PRO MEDICUS LIMITED — Interim / Quarterly Report 2021

Feb 16, 2021

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Half Year Results February 2021

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PRO MEDICUS (ASX:PME) Healthcare IT company specializing in Enterprise Imaging and Radiology Information System (RIS) software.

Leading edge products, growing global presence.

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EU HQ/R&D
Berlin GmbH
U.S. HQ
San Diego CA
GROUP HQ
Melbourne AUS
OVER 40+ SOFTWARE ENGINEERS
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ASX:PME
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VISAGE RIS

VISAGE 7 OEM PRODUCT SUITE

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HY21 Half Year in Review

Remote	go-live	$25M/7 years New Contract	$10M/7 years New Contract	$8.5M/5 years Contract Renewal	$18M/5 years New Contract	Continues to grow STRONGLY
AUGUST	2020	SEPTEMBER 2020	OCTOBER 2020	NOVEMBER 2020	DECEMBER 2020	PIPELINE

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RESULTS HY 2021

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$31.59M $13.54M $18.76M 59%
Revenue Profit Underlying EBIT
up 7.8% after tax Profit Before margins
up 12.4% Tax
up 25.9%
$50.93M $0.07
Cash Company Strong Interim
Reserves debt balance dividend FF
up $7.52M free sheet Up 16.6%
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	HY	2021Revenue Split	2021Revenue Split
	$- $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000	$12,177,000 $14,883,000 $19,312,000 $16,043,000 $6,235,000 $6,092,000 $7,667,000 $9,190,000 $3,049,000 $2,649,000 $3,815,000 $2,309,000 $2,300,000 1H v 2H revenue split Exam/licence revenue Support/baseline revenue Capital revenue (net of hardware) Professional Services Recurring revenue					$19,238,000 $8,297,000 $4,052,000
		1H19	2H19 1H20	2H20			1H21
		Actual	Actual Actual	Actual			Actual

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OPERATONAL (TRANSACTION) MODEL

• Used in vast majority of US contracts

• Delivered as SaaS model

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• Now used in RIS contracts in AUS

• Model based on transaction minimums

• Forward revenue > A$305/5 years*

• Upside as client examination volumes grow

• Annuity style revenue stream – greater predictability

*** Assumes the majority of key contracts up for renewal in years 4 & 5 are renewed**

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OPERATING LEVERAGE

• Highly scalable offering

• No capex (HW) – SW only model

• Training & Installation – charged as professional services

• Contained cost base

• High operating leverage

• Margin continues to grow as footprint increases

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2[nd] Half FY2021

• Client volumes back to normal despite COVID

• Growth to continue in 2[nd] half and FY22

• Existing clients – organic growth and new sites

• Full 6 months from LMU Klinikum

• 3 large contract wins to come online in 2nd half - Northwestern, NYU and Medstar

• Intermountain and recently announced Californian Academic Health system installations to commence

• Possibility of additional sales

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VISAGE RIS

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VISAGE RIS

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• Long term (5 year) contracts with Primary Healthcare and I–MED, the 2 biggest radiology providers in AUS

• • Combined revenue in excess of $4.4M pa once fully deployed

• • HIS (Healius) rollout nearing completion

• • Upside via organic and M&A growth (I-MED)

• • Increased market interest – new opportunities

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• PME undisputed market leader

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Visage 7.0

. Continues to be #1 in Speed, Functionality and Scalability

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SPEED FUNCTIONALITY SCALABILITY
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MASSIVE DATA EXPLOSION

• High density Multi-slice CT - 10,000+ images

• HD Breast Tomosynthesis - 6 GB+

• Optoacoustic breast ultrasound - 10+ GB

• Total Body PET Scan - 10+ GB

• 7T MRI - much larger than 3T

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LEGACY TECHNOLOGY
“Compress and Send”
MODALITIES PACS RADIOLOGIST/CLINICIAN
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SOLUTION:

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VISAGE 7 Streaming Technology

BACKEND RENDER SERVER SERVER RADIOLOGIST/CLINICIAN MODALITIES

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Recent Sales

PIPELINE

Continues to grow STRONGLY

A Major US University Health System $22M/5 years $25M/7 years $10M/7 years $18M/5 years $40M/7 years $31M/7 years New Contract New Contract New Contract New Contract New Contract New Contract JUNE 2020 SEPTEMBER 2020 OCTOBER 2020 DECEMBER 2020 JANUARY 2021 FEBRUARY 2021

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NORTHWESTERN

• Minimum $22 Million over 5 years

• Transaction-based licensing model with upside

• Voted in the top 10 Hospitals in North America

• Teaching hospital for the Feinberg School of Medicine

• Adds to PME growing base of Tier-1 Healthcare institutions

• Implementation scheduled for Q3 FY21

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NYU LANGONE

• $25 Million over 7 Years

• Voted in the top 10 Hospitals in North America

• Transaction based licensing model with upside

• Teaching hospital for the Grossman School of Medicine

• Implementation scheduled for Q3/Q4 FY21

• 2nd Tier 1 academic contract win in 3 months

• 7 out of the top 20 hospitals in the US have standardized on Visage

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LMU KLINKUM - Munich

• $10M – 7-year Deal

• One or Europe’s largest teaching hospitals

• 2[nd] major hospital contract in Germany

• Visage 7 Viewer and Visage Open archive

• Breaks the mold of “one-stop-shop” modality vendor systems

• Paves the way for further European sales

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ZWANGER PESIRI

• $8.5M -5-year renewal contract

• One of the largest private outpatient groups in the US

• Increased minimum contract value by 70%

• Visage technology key enabler of practice growth

• Validates Visage’s unique value proposition

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MEDSTAR HEALTH

• $18M-5-year deal

• Replaces legacy PACS across 10 hospitals

• Largest health system in the Maryland/DC region

• Contract for all three Visage modules –Viewer, Open Archive and Workflow

• Visage 7 platform to be fully deployed in the public cloud

• Extends PME’s rapidly growing footprint in the IDN space

• Transaction-based model with potential upside

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INTERMOUNTAIN HEALTHCARE

• $40M – 7-year deal

• Largest healthcare provider in the Intermountain West

• Visage to replace legacy PACS across 24 hospitals and more than 200 clinics

• Contract includes the Visage 7 Viewer and Open Archive

• Visage 7 to be fully deployed in the public-cloud

• Extends PME’s leading position in large, regional health systems

• Transaction-based model with potential upside

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LEADING CALIFORNIAN ACADEMIC HEALTH SYSTEM

• $31M – 7-year deal

• 5 leading academic campuses - UCLA, UCSF, UCSD, UC Davis and UC Irvine

• Unifying all 5 academic campuses on a single diagnostic imaging platform

• Visage 7 to be deployed in the public cloud

• Further extends PME’s footprint in tier 1 academic space

• Option for affiliates to adopt Visage platform

• Transaction based model with potential upside

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FAST TRACK IMPLEMENTATION

• Implementations on schedule

• OSU first 100% remote implementation

• Transition to mixture of on-site and remote

• Fast track methodology continues to deliver

• Large scale projects completed in under 1/4 the time of industry norm

• Delivers huge savings for client

• Frees PME staff for other jobs

• Reduces barrier to change

• A key differentiator of Visage offering

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VISAGE – PROVEN ROI

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Significant IT & Unparalleled Increase in Greater Clinical
Infrastructure Savings Radiologist Efficiency Accuracy
Improved Physician Delivers Superior
Engagement Value Proposition
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VISAGE – Clinical ROI

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Improved Physician Engagement

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GROWTH STRATEGY

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New product
offerings
Transaction growth Extend to new
from existing clients geographical markets
Leverage R&D capability
Expand footprint –
to introduce next
new clients
generation products
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NORTH AMERICAN PIPELINE

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Prospects
Progressing through
Network Effect
various stages
of the cycle
Opportunities Further increased as a
result of recent high-
profile wins
New inbound RFPs
Pipeline Robust even during COVID
In terms of quality
and quantity of
opportunities
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NEW PRODUCTS

ENTERPRISE IMAGING

• One Viewer for ALL images

• • Radiology/Cardiology (DICOM format)

• • Non-radiology– reflected light – hi-res photos & videos

• • VISAGE 7 technology ideally suited

• • Increases Visage value proposition

• • Growth opportunities within existing contracts

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NEW PRODUCTS

VISAGE 7 OPEN ARCHIVE

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• Based on same highly scalable platform as VISAGE 7

• Interoperable – works in complex environments

• Enables Visage to offer choice of modular or single vendor solutions

• Pipeline includes opportunities for Viewer and Visage Open Archive

• Well placed for North American archive market

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Visage 7 Workflow Manager

• Adds to V7 Viewer and Open Archive modules

• Based on over 30 years experience in Worklist SW

• Allows PME to offer single-vendor solution

• Integral part of Visage in the Cloud SaaS solution

• Ability to interface with broad range of AI algorithms

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VISAGE in the CLOUD

• Visage 7 - highly optimised for Cloud deployment

• Same ultrafast performance as on-premise

• Full Visage 7 functionality

• Security and scale of the cloud

• Full PACS deployment or as backup/disaster recovery

• Suitable for all size implementations

• Opens new market opportunities

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AI in Radiology

• Imbedded in SW or imaging equipment

• Prioritisation of cases – head trauma

• Screening – early-stage lung nodule detection

• Aid to diagnosis – 2[nd] opinion, incidental findings

• Automated diagnosis

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Visage AI Accelerator

• Unique end to end solution

• Research and production environments on a single platform

• Based on market leading Visage 7 technology

• Enables Visage clients to fast-track AI as part of their imaging strategy

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Visage 7

• Research Server – streamlines AI algorithm development

• Optimised for AI data curation and validation

• Open API enables native integration

• AI Ecosystem - 3[rd] party and Visage developed algorithms

• Joint development/commercialisation opportunities - 3[rd] parties and academic clients.

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Breast Density - AI

• 1st diagnostic AI algorithm produced by Visage

• Developed in collaboration with renown breast imaging team at Yale

• Provides “on the fly” AI assessment of breast density

• FDA, CE and TGA approved – Feb 2021

• A model for future collaboration with other academic institutions

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SUMMARY

• North American footprint growing strongly

• Transaction revenue increasing – major step-up FY22

• Market leading technologies

• Growing product portfolio – single vendor or modular

• Proven implementation & support capability

• Unparalleled value proposition (Clinical and Financial ROI)

• Visage in the cloud – gaining momentum

• Pipeline Continues to grow strongly.

• Visage AI-Accelerator - strategically positioned to leverage AI

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THANK YOU

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