Here Are 5 ASX Stocks Pro Medicus Could Buy Next And If They Even Make Sense

What ASX Stocks Pro Medicus Could Buy Next? Pro Medicus (ASX:PME) has never been a serial acquirer since it picked up Visage at a bargain price during the GFC. But is it turning into one? It invested in 4D Medical (ASX:4DX) last July and yesterday it chipped into EchoIQ. So what next?

We can only speculate from the outside but we’d imagine any further acquisitions would do the same as the former two investments did. Namely, solving imaging problems that PME does not currently address. Here are 5 such companies.

5 ASX Stocks Pro Medicus Could Buy Next

1. Imricor Medical Systems (ASX:IMR)

Imricor is the most obvious candidate because it sits in the same clinical neighbourhood as EchoIQ: cardiology. The company develops MRI‑guided cardiac ablation systems, enabling electrophysiologists to perform procedures inside an MRI suite rather than a traditional fluoroscopy lab. The strategic logic is straightforward. Cardiology is one of the largest imaging‑adjacent markets in the world, and Pro Medicus has already begun pushing deeper into cardiology modules within Visage.

Imricor’s technology is highly data‑intensive. MRI‑guided procedures generate continuous imaging streams, real‑time mapping overlays, and procedural metadata — all of which could theoretically be integrated into a Visage‑based workflow. If PME wants to expand its footprint in cardiology, Imricor offers a differentiated entry point.

But there are constraints. Imricor is more of a device company than a software company. Its commercial model involves capital equipment, consumables, and procedural workflows that sit far outside PME’s asset‑light philosophy. The regulatory burden is also heavier. Pro Medicus has historically avoided hardware risk, and Imricor’s model requires hospital capital budgets, not just software subscriptions.

Still, the adjacency is compelling. If PME wanted to own a strategic foothold in interventional cardiology, Imricor is one of the few ASX‑listed companies that fits the bill.

2. CurveBeam AI (ASX:CVB)

CurveBeam AI is a hybrid: part hardware, part AI. The company develops weight‑bearing CT scanners for orthopaedic imaging, along with AI‑driven analysis tools. Orthopaedics is a large, under‑digitised imaging market, and Pro Medicus has no native presence in it. If PME wanted to expand beyond radiology and cardiology into musculoskeletal imaging, CurveBeam AI would be a logical entry point.

The AI component is the most relevant. CurveBeam’s algorithms analyse bone alignment, joint spacing, and deformity metrics — all of which could be integrated into Visage as structured outputs. Hospitals already using Visage for radiology could theoretically add orthopaedic AI modules without changing their core workflow.

The challenge is the hardware. CurveBeam’s scanners are capital equipment, and PME has never shown interest in owning manufacturing risk. The company’s preference is to sell software that scales without incremental cost. CurveBeam’s US listing and corporate structure also add complexity.

Even so, orthopaedics is a large adjacency. If PME wanted to broaden its clinical footprint, we believe CurveBeam AI is one of the few ASX names that offers both imaging and AI in a single package.

3. Resonance Health (ASX:RHT)

We think Resonance Health is the cleanest fit from a software perspective. The company specialises in MRI‑based quantitative imaging, particularly liver iron concentration and body composition analysis. Its products are FDA‑cleared, SaaS‑based, and already used in clinical workflows.

This is exactly the type of business Pro Medicus could integrate with minimal friction. Resonance’s algorithms could be embedded directly into Visage, allowing radiologists to run quantitative MRI analyses without leaving the platform. The recurring revenue model aligns with PME’s economics, and the regulatory profile is well established.

The limitation is Resonance’s market size. Resonance’s liver iron concentration focus is important – don’t get us wrong; but it is not a mass‑market diagnostic. Body composition analytics are growing, yes, but they’re still specialised. PME tends to focus on large, enterprise‑scale opportunities.

Even so, Resonance is one of the few ASX companies that fits Pro Medicus’ model almost perfectly: pure software, imaging analytics, and a recurring revenue base.

4. Artrya (ASX:AYA)

If EchoIQ is the first cardiology AI partnership, Artrya could easily be the second. The company develops AI tools for diagnosing coronary artery disease using CT imaging. It is FDA‑cleared, software‑only, and designed to fit directly into hospital workflows — all attributes that align with PME’s strategy.

Artrya’s product identifies vulnerable plaque, quantifies stenosis, and generates structured reports. These outputs could be embedded into Visage as native modules, allowing radiologists and cardiologists to access AI‑driven coronary analysis without switching systems. The cross‑sell potential is significant. PME already has a strong US hospital footprint, and Artrya’s product is designed for exactly those customers.

The strategic logic is unusually strong. Cardiology is one of the largest imaging markets globally. AI adoption is accelerating. And Pro Medicus has already signalled its interest through the EchoIQ partnership. Artrya is the closest thing to an “EchoIQ 2.0” on the ASX.

5. Micro‑X (ASX:MX1)

Micro‑X is an outlier. The company develops lightweight X‑ray systems using carbon nanotube technology. It is a hardware business with manufacturing risk, defence exposure, and a very different commercial model from Pro Medicus. On the surface, it looks like the least likely acquisition target.

Yet there is a thematic angle. Micro‑X’s portable imaging systems could theoretically integrate with cloud‑based workflows, enabling mobile radiology in emergency settings, rural deployments, or defence environments. If PME wanted to explore mobile imaging or edge‑based diagnostics, Micro‑X could provide the hardware platform.

Yes, you may be right in thinking this is speculative. After all, Pro Medicus has never shown interest in owning hardware, and Micro‑X is still early in its commercialisation. But if PME wanted to experiment with mobile imaging ecosystems, Micro‑X is one of the few ASX companies with relevant technology.

Which One Makes the Most Strategic Sense?

Among the five, we think Artrya stands out as the most logical acquisition. It sits in the same clinical domain as EchoIQ, is FDA‑cleared, is software‑only, and fits directly into hospital workflows. It also offers immediate cross‑sell potential into Pro Medicus’ US customer base.

But if you’re looking at it from the broader idea of Pro Medicus becoming distribution platform for clinical AI – and you think Sam Huppert and his team are willing to invest to overcome the shortcomings of others; any of them could be a good fit.