MELBOURNE, March 11, 2026, 10:38 AEDT
Pro Medicus announced Monday its U.S. arm locked in two renewed imaging software deals totaling at least A$40 million. The bigger slice, an A$31 million extension with MedStar Health, will bring new heart-imaging capabilities. Another A$9 million contract covers a renewal with Zwanger-Pesiri, a radiology group on Long Island.
Both renewals locked in higher per-transaction fees, and there’s still upside if scan volumes climb. They also push Pro Medicus further into the U.S. market, while the MedStar deal now stretches into cardiology.
These deals land just weeks after the Melbourne-based firm reported first-half revenue of A$124.8 million and an underlying profit before tax of A$90.7 million. Net profit came in at A$171.2 million, thanks in large part to an unrealised A$149.1 million gain from its 4D Medical stake. As of end-December, Pro Medicus was sitting on A$221.8 million in cash and other financial assets, with no debt.
Chief Executive Sam Hupert pointed out that the MedStar contract was notable as Pro Medicus’ inaugural full cloud deployment—the software operated from remote data centers instead of on-premise hospital servers. Adding cardiology demonstrated the platform’s “fully cloud native” capabilities, he said. Zwanger-Pesiri, meanwhile, has signed on for a third term. ASX Announcements
Back in February, Hupert told reporters Pro Medicus had landed seven fresh contracts in the half, together topping A$280 million at a minimum. That pushed the company’s locked-in minimum revenue for the next five years past A$1 billion for the first time. Cardiology—heart imaging—was also beginning to pick up interest from hospitals, he noted, joining diagnostic imaging in the lineup.
The MedStar deal isn’t just a simple rollover. With the updated contract covering viewer, archive, worklist, and cardiology modules, Pro Medicus is reaching further outside its core radiology business and edging into related specialty areas.
The space keeps heating up. Back in November, GE HealthCare announced a $2.3 billion deal to acquire imaging software maker Intelerad, aiming to strengthen its position in outpatient enterprise imaging—the tech that lets hospitals and clinics manage scans and share them within their networks.
This was a renewal, not a fresh client signing. And since these contracts hinge on transaction volume, any uptick relies partly on the number of studies getting processed. AI is a wild card for software names, but Hupert maintained that today’s tools mostly help doctors handle bigger caseloads—”play catchup,” as he put it—instead of knocking radiologists out of their jobs.
Cloud delivery has sped up rollouts, Hupert noted, citing Trinity Health implementations wrapped up late last year and then again in January. After last year’s RSNA meeting in Chicago—the key radiology event—he described the pipeline as “continues to be strong.” Pro Medicus, founded in 1983, maintains offices in Melbourne, Berlin, and San Diego. Pro Medicus
