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Pro Medicus (ASX:PME) share price soars after impressive FY23 result

The Pro Medicus Ltd (ASX: PME) share price has gained another 5% following the FY23 result which included more impressive growth.

Pro Medicus calls itself a leading healthcare informatics company, providing a full range of medical imaging software and services to hospitals, imaging centres and healthcare groups worldwide.

FY23 report

Here are some of the main highlights from the 12 months to June 2023:

The company declared a final dividend per share of $0.17, which was an increase of 36.4%.

Pro Medicus was pleased to say that eight of its key (client) implementations were completed within planned timeframes which helped “clear the deck” so that it can implement contracts it has recently won.

The ASX share is now providing imaging solutions to nine of the top 22 US hospitals, which is more than any other competitor.

Outlook for the Pro Medicus share price

Pro Medicus noted that its pipeline remains “strong in all market segments”, with trends that are driving the industry continuing unabated. Pro Medicus Dr Sam Hupert said:

Exponentially larger data sets, the transition to cloud and the acute global shortage of radiologists create demands that are uniquely satisfied by our Visage technology.

Hupert also revealed it expects that its EBIT margin to “broadly remain around these levels”. It was approximately 67% in the FY23 result.

USA, Europe and Australia all saw underlying growth in FY23 and I think the company will continue to generate growth in the year(s) ahead.

It’s also looking to expand in the cardiology space as well as utilise AI. It’s targeting its first commercialisation in these areas within the next six months.

Pro Medicus is a wonderful business and it keeps growing profit, which improves the underlying value of the business. However, it’s hard to say today’s valuation is attractive considering the price/earnings ratio (p/e ratio) that it’s now valued at. There are plenty of ASX growth shares that I’d rather pick for my portfolio at today’s share prices.

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