• Excellent average patient NPS of +83 in Australia and +79 in NZ
• Served >600,000 patients and performed >1.3 million exams
• Invested $26.9m in capex, including $14.8m in growth initiatives

Integral Diagnostics Ltd (IDX.ASX) reported strong 1H FY25 results, with solid revenue growth of 7.8% to $249.4m, driven by Medicare indexation, growth in patient volumes, and continued favourable mix impact. Operating EBITDA grew by 8.2% to $46.8m, and operating NPAT increased by 31.9% to $9.8m. The company's operating EBITDA margin was 18.8%, a slight increase compared to the prior corresponding period, despite being adversely impacted by continued clinical staff shortages and labour cost inflation. IDX also reported strong free cash flow growth of 22.7% and a net debt to EBITDA ratio of 2.8x at 31 December 2024, which is projected to trend down gradually over time. The company completed the merger with Capitol Health Limited on 20 December 2024 and is on track to deliver the projected merger synergies. IDX continued to invest in growth initiatives, with $14.8m in growth capex during the period, including building works and equipment for new sites in Australia and New Zealand, as well as investments in its teleradiology reporting platform, IDXt. The company also highlighted several regulatory changes, including the deregulation of MRI services in regional and rural areas, the launch of the National Lung Cancer Screening Program, and proposed changes to Medicare bulk billing incentives.

On a merged basis with Capitol, the group reported a statutory NPAT loss of $0.4m, inclusive of $9.2m in non-operating costs. The company did not provide any high-importance, price-sensitive forward-looking financial metrics.