investments.

What the company said about FY26

The interview describes FY26 as in line with expectations, with the company meeting its constant-currency targets for revenue and profit growth, its second-biggest year for new contracts after FY25 and six major renewals. It was also the busiest year for implementations, many of which came late in the second half and so did not contribute materially to FY26 revenue but are expected to provide a significant step-up in transaction revenue in FY27, with a full year of revenue.

Currency and margins

The company says currency movements were more pronounced than in prior years. A rise in the Australian dollar reduced the translated value of revenue by just under $12 million and NPAT by $9.8 million, even after hedging and a natural hedge from US costs. On a constant currency basis, NPAT increased by more than 32%, which the company says better reflects underlying performance. Margins are described as around 75%.

Market position and investments

The company says its platform is used by about 11% of the US market, including 11 of the top 20 institutions, and that total contract value per client is trending higher. It cites a 100% renewal rate and a University of Heidelberg contract won in October 2025. It invested $10 million in 4DX in July 2025 and agreed in June 2026 to invest $10 million in Echo IQ, and it holds cash and other financial assets of over $250 million. Dividend payout rose 25% for the full year, and a share repurchase is under way.

Reading the share price change

The share price of Pro Medicus is down approximately 38.07% over the past year. That figure measures price movement only. It does not include dividends or franking credits, and the exact amount depends on the start and end dates used, which is why it is described as approximate here. A share price that is approximately 38.07% lower over the period reflects market expectations and conditions across many factors at once, not only the company’s most recent results.

On 19 October 2026 the shares moved approximately 1.09% on the day, which is one session within that longer period. The results referred to in this article cover a period that ended before 19 October 2026 and were released on a different date to the share price figures quoted. For that reason, this article does not treat the share price change as a response to the announcement.

Sector backdrop

The S&P/ASX 200 (ASX: XJO) stood at 8,845.70 at 4:25 pm (GMT+11) on 19 October 2026, up 0.44%, or 39.00 points, for the day. On the sector map, Health Care fell 0.13%. On the sector map for the session, Energy rose 2.16%, Industrials 0.93%, Financials 0.85%, Utilities 0.38% and Consumer Staples 0.25%, while Information Technology fell 1.35%, A-REIT 0.34%, Consumer Discretionary 0.18%, Telecommunication Services 0.16% and Health Care 0.13%.

Risks shareholders should weigh

The document is an interview and does not include full financial statements, so figures such as revenue and NPAT are not stated in total here. Exchange rate movements affect reported results, and implementation revenue depends on timing.

What’s next

Implementations from FY26 should contribute a full year of revenue in FY27, and the company continues renewals, investments and its share repurchase.

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