How Did IMEXHS Achieve Top-End FY25 Revenue and EBITDA Growth?

Financial Performance Exceeds Expectations

IMEXHS Limited (ASX, IME), a cloud-based medical imaging software and radiology services provider, closed FY25 with a solid financial performance that met or exceeded its guidance. The company reported unaudited full-year revenue of $29.0 million, marking a 10% increase over the previous year and landing at the top end of its forecast range. Underlying EBITDA surged to $1.6 million, more than tripling the prior year’s $0.5 million and also hitting the upper guidance band.

Quarter four was particularly strong, with revenue climbing 33% year-on-year to $8.1 million and recurring revenue up 25% excluding a one-off transaction. This momentum was underpinned by a 16% increase in Annualised Recurring Revenue (ARR) to $34.8 million, reflecting the company’s growing subscription base and contract renewals.

Operational Highlights and Contract Wins

IMEXHS’s software segment demonstrated robust growth, with Q4 software revenue (excluding one-offs) rising 25% compared to the prior year. The quarter saw $1.2 million in new software contracts secured, including significant renewals with Colombian hospital groups that expanded contract values through cloud migration, enhanced functionality, and AI capabilities. These renewals contributed $348,000 in new ARR, strengthening the recurring revenue foundation heading into FY26.

The company’s Partner Programme gained traction, contributing 18% of total software NARR in Q4 and expanding its network to 27 active partners across 12 countries. Public sector wins in Colombia and Mexico further diversified the customer base and underscored IMEXHS’s competitive positioning in emerging markets.

Product Innovation and AI Integration

Product development remained on track, with multiple releases enhancing the IMEXHS Cloud and Enterprise portfolio. Notably, the introduction of AI agents within the Aquila+ platform is positioning the company at the forefront of radiology productivity tools. These AI-driven features aim to automate reporting and scheduling workflows, promising efficiency gains for healthcare providers.

Additional software improvements included new modules for study reception, audit tracking, and patient portal advertising, reflecting a strategic focus on operational efficiency and monetisation opportunities.

Navigating Political and Economic Challenges

Despite the positive financial results, IMEXHS continues to operate in a dynamic and sometimes uncertain environment, particularly in Colombia where healthcare reform debates and liquidity pressures persist. The company has maintained a disciplined commercial approach, tightening credit controls and adopting prudent pricing to safeguard cash flow and margins.

IMEXHS also noted the political developments in Venezuela as a positive long-term factor, though current operations there remain limited due to ongoing instability.

Outlook and Strategic Positioning

With improved cash collections, reduced debt levels, and a stronger sales pipeline entering 2026, IMEXHS is well-positioned to build on its momentum. The company’s focus on expanding its partner network, advancing AI capabilities, and securing new contracts in both private and public sectors suggests a clear growth trajectory. However, ongoing political risks and currency volatility in key markets will require continued vigilance.