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Pro Medicus (ASX:PME) share price rises on another US contract win

The Pro Medicus Ltd (ASX: PME) share price has risen after revealing another solid contract win in Australia.

US contract win

The company announced that it has signed an AU$16 million, 8-year contract with South Shore Health, which is the largest independent health system is Southeastern Massachusetts.

South Shore Health has over 5,600 employees and has “renowned clinical affiliations at academic and cancer centres across Massachusetts” that also use Visage 7 software.

This is a transactional licensing model, which will see Visage 7’s open archive and workflow modules, implemented throughout South Shore Health, providing a unified diagnostic imaging platform. Visage 7 will also provide distribution of images integrated to South Shore Health’s electronic health record (EHR).

When will the implementation start?

Pro Medicus said that planning for the rollout is to “commence immediately” and will utilise its cloud-based implementation process.

The targeted go-live date is for it to begin in the first quarter or second quarter of the 2024 calendar year.

Management commentary

The Pro Medicus CEO said:

South Shore Health adds to our rapidly growing footprint in the North American IDN space and serves to further illustrate the suitability of our platform across a very broad range of healthcare enterprises. Key to this is the fact our offering is “autoscaling”. We have one application; it is transaction-based and in the cloud, so clients only pay for what they use regardless of their size.

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

It’s impressive to see the amount of contracts that the company has won in the US. Pro Medicus is rapidly becoming a major player there and earning enormous margins, which is helping the business send out growing dividends to investors.

The problem is – what is a good price to invest at? It trades on a huge price/earnings ratio (P/E ratio). It’s worthy of a premium to the market, but it’s tricky knowing what is a good price today seeing as the market is pricing in a lot of success.

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