ImExHS (ASX:IME) reported full-year FY25 results for the 12 months ended 31 December 2025, with management describing the year as one defined by “execution” and delivery against commitments. The company posted 10% revenue growth, underlying EBITDA at the top end of guidance, and higher cash with reduced debt, while outlining plans to accelerate software growth and continue margin improvement in FY26.
FY25 results and guidance delivery
Management said revenue rose 10% year-over-year to AUD 29 million, while underlying EBITDA increased more than threefold to AUD 1.6 million, compared with AUD 0.5 million in the prior year. The company had previously tightened guidance at the half year to revenue of AUD 27.5 million to AUD 28.2 million and underlying EBITDA of AUD 1.3 million to AUD 1.6 million, and it ultimately delivered revenue above that range and EBITDA at the top end.
On a constant currency basis, FY25 revenue growth was 6%, reflecting foreign exchange impacts including the Colombian peso and other regional currencies against the Australian dollar.
Two connected operating divisions
Executives described ImExHS as a company with two “distinct but deeply connected” businesses under a single mission of expanding access to medical imaging expertise in underserved markets.
- Software built on the Aquila+ platform, providing RIS, PACS, a universal viewer, and AI capabilities across 18 countries in a cloud-native recurring revenue model.
- Radiology services operated through RIMAB, providing outsourced diagnostic radiology services across 38 diagnostic centers primarily in Colombia, with teleradiology reach into Spain.
Management said the two divisions reinforce each other, with RIMAB running on Aquila+ and serving as an internal proving ground for workflow improvements before they are deployed to external clients.
Operational metrics: sites, studies, and patient engagement
The company ended FY25 with 564 installed sites, up from 525 at the start of the year, representing 39 net new deployments. Management highlighted sequential growth, noting eight consecutive quarters of installation growth from 511 in Q1 FY24 to 564 at year-end.
During the year, the business processed 8.3 million studies. It also reported 3.6 million registered patient portal users who generated 8.2 million portal sessions, which management said equated to an average of 2.3 sessions per user and indicated ongoing patient engagement rather than “passive registrations.”
ImExHS introduced a formal net promoter score (NPS) program for the first time, closing the year with a score of 42.7, which management compared to a global B2B software benchmark in the 30–40 range.
ARR growth, divisional performance, and profitability improvements
Annual recurring revenue (ARR), which management described as its most closely managed metric due to representing contracted forward recurring revenue, rose to AUD 34.8 million at 31 December 2025, up 16% year-over-year from AUD 30 million. On a constant currency basis, ARR grew 7%.
By division:
- Software: revenue of AUD 10 million (up 12%), ARR of AUD 11.8 million (up 19%), and underlying EBITDA of AUD 3.8 million, representing a 39% EBITDA margin (up from 36%). Management said the results included continued investment in senior commercial leadership and go-to-market infrastructure.
- Radiology services: revenue of AUD 19 million (up 8%), ARR of AUD 23 million (up 14%), and underlying EBITDA of AUD 1.3 million, representing a 7% margin. Management said this marked a shift from break-even a year earlier, driven by “disciplined repricing, cost reduction, and early-stage automation,” and described the unit as a cash contributor.
Corporate costs were AUD 2.7 million, flat year-over-year. Underlying EBITDA excluded foreign exchange impacts, share-based payments, and a one-off goodwill impairment of AUD 1.7 million taken in the first half.
Management cited specific ARR contributors and account activity, including Salud Total renewals contributing AUD 348,000 of new ARR, and the Oncolife contract in Colombia, which management said was initially expected to be AUD 1.4 million of ARR but had grown to AUD 2.1 million in actual billings.
Balance sheet, cash flow, and FY26 outlook
ImExHS ended the year with cash of AUD 3.3 million (up from AUD 2.1 million) and debt of AUD 0.5 million (down from AUD 1.2 million), which management characterized as leaving net debt “effectively negligible.” Net assets were reported at AUD 15.9 million.
CFO Rina Minhas said net cash inflows from operating activities were AUD 0.6 million, improving from a AUD 0.6 million outflow in the prior year. Investing cash outflows were AUD 1.2 million, including AUD 0.9 million invested in software development and AUD 0.3 million in property, plant, and equipment. Financing inflows were AUD 1.6 million, including AUD 2.4 million raised through a placement, partly offset by debt repayments of AUD 0.7 million.
Working capital and collections were framed as a major focus area, particularly given payment pressures in Colombia’s healthcare system. Management said actions included tighter credit controls, proactive collections from contract start, milestone-based invoicing, and exiting relationships where the credit profile was unattractive. The company noted Colombia’s policy environment remains “fluid,” referencing presidential elections in Q2 and ongoing healthcare reform discussions.
For FY26, management outlined four guidance statements:
- It expects to exceed FY25 underlying EBITDA.
- It expects to be cash positive for the full year.
- It expects software revenue to grow faster than in FY25.
- It expects more of the growth in revenue, earnings, and cash to occur in H2, which management attributed to a structural second-half bias in Latin American procurement cycles and the lag between contract signing and billing.
In Q&A, management said capital allocation would balance investment for growth versus potential dividends, but emphasized that near-term priority is accelerating growth—particularly in software—while “protecting profitability.” Management also named competitors in the region, including Carestream, EPPA, and Fujifilm, and said the company competes in public tenders and large private deals while positioning itself as a locally adapted provider with same-time-zone support and Spanish-language services.
About ImExHS (ASX:IME)
ImExHS Limited offers cloud-based medical imaging solutions in Australia and internationally. It offers a medical imaging software that is focused on the development and sale of modular imaging systems, which include information systems for radiology, cardiology, and pathology, as well as a picture archiving and communications system. The company's solutions include AQUILA, a radiology software solution; ALULA, a pathology software solution; Antero, a cardiology software solution; and STELLA AI, a set of artificial intelligence tools that support specialists in the diagnosis.
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