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Australian medical-imaging software maker selling the Visage 7 cloud-based radiology viewing platform to hospitals worldwide.
Australian medical-imaging software maker selling the Visage 7 cloud-based radiology viewing platform to hospitals worldwide.
Charges hospitals a licence under multi-year contracts, with fees rising with the number of imaging studies they run through the software, so revenue grows as customers' scan volumes grow. Most revenue comes from the US. Founder Sam Hupert remains chief executive.
In one line: Australia's sole global cloud-radiology leader.
Moat: wide (switching costs, IP / patents, installed base). Deeply embedded, mission-critical radiology software with long-term contracts and high clinical switching costs.
Headquarters: Melbourne, Australia · Founded: 1983 · Employees: 153
Size Pro Medicus (PME.AX) is an Australia Health Care company (Services to the Health Industry) with a market value of $14.8B, the 26th largest of 316 Australia companies the cockpit tracks. Shares closed at A$205.13 on 6 Nov 2026.
Performance Over six months the shares gained 63.5%, against +22.5% for the median peer and +4.1% for the Australia market (cap-weighted) — highest of 6 in its peer set.
Growth Revenue grew 22.9% over the last twelve months (peer median +4.9%); the operating margin is 74.9% (peer median 10.2%).
Valuation It trades at 112.9× forward earnings against a peer median of 19.3× (most expensive of 6).
Price implies For today's price to make sense, revenue must grow about 55% a year for seven years (Req g). Recent delivered growth is +31%, so the hurdle is +24 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 54.9 points above its cost of capital (12.9% WACC).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$262M | A$262M | A$213M | A$162M | A$125M |
| Revenue growth | — | +23% | +32% | +29% | — |
| Gross profit | A$211M | A$211M | A$169M | A$122M | A$92.4M |
| EBITDA | A$204M | A$204M | A$165M | A$121M | A$91.8M |
| Net income | A$265M | A$265M | A$115M | A$82.8M | A$60.6M |
| Free cash flow | A$136M | A$136M | A$118M | A$86.5M | A$64.5M |
| Capital expenditure | A$8.69M | A$8.69M | A$7.38M | A$6.69M | A$6.45M |
| Total debt | n/a | A$2.23M | A$2.25M | A$2.07M | A$1.85M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Pro Medicus PME.AX | $14.8B | +63% | +23% | 75% | 112.9× | 55.0% |
| GE HealthCare GEHC | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% |
| Koninklijke Philips PHIA.AS | $29.8B | +24% | -1% | 10% | 16.5× | 5.7% |
| Sectra SECT-B.ST | $6.53B | +27% | +14% | 20% | 85.0× | 29.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PME.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +29.4% | +8.5% | highest of 6 |
| 6-month return | +63.5% | +22.5% | highest of 6 |
| Distance from 52-week high | -24.8% | -5.7% | 2nd lowest of 6 |
| Revenue growth (TTM) | +22.9% | +4.9% | 2nd highest of 6 |
| Operating margin | 74.9% | 10.2% | highest of 6 |
| Forward P/E | 112.9× | 19.3× | most expensive of 6 |
| Growth the price implies (Req g, 7 yrs) | 55.0% | 6.4% | most demanding of 6 |
| Growth delivered (Del g) | +31.0% | +6.2% | 2nd highest of 6 |
| Hurdle (Req g minus delivered) | +24.1 pp | -7.4 pp | most demanding of 6 |
| ROIC minus cost of capital | +54.9 pp | +2.7 pp | highest of 6 |
| Net debt / EBITDA | -1.2× | 3.5× | 2nd least indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Pro Medicus PME.AX | Australia | $14.8B | +63% | +23% | 75% | 112.9× | 55.0% | +31.0% |
| Quest Diagnostics DGX | United States | $28.1B | +36% | +9% | 15% | 22.0× | 6.4% | +3.2% |
| Attendo ATT.ST | Sweden | $1.92B | +23% | -1% | 10% | 17.7× | 1.7% | +9.1% |
| Astrana Health ASTH | United States | $1.71B | -12% | +59% | 3% | 19.3× | 12.8% | +35.9% |
| NRC Health NRC | United States | $572M | +38% | +3% | 11% | 26.1× | 11.2% | +0.6% |
| Tokai 9729.T | Japan | $553M | +3% | +5% | 6% | 12.4× | -13.2% | +6.2% |