• Q2 FY25 revenue of $6.6m, down 3% vs pcp
• 1H FY25 revenue of $13.7m, down 1% vs pcp
• Q2 FY25 Underlying EBITDA of $0.2m

IMEXHS reported Q2 FY25 revenue of $6.6m, down 3% vs pcp, and 1H FY25 revenue of $13.7m, down 1% vs pcp. Excluding one-off items, revenue was up 1% year-on-year. Underlying EBITDA for Q2 FY25 was $0.2m, up marginally vs pcp. Annualised Recurring Revenue (ARR) was $32.8m at 30 June 2025, up 11% vs pcp and 7% on a constant currency basis. The company announced a capital raising of $2.6m to support growth, including a $1.5m placement and a $1.0m conditional placement to directors. The company won a public tender in Mexico, adding $206,000 in new annual recurring revenue, and accelerated the rollout of its AQUILA+ platform with three further contracts. The partner program was expanded to 25 high-performing partners across 15 countries, contributing 40.6% of software revenue in Q2. The company is focused on expanding its pipeline and improving conversion rates, and has implemented a cost optimization program to improve profitability.

For 2025, the company expects revenue in the range of $27.5m to $28.2m (up 4.0 to 6.6% on the prior year) and Underlying EBITDA in the range of $1.3m to $1.6m (up vs $0.5m in the prior year). Subject to movement in working capital, 2025 is projected to be a cash positive year.

The company expects an acceleration of software sales as the new AQUILA+ platform is rolled out to new and existing customers. The Radiology Profit Improvement Program through pricing and productivity is expected to see performance improve through the year, and the company expects strong revenue growth and to be EBITDA and cash positive for 2025, with more of the growth occurring in H2.