Micro-X’s Billion Prima Deal Raises Questions on Board Control and Growth Risks

Strategic Capital Raise Strengthens Micro-X’s Medical Imaging Ambitions

Australian medical imaging innovator Micro-X Ltd (ASX – MX1) has successfully completed a $6.18 million placement at 8.0 cents per share, matching the last traded price and reflecting investor confidence in the company’s growth trajectory. The raise notably includes a $3.0 million commitment from Billion Prima, Micro-X’s security technology partner, which will increase its shareholding to 8.6% and secure the right to nominate a director to Micro-X’s board, pending approval.

This capital injection is earmarked to accelerate Micro-X’s commercial activities and manufacturing scale-up, particularly for its flagship Rover mobile X-ray unit and the upcoming Head CT scanner. The company is preparing for regulatory submissions and eventual commercial launch of the Head CT, a product designed for pre-hospital stroke diagnosis, while also expanding production capacity for proprietary X-ray tubes and generators.

Partnership with Billion Prima Deepens

Billion Prima’s increased investment underscores the strength of its collaboration with Micro-X, which began earlier in 2025. The partnership has already delivered a prototype baggage and parcel scanner incorporating Micro-X’s NEX technology, with commercial launch anticipated in 2026. Micro-X will supply the critical X-ray components for these scanners, creating a new revenue stream alongside its medical imaging products.

As part of the placement, Billion Prima’s investment will be split into two tranches, with the second tranche expected by March 31, 2026. The board nomination right attached to this investment signals Billion Prima’s growing influence and alignment with Micro-X’s strategic direction.

Leadership Confidence and Market Momentum

Chairman Patrick O’Brien has also committed $0.2 million to the placement, subject to shareholder approval, reinforcing leadership’s confidence in the company’s prospects. CEO Kingsley Hall highlighted the growing commercial momentum, citing a recent $3.3 million order for Rover units and a supply agreement with a major U.S. hospital group as key drivers.

Micro-X’s vertically integrated manufacturing facility in Adelaide and expanding U.S. commercial team position the company well to capitalize on multiple near-term catalysts, including large sales opportunities for Rover, in-hospital trials for the Head CT, and monetization of its security technology assets.

Looking Ahead

The placement shares, excluding the second Billion Prima tranche and Chairman’s shares, are expected to be issued by December 23, 2025. Investors will be watching closely for shareholder approval outcomes, regulatory progress on the Head CT, and the commercial rollout of the Billion Prima scanner as key milestones that could shape Micro-X’s growth trajectory in 2026 and beyond.