Pro Medicus (ASX:PME) - CEO Dr Sam Hupert
CEO Dr Sam Hupert
Source: Pro Medicus
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  • ASX 200-listed Pro Medicus (PME) posts its strongest ever half-yearly revenue and profit result on the back of a resilient business pipeline despite the pandemic
  • The company grew revenue by 40.3 per cent to $44.33 million and net profit by 52.7 per cent to $20.68 million over the six months to the end of December 2021
  • In light of the results, Pro Medicus declares a 10-cent interim dividend, fully franked and 42.9 per cent higher than its seven-cent interim dividend last year
  • CEO Sam Hupert says the record results were powered by new contracts and contract renewals in the US, though revenue grew in all key jurisdictions
  • Investors are impressed with Pro Medicus’ results, with company shares up 7.58 per cent to $49.84 at 1:32 pm AEDT

Medical imaging specialist Pro Medicus (PME) has posted its strongest ever half-yearly revenue and profit result on the back of a resilient business pipeline despite the pandemic.

The company grew revenue by 40.3 per cent to $44.33 million and underlying profit before tax by 53.5 per cent to $28.8 million over the six months to the end of December 2021 compared to the same time the year before.

Pro Medicus’ net profit grew by 52.7 per cent to $20.68 million over the half-year.

In light of the results, Pro Medicus has declared a 10-cent interim dividend, fully franked and 42.9 per cent higher than the seven-cent dividend returned to shareholders at the same time last year.

CEO Sam Hupert said the record results were powered by new contracts and contract renewals in the US, as well as the company’s expansion of a major European contract to cover new regions.

“Renewals of contracts should also not be underestimated; they are like a whole new contract,” Dr Hupert said.

Some of the key contract wins for Pro Medicus from over the half-year include a seven-year, $40 million contract with Novant Health to provide a community-based integrated delivery network that spans three US states and the renewal of a contract with Allegheny Health in Pennsylvania.

The company recorded revenue growth in all of its key jurisdictions, being the US, Europe and Australia.

“Our pipeline remains strong with a good spread of opportunities in different markets,” Dr Hupert said.

“Many are cloud-based — a trend gathering significant momentum — and many are interested in more than one of our Visage solutions.”

The company’s Visage platform is designed to help hospitals and medical practices streamline their imaging data and effectively organisation information and scans.

Dr Hupert said exam volumes in North America were strong despite the ongoing effects of the pandemic and were actually higher than pre-COVID levels in many areas.

However, the company’s Australian operations were still impacted by Omicron given the majority of Australian revenue is not exam-based.

Investors were impressed with Pro Medicus’ results, with company shares up 7.58 per cent to $49.84 at 1:32 pm AEDT. Pro Medicus has a $5.2 million market cap.

PME by the numbers
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