SYDNEY, June 30, 2026, 06:02 AEST
- Pro Medicus ended Monday at A$197.45, adding 4.54%. The S&P/ASX 200 Index (INDEXASX:XJO) rose 0.68%.
- The stock has picked up around A$1.9 billion in equity value since closing before the Echo IQ news, roughly 96 times more than the planned A$20 million top-end financing.
- Shares are still down 41% from the A$336.00 52-week high. Analyst targets show the stock is near the median price target.
As of the dateline, normal ASX trading wasn’t open yet. The exchange lists standard hours as roughly 09:59:45 to 16:00 Sydney time, so Monday’s closing price is the last full session.
Pro Medicus, Ltd. ASX:PME climbed 4.54% to A$197.45 on Monday, adding to strong gains in June as the healthcare software stock stayed in focus. The S&P/ASX 200 Index (INDEXASX:XJO) gained 0.68% to 8,823.4, lifted by moves in tech and healthcare.
The market-cap move since Pro Medicus said it struck a deal with Echo IQ Ltd ASX:EIQ tells the story more than the single-day pop. PME shares closed at A$178.99 on June 24, just before the EchoIQ news dropped June 25. They finished at A$197.45 on June 29. With 104.47 million shares, that A$18.46 climb per share works out to about A$1.93 billion in new equity value. That lines up to roughly 96 times the A$20 million max financing in the agreement.
This is key because investors see the modest investment as a way to gauge if Pro Medicus can move third-party AI products through its U.S. hospital network. The price action isn’t a clean setup for an event study. Shares also got a lift from a strong day for ASX growth names on Monday. Still, the ratio underlines how much the market is willing to pay for future upside tied to Visage.
| Measure | Latest data | Read-through |
|---|---|---|
| PME Monday close | A$197.45, up 4.54% | Outperformed ASX 200’s 0.68% gain |
| Since June 24 close | Up 10.31% | Market cap adds about A$1.93 billion |
| 52-week range | A$107.75 to A$336.00 | Still 41% off the top |
| Analyst targets | High A$245.00; median A$198.50; low A$110.00 | Trading near the median target |
| Volume | 379,355 shares | Tops WSJ’s 65-day average of 336,747 |
Pro Medicus is set to put an initial A$10 million into EchoIQ through secured convertible notes as part of their heads of agreement. The deal allows Pro Medicus to invest another A$10 million if EchoIQ gets FDA clearance for EchoSolv HF. EchoIQ also said Pro Medicus would be named as a proposed reseller of EchoSolv products in the U.S.
| EchoIQ deal term | Detail |
|---|---|
| Initial investment | A$10 million in secured convertible notes |
| Possible second tranche | A$10 million more if FDA clears EchoSolv HF |
| Interest | 12.5% a year, compounding every day |
| Maturity | Due in 24 months unless converted or repaid |
| Conversion price | Lower of A$1.05 or five-day VWAP, with a minimum price |
| Commercial route | U.S. reseller deal planned with Pro Medicus |
“In addition to providing financial backing, we are looking to offer our Visage 7 Cardiology customers the option of Echo IQ’s technology,” Pro Medicus CEO Dr Sam Hupert said in the release. EchoIQ CEO Dustin Haines said the agreement is a “significant validation” of the firm’s technology and plan. Market Index Data API
The deal is in line with recent moves. Pro Medicus reported back in February it had A$221.8 million in cash and financial assets at Dec. 31, with no debt on the books. First-half revenue climbed 28.4% to A$124.8 million, with underlying EBIT reaching A$90.7 million and an underlying EBIT margin at 72.6%.
Pro Medicus said its A$10 million hybrid investment in 4DMedical Ltd ASX:4DX had delivered an unrealised pre-tax gain of around A$149.1 million by Dec. 31. The new EchoIQ note comes with a 12.5% coupon, matching the 4DMedical deal, but the main question now is whether Pro Medicus can drive revenue from a third-party AI product in U.S. health systems.
Valuing PME is tricky. According to WSJ, the stock trades at 88.05 times earnings. There’s still one sell rating out, while the price target runs from A$110.00 up to A$245.00. Consensus stands at overweight.
