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PRO MEDICUS LIMITED — Capital/Financing Update 2010
Feb 24, 2010
65579_rns_2010-02-24_9594f40a-a62b-4185-9c1e-993dda7338b8.pdf
Capital/Financing Update
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Pro Medicus Limited 450 Swan Street Richmond Victoria 3121 Australia T +61 3 9429 8800 F +61 3 9429 9455 promedicus.com
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Pro Medicus Signs $2 million Deal with Sydney-based Southern Radiology
Leading e-health company Pro Medicus [ASX: PME] today announced the signing of a $2 million agreement to provide its entire suite of software and services – including its new Visage thin client PACS – to Sydney-based independent imaging provider Southern Radiology.
It is anticipated that in excess of 60% of the total deal value will be realised in this financial year with the balance being amortised over the next four years, comprising service and e-health transaction revenue.
Southern Radiology is a rapidly growing independent radiology provider, with nine practices in the inner suburbs of Sydney. Imaging services include general and dental x-rays, fluoroscopy/screening, ultrasound, mammography with sub speciality services in magnetic resonance imaging (MRI) and multi-slice CT scans including Cardiac CT.
As part of the deal Pro Medicus will install its Visage 7 PACS, the company’s next-generation thin client streaming digital imaging solution and newly released Version 7.0 RIS at all Southern Radiology practices. Once deployed, the solution will cater for the full range of Practice Management and Clinical reporting functions including primary diagnosis in both 2-dimension and 3-dimension as well as image archiving and distribution. The solution, by virtue of its thin client technology, will also enable Southern Radiology to be the first to provide referrers with the ability to remotely access, view and manipulate their patients’ images in both 2D and 3D.
“We are delighted to be in business partnership with such an innovative organisation as Southern Radiology,” said Pro Medicus Chief Executive Officer David Chambers. “This will be an excellent showcase for our entire suite of products and will provide us with a highly visible Sydney-based reference site for our technology.”
Dr Jonathan Seeff, senior partner at Southern Radiology, said: “Our practice is growing rapidly, particularly in the areas of subspecialty reporting. This means that our MRI or CT experts need to report cases from across our entire network regardless of which practice they are at that day. We looked at a number of conventional 2D web-based systems but soon realised that they could not provide us with the solution we require, as some the data sets we need to report remotely can be up to a few gigabytes in size.
“Pro Medicus, with its thin client streaming technology, enables us to view even the largest image data sets without having to move them across our network. It has provided us with the technological step change that we were looking for, not to mention that it will provide us with a strategic advantage in terms of how we make our images available to our referrers. It is the next generation in digital imaging technology.”
Mr Chambers said the Southern Radiology deal was the second significant deal for Pro Medicus, and its new technologies, in the past two months. “It is further confirmation that our
Pro Medicus Limited ABN 25 006 194 752
Pro Medicus Limited 450 Swan Street Richmond Victoria 3121 Australia T +61 3 9429 8800 F +61 3 9429 9455 promedicus.com
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expanded range of solutions resulting from the acquisition of Visage Imaging in February 2009 is gaining significant traction. When you combine this with our fully integrated RIS and e-health offerings, Pro Medicus emerges as having the most complete, end-to-end solution in radiology informatics. Pro Medicus is truly a single-vendor solution that caters for the needs of the modern radiology practice.”
For more information:
David Chambers Chief Executive Officer Pro Medicus Limited Ph: +61 3 9429 8800
Richard Allen Oxygen Financial Public Relations Ph: +61 3 9915 6341
About Pro Medicus Limited
Pro Medicus Limited [ASX: PME] is Australia’s leading medical IT and e-health provider. Founded in 1983, the company provides a full range of integrated software products and services to individual, corporate and public health providers. More than 26,000 doctors are now connected to the company’s e-health service – promedicus.net – with the number of transactions across the network between general practitioners and specialists growing accordingly. A key growth area for the company is the adoption of its digital technology by radiology providers as they move away from analogue systems. An increasing number of Australian practices are taking up Pro Medicus’ digital technology and the company is now also making inroads into the North American market. In late 2004, the company signed a three-year deal with Agfa North America to exclusively license the Pro Medicus Practice Management and digital radiology software products for the large and rapidly growing private imaging centre market in the US and Canada. It subsequently announced a $2.6 million contract with a large Canadian radiology group, which was completed in 2005. In January 2009, Pro Medicus announced it has bought the USA-based Visage Imaging Inc, a leader in advanced 3D visualization technology. Visage Imaging has a strong position established in the USA and Europe. In November 2009 Pro Medicus concluded a significant deal to provide Lake Imaging with its new Visage 7, next generation, thin client streaming digital technology.
Pro Medicus Limited ABN 25 006 194 752