Highlights:

  • Pro Medicus was trading at AUD 196.09, up 11.50% on 18 August 2026, following the release of FY26 Financial Update.
  • FY26 Revenue increased 22.9% to A$261.7 million, while underlying net profit after tax rose 24.1% to A$144.7 million.
  • The company signed 10 new contracts and six renewals during FY26 with total contract value of A$548 million.
  • Cash and financial Assets increased 19.7% to A$252.3 million with no borrowings.
  • Pro Medicus continued expanding its Visage platform, AI capabilities, cardiology imaging and digital pathology offerings.

Pro Medicus Ltd (ASX:PME) has reported its FY26 full-year results, highlighting continued growth across its healthcare imaging software platform, increased profitability, new customer agreements and further development of artificial intelligence-enabled products.

Pro Medicus was trading at AUD 196.09, up 11.50% during the morning Trading session on 18 August 2026, while remaining down 38.28% over the past year. The company’s latest results provide an update on its financial performance, contract pipeline, product expansion and global healthcare technology strategy for the year ended 30 June 2026.

Revenue Growth Supported by Global Healthcare Software Demand

Pro Medicus reported revenue of A$261.7 million in FY26, increasing 22.9% compared with A$213.0 million in FY25.

On a constant currency basis, underlying revenue increased 28.4% to A$273.5 million, excluding the impact of foreign exchange movements.

North America remained the company’s largest revenue contributor, generating A$236.8 million in FY26, up 24.0% from A$190.9 million in FY25. Europe revenue increased 37.2% to A$5.9 million, while Australian revenue rose 7.3% to A$19.0 million.

The company’s revenue growth continued to be supported by adoption of its Visage 7 enterprise imaging platform, including cloud-based medical imaging solutions used by healthcare organisations.

Profitability and Margins Remain Elevated

Underlying Earnings Before Interest and Tax (EBIT) increased 24.4% to A$196.1 million, compared with A$157.7 million in FY25.

Underlying EBIT Margin improved to 74.9% from 74.0% in the prior year.

Underlying Net Profit After Tax (NPAT) increased 24.1% to A$144.7 million, with the underlying NPAT margin increasing to 55.3%.

Reported NPAT increased 130.3% to A$265.3 million, compared with A$115.2 million in FY25. The reported result included Fair Value gains on financial assets and other adjustments.

The company reported cash conversion of 91% during FY26, reflecting continued conversion of earnings into operating cash flow.

Contract Wins Add A$407 Million in New Agreements

During FY26, Pro Medicus signed 10 new contracts worth a combined A$407 million in total contract value.

The company also completed six contract renewals and one additional module agreement, contributing A$144 million in contract value.

Total contract value signed during FY26 reached A$548 million, comprising new contracts and renewals.

Major new agreements included:

  • UCHealth Colorado: A$170 million, 10-year agreement covering Full Stack and Cardiology Imaging.
  • Beth Israel Lahey Health: A$90 million, seven-year Full Stack agreement.
  • Radiology Associates North Texas: A$44 million, five-year agreement.
  • University of Maryland: A$23 million, five-year agreement.
  • Heidelberg University: A$10 million, five-year agreement.

The company stated that forward contracted Recurring Revenue over the next five years increased to A$1.34 billion, up 41.3% over 12 months.

Implementations Continue Across Healthcare Networks

Pro Medicus completed 16 go-lives during FY26, including four Trinity Health implementation cohorts.

The company reported that implementations remained on or ahead of schedule, supported by its deployment approach for large-scale healthcare organisations.

The Trinity Health rollout, described by the company as one of the largest CloudPACS implementations globally, reached 87% completion by FY26.

The company expects the remaining two Trinity Health cohorts to be completed by October 2026.

Other implementations completed during the year included UCHealth Colorado, BayCare, Heidelberg University and Roswell Park Cancer Centre.

Product Expansion Across AI, Cardiology and Digital Pathology

Pro Medicus continued expanding the capabilities of the Visage 7 platform during FY26.

The company progressed its cardiology imaging offering, with adoption across customers including UCHealth Colorado and Vancouver Clinic.

The company also introduced developments in digital pathology and its AI-optimised reporting module.

Pro Medicus highlighted that its Visage 7 platform is designed to integrate third-party artificial intelligence tools into existing clinical workflows.

A breast cancer detection algorithm developed with New York University is currently pending FDA clearance.

The company also entered Investment agreements with 4DMedical (ASX:4DX) and Echo IQ (ASX:EIQ) to broaden healthcare technology exposure.

Strong Balance Sheet Supports Future Development

As at 30 June 2026, Pro Medicus held cash reserves of A$216.1 million, up 23.8% from A$174.5 million in FY25.

Cash and other financial assets increased 19.7% to A$252.3 million.

The company maintained a debt-free balance sheet, with borrowings recorded as nil.

Net tangible assets per share increased 81.4% to A$4.10.

Pro Medicus also increased Shareholder distributions, declaring a total fully Franked Dividend of 69.0 cents per share for FY26, up 25.5% from 55.0 cents per share in FY25.

Growth Strategy Focuses on Cloud, New Products and Market Expansion

The company continues to target four growth areas: winning new clients, expanding existing customer relationships, launching new products and entering new geographic markets.

Pro Medicus stated that its North American opportunity remains significant, with the company estimating that its Visage platform currently addresses approximately 11% of the US market.

The company highlighted growth opportunities across integrated delivery networks, academic medical centres, private radiology groups and cloud-based deployments.

New product opportunities include Visage 7 Reporting, digital pathology, cardiology imaging and AI-enabled clinical applications.

Investor Takeaway

Pro Medicus’ FY26 results highlight continued expansion of its healthcare imaging software platform, supported by revenue growth, contract wins, high operating margins and product development. Investors may continue monitoring customer adoption, implementation progress, AI integration, new product commercialisation and the company’s ability to expand its presence across global healthcare markets.