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Highlights

  • IDX reported an 8% YoY revenue increase to AUD 249.4 million in H1FY25, with EBITDA up 8.3% YoY and NPAT jumping 32.4% YoY.
  • The Capitol Health merger is expected to deliver AUD 10 million in synergies, plus regulatory tailwinds like MRI deregulation and a National Lung Cancer Screening Program.
  • The company expects FY25 capex to reach AUD 60-65 million.

Integral Diagnostics Limited (ASX:IDX) is an ASX-listed company that offers medical imaging services across Australia and New Zealand. In the first half of the financial year 2025 (H1FY25), the company recorded an 8% YoY revenue increase to AUD 249.4 million, supported by continued organic growth. During the reported period, operating EBITDA rose by 8.3% YoY to AUD 46.8 million, while operating NPAT surged 32.4% YoY to AUD 9.8 million.

EBITDA margin stood at 18.8% in H1FY25, outperforming the industry median of 4.2%, despite pressures from clinical staff shortages and wage inflation. During the reported period, IDX’s inventory turnover ratio stood at 5.5x, which remains well above the industry median of 4.2x.

Outlook

The recent merger with Capitol Health is expected to unlock AUD 10 million in annual pre-tax cost synergies, most of which are anticipated to reflect in FY25. Additionally, long-term industry tailwinds—such as an ageing population and growing demand for advanced imaging like CT, MRI, and PET—are set to fuel growth.

Furthermore, the expected deregulation of MRI licensing and the rollout of a National Lung Cancer Screening Program (from 1 July 2025) are likely to boost demand. IDX projects FY25 capex at AUD 60–65 million, with AUD 20 million earmarked for Capitol integration.

Top 10 shareholders of IDX

The top 10 shareholders of IDX have around 28.37% shareholding in the company. Yarra Funds Management Limited and Challenger Ltd have the highest stakes in the firm with a shareholding of ~5.69% and 5.39%, respectively.

Share performance of IDX

IDX shares closed 3.49% higher at AUD 2.37 per share on 29 April 2025. Over the past year, IDX’s share price has decreased by almost 6.32%, while the 6-month fall is 23.55%.

52-week high of IDX is AUD 3.20, recorded on 23 October 2024 and 52-week low is AUD 1.91, recorded on 26 February 2025.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 29 April 2025. The reference data in this report has been partly sourced from EODHD/Others.

 

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.