IMEXHS Limited kicked off FY26 with a 13% revenue increase and a strategic pivot to an AI-native radiology workflow platform, securing major contracts in Latin America and advancing proprietary AI agents.
- Q1 FY26 revenue rises 13% to $7.9m
- Five proprietary AI agents automate radiology workflow
- Key contracts secured in Colombia and Peru
- Partner channel drives 60% of software recurring revenue
- Leadership bolstered with new CTO and VP of Global Sales
Strong Financial Start to FY26
IMEXHS Limited (ASX:IME) began FY26 on a robust footing, reporting Q1 revenue of $7.9 million, up 13% on the prior corresponding period (pcp) and 12% on a constant currency basis. Underlying EBITDA increased to $0.8 million from $0.1 million a year earlier, reflecting improved operational leverage. Annualised Recurring Revenue (ARR) reached $34.8 million, an 11% lift compared to pcp, underscoring steady subscription growth in both radiology services and software divisions. Despite a cash decline to $2.5 million, debt remained stable at $0.5 million, maintaining a conservative balance sheet position.
These results build on the momentum from FY25, when IMEXHS delivered double-digit revenue growth and a tripling of EBITDA, setting the stage for the company’s strategic transformation FY25 revenue rose 10%. CEO Dr German Arango highlighted that revenue and earnings were ahead of plan, signalling a solid operational base for the company’s ambitious product pivot.
AI-Native Platform Redefines Radiology Workflow
The defining feature of the quarter was IMEXHS’s decisive shift towards an AI-native, agentic platform designed to automate the entire radiology workflow from scheduling to final report delivery. The company is developing five proprietary AI agents embedded within its Aquila+ platform, which is now live at eight sites. Two agents are already operational across the client base, a third is in final testing, and two more are under active development.
This comprehensive approach to workflow automation is unique in the market, aiming to reduce human dependency, improve turnaround times, and lower costs. For example, the Intelligent Appointment Scheduling agent promises to cut call-centre staffing by up to 80% and patient wait times by over half. The Intelligent Study Prioritisation agent, in final testing, dynamically surfaces critical cases to mitigate medico-legal risks. Meanwhile, the RV Mentor AI co-pilot supports radiologists at the point of reading with contextual queries and report quality checks.
By embedding these agents, IMEXHS is building a structural moat through scalable unit economics and operational efficiency, which could redefine radiology service delivery across its 18-country footprint.
Key Contract Wins Boost Software Revenue
The quarter saw IMEXHS secure several significant software contracts in Latin America, including CESAC IPS in Cartagena, Hospital La Misericordia in Colombia, and a strategically important deal with Pulso Salud in Peru valued at $163,000 in new annual recurring revenue (NARR). The Pulso Salud contract notably originated from IMEXHS’s marketing efforts and was closed through its Partners–Enterprise channel, illustrating the growing maturity and effectiveness of its partner ecosystem, which contributed 60% of software NARR this quarter.
Software ARR stood at $11.1 million, with the newly launched Aquila+ platform surpassing legacy versions in sales for the first time since launch. The company has implemented tighter pipeline management and forecasting processes to improve sales conversion rates, acknowledging the inherently lumpy nature of enterprise software deals. These initiatives aim to accelerate pipeline growth and commercial execution in the coming quarters.
IMEXHS’s radiology services arm, RIMAB, delivered record revenue and EBITDA, benefiting from cost discipline and AI-driven automation that optimized workflows and improved margins. This operational progress aligns with prior contract renewals and expansions in the region Q3 FY25 revenue up 9%.
Navigating Political Risks and Leadership Changes
Colombia’s healthcare sector remains under pressure ahead of the May 2026 presidential elections, with delayed payments from major clients such as Colsubsidio impacting cash flow. IMEXHS is managing these risks through tightened credit controls and conservative pricing assumptions to safeguard margins and liquidity. The company’s proactive approach aims to mitigate short-term cash flow volatility while maintaining growth trajectories.
On the leadership front, IMEXHS appointed David Laverde as Chief Operating Officer, succeeding Orlando Joven who departed during the quarter. Laverde brings extensive experience scaling technology businesses across Latin America, including senior roles at Mercado Libre and Blackboard. Additionally, the company welcomed a new Chief Technology Officer and Vice President of Global Sales, reinforcing its executive bench to support the AI platform rollout and international expansion.
Outlook and Strategic Focus
IMEXHS reaffirmed its FY26 guidance to exceed FY25 underlying EBITDA, achieve cash positivity, and accelerate software revenue growth, with a concentration of gains expected in the second half. The company plans to provide more specific guidance at its half-year results in August 2026.
The transition to an AI-native, agentic platform represents a bold strategic bet that could reshape radiology services in Latin America and beyond. However, execution risks remain, particularly in converting pipeline opportunities and managing geopolitical uncertainties in Colombia. The coming months will be critical to see whether IMEXHS can sustain its growth momentum and capitalise on its technological differentiation.
Bottom Line?
IMEXHS’s bold AI pivot and strong Q1 growth set a promising stage, but pipeline execution and Colombia’s political risks warrant close attention.
Questions in the middle?
- How will IMEXHS’s AI agents impact client retention and new sales conversion rates?
- Can the company navigate Colombia’s political and payment delays without eroding margins?
- Will the partner channel scale sufficiently to sustain software revenue acceleration?