Stock Spotlight: Pro Medicus Limited (ASX:PME)

This week's Stock Spotlight is ASX-listed Pro Medicus Limited.


About Pro Medicus Limited.


Pro Medicus Limited, a healthcare informatics company, engages in the development and supply of healthcare imaging software, and radiology information (RIS) system software and services to hospitals, imaging centres, and health care groups in Australia, North America, and Europe. The company offers Visage RIS Visage 7 Enterprise Imaging Platform, a healthcare imaging software that provides radiologists, physicians, and clinicians with access and visualisation capability for viewing 2-D, 3-D, and 4-D medical images; and picture archive and communication system (PACS)/digital imaging software. It also provides Visage RIS, a proprietary medical software for practice management, training, installation, professional services, and after-sale support and service products; Promedicus.net, an e-health platform for secure email and integration products. In addition, the company offers Visage Ease Pro, a mobile application that provides users the ability to interpret various diagnostic imaging studies stored on a Visage 7 server. The company was incorporated in 1983 and is headquartered in Richmond, Australia.


Source: Yahoo Finance



Key Stats

Source: Yahoo Finance. Data as of 07/08/25.


Price Performance

Growth Potential

  • Strong balance sheet position with no debt.
  • Proven and market leading technology (management believes they are 24 months ahead of competitors), with PME’s product commanding a price premium.
  • New contract wins (more win rates plus higher value per contract), increasing usage by existing clients and winning market share in the U.S. (penetration in the U.S. is still just 7%).
  • New product launches – Enterprise Imaging solutions and moving into other “ologies” such as cardiology and ophthalmology. Developing artificial intelligence (AI) capabilities. Management noted cardiology opportunity could be approx. 25-35% size of radiology total addressable market.
  • Leveraged to the digital health data thematic and industry’s transition to cloud.
  • Expansion into new geographies.
  • Potential M&A activity.

Key Risks


  • High valuation which subjects the stock price to more volatility.
  • Timing (long lead time to close contracts) and scale of new contract wins disappoints relative to market expectations.
  • Contract renewals (pricing pressure) and potential budget cuts at hospitals leading to the delay of software upgrades / investment.
  • Increasing competitive pressures (from large scale players and new entrants with innovative technology).
  • Systems reliability – data breach or drop in quality.
  • Regulatory / funding changes – reimbursement changes leading to lower imaging volumes.

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Disclaimer: This article does not constitute financial advice nor a recommendation to invest in the securities listed. The information presented is intended to be of a factual nature only. Past performance is not a reliable indicator of future performance. As always, do your own research and consider seeking financial, legal and taxation advice before investing.

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