IMEXHS Reports FY24 Results (unaudited)
| Stock | Imexhs Ltd (IME.ASX) |
|---|---|
| Release Time | 28 Feb 2025, 9:28 a.m. |
| Price Sensitive | Yes |
IMEXHS Reports FY24 Results (unaudited)
- FY24 revenue of $26.5m at the top end of guidance, up 34% vs pcp; up 27% on a constant currency basis
- FY24 Underlying EBITDA was a profit of $0.5m; $0.2m in pcp
- Annualised Recurring Revenue of $30.0m, up 20% vs pcp; up 24% on a constant currency basis
IMEXHS Limited (ASX: IME) reported its unaudited financial results for the 12 months ended 31 December 2024. IMEXHS achieved revenue growth of 34%, with FY24 revenue of $26.5m, up 34% on prior year. Software revenue grew 17% and Radiology was up 45%. Annual Recurring Revenue (ARR) grew 20% to $30m. Contract renewals, including Colsubsidio and the Colombian National Police, were secured under improved pricing, and new agreements, such as those with Someditec, Hospital General de Medellin and DPI in Peru, added New Annual Recurring Revenue (NARR). Pricing in the software business improved, with 59% of software ARR now in hard currencies. Cost control measures are progressing, with Underlying EBITDA of $0.5m in FY24 despite some foreign exchange impacts. The company expanded its regional presence, with 525 sites now using its software across 18 countries. Product updates focused on efficiency and compliance, with enhancements to the RIS system, Universal Viewer, and PACS, as well as alignment with ISO 27001:2022 standards. The radiology business exited a slow paying customer in September and the customer entered a binding term payment schedule to settle the outstanding monies owed. The company's new value proposition aims to empower radiology departments by elevating their operations, ensuring seamless productivity round the clock.
The company expects to be EBITDA and cash positive for the year but much of the Revenue, Earnings and Cash growth will occur in the second half.
While only a short period of the new year has elapsed, the company is trading in line with plan. The early stage of the rollout of the latest and major release of Aquila software is proceeding on time. The first half of the year will have upfront launch costs associated with marketing and sales for the software. The second half will benefit more from improved radiology contract terms together with an expected acceleration of software sales.