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Why The Pro Medicus (ASX:PME) Share Price Just Hit An All-Time High

The Pro Medicus Limited (ASX: PME) share price is up almost 5% and has hit an all-time high today on the back of pleasing news.

Pro Medicus is a Melbourne-based software owner and developer, licensing products to large US hospitals and Australian radiology clinics. The company has offices in Richmond, Victoria, Berlin, Germany and in the United States.

The Pro Medicus Share Price Just Hit An All-Time High

Pro Medicus announced that it has signed a 7-year contract with Duke Health, which is the largest health system in the state of North Carolina, it’s also one of the most respected health providers in North America according to Pro Medicus.

The contract is based on a transaction licensing model and will see the Visage 7 technology implemented across all of Duke’s radiology departments and integrated into Duke’s electronic health records.

This is a sizeable deal because it will span three hospitals and “dozens” of additional locations across Duke Health including the 957-academic medical center, Duke University Hospital. The planning to process the implementation is expected to start soon and the first sites are expected to go live in the first quarter of FY20.

Pro Medicus CEO Dr Sam Hupert said:

This not only helps consolidate our strong position in this highly competitive market, it enables us to leverage our development and commercialisation efforts across an increasing base of academic, research orientated clients which we feel provides us with a strategic advantage particularly in rapidly evolving fields such as AI and machine learning.”

Is Pro Medicus A Great ASX Growth Share?

This deal adds to others previously announced including a $3 million deal in Germany and a different $27 million US deal.

Pro Medicus is undoubtedly a high quality business with a growing market share and improving profit margins, it has most of the things you could want from an investment, I wish I could have invested at the start of the decade!

However, no business is a buy at a super-expensive price. I’m not sure what the right entry price would be, but investors seem perhaps too excited by Pro Medicus right now.

The growth shares in the free report below could be better ideas to own for the long term at today’s price.

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