Pro Medicus Secures $25M BayCare Contract to Expand US Imaging Footprint

About Pro Medicus Ltd

Pro Medicus Limited (ASX: PME) is one of Australia’s most successful healthcare technology companies and a global leader in enterprise imaging systems. Founded in 1983 and headquartered in Melbourne, the company develops advanced radiology software used by hospitals, imaging centres and health networks in Australia, Europe and the United States. Through its wholly owned US subsidiary, Visage Imaging, the company has emerged as a key provider of cloud-native, high-performance medical imaging solutions to some of the world’s largest hospital networks.

The company’s flagship platform, Visage 7, is known for its speed, scalability and cloud implementation capabilities, allowing radiologists to access and interpret medical images in near-real time across large distributed health systems. This technological advantage has underpinned Pro Medicus’ rapid penetration into the high-value US Integrated Delivery Network (IDN) market.

The company’s latest contract with BayCare — a major health system serving the Tampa Bay and central Florida region — marks another significant milestone in PME’s international expansion strategy and highlights strong demand for cloud-based, full-stack imaging solutions.

BayCare Deal Expands to Full-Stack Enterprise Imaging

In February 2025, BayCare selected Visage 7 Viewer and Visage 7 Workflow as the foundation of its enterprise imaging transformation. The new agreement builds on that initial contract, adding Visage 7 Open Archive to create a fully integrated, end-to-end imaging platform across the network.

The new contract, valued at AUD $25 million over seven years, will involve migrating BayCare’s existing archive to Visage’s cloud-native Open Archive solution. This will allow BayCare to retire its on-premise storage systems and consolidate all medical imaging data within a single, highly performant cloud environment.

Planning for the rollout begins immediately, with the combined Viewer, Workflow and Open Archive platform targeted to go live in Q1 of calendar year 2026. For Pro Medicus, the deal confirms accelerating demand for cloud-enabled enterprise imaging, particularly among large US health networks seeking cost savings, improved performance and streamlined infrastructure.

Strengthening Presence in the North American IDN Market

The US IDN market continues to be the largest opportunity for enterprise imaging vendors globally. These networks — often representing dozens of hospitals, hundreds of clinics and millions of annual imaging procedures — require platforms capable of handling high volumes, distributed workloads and complex workflows.

Pro Medicus has carved out a competitive niche by focusing exclusively on cloud-native, high-performance enterprise imaging rather than legacy PACS systems. As a result, the company has secured multiple large-scale IDN contracts in recent years, including major wins across top hospital systems in the United States.

The BayCare expansion is another significant step in this strategy, demonstrating PME’s ability to deepen relationships with existing customers and convert initial viewer deployments into comprehensive platform rollouts.

The contract is also based on a transaction-based licensing model, giving PME upside potential as imaging volumes grow across the BayCare network. This pricing structure has been a key driver of the company’s revenue growth and margin strength in recent years.

Cloud Migration Accelerates as Health Systems Pursue Efficiency

Healthcare providers around the world are accelerating their shift from legacy, on-premise IT systems to cloud environments, and medical imaging — one of the most data-intensive components of hospital operations — is at the forefront of this transition. Visage 7 Open Archive, the centrepiece of Pro Medicus’ expanded BayCare agreement, offers a range of advantages over traditional storage systems. These include faster access to imaging data across geographically dispersed sites, reduced dependence on physical storage and hardware, stronger cybersecurity protections, greater scalability for long-term data retention, and the elimination of fragmented or siloed archives. For health systems seeking to modernise infrastructure while lowering total cost of ownership, Pro Medicus’ cloud-native architecture provides a compelling alternative to legacy vendors.

Strategic Positioning and Competitive Edge

Pro Medicus continues to strengthen its competitive position through a combination of technology leadership, operational capability and financial discipline. Its ultra-fast streaming technology enables radiologists to view large imaging datasets almost instantly, while its cloud-native architecture avoids the technical debt and performance constraints associated with traditional PACS systems. The company’s full-stack enterprise imaging platform — integrating viewer, workflow and archive — provides health networks with a streamlined, end-to-end solution. This is supported by industry-leading margins and strong operating leverage, as well as significant growth optionality through AI integration and next-generation workflow tools. With established offices in Melbourne, Berlin and San Diego, Pro Medicus is able to service major markets across Australasia, Europe and North America, reinforcing its position as one of the world’s leading enterprise imaging providers.

Outlook

Pro Medicus enters 2026 in a strong position with a deepening US footprint, expanding contract pipeline and growing demand for cloud-based imaging. With multiple IDN deployments underway and more health systems seeking to modernise infrastructure, PME is well placed to capture ongoing structural demand.

The company’s transaction-based revenue model, high operating leverage and disciplined cost base provide strong visibility for earnings growth. As cloud adoption accelerates across healthcare, PME’s technology leadership gives it a clear competitive advantage.

Conclusion

The $25 million BayCare contract marks a major milestone for Pro Medicus, extending an already significant partnership into a full-stack, cloud-native enterprise imaging deployment. It reinforces PME’s leadership in next-generation medical imaging technology and highlights the company’s continued momentum in the lucrative North American market.

With strong demand drivers, expanding international presence and a proven ability to convert viewer contracts into broader platform rollouts, Pro Medicus remains one of Australia’s most successful and globally competitive healthcare technology companies.