The Pro Medicus Limited (ASX: PME) share price is rising again on Thursday morning.

In early trade, the health imaging technology company's shares are up 4% to an all-time high of $298.98.

This follows the release of the company's record half year results.

Pro Medicus share price higher on record results

• Total revenue up 32.15% to a record of $100.79 million
• Revenue from ordinary activities up 31.1% to $97.2 million
• Underlying EBIT margin increased from 66% to 72%
• Underlying profit before tax up 42.9% to $69.9 million
• Net profit up 42.7% to a record of $51.7 million
• Earnings per share up 42.7% to 49.53 cents
• Fully franked interim dividend up 38.9% to 25 cents per share
• Cash and other financial assets of $182.3 million with no debt

What happened in the first half?

For the six months ended 31 December, Pro Medicus reported a 32.15% increase in total revenue to $100.79 million. This comprises a 31.1% increase in revenue from ordinary activities to $97.2 million and interest income of $3.6 million.

Management notes that this strong result was driven largely by its North America segment, which reported a 34.6% increase in revenue to $86.4 million. This reflects three major implementations for Oregon Health & Science University, the last three phases of Baylor, Scott and White, and Moffitt Cancer Centre (Breast Imaging) being completed.

Complementing this growth was a modest 0.8% lift in European revenue and a 10.8% increase in Australian revenue. The latter was boosted by the renewal of a five-year contract extension with a large Australian Radiology Network.

Management advised that it is looking to further build on its presence in North America, Germany and Australia and is actively pursuing a growing number of opportunities within the academic/teaching hospital, integrated delivery network (IDN), and corporate/private imaging centre markets.

Profit surge

Pro Medicus' margins expanded further during the first half of FY 2025. Its underlying EBIT margin increased from 66% to 72%. Combined with its top line growth, this underpinned a 42.9% increase in underlying profit before tax to $69.9 million.

And on the bottom line, the high-flying tech stock revealed a 42.7% increase in both net profit to $51.7 million and earnings per share to 49.53 cents. The latter is ahead of the consensus estimate of 47.7 cents per share.

This allowed the Pro Medicus board to lift its interim dividend by 38.9% to 25 cents per share. This is also ahead of the consensus estimate of 24.2 cents per share.

Pro Medicus' CEO, Dr Sam Hupert, was pleased with the record result. He said:

We feel it's a strong result, underlined by record contract wins and several key implementations, including Baylor Scott & White (BS&W) – which was fully implemented in 11 months from date of signing, a record for the industry.

BS&W contributed three months of full revenue in the half and will help build the base for the second half with a full 6 months of revenue. In addition, contracts won in the first half including Trinity Health will start to contribute revenue in the first half of FY26 and beyond as these implementations ramp up.

Outlook

No guidance has been provided for FY 2025 but Dr Hupert spoke positively about its outlook, highlighting that its sales pipeline "remains strong." He concludes:

We continue to see many opportunities in the USA – many on the back of the annual RSNA conference which in 2024 was our biggest to date.

Our modular approach also continues to provide flexibility and scalability, as evidenced by the increasing number of clients choosing the full stack of all three Visage products – Viewer, Workflow and Archive as well as existing clients in Duke and NYU adding modules, trends we see continuing.

The Pro Medicus share price is up almost 162% over the past 12 months.