IMEXHS Tops FY25 Guidance as Five AI Agents Reshape Its Radiology Platform
IMEXHS delivers FY25 results at top of guidance as Aquila+ agentic AI platform takes shape
At its 2026 Annual General Meeting on 20 May 2026, IMEXHS Limited (ASX: IME) presented a two-part story to shareholders: FY25 financial results that met or exceeded every guidance metric, and the formal unveiling of five proprietary AI agents embedded across the Aquila+ platform. Chairman Doug Flynn and CEO Dr German Arango addressed investors across a company that now operates cloud-native medical imaging software and radiology services across 18 countries and 566 installations.
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FY25 results confirm financial turnaround — earnings more than tripled
In his CEO address, Dr Arango reported that FY25 revenue reached $29.0 million, up 10% year-on-year (6% on a constant currency basis), surpassing the top end of guidance of $27.5 million to $28.2 million. Underlying EBITDA came in at $1.6 million, more than triple the prior corresponding period result of $0.5 million and at the top of the $1.3 million to $1.6 million guidance range.
The H2 earnings trajectory was highlighted as a key forward indicator: H2 FY25 Underlying EBITDA of $1.3 million compared to just $0.3 million in H1 FY25 signals compounding momentum heading into the new financial year. Annual Recurring Revenue (ARR) grew to $34.8 million, up 16% (7% constant currency), with recurring revenue now representing 97% of total revenue.
The balance sheet also improved materially. Cash closed at $3.3 million at 31 December 2025, up from $2.1 million a year earlier, while debt fell to $0.5 million from $1.2 million. Net operating cash flow swung from a $0.6 million outflow in FY24 to a $0.6 million inflow in FY25, reflecting structural discipline in credit terms, collections, and contract portfolio management rather than one-off actions.
| Business Unit | Revenue ($M) | Revenue Growth | ARR ($M) | Underlying EBITDA Margin |
|---|---|---|---|---|
| Software | $10.0m | +12% vs pcp | $11.8m (up 19%) | 30% |
| Radiology (RIMAB) | $19.0m | +8% vs pcp | $23.0m (up 14%) | 7% (vs near break-even pcp) |
| Total | $29.0m | +10% vs pcp | $34.8m (up 16%) | — |
The Radiology Services turnaround from near break-even to a 7% EBITDA margin is structural, driven by contract renegotiation, pricing discipline, and AI-driven cost automation. Software ARR growth of 19% at a 30% EBITDA margin confirms the SaaS engine is scaling. Both segments improved simultaneously.
Q1 FY26 — momentum carries forward
The presentation confirmed that the momentum from the second half of FY25 has extended into the new year. Q1 FY26 (January–March 2026) revenue reached $7.9 million, up 13% on the prior corresponding period, while Underlying EBITDA reached $0.8 million versus $0.1 million in the same period a year earlier. ARR stood at $34.8 million, up 11% on the prior corresponding period. Cash at 31 March 2026 was $2.5 million.
Management described both revenue and earnings as ahead of plan. RIMAB delivered a record revenue quarter, and the Software Partner Programme contributed 60% of software new ARR for the period, validating two years of channel investment. The company closed Q1 with 566 installations worldwide.
Key new contracts from Q1 FY26 include:
- CESAC IPS, Cartagena
- Hospital La Misericordia: $68,000 new ARR
- Pulso Salud, Peru: $163,000 new ARR
Aquila+ Agentic AI Platform — five proprietary agents automate the full radiology workflow
The major product announcement of the AGM centred on the IMEXHS Aquila+ Agentic AI Platform and the five proprietary agents embedded within it. Dr Arango framed the problem directly: diagnostic imaging demand is rising due to ageing populations and expanding screening programmes, while the radiologist workforce is not keeping pace. Existing AI tools largely address only image interpretation, leaving the operational steps on either side of the radiologist — scheduling, triage, study distribution, and queue monitoring — largely unautomated. Management positioned IMEXHS as closing that gap.
All five agents are proprietary IMEXHS intellectual property. The projected commercial economics are material: approximately 70% lower marginal cost-to-serve per new SaaS tenant and an 80% reduction in call-centre costs. Volume is expected to scale without proportional cost growth.
CEO & Managing Director Dr German Arango
“We are not competing to be one more RIS/PACS vendor. We are building an AI-native operating system for radiology — one that reduces the cost to serve, improves clinical outcomes and scales without proportional headcount growth.”
What is an agentic AI platform — and why does it matter for radiology?
Agentic AI refers to software agents that act autonomously across a workflow, making decisions and taking actions rather than passively presenting information for a human to act on. This differs from single-point AI tools (such as a nodule-detection algorithm), which address only one step in an otherwise manual chain.
For investors, the structural significance is that each additional agent deepens client dependency on Aquila+, raises switching costs, and opens cross-sell pathways within the existing customer base. Automation also drives margin expansion as volume grows without requiring proportional additions to headcount or infrastructure. The company’s own economics — 70% lower marginal cost-to-serve per new SaaS tenant — illustrate how the agentic model converts scale into profitability.
The five agents — workflow automation from scheduling to final report
Dr Arango confirmed all five agents are well ahead of schedule. The agents and their current deployment status are as follows:
- Appointment Scheduling (Live): Reads medical orders and insurance authorisations; books appointments autonomously. Projected 80% reduction in call-centre staffing and 50–60% reduction in patient wait times.
- Study Prioritisation (Final testing): Assigns clinical priority via a self-learning medical dictionary; critical cases surface immediately.
- Auto-Distribution (Live): Evaluates radiologist workload in real time; dynamically assigns and reassigns studies to prevent queue build-up and improve SLA compliance.
- Non-Attendance Alerts (Live): Monitors every study and flags cases at risk of exceeding their SLA threshold, reducing overlooked cases and medico-legal exposure.
- RV Mentor — AI co-pilot for radiologists (Live): Provides contextual medical queries, report evaluation, image analysis, literature search, automatic pre-report generation, translation, and correlation validation.
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FY26 guidance and strategic priorities — what investors should watch
Management outlined directional FY26 guidance at the AGM, noting more specific figures will be provided at the H1 FY26 results in August 2026. The four guidance commitments are:
- Exceed FY25 Underlying EBITDA of $1.6 million
- Be cash positive for the full year
- Grow software revenue at a faster rate than in FY25
- Expect more growth in revenue, earnings and cash in H2 FY26
Six strategic priorities underpin the FY26 plan:
- Scale software with Aquila+ as the preferred radiology platform across the region
- Strengthen the partner channel, which already contributed 60% of software new ARR in Q1 FY26
- Continue deploying the five AI agents across the client base
- Grow Radiology Services opportunistically where healthy margins and reliable counterparties are available
- Expand margins through automation and portfolio mix
- Maintain working capital discipline; Colombia policy environment remains fluid with contingency plans in place
Chairman Doug Flynn closed his address with a note of “measured optimism,” observing that FY25 represented a solid proof point and that FY26 is the extension of that trajectory. With Q1 FY26 revenue and earnings both described as ahead of plan, the company enters the second quarter of the year confirming it is on track against its own targets. As Dr Arango stated in his address, “FY25 was the year we proved the financial model works. FY26 is the year we extend it.”
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