Highlights

  • Q3 FY26 revenue was $8.9 million, up 23% on the prior corresponding period, and up 6% at constant currency.
  • Year-to-date revenue reached $24.8 million, with underlying EBITDA of $1.9 million, up from $0.9 million.
  • Net operating cash flow was $1.0 million for the quarter, with cash of $2.5 million at 30 September 2026.
  • FY26 guidance was reconfirmed at $31.4 million to $33.7 million revenue and $2.4 million to $2.7 million underlying EBITDA.

IMEXHS Limited (ASX:IME) has released its FY26 third-quarter activity report and Appendix 4C. The medical imaging software and radiology services provider reported higher revenue, positive operating cash flow and progress on its agentic AI platform, while CEO Dr German Arango described the period as "a quarter of two halves".

Financial Performance in Q3 FY26

Q3 FY26 revenue was $8.9 million, up 23% on the prior corresponding period and 6% at constant currency. Year-to-date revenue reached $24.8 million, up 19%, or 11% at constant currency. Underlying EBITDA was $0.6 million for the quarter, in line with the prior period, and $1.9 million year to date compared with $0.9 million.

Annual recurring revenue (ARR) was $36.8 million, comprising $25.1 million from Radiology Services and $11.7 million from Software. Currently billing ARR rose to $34.8 million from $32.4 million at 30 June 2026. Receipts from customers were $9.2 million, net operating cash flow was $1.0 million and cash rose to $2.5 million, with debt reduced to $0.17 million.

Software, AI Agents and Radiology Services

The agentic AI platform moved from launch to production scale. The Intelligent Appointment Scheduling agent is live with customers, the image-suggestion agent is in production and the Transcription Agent is production-ready. The product roadmap closed the quarter at 95% completion, and Portal+ launched in production for two clients.

Software revenue of $2.9 million was the highest quarter of FY26, although software bookings were below plan, with new ARR of $282,928 across 13 contracts and several partner-led closures moving into Q4. Radiology Services (RIMAB) delivered year-to-date revenue of $17.3 million, up 23.7%, and EBITDA of $1.8 million, almost 2.5 times the prior year, supported by pricing and higher-value modalities.

Outlook and Colombia Update

IMEXHS reconfirmed FY26 guidance of $31.4 million to $33.7 million in revenue, up 8% to 16%, and underlying EBITDA of $2.4 million to $2.7 million, up 48% to 66%.

In Colombia, a new national government took office on 7 August 2026 and announced a health-sector plan on 22 September 2026, including targeted additional funding and a credit line for health insurers. Payment behaviour has not yet improved, and IMEXHS is applying tighter credit controls and conservative working-capital assumptions. Trade and other receivables rose to $14.5 million, partly due to currency translation. Fabio Carrillo commenced as Chief Financial Officer on 1 August 2026.

Key Takeaways

  • IMEXHS grew Q3 FY26 revenue by 23% and generated positive operating cash flow.
  • Radiology Services delivered strong EBITDA growth on higher revenue.
  • Software bookings were below plan, with several closures moving into Q4.
  • FY26 guidance was reconfirmed while Colombian payment conditions remain under watch.