IMEXHS Grows ARR 12% as AI Agents Drive Radiology Workflow Innovation

AI Agents Now Embedded in Live Radiology Workflow

IMEXHS Limited (ASX:IME) has taken a significant step in transforming medical imaging with its agentic AI platform now operating in production within a public-sector hospital network. The company has developed eight proprietary AI agents that automate key operational tasks across the radiology workflow, from scheduling and triage to report structuring and image annotation. This full-workflow automation approach is a marked departure from industry norms, which typically focus on single-point AI applications.

The embedded AI agents have been proven against real patient volumes and costs within IMEXHS’s own radiology services business, RIMAB, primarily operating in Colombia. This integration provides a live testbed that informs ongoing product development and commercialisation.

Financial Performance Reflects Growth and Operational Challenges

For the half-year ending 30 June 2026, IMEXHS reported annual recurring revenue (ARR) of $36.8 million, up 12% year-on-year. The Software segment contributed $11.8 million while Radiology Services accounted for $25 million of ARR. Sales revenue grew 17% to $16 million, with underlying EBITDA rising sharply to $1.27 million, a 311% increase compared to the prior corresponding period.

However, currency headwinds impacted reported results, with 73% of software revenue priced in US dollars but exposed to exchange rate movements against the Colombian peso and Australian dollar. On a constant currency basis, revenue and EBITDA were flat to slightly up.

The Radiology Services business, operating under RIMAB, delivered earnings ahead of plan despite ongoing liquidity pressures in the Colombian healthcare sector. Management has tightened credit controls and adopted conservative pricing amid delayed government payments to insurers, which continue to weigh on collections.

Strong Contract Backlog Signals Booking Momentum

IMEXHS’s contracted but not yet billing revenue surged 163% from 31 December 2025 to $4.4 million, representing 12% of total ARR. This backlog includes a $1.9 million contract with SANITAS, one of the largest in the Radiology segment, underpinning expectations for revenue conversion in the second half.

The company’s software partner network expanded to 47 partners across 13 Latin American countries, up from 25 a year ago. This channel is now responsible for 75% of software ARR, demonstrating progress in scaling the business beyond direct sales.

Leadership Changes and Strategic Priorities

IMEXHS appointed Fabio Carrillo as Chief Financial Officer effective 1 August 2026, bringing 20 years of experience in public practice and business advisory. Kamille Dietrich joined as Company Secretary in late July, while former CFO Reena Minhas resigned to pursue new opportunities.

The company outlined five strategic priorities focused on embedding AI agents across the workflow, consolidating its cloud-native Aquila+ platform, expanding and protecting its installed base, accelerating profitable software growth, and simplifying operations through automation and standardisation.

Guidance and Outlook

IMEXHS projects full-year FY26 revenue between $31.4 million and $33.7 million, representing growth of 8% to 16% over the prior year. Underlying EBITDA is expected to improve by 48% to 66%, reaching $2.4 million to $2.7 million.

While the company’s AI-first approach and contract momentum are positive signals, management remains cautious due to uneven commercial execution and the slow unwinding of liquidity constraints in Colombia’s healthcare sector. The second half will be critical for converting contracted revenue into billing and expanding AI agent deployments.