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Pro Medicus (ASX:PME) share price in focus on huge Texas contract win

The Pro Medicus Ltd (ASX: PME) share price is on watch after the healthcare imaging software ASX share announced a great win in Texas.

Texas contract win

The business has announced that its Visage Imaging business has signed a $140 million, 10-year contract with Baylor Scott & White Health, the largest not-for-profit healthcare system in Texas and one of the largest in the US.

It’s a transactional licensing model, as usual, and its Visage platform will be implemented throughout BSWH providing a unified diagnostic imaging platform.

When will this start?

Visage will complete the migration from BSWH’s multiple legacy software, and vendor neutral archive. Visage 7 will also provide enterprise distribution of images integrated to BSWH’s electronic health record (EHR).

Planning for the rollout is to start immediately and will use Visage’s cloud-based implementation process.

There will be multi-phased go-lives, which are targeted to begin in the first quarter of the 2024 calendar year.

This will add a lot of extra profit to its annual numbers, so it could help the Pro Medicus share price.

Management commentary

The Pro Medicus CEO Dr Sam Hupert said:

Baylor Scott & White Health joins our impressive list of IDN and Tier 1 academic clients, and represents our first major client in Texas. The scale and scope of our initiative with Baylor Scott & White Health is noteworthy and will include nearly 500 radiologists who will be exposed to the benefits of Visage 7.

Our pipeline remains strong and spans all market segments. As has been the case with many of our recent contracts, this deal is for our “full-stack” comprising all three Visage products namely viewer, workflow and archive, a trend we see continuing.

Final thoughts on the Pro Medicus share price

Pro Medicus is easily one of the best ASX shares, with great profit margins, strong profit growth prospects, a great balance sheet and a rising dividend.

The tough question is – is today’s price a good time to buy? It’s expensive when we think about the price/earnings (P/E) ratio and other metrics like that, so I’m cautious about buying today.

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