Pro Medicus, Ltd. · ASX:PME
Pro Medicus — H1 FY2023 Earnings Presentation
50 slides from Pro Medicus's earnings presentation, Feb 15, 2023
Slide 1: Half Year Results FY 2023
For personal use only Half Year Results FY 2023
Slide 2: Pro Medicus (ASX:PME)
PRO MEDICUS (ASX:PME) Healthcare IT company specializing in Enterprise Imaging and For personal use only Radiology Information System (RIS) software. Leading edge products, growing global presence. EU HQ/R&D Berlin GmbH U.S. HQ San Diego CA GROUP HQ Melbourne AUS OVER 40+ SOFTWARE ENGINEERS 2
Slide 3: Product Suite
ASX:PME For personal use only VISAGE RIS VISAGE 7 OEM PRODUCT SUITE 3
Slide 4: HY 2023 – Results
HY 2023 – Results For personal use only • Record half • Four contract wins in North America • $15M University of Florida contract renewal • Completed 3 large-scale implementations – Inova, Allina & Novant • RSNA 2022 the busiest to date • Progress with other ologies and AI • Forms the base for stron
Slide 5: Results HY 2023
RESULTS HY 2023 For personal use only $56.89M $27.19M $37.22M 66.1% Revenue Profit Underlying EBIT up 28.3% after tax Profit margins up 31.5% Before Tax up 30% $94.53M $0.13 Cash Company Strong Interim & Investments debt balance dividend FF up 4.4% free sheet Up 30%
Slide 6: HY 2023 Revenue Split
HY 2023 REVENUE SPLIT For personal use only
Slide 7: Highlights HY2023
HIGHLIGHTS HY2023 For personal use only $15.5M/7 years $16.5M $15M/7 years Continues to grow Renewal New Contracts New Contract STRONGLY AUGUST AUGUST DECEMBER Installed November 2022 CURRENT 2022 2022 2022 September to PIPELINE December 2023 7
Slide 8: Operational (Transaction) Model
OPERATONAL (TRANSACTION) MODEL For personal use only • Used in vast majority of US contracts • Delivered as SaaS model • Now used in RIS contracts in AUS • Model based on transaction minimums • Forward revenue > A$450M/5 years* • Upside as client examination volumes grow • Annuity style revenue stre
Slide 9: Operating Leverage
OPERATING LEVERAGE For personal use only • Highly scalable offering • No capex (HW) – SW only model • Training & Installation – charged as professional services • Contained cost base • Margin continues to grow as footprint increases 9
Slide 10: FY23 - Year to Date
FY23 -Year to Date For personal use only • Tracking ahead of budget • Client volumes above pre COVID levels • Revenue ramping up from the 3 major contracts implemented in 1st half – Inova, Allina and Novant. • Several smaller implementations completed including Montage and Bay Imaging. • New contrac
Slide 11: In Review: 2022 Top Hospitals
In Review 2022 Top Hospitals For personal use only 11
Slide 12: Increasing footprint in the IDN space
Increasing footprint in the IDN space For personal use only • IDNs represent the largest segment of the market • Existing large IDN clients – Mercy, Sutter Health, Intermountain, Medstar. • Momentum increasing with 6 sales to IDN’s in the last 18 months • All sales for more than one Visage product •
Slide 13: Visage RIS
For personal use only VISAGE RIS
Slide 14: Visage RIS
VISAGE RIS For personal use only • Long term (5 year) contracts with Lumus (Primary Healthcare) and I–MED, the 2 biggest radiology providers in AUS • Lumus rollout now complete • Upside via organic and M&A growth (I-MED) • Increased market interest – new opportunities • PME undisputed market leader
Slide 15: Visage 7.0
Visage 7.0 For personal use only Continues to be #1 in Speed, Functionality and Scalability. SPEED FUNCTIONALITY SCALABILITY
Slide 16: Massive Data Explosion
MASSIVE DATA EXPLOSION For personal use only • High density Multi-slice CT - 10,000+ images • HD Breast Tomosynthesis - 6 GB+ • Optoacoustic breast ultrasound - 10+ GB • Total Body PET Scan - 10+ GB • 7T MRI - much larger than 3T
Slide 17: Legacy Technology
LEGACY TECHNOLOGY For personal use only “Compress and Send” MODALITIES PACS RADIOLOGIST/CLINICIAN
Slide 18: Solution: Visage Streaming Technology
SOLUTION: For personal use only VISAGE 7 Streaming Technology BACKEND RENDER SERVER SERVER RADIOLOGIST/CLINICIAN MODALITIES
Slide 19: Solution: Visage Streaming Technology
SOLUTION: Visage 7 Streaming Technology For personal use only
Slide 20: Contracts – different market segments
3 Contracts – 3 different market segments For personal use only • Montage Health – regional IDN • Bay Imaging consultants – private radiology group • CHOP – Tier 1 academic children's hospital • Visage 7 suitable to different market segments – increases PME’s total addressable market (TAM). • Combin
Slide 21: University of Florida Renewal
UNIVERSITY OF FLORIDA RENEWAL Gainesville / Jacksonville For personal use only • 7 Year - $15.5M contract renewal • Both sites now on transaction-based model • Increase in per transaction fee • Demonstrates confidence in Visage as a technology leader 21
Slide 22: Luminis Health
LUMINIS HEALTH For personal use only • 7-year, $15M transaction-based contract • Regional IDN based out of Annapolis, Maryland • “Full Stack” – Viewer, Worklist & Archive • To be fully Cloud deployed • Increases PME’s footprint in the mid-sized IDN market 22
Slide 23: Fast Track Implementation
FAST TRACK IMPLEMENTATION For personal use only • All implementations on or ahead of schedule • Fast track methodology continues to deliver • Large scale projects completed in under 1/4 the time of industry norm • Delivers huge savings for client • Frees PME staff for other jobs • Reduces barrier to
Slide 24: Visage – Proven ROI
VISAGE – PROVEN ROI For personal use only Significant IT & Unparalleled Increase in Greater Clinical Infrastructure Savings Radiologist Efficiency Accuracy Improved Physician Delivers Superior Engagement Value Proposition 24
Slide 25: Clinical Outcomes
Clinical Outcomes For personal use only Moving the Needle 25
Slide 26: Yale
Yale - For personal use only Mariam Aboian, MD, PhD Assistant Professor Radiology & Biomedical “PACS is our clinical world for Radiologists. Engineering Yale School of Medicine “This is what AI based segmentation of gliomas Incorporation of AI into PACS, gives us clinical in PACS looks like! Advance
Slide 27: Patient Engagement - Video Reports
Patient Engagement - Video Reports For personal use only NYU Langone Health Department of Radiology @NYUImaging Your Radiologist Is the Most Important Doctor You’ve Never Met—Until Now #radiology @nyulangone Debuts the First Video Radiology Reports in a U.S. Hospital to Help Patients Understand the
Slide 28: Burnout – the new epidemic?
Burnout – the new epidemic ? For personal use only 28
Slide 29: Visage Imaging
prosmedicus ‘VISAGE TMAGING"
Slide 30: Growth Strategy
GROWTH STRATEGY For personal use only New product offerings Transaction growth Extend to new from existing clients geographical markets Leverage R&D capability Expand footprint – to introduce next new clients generation products 30
Slide 31: North American Pipeline
NORTH AMERICAN PIPELINE For personal use only Prospects Progressing through Network Effect various stages of the cycle Opportunities Further increased as a result of recent high- profile wins in both Tier 1 academic and New inbound RFPs IDN markets Pipeline Robust even during COVID In terms of quali
Slide 32: Visage Open Archive
VISAGE 7 OPEN ARCHIVE For personal use only • Same highly scalable Visage 7 platform • Interoperable – works in complex environments • Enables choice of modular or single vendor solutions • Visage 7 Open Archive integral part of “Full Stack” solution • Pipeline includes Visage 7 Open Archive opportu
Slide 33: Visage Workflow
VISAGE 7 WORKFLOW For personal use only • Adds to Visage 7 Viewer and Open Archive modules • Based on over 30 years experience in Worklist SW • Allows PME to offer “full stack” solution • Integral part of Visage in the Cloud SaaS solution • Ability to interface with broad range of AI algorithms • So
Slide 34: New Products
NEW PRODUCTS For personal use only • Single viewer for ALL images in the medical record (EMR) • Radiology/Cardiology (DICOM format) • Non-radiology– reflected light – hi-res photos & videos • Visage 7 technology ideally suited • Increases Visage value proposition • Growth opportunities within existi
Slide 35: One Viewer - Cardiology
One Viewer - Cardiology For personal use only 35
Slide 36: Visage is Best in KLAS 2023
VISAGE 7 is BEST IN KLAS 2023 For personal use only Visage 7 achieved the #1 ranking in the Universal Viewer (Imaging) segment with a score of 90.2. KLAS defines the Universal Viewer (Imaging) segment as “Solutions that can be used for referential and/or diagnostic viewing; that support multiple med
Slide 37: Visage CloudPACS
Visage CloudPACS For personal use only • Visage 7 – fully Cloud native • Same ultrafast performance as on-premise • Full Visage 7 functionality • Security and scale of the cloud • Complete PACS deployment or as backup/disaster recovery • Suitable for all size implementations 37
Slide 38: Visage CloudPACS
Visage CloudPACS For personal use only • Unprecedented industry swing to Cloud • Last ten out of ten sales have been CloudPACS • Majority of pipeline mandating Cloud deployment. • Cloud vendor agnostic - large scale implementations in all 3 cloud vendors - AWS, Azure and Google GCP • Significant str
Slide 39: New Video: Visage Imaging and AWS CloudPACS
NEW VIDEO: VISAGE IMAGING and AWS | CloudPACS For personal use only > Play Video 39
Slide 40: AI in Radiology
AI in Radiology For personal use only • Imbedded in SW or imaging equipment • Prioritisation of cases – eg intracranial haemorrhage • Screening – eg early-stage lung nodule detection • Aid to diagnosis – 2nd opinion, incidental findings • Automated diagnosis 40
Slide 41: Visage AI Accelerator
Visage 7 For personal use only • AI Accelerator – streamlines AI algorithm development • Optimised for AI data curation and validation • Open API enables native integration • AI Ecosystem - 3rd party and Visage developed algorithms • Joint development/commercialisation opportunities - 3rd parties an
Slide 42: AI Research Leadership
AI Research Leadership For personal use only Malte Westerhoff, PhD Global Chief Technology Officer Detlev Stalling, PhD Head of Development Ming De Lin, PhD Clinical Research Manager North America Raj Moily, MBBS, PhD , MBA Director, AI Business Development North America 42
Slide 43: Research Collaboration Agreements (RCA)
RESEARCH COLLABORATION AGREEMENTS (RCA) For personal use only 43
Slide 44: RSNA - 2022
RSNA -2022 For personal use only “Our biggest presence to date in terms of footprint and staff numbers” “We generated more leads than any other year”
Slide 45: RSNA - 2022
For personal use only RSNA -2022
Slide 46: RSNA - 2022
For personal use only RSNA -2022
Slide 47: RSNA - 2022
For personal use only RSNA -2022
Slide 48: RSNA - 2022
For personal use only RSNA -2022
Slide 49: Summary
SUMMARY For personal use only • Most successful half in company’s history • North American footprint continues to grow strongly • Expanded product portfolio – “full stack” solution • Proven remote implementation & support capability • Cloud – huge strategic advantage over competitors • Unparalleled
Slide 50: Thank You
For personal use only THANK YOU