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PRO MEDICUS LIMITED — Earnings Release 2012
Aug 23, 2012
65579_rns_2012-08-23_a35410d7-8f59-47df-b7c4-6a8f9e4ef36a.pdf
Earnings Release
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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
Pro Medicus Limited Full-year Results
Friday 24th August 2012
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Revenue – $14.392 million, up 3%
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Net profit – $1.791 million, up 256.1%
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Retained earnings – $5.19M up 59%
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Company remains debt-free
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1c final dividend declared
Leading e-health company Pro Medicus Limited [ASX: PME] today announced its full-year results for the year to 30 June 2012 with net profit of $1.79 million, 256% higher than the previous corresponding period.
Dr Sam Hupert, Pro Medicus Limited Chief Executive Officer, said the company had continued to make steady progress since a low point in 2011.
“2011 was the turnaround year for us and we are in a much better position now,” Dr Hupert said. “The markets are still very tough especially in Europe and North America with many purchasing decisions in the health space being delayed or cut back but we have still been able to make steady progress despite the difficult environment. We remain debt free, our retained earnings have increased by roughly 60% to over $5 million and we are certainly in a better position strategically in terms of products and markets than we have been for some time.”
Dr Hupert said the company would also benefit from the sale in August of the group’s Amira software platform business to Visualization Sciences Group, a French IT company, for a cash consideration of €12.1 million.
“Amira was a good contributor to our profit over the past few years however it was in a limited market that was facing increasing competition. We were offered a significant premium for the business because of its strategic nature to the acquirer a position we felt would not be replicated in the foreseeable future hence the reason we decided to sell it.”
Proceeds from the Amira sale will provide significant additional resources to allow Pro Medicus to grow the company’s Radiology Practice Management and Visage 7® suite of products in Australia as well as in the key markets of Europe and North America.
Dr Hupert predicted that Pro Medicus’ business would continue to strengthen both in Australia and overseas. “Visage is getting some good traction and we are looking forward to better results this year in Australia. Our cost base in the USA has reduced and in Europe we are looking to build on what was already a strong year”.
Dr Hupert said the company had high hopes for its new technology platform whose launch was imminent. “This new-generation technology represents a complete redevelopment of our core product. It will enable us to configure business-specific workflow and rules to suit clients’ needs. Being able to tailor the product to such a high degree without needing to customise the program for each client is a new concept and will be very significant both for clients and the company.”
For further information:
Dr Sam Hupert Chief Executive Officer Pro Medicus Limited Ph: 03 9429 8800
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 substantial inroads into the North American market. In late 2004, the company signed a watershed three-year $10 million 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 2007 and 2008 Pro Medicus achieved the predicted growth in the take up of its digital integration in the Australian private market, steady growth in its e-health offering, as well as recording ongoing growth in its export sales. In late January 2009 the company announced the purchase of Visage Imaging, a leader in advanced 3D visualization technology based in Carlsbad, California.
www.promedicus.com.au