MELBOURNE, June 29, 2026, 02:11 AEST
- Pro Medicus ended Friday at A$188.88, finishing up 1.88% for the day and gaining 9.31% this week.
- The stock’s move after the Echo IQ notice on June 25 tacked on around A$1.03 billion in equity, or roughly 52 times more than the A$20 million top-end investment being discussed.
- The average analyst price target is A$189.47, just 0.31% higher than where shares finished Friday.
- The stock jumped following its S&P/ASX 50 exit. That puts demand in focus at the open on Monday, after the index-driven move.
Pro Medicus Limited ASX:PME starts Monday’s session on the ASX after closing at A$188.88 Friday, gaining 1.88% for the day and 9.31% over the week from the previous Friday’s A$172.80. The ASX opens for regular trading at 10 a.m. Sydney time on business days.
Pro Medicus shares jumped after it announced the Echo IQ deal, closing at A$178.99 on June 25. By the end of the week, the price was up A$9.89, which meant about A$1.03 billion more in equity value based on 104.47 million shares. That’s around 52 times the proposed A$20 million top-end financing for Echo IQ Limited ASX:EIQ.
That’s important since the market isn’t valuing interest from the note. It’s pricing in hopes for a new AI channel via Pro Medicus’ Visage platform, with the stock’s high valuation not giving much space for slow growth.
Pro Medicus said June 25 it signed a binding heads of agreement with Echo IQ for a finance facility and a planned reseller agreement covering AI algorithms for aortic stenosis and heart failure. CEO Sam Hupert said Pro Medicus is “looking to offer our Visage 7 Cardiology customers the option of Echo IQ’s technology.” The companies gave themselves 20 business days to sign the final legal documents, or the deal could fall through. Market Index Data API
Echo IQ said Pro Medicus will provide an initial A$10 million secured convertible note, and could add another A$10 million if EchoSolv HF gets U.S. Food and Drug Administration approval. The notes pay 12.5% interest a year, compounded daily, and are secured against Echo IQ’s assets and named algorithms. CEO Dustin Haines said the deal “extends far beyond the investment itself.”
Conditions are a big factor here. Echo IQ said there’s no guarantee it will sign final agreements, and the other A$10 million is tied to FDA approval. The company called out risks including reimbursement, regulation, and whether its technology actually sees commercial use.
Pro Medicus (PME) ended Friday at A$188.88, just under the average analyst target of A$189.47 from FactSet, the Wall Street Journal reported. WSJ data also had 10 buys, two overweight, two holds and a single sell rating for the stock. The median analyst target sat at A$198.50.
The rally brushed off index moves. S&P Dow Jones Indices dropped Pro Medicus from the S&P/ASX 50, putting ALS Limited ASX:ALQ in before the June 22 open. Pro Medicus still ended the week up 9.31%.
S&P/ASX 200 (INDEXASX:XJO) finished Friday up 0.18% at 8,764.20, with Pro Medicus gaining 1.88% on the day. That was a sharp break from the rest of the market.
Pro Medicus posted a run of June contract wins ahead of the Echo IQ trade. On June 1, the company announced a five-year, A$28 million renewal with Allegheny Health and a seven-year, A$16 million deal with TidalHealth. A five-year, A$16 million renewal with Ohio State followed on June 4. Shares have climbed 42.81% since the June 1 news, when the stock closed at A$132.26.
Shares face support at A$188-A$190 this week unless there’s new contract news. Investors are also watching to see if final Echo IQ documents or broker target revisions land before the market weighs the A$1 billion move in response to the still-conditional AI reseller agreement.
