IMEXHS LIMITED — Interim / Quarterly Report 2021

Aug 29, 2021

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Built by physicians for physicians

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1H FY21 Results 30 August 2021

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Innovative provider of cloud-based, AI medical imaging software solutions

IMEXHS LTD (ASX:IME) | 1H FY21 RESULTS

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Expanding global footprint

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

310 sites 2,100+ radiologists 25 distributors

~95% customer retention

38 software engineers

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IMEXHS LTD (ASX:IME) | 1H FY21 RESULTS

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Agenda

1. 1H FY21 Results Overview – Dr German Arango, CEO

2. 1H FY21 Financials – Reena Minhas, CFO

3. Strategy & Outlook – Dr German Arango, CEO

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1H FY21 Results Overview

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1H FY21 Financial Highlights

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Sales Revenue $5.2m Up 15% yoy (up 25% on a constant currency basis)

Recurring revenue $4.9m Up 15% yoy (up 25% on a constant currency basis)

Annual Recurring Revenue EBITDA $12.7m ($2.1m) Up 44% yoy (up 57% on a vs ($1.3m) in 1H FY20 due to constant currency basis) increased investment in operations Closing cash Underlying EBITDA[1] $8.3m ($1.4m) $10.8m at 31 Dec 2020 vs ($0.8m) in 1H FY20

1. Refer Slide 11 for Underlying EBITDA reconciliation

3. Constant currency basis assumes FY21 results are converted at the average foreign exchange rate for FY20. This removes the impact of changes in currency rates and allows comparison of IMEXHS’s underlying operating performance.

IMEXHS LTD (ASX:IME) | 1H FY21 RESULTS

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Aquila Custom

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• Customised solutions for radiology, includes hardware and reporting if required

• Enterprise imaging platform tailored to a customer’s specific needs

• Dedicated to large university hospitals and multi-site healthcare organisations

• Average contract length – 5 years

• 73 customers – up 30% vs pcp

• 3.75m studies – up 50% vs pcp

• ARR growth from both existing customer volume growth and new customers

Annualised Recuring Revenue ($m)

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+32% +22%
12.0
10.7 10.7
10.0 8.8
8.1
8.0
6.0
4.0
2.0
0.0
H1FY20 H1FY21
ARR - Constant Currency ARR
A$Millions
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• ARR of $10.7m, up 22% vs pcp (32% on a constant currency basis)

IMEXHS LTD (ASX:IME) | 1H FY21 RESULTS

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Aquila in the Cloud (AiC)

• Standardised radiology solution launched in May 2020

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

• At 30 June 2021, 84 deals signed with ARR contribution of $2.0m

• 6 deals in the US and 4 in Australia

• Distribution via growing partner network (generated 65% of AiC sales in Q2) and online marketplaces

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• Strong pipeline of new opportunities

IMEXHS LTD (ASX:IME) | 1H FY21 RESULTS

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1H FY21 Financials

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Strong growth in ARR

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ARR as at 30 June 2021

• $12.7m, up 44% vs pcp (57% on a constant currency basis)

• Includes $2.0m from Aquila in the Cloud (AiC) - 84 contract wins including 6 in the US and 4 in Australia

Constant currency basis assumes that historic results are converted at the 30 Jun-21 exchange rate. This removes the impact of changes in currency rates and allows comparison of IMEXHS’s underlying operating performance.

IMEXHS LTD (ASX:IME) | 1H FY21 RESULTS

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Income Statement

$'000	1H FY21	1H FY20	Var	Var %
Revenue	5,159	4,492	667	15%
Other revenue	74	79	(5)	(6%)
Total revenue	5,233	4,571	662	14%
Expenses	(8,008)	(6,933)	(1,075)	16%
Net profit before tax	(2,775)	(2,362)	(413)	17%
Depreciation& amortisation	538	515	(23)	4%
Netfinance expenses	96	545	(449)	(82%)
EBITDA	(2,141)	(1,302)	(839)	64%
FX& share-based payment expenses	379	476	(97)	(20%)
One-offcosts	400	-	400	-
Underlying EBITDA	(1,362)	(826)	(536)	65%

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• Revenue of $5.2m, up 15% with 94% recurring revenue

• Total expenses of $8.0m, up 16% on pcp, reflect increased investment in sales and marketing, expanding operations in Australia and US and one-off acquisiton related costs

• Finance expenses lower due to repayment of related-party loan in the prior year

• Underlying EBITDA loss excludes the impact of FX, share-based payments and one-off costs in relation to the RIMAB acquisition

IMEXHS LTD (ASX:IME) | 1H FY21 RESULTS

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Balance Sheet

$'000	Jun 21	Dec 20	Jun 20
Cash	8,342	10,796	6,293
Trade & other receivables	4,609	4,059	3,191
Inventories	197	390	470
Current assets	13,148	15,245	9,954
Non-current assets	5,849	5,559	3,704
Total assets	18,997	20,804	13,658
Trade & other payables	1,940	2,383	837
Other current liabilities	1,972	2,076	3,230
Current liabilities	3,911	4,459	4,067
Non-current liabilities	1,431	809	1,061
Total liabilities	5,342	5,268	5,128
Net assets	13,655	15,536	8,530

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• Strong financial position with closing cash of $8.3m and net assets of $13.7m at 30 June 2021

• Total debt of $1.0m

• Intangible assets increased by $0.5m during the six months, primarily reflecting the continued investment in software development during the period

IMEXHS LTD (ASX:IME) | 1H FY21 RESULTS

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Summary Cash Flow

$'000	1H21	1H20
Net cash used in operatingactivities	(1,566)	(1,063)
Net cash used in investingactivities	(1,207)	(980)
Net cash flow from financingactivities	361	1,219
Effects of exchange rate	(41)	(33)
Net cash movement	(2,454)	(856)
Cash at the beginningof the year	10,796	7,150
Cash at the end of the period	8,342	6,294

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• 1H FY21 operating outflows up $0.5m reflecting increased investment in sales and

marketing, expanding operations in Australia and the US and one-off costs in relation to proposed acquisiton of RIMAB

• Net cash used in investing activities includes capitalised development costs of $630k for 1H FY21

IMEXHS LTD (ASX:IME) | 1H FY21 RESULTS

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Strategy & Outlook

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Global market opportunity

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RIS/PACS Market[1]

• IMEXHS’s main market is currently Colombia, third largest LATAM country

2019 US$2.8bn 2027 US$5.4bn

• 85% of AiC deals from outside Colombia Put 3 bullet points and text here

• US accounts for ~40% of the global radiology imaging systems (RIS) and PACS market valued at US$2.8bn

• Florida market is >3x the size of the Colombian market[2]

8.5% CAGR

• Further upside from other medical specialities

1. Source: “PACS and RIS Market to 2019-2027 - Global Analysis and Forecasts By Product, Component, Deployment, End User, and Geography" by ResearchAndMarkets.com 2. Source: 2020 GDP estimates from www.statista.com

IMEXHS LTD (ASX:IME) | 1H FY21 RESULTS

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INDUSTRY TRENDS: Healthcare IT sector

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Increasing use of Increased proportion Large, growing but radiological Chronic global of the value chain Shift from client highly fragmented techniques in wider radiologist shortage coming from server architecture to global medical clinical applications, driving demand for Artificial Intelligence cloud solutions imaging sector demand for central teleradiology (AI) 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

IMEXHS LTD (ASX:IME) | 1H 2021 RESULTS

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2021 Product Roadmap

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Other medical verticals

• AQUILA 4.0 with new Alula Marketplace , the features and functions world’s first dedicated orientated to US and pathology marketplace Australian markets workflow program

• Dental Imaging platform

• Veterinary Information System

• Ophthalmology

Making good progress on software developments

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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

Note: Products in green completed in 1H FY21

IMEXHS LTD (ASX:IME) | 1H 2021 RESULTS

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Developing AI capabilities

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• Number of Images Stored (m)
Images almost doubled to 940m reflecting
full year of Colsubsidio contract 940
•
Important test bed for the development
and training of AI tools
•
Developed Stella AI engine which 488
integrates own and third party AI
algorithms including chest X-ray, CI and
brain MR tools 231
99
• 32
Released non-imaging AI tools in natural
language processing
2016 2017 2018 2019 2020
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IMEXHS LTD (ASX:IME) | 1H 2021 RESULTS

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Proposed acquisition of RIMAB

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• IMEXHS to acquire RIMAB SAS, a radiology services provider, for COP24.3bn (~A$8.5m[1] ) less estimated purchase price adjustments

• Strengthens customer offering and provides a test bed for developing AI tools

• Purchase price comprises ~A$1.4m cash and ~3,649,064 shares[2]

• Removes related party transactions and improves transparency

• Acquisition represents 6.6x[3] RIMAB’s 2020 EBITDA of A$1.5m and is expected to be earnings accretive

• RIMAB’s 2020 revenue was A$9.0m (post acquisition on a consolidated basis ~$3.2m[4] )

• Rationalise management structure

• Requires shareholders’ approval at an Extraordinary General Meeting to be held at the end of September 2021 with completion expected in October 2021

• Based on the COP:AUD exchange rate used under the Share Purchase Deed of 2,840: 1.

• Issued based on 10-day VWAP to 3 days prior to the announcement of the acquisition on 26 July 2021, includes earn-out conditions.

• Purchase price COP24.3 billion / RIMAB EBITDA COP3.7 billion

• RIMAB revenue of A$9.0 less revenue recognised in IME from RIMAB of $4.4m less revenue recognised in RIMAB from IME of $1.2m less exchange rate differences $0.2m (refer page 33 of IME 2020 Annual Report).

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IMEXHS LTD (ASX:IME) | 1H FY21 RESULTS

About RIMAB SAS

• Provides radiology services to hospitals and medical facilities in Colombia and teleradiology to Heath Time in Spain

• Co-founded in 2012 by IMEXHS CEO Dr German Arango

• RIMAB and IMEXHS have several clients in common and joint agreements in place

• IMEXHS is the exclusive imaging software provider to RIMAB

• Contracted revenue base with 90% of revenue from top 3 customers

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~ 40 radiologists highly skilled workforce

2020 Revenue A$9.0m Up 60% 1.2m+ studies completed per annum 2020 EBITDA A$1.5m 25+ radiology centres

IMEXHS LTD | Acquisition of RIMAB SAS June 2021IMEXHS LTD (ASX:IME) | 1H FY21 RESULTS

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RIMAB 1H FY21 Update

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• RIMAB H1 FY21 revenue of ~$A5.3m, up 40% yoy, and EBITDA of~A$0.7m, up 25% yoy, (unaudited)[(1)(2)]

• Recent achievements include the renewal of the Central National Police Hospital contract and an increase in average volumes from existing customers

• Since 30 June 2021 new contract signed with ARR of circa $500k

• Subject to approval of acquisition at the Extraordinary General Meeting, IMEXHS Q4 FY21 will include RIMAB results from ~1 October 2021

• Excluding any one-offs, management expects RIMAB’s Q4 FY21 revenue and EBITDA to be above Q4 FY20 results of A$2.0m and A$0.3m respectively

• Further contracts in prospect within the second half

(1) Calculated on a constant currency basis. COP:AUD exchange rate of 2,840:1.

(2) As noted in the ASX Announcement on 26 July 2021 there are significant transactions that occur between IMEXHS and RIMAB that will be eliminated from revenue in the consolidated results going forward.

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IMEXHS LTD (ASX:IME) | 1H FY21 RESULTS

FY2021 Outlook

Aquila Custom - strong near-term pipeline for larger customised solutions

Aquila in the Cloud (AiC) – strong underlying demand and implementation time decreasing

Partner program continues to create opportunities in new markets, particularly in LATAM

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US expansion – building presence with AiC, sales team investment and via online marketplaces

Investing in growth – Sales, technology development and operational engineers

FY21 revenue forecast at $11.5m - $13.0m; given continued

investment in growth, monthly run rate EBITDA breakeven by December 2021 may not be achieved[(1)(2)]

• 1: Excludes RIMAB Contribution expected in Q4 FY21

• Based on current spot exchange rate

IMEXHS LTD (ASX:IME) | 1H FY21 RESULTS

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Q&A

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Appendix

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Our competitive advantage

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ACCESSIBILITY

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

• • Innovative AI tools

• Rapid deployment

• Multiple distribution channels

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AFFORDABILITY

• Lower cost base than competitors

• Attractive price point

IMEXHS LTD (ASX:IME) | 1H FY21 RESULTS

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IMEXHS 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 (ASX:IME) | 1H FY21 RESULTS

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Note: Components in blue represent IMEXHS proprietary technology

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 (ASX:IME) | 1H FY21 RESULTS

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Range of solutions for AiC customers

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LITE PRO ULTIMATE
Multiplatform
Unlimited Users
Unlimited Exams
100% Web Platform Modality Worklist Scheduling
Management
VNA | PACS Archiving SMS notifications
Digital Signature in Reports
Web Viewer Patient Admission
VR Web (Reporting) ()
Results Distribution Questionnaire
Results Distribution
Standard KPIs Business Intelligence (BI)
Patient & Physician Portal
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IMEXHS LTD (ASX:IME) | 1H FY21 RESULTS

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Multiple distribution channels

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• Distributor partners represent important • New distribution channel on Ingram’s Micro sales channel for both Aquila Custom and Cloud marketplace

• Aquila in the Cloud

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DISTRIBUTION CHANNELS
DIRECT SALES DISTRIBUTORS
• Several markets • Agreements with distributor partners
• Global cloud marketplace • Low risk go-to-market strategy
Private Hospitals & Clinics Public Hospitals & Clinics Private Practices
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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

PACS Picture archiving and communications system

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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

IMEXHS LTD (ASX:IME) | 1H FY21 RESULTS

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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.

IMEXHS LTD (ASX:IME) | 1H FY21 RESULTS

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