IMEXHS LIMITED — Earnings Release 2021

Feb 25, 2021

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Innovative provider of cloud-based medical imaging software solutions

IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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Agenda

1. FY20 Result Overview – Dr German Arango, CEO

2. About IMEXHS – Dr German Arango, CEO

3. FY20 Financial Overview – Reena Minhas, CFO

4. Strategy & Outlook – Dr German Arango, CEO

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FY20 Result Overview

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FY20 Financial Highlights

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Sales Revenue of ARR of EBITDA of $10.9m $10.1m ($1.3m) Up 41% yoy[1] , new contract Up 19% yoy, 33% higher on a Improvement of $3.3m, wins & renewals constant currency basis $2.5m on like for like basis[3] Underlying EBITDA[4] of Recurring revenue of Closing cash of $8.5m ($0.7m) $10.8m Improvement of $3.8m, Up 29% yoy[2] $7.1m at 31 Dec 2020 $3.0m on a like for like basis[3]

1. Sales revenue up 59% on a constant currency basis 2. Recurring revenue up 45% on a constant currency basis

2. Adjusting for the impact of software capitalisation policy adopted in FY20 4. Refer Slide 20 for Underlying EBITDA reconciliation 5. FY20 results are preliminary / unaudited

IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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STRONG MOMENTUM IN

CORE MARKETS

• Strong sales of Aquila in the Cloud with 41 deals signed and ARR contribution of $945k as at 31 Dec 2020

GEOGRAPHIC

EXPANSION ON TRACK

• Significant progress in new markets, first US customer signed

• Certification in Brazil and European Union

• Solid demand for customised AQUILA 3.0 solution despite COVID-19

• COVID-19: Substantial recovery in imaging volumes in the December quarter but some delay in decision-making by large hospitals

• Partners Program and online marketplaces open new distribution channels

• Strategic alliances with Vital Images Inc, AG Mednet and Entelai Pic

IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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• Redesigned Aquila with multi-tenant architecture to create the new business model, Aquila in the cloud

• AQUILA 3.0 customized solution enhanced with intuitive interface, improved user experience, advanced tools

• Improvement of Alula ’s performance with a new streaming technology WSI (whole slice imaging)

• Stella AI engine has been enriched with new algorithms, like the new chest CT algorithm for the detection of viral pneumonia, COVID-19 pneumonia and ARDS (Acute Respiratory Distress Syndrome)

• New functionalities for Braviz including functional MRI rendering and dynamic tractography DTI

• Establish strategic alliances with Vital Images Inc, AG Mednet and Entelai Pic to extend the features and functions available on the AQUILA platform

IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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About IMEXHS

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Expanding global footprint

Spain USA Mexico Honduras El Salvador Nicaragua Australia Costa Rica Colombia Panama Ecuador Peru Brazil Bolivia Paraguay Chile Uruguay IMEXHS currently operating Argentina Agreement being negotiated

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15 countries >250 sites >2,100 radiologists 23 distributors 1/3 of team in software development

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IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

Leading innovator in medical imaging

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• Next Generation multi-modality cloud-based medical imaging software with over 250 sites globally

• Scalable, modular HIRUKO[TM] platform provides solutions for all complexity levels

• Subscription model with high recurring revenue from multi-year contracts

• Aquila in the Cloud standardised radiology solution democratising access to world-class imaging software

• Multiple distribution channels across 15 countries including Australia, USA & Brazil

• Developing AI tools from our large proprietary image database (940m stored images)

IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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Aquila in the Cloud

• Aquila in the Cloud, standardised radiology solution, launched in May 2020

• Provides small and medium-sized customers with low-cost, rapidly deployed product offering

• At 31 Dec 2020, 41 deals signed with ARR contribution of $945k. This has increased to 48 deals at 24 Feb 2021

• Distribution via growing partner network and online marketplaces

• Strong pipeline of new opportunities

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$945k
41
$675k
28
$473k
$400k
17
12
Sept Oct Nov Dec
New contracts (cumulative) ARR contribution
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IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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Our competitive advantage

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ACCESSIBILITY
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CAPABILITY

FLEXIBILITY

• Single platform and archiving system

• Fully web & cloud-based

• Multi-modality

• Teleradiology accessed from any device or browser

  • Scalable modular solutions for all complexity levels

• Multi-tenant architecture

• Medical imaging portfolio

• Rapid deployment

• Multiple distribution channels

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AFFORDABILITY

• Lower cost base than competitors

• Attractive price point

• Innovative AI tools

IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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HIRUKO[TM] medical imaging platform

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Advanced Stella Vital Alma
Braviz
Post-processing AI 3D ADv 3D Basic
Enterprise Aquila Alula Anteros
Imaging Radiology Pathology Cardiology
HIRUKO [TM] Universal
Core Platform Portals Multi-Tenancy
PACS/VNA Viewer
Nuance 360
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IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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*Components in blue represent IMEXHS proprietary technology

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End-to-end modular imaging solution
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Scan scheduled Uploaded Archived on our 1)Business
Manages
via our to our platform cloud-based Intelligence
Billing
platform platform } 2)Statistical
Data
3. 4. 5.
1. 2. Radiologist Referring Physician Billing
Physician Patient has interprets scanned reviews images via (where
requests patient scheduled scan images Referring applicable)
scan ( Tele-Radiology [1] ) Physician Portal
1 Teleradiology - radiology concerned with the transmission of digitised medical images (as X-rays, CT scans, and sonograms) over electronic networks and with the interpretation of the
transmitted images for diagnostic purposes
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IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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Advanced streaming technology

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Pixel Info
Bandwidth
Optimisation
Other Info Any web
Medical Image VNA Server Rendering Server
enabled device
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IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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Developing AI capabilities

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• Images almost doubled to 940m reflecting full year of Colsubsidio contract Number of Images Stored (m)

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940
•
Important test bed for the development and
training of AI tools
• Developed Stella AI which identifies normal and 488
pathological radiological patterns in chest x-
rays 231
99
• 32
Released non-imaging AI tools in natural
language processing
2016 2017 2018 2019 2020
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IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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FY20 Financial Overview

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Strong growth in sales revenue

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• Revenue of $10.9m, up 41% (59% on a constant currency basis) due to new contract wins and renewals

Sales Revenue ($m) (incl constant currency impact)

• Recurring revenue of $8.5m, up 29% (45% on a constant currency basis)

• Recurring revenue of $85m up 29% (45% on a constant
., currency basis) • Strategic focus on driving subscription revenue growth across key markets Reported Currency FY20 $'000 Constant Currency FY20 $'000 FY19 $'000 Reported Currency Change Constant Currency Change RecurringRevenue 8,541 9,551 6,603 29% 45% OtherSalesRevenue 2,371 2,709 1,124 111% 141% 10,913 12,261 7,727 41% 59%	$6.6m $8.5m $1.1m $2.4m $1.3m
	FY19 FY20 Recurring Non-Recurring Currency Impact

IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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Strong growth in ARR

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20162017201820192020 Annualised Recurring Revenue
12
10
8
6
4
2
0
2016 2017 2018 2019 2020
Spot Not Yet Billing Constant Currency Not Yet Billing
$ m
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• Annual Recurring Revenue (ARR) of $10.1m, up 19% yoy (33% on constant currency basis)

• Recent contract wins include Gables Radiology in the US, Keralty (Colombia), and Laboratorios Santa Maria (Mexico)

• Contract renewals and extensions include National Police Hospital in Bogotá (Colombia) and Corominas y Castillo (Mexico)

IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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Underlying EBITDA Improvement

$'000	FY20	FY19	Var	Var %
Recurring revenue contracts	8,543	6,603	1,940	29%
Other sales revenue	2,371	1,124	1,247	111%
Other revenue	88	12	76	644%
Total revenue OperatingExpenses	11,002 (14,530)	7,739 (13,782)	3,263 (748)	42% (5%)
NPBT	(3,528)	(6,043)	2,515	42%
Depreciation & Amortisation	1,024	826	198	24%
Net FinanceExpenses	1,185	593	592	100%
EBITDA FX & ShareBased PaymentExpenses	(1,319) 630	(4,624) 127	3,305 503	71% 397%
Underlying EBITDA*	(689)	(4,497)	3,808	85%

• Underlying EBITDA improvement of $3.8m excludes impact of software

• capitalisation of $805k which commenced in FY20

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• Total revenue of $11.0m, up 42%

• Operating expenses of $14.5m reflect increased investment in sales and marketing and establishment of US operations

• EBITDA loss of $1.3m improved by 71%

• Underlying EBITDA loss (excludes the impact of FX and share based payments) of $0.7m, 85% improvement yoy

IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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Balance Sheet

$'000	Dec 20	Dec 19
Cash	10,796	7,150
Trade & other receivables	5,056	3,654
Inventories	390	107
Current assets	16,243	10,911
Non-current assets	4,562	3,887
Total assets	20,804	14,797
Trade & other payables	2,382	1,425
Other current liabilities	2,076	2,229
Current liabilities	4,459	3,654
Non-current liabilities	809	827
Total liabilities	5,268	4,481
Net assets	15,536	10,317

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• Cash on hand of $10.8m

• Increase in Trade & Other Receivables due to strong sales in the last quarter

• Net assets of $15.5m

IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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Summary Cash Flow

$'000	FY20	FY19
Net cash used in operating activities	(1,467)	(4,090)
Net cash used in investing activities	(2,187)	(2,460)
Net cash flow from financing activities	7,405	11,280
Effects of exchange rate	(105)	(25)
Net cash movement	3,752	4,705
Cash at the beginning of the year	7,150	2,445
Cash at the end of the year	10,796	7,149

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• From 1 Jan 2020, IMEXHS capitalised software development expenses resulting in lower operating outflows for development

• Payments for intellectual property reflected capitalised development costs of $805k for FY20

• Capital raising of $8.3m was completed on 22 October 2020

• Cash at 31 December of $10.8m

IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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Strategy & Outlook

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Increasing use of Large, rapidly radiological Chronic global Shift from client growing but highly Increased proportion techniques in wider radiologist shortage server architecture to fragmented global of the value chain clinical applications, driving demand for fully web-based cloud medical imaging coming from AI demand for central teleradiology solutions sector storage of images STRATEGIC PRIORITIES: Benefiting from industry tailwinds ‘Land & expand’ Geographic Teleradiology Large AI image library strategy with multiple Aquila in the Cloud expansion across solution allows and radiology verticals including low touch multiple markets, radiologists to access services drive cardiology and deployment model leverage specialist images from any development of AI pathology, VNA for small clinics distributors device or location tools capability

STRATEGIC PRIORITIES: Benefiting from industry tailwinds

IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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2021 Product Roadmap

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AQUILA 4.0 with new features and functions orientated to US and Australian markets

• Alula Marketplace , the world’s first dedicated pathology marketplace workflow program

Democratising access to high-tech medical imaging platforms

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Other medical verticals

• Dental Imaging platform

• Veterinary Information System

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AI Algorithms

• Automatic detection and segmentation of lung areas with consolidation and ground glass opacities on CT scans

• Automatic selection from a radiologist worklist and posterior rendering of functional MRI and DTI tractography

IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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FY21 Outlook

Aquila in the Cloud (AiC) – Leverage distribution partners to convert strong interest across all markets

US – build presence with AiC offering and via online marketplaces

New markets – open office in Brazil and explore opportunities in EU

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2021 trading to date in line with Company expectations

Improved outlook for key markets despite second waves of COVID-19 On track to achieve monthly run rate EBITDA breakeven by December 2021

IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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Appendix

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Built by physicians for physicians

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2012 2016 2018 2020 Founded in Colombia Release zero IMEXHS lists Launched Aquila in by two Professors of footprint WEB on ASX the Cloud, open US office, certification Neuroradiology & viewer in Brazil and EU, radiology software new partners engineer 2015 2017 2019 Expand Implement solutions Receive FDA Clearance in outside across 200 USA, new medical verticals Colombia healthcare sites & AI tools, new markets

IMEXHS LTD | FY20 FINANCIAL RESULTS (ASX:IME)

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Significant global opportunity

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RIS/PACS

• Global market is valued at US$2.7bn

2018 US$2.7bn 2027 US$5.0bn

• Estimated to grow at 7.4% CAGR Put 3 bullet points and text here

• Projected global RIS/PACS market of $5.0bn in 2027

• This only captures Radiology Imaging Systems

7.4% CAGR

• Further upside from other medical specialities

Source: “PACS and RIS Market to 2027 - Global Analysis and Forecasts By Product, Component, Deployment, End User, and Geography" by ResearchAndMarkets.com

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Our customers

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Glossary

Artificial intelligence (AI) tools aid the interpretation of radiological images which require access to large image databases and digital workflows

Cloud-based usually refers to an application or service available via the internet, hosted by any major public cloud provider

Cloud marketplace is an online channel that allows Cloud Service Providers (from different industries) to offer their business solutions to potential customers

DICOM is an international standard used to transmit, store, retrieve, print, process and display medical imaging information & allow interoperability between manufacturers

Medical verticals are market segments that refer to specific diagnostic departments within hospitals (e.g. radiology, pathology, cardiology)

Multi-modality refers to the support of multiple types of medical images such as CAT Scan, MRI, X ray, Ultrasound

Multi-tenant architecture is a manner in which an application can be deployed in a cloud-based environment to offer multiples instances of a product within a single service

Non-DICOM are clinically significant patient records such as jpeg, pdf, video

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Streaming technology transfers medical images from our VNA to our Web Viewer, reducing the waiting time of the radiologist or referring physician

Teleradiology refers to scanned images (readings) which are managed digitally allowing interpretation to be performed by radiologists in other locations

Vendor Neutral Archiving (VNA) allows PACS systems to store all patient records (DICOM & non-DICOM)

Web viewer is built on top of web technologies to run on major web browsers

Zero footprint allows radiologists to diagnose images from any device (Mac, PC, tablet, smart phone), anywhere & on any web browser

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WWW.IMEXHS.COM

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Disclaimer

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The information contained in this Presentation or subsequently provided to the Recipient of this Presentation, whether orally or in writing by or on behalf of ImExHS Limited or its respective employees, agents or consultants (“Information”) is provided to the Recipient on the terms and conditions set out in this notice.

The Recipient should not treat the Information as advice relating to legal, taxation, financial product or investment matters and should consult their own advisers. This Presentation does not purport to contain all the information that a prospective investor may require. The Information may not be appropriate for all persons and it is not possible for ImExHS Limited to have regard to the investment objectives, financial situation and particular needs of each Recipient who reads or uses the Information . Accordingly, no recommendation or expression of opinion is contained within the Information. Further, no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the Information, including the likelihood of achievement or reasonableness or any forecasts, prospects or returns contained in the Information. Before acting in reliance on any Information, the Recipient should conduct their own investigation and analysis in relation to the investment opportunity presented by this Presentation and should check the accuracy, reliability and completeness of the Information and obtain independent and specific advice from appropriate professional advisers.

Statements contained in the Information, particularly those regarding possible or assumed future performance or potential growth, prospects or projections of ImExHS Limited are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks, uncertainties and contingencies. The Information may also be subject to clarification and change and ImExHS Limited may in its absolute discretion, but without being under any obligation to do so, update, amend or supplement the Information. The Information is for informational purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. The Information is not, and should not be construed to be, a Prospectus.

To the maximum extent permitted by law none of ImExHS Limited or its respective employees, agents or consultants nor any other person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any loss arising from the use of the Information.

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