IMEXHS Limited has swung to a profit of $66,200 in 1H FY26, driven by a 17% revenue increase and a surge in underlying EBITDA to $1.27 million. The company’s AI-native radiology platform and Latin American partner expansion underpin growth amid ongoing sector liquidity challenges.
- 17% revenue growth to $15.95 million
- Underlying EBITDA up 311% to $1.27 million
- Annualised recurring revenue rises 12% to $36.76 million
- AI-native radiology platform development progresses
- Material uncertainty on going concern due to Colombian healthcare liquidity
Profitability Reached Despite Sector Headwinds
IMEXHS Limited (ASX:IME) has posted a modest profit of $66,200 for the half-year ended 30 June 2026, reversing a $3 million loss in the prior corresponding period. This turnaround accompanies a 17% lift in revenue to nearly $16 million, fuelled by growth across both its medical imaging software and radiology services divisions. Underlying EBITDA surged 311% to $1.27 million, signalling a meaningful operational improvement.
The company’s radiology services, operating primarily in Colombia and Spain, delivered a 24% revenue increase to $11.17 million, while the software business grew 3% to $4.78 million. IMEXHS’s annualised recurring revenue (ARR) climbed 12% to $36.76 million, with radiology services contributing $25 million and software $11.75 million. This recurring revenue base provides a solid platform for future growth.
AI-Native Platform and Partner Network Drive Momentum
A defining feature of the half was IMEXHS’s pivot to an AI-native, agentic platform aimed at automating radiological workflows. Unlike traditional approaches that bolt AI onto existing systems, IMEXHS’s proprietary AI agents autonomously handle operational tasks in the background, freeing radiologists to focus on clinical decisions. By June 2026, eight AI agents had been developed, three more than at the platform launch, extending automation to image visualisation and patient surveys.
The company’s Aquila+ platform secured a major public tender in Zacatecas, Mexico, through distributor GOBA, embedding third-party Gleamer diagnostic algorithms alongside IMEXHS’s AI agents. Implementation began in the half, with full ARR contributions expected from September 2026. Additional partner-led wins in Peru, Colombia, Venezuela, El Salvador, and Ecuador underscore the growing footprint of IMEXHS’s partner programme, which remains the primary route to market.
Financial Position and Liquidity Challenges
IMEXHS ended the half with $1.99 million in cash and reduced debt to $245,000, down from $531,000 at the end of 2025. Despite improved profitability and cost reductions, the company flagged ongoing liquidity pressures in the Colombian healthcare sector, driven by delayed government payments to insurers. These delays have affected collections and working capital, posing a material uncertainty over the company’s going concern status, as noted by the auditor’s emphasis of matter.
The Group continues to enforce tightened credit controls and conservative pricing amid these challenges. While early signs of improved business sentiment have emerged following Colombia’s recent presidential election, the liquidity issues are expected to take time to resolve.
Guidance and Outlook for FY26
Building on the first half’s momentum, IMEXHS projects FY26 revenue of between $31.4 million and $33.7 million, representing 8% to 16% growth year-on-year. Underlying EBITDA is expected to rise 48% to 66%, reaching between $2.4 million and $2.7 million. The company’s focus remains on converting a steadier flow of mid-market software contracts alongside larger public-sector deals, while embedding margin improvements in radiology services.
IMEXHS’s strategic emphasis on AI-driven workflow automation and partner expansion in Latin America positions it well to capitalise on growing demand for integrated radiology solutions, though execution risks remain amid sector liquidity uncertainties.
Bottom Line?
IMEXHS’s return to profitability and AI platform progress mark a positive step, but liquidity risks in Colombia warrant close attention.
Questions in the middle?
- How effectively can IMEXHS manage working capital amid ongoing Colombian healthcare payment delays?
- Will the Zacatecas tender and other partner wins translate into sustained software revenue growth?
- How will the AI-native platform adoption impact competitive positioning and margin expansion over the next 12 months?