Pro Medicus Limited

The company was founded in Melbourne in 1983 by Dr Sam Hupert and Anthony Hall. Having recently graduated from medical school, the pair saw potential for the use of computers in medicine, even when computers were more complicated. Initially, it gained a foothold in healthcare IT through medical practice management software and later through helping patients receive diagnostic results faster. In 2000 it listed and managed to survive the dot com burst. It expanded overseas, including into North America through a deal with Agfa. In 2009, the company bought Visage Imaging, a German and U.S.-based imaging software firm that was then owned by Mercury Systems. It paid just US$3.5m. Following the acquisition, the company launched Visage 7, which became central to its product offerings and positioned Pro Medicus as a leader in medical imaging. Since then, client numbers have increased through long-term contracts with major health networks and leading academic hospitals in the US. 2014 was a key year when it unveiled a six-year deal worth $20m with a large US health network. The deals have kept flowing since then, but that first one was major because PME won out of nearly 30 companies (including majors like GE, Phillips and Siemens). The rest is history. In FY24, Pro Medicus generated $161.5m in revenue and an $82.8m profit, representing a near 50% margin. Its biggest deal in that year was a 10-year US$140m deal with Baylor Scott & White.