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#ASX Announcements
Added 2 months ago

IME reported today for Q4 and full year.

  • • Q4 FY23 Revenue of $5.7m, up 48% vs pcp; up 22% on a constant currency basis2.
  • • Q4 FY23 Underlying EBITDA3 break-even.
  • • FY23 Revenue of $19.7m in line with guidance, up 15% vs pcp; up 11% on a constant currency basis.
  • • 2H FY23 Revenue up 23% vs 1H FY23 and 42% vs pcp.
  • • FY23 Underlying EBITDA was a profit of $0.4m; up $0.5m vs pcp loss of ($0.1m).
  • • Annualised Recurring Revenue (ARR)4 of $25.0m, up 27% vs pcp; up 1% on a constant currency basis.
  • • Cash of $2.4m at 31 Dec-23, up from $1.9m at 31 Dec 22.
  • • Debt of $1.3m at 31 Dec-23, up from $1.1m at 31 Dec-22.

Bottom line is that they are almost cash positive for the year. They conveniently remove some costs to achieve it. That's better than burning cash though.

They have some more hosting costs to come out.

They have started writing contracts in $US. Ironically this went against them as some of the local currencies appreciated against the $US (one of their main ones by 20%). Ouch. They are to remain writing contracts in $US, which is a good thing.

I'll give them more time but there is something missing. It all sounds good but for some reason their software just isn't getting the traction it should.


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#Financials
stale
Added 11 months ago

Seeing as the company gives you nothing to go on, anyone got a view on short-medium term ebitda margins/operating leverage?

Going through the cost line, I expect most items to increase in line with sales/usage

R&D and admin costs probably flat


This compares to the latest morgans note who have IME generating 14% EBITDA margins in CY23..... seems a stretch but maybe I am missing something

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#Contract wins
stale
Added 12 months ago

IME has had two radiology contract wins in the past month.

  1. Colombia’s 5th largest insurance provide - AUD$1.1M ARR but only 4 month contract (seems bizarre - maybe fy based?)
  2. Grupo Avidanti hospital group for a new hospital. A$750,000 ARR on year term with extensions. 2nd year expected to be $1M. They say Grupo Avidanti is growing rapidly across LATAM so it is an important win with the hope IME can grow with them

This should raise revenue to $20M/yr with marcap cap of $26M. THese should be enough to make them truly cash flow positive. I say that because Directors are being paid in shares ATM rather than cash

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Valuation of $0.990
stale
Added 2 years ago

Update (13th July 2022)

Earlier, I forgot to back out cash in hand from enterprise value: so, sticking with a 4x EV/ARR multiple on pure (software) recurring revenue, $28.4m EV + $4.2m cash in hand actually yields a market cap of $32.6m. With 32.86m SOI, that equates to a share price target of 99c.

Starter valuation (will revise as financials evolve):

The market cap at 63c is $20 million, cash in the bank is $4.2 million and the expected ARR is $20.4 million of which $13.3 million is from radiology services and $7.1 million is from software. Aquila in the Cloud contributed $2.5 million to the software segment. If one looks at pure software ARR (95%+ customer retention rate), not total reported ARR, then IME is trading on circa 2.8x pure software ARR. That's not an overly expensive price in my opinion. If one applies a 4x multiple on the pure ARR, and discards the radiology services revenue completely, one arrives at a target valuation of $28.4m. With 32.86m SOI, that equates to a share price target of 86c. That valuation would be a 1.4x total 'reported' ARR multiple. Also worth noting that management guidance is for cash flow and EBITDA breakeven in H2 CY22.

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#Pricing Power
stale
Added 2 years ago

Great to see some pricing power shining through with the news that IME has renewed a contract at a 15% higher ARR for the same service. Many believe that the single most important decision in evaluating a business is pricing power — if you've got the power to raise prices without losing business to a competitor, you've got a very good product/service. And without it, it is very difficult to protect margins in this (inflationary) environment. I'm invested here as I like the risk-reward if IME reaches CF+ this CY as guided by management. Let's see how they go across the next 6 months.

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Valuation of $0.001
stale
Added 2 years ago

"me too" stock that has no reason to be listed yo other than to raise capital though why on the ASX i do not know.


Rhyming moron I may be,

but three years later it's there to see.

Despite the baggies' adulation,

the price has moved towards my valuation!

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#aRr fRoM rAdIOloGy SeRViCes
stale
Added 2 years ago

IME is arguably a new low in reporting,

claiming "ARR" from low margin radiology services has me snorting,

The promotional mislead is surely a red flag,

Past believers in this rubbish are now holding the bag!

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#Excellent Written Investment T
stale
Added 2 years ago

https://www.templargin.com/ime.html

An excellent overview of IME via @Templargin.

Introduction

 IMEXHS which stands for Imaging Experts and Healthcare Services is an enterprise imaging software provider. The company was founded by two neuroradiologists and two software engineers in 2012 in Colombia and listed on ASX in 2018 through a reverse takeover.

What does enterprise imaging software mean? There are a few layers.

Core layer is PACS - Picture Archiving and Communication System. There are different types of medical images like X-ray, CT (computer tomogram), MRI (magnetic resonance image), etc. PACS allows physicians, radiographs and radiologists to capture, store, view and share the images. 

Next layer is RIS - Radiology Information System. RIS helps with workflow management and facilitates operations within a healthcare organization. A physician requests a scan, patient goes to a clinic to get an image, then radiologist has to have a look at it and provide feedback, etc.

RIS/PACS software together most of the time oversees the entire event flow from a patient entering a hospital to billing.

The last layer is advanced post-processing which includes services like artificial intelligence diagnosis and analysis or 3D visualization.

Historically only large clinics could afford RIS/PACS solutions which required expensive on-premise equipment and software installation. As a result, a large part of the market remained underserved either because they could not afford the expensive solutions or because the affordable ones were not good enough. 

With advent of cloud technologies these services became cheaper and hence SMEs are just starting to see the benefits of the software as well. IME’s goal is to democratize access to world-class imaging software for the underserved SME market.

It is also worth noting that radiology is the most mature “ology” in the enterprise imaging software market. PACS solutions have been restricted to a specific communication protocol – DICOM (Digital Imaging and Communications in Medicine) and could not service other departments in hospitals like cardiology, pathology or gastroenterology. The current worldwide trend is a shift towards vendor neutral archive (VNA) systems which allow solutions to be capable of storing and processing any type of images (DICOM and non-DICOM) from all the departments. 

IMEXHS offers all the layers described above for radiology, pathology and cardiology departments.

Products

At the heart of IMEXHS software offering is Hiruko platform. Hiruko is a modularized zero footprint web-based software suite for managing workflows in a healthcare facility.

Hiruko platform’s core is PACS module. Next core module is teleradiology which allows radiology professionals to view, interpret and exchange images on any device or platform in any location. 

Next, there are more sophisticated offerings that facilitate end-to-end operations: Aquila for radiology, Alula for pathology and Anteros for cardiology. Pathology and cardiology sectors are as mature (although very promising) and most of the revenue is coming from Aquila.

There are two types of Aquila – Aquila Custom and Aquila in the Cloud. 

Aquila Custom is an enterprise imaging solution tailored to customers’ specific needs. Customization is usually needed for larger customers who have chains of hospitals or clinics. IMEXHS has been successful in displacing customers’ existing providers and, in turn, never lost a customer to a competitor.

Aquila in the Cloud (AiC) is a standardized imaging software solution targeted at SME businesses. AiC was launched in May 2020 and quickly hit the road generating a lot of market interest. AiC has already landed 111 active contracts with an expected $2.5M in ARR which makes it around $22,500 per contract. The number of total contracts has been growing steadily since the launch – 41 contracts from May to December in 2020 and 70 contracts in CY 2021. IME mainly uses distribution partners to sell AiC. Number of distributors grew from 24 to 35 in FY2021. As the number of distributers and their size has been growing, I expect the rate of contract wins to accelerate. Management claimed that the company has been continuously trying to do everything possible to speed up the implementation time which is now 13 days (actual software implementation takes less than 48 hours, 13 days is the period between signing a contract and first use of the platform).

AiC geographical growth is impressive too. It started in Colombia, then expanded to LATAM, US, Australia and Thailand. IME has recently signed a partnership agreement with Neusoft Medical, a global clinical diagnosis and treatment solution provider. Neusoft has more than 40,000 installations in 110 countries. Signing partnerships with large companies does not necessarily guarantee sales success and we are yet to see the results in the future, but this does look promising.

IME has also entered a partnership with Berli Jucker Group which is one of the leading distributors of medical equipment and healthcare services in Thailand. AiC has already received its first order in Thailand.

The first mention of AiC was in Q2 2020 report – “First sales of new Aquila in the Cloud product targeting small and medium-sized medical practices”. Company had used standard language like “we are continuing to invest in our technology” in the prior reports. There were no “we are excited about our up-and-coming product” statements. AiC was not mentioned during AGM which was held after Q1 2020 either. I am not 100% sure what to make of this observation but I found it interesting. May be nobody at IMEXHS expected for AiC to generate as much interest as it eventually did.

 RIMAB acquisition

RIMAB is a radiology diagnostic and interpreting service provider in Colombia and Spain. It was founded by the CEO German Arango and the CMO (chief medical officer) Jorge Martin. RIMAB uses IMEXHS software and there were constant related party transactions going on between two companies which turned off a lot of investors. To eliminate the related party transactions and increase transparency IME decided to purchase RIMAB which had turned investors off even more. Well, rightfully so (may be not?). There was a choice between keeping RIMAB as is with related party transactions clouding the financials or buying it and cleaning things up. I think they made the right choice.

I think the most important part in this acquisition is its structure. The price was $8.5 million of which $1.4 million was in cash and the rest was in IME’s shares (share price at the time was $1.76). This transaction made the CEO even more vested in the company and also made him the biggest sufferer of the company’s share price decline in 2021. 

IME and RIMAB consolidated financials were reported for the first time in the latest quarterly report (Q4 2021). By the looks of it RIMAB acquisition brought the company closer to being operationally cashflow positive ($1.5 million dropped to $500k).

The number of medical images and their quality has been increasing exponentially within the past decade. There is already a lack of radiologists around the world and this shortage will only keep increasing. Even with huge growth of AI services in medtech industry no major decisions influencing patients will be made without professional’s approval in the foreseeable future. Therefore, I think the radiology side of the business will not only not go away but grow.

Competition

The market is very fragmented with everyone trying to get their piece of the pie and claiming they are very unique. There are big companies, small companies, private and public ones. Some companies offer full end-to-end solutions and some just integrate a specific service into an existing infrastructure of a healthcare organization. 

I don’t think one company can stand out with something extremely unique when it comes to enterprise imaging solution software. Of course, the product has to be modern and intuitive as there is image storing and viewing, workflow operations, billing, patient data and more. But there is only that much software can do. I can see that in the future an AI offering could be a big differentiator for a company (say, a substantially higher accuracy rate in determining a disease). Too early though. The key factors of success in this industry besides offering a quality product are proper distribution channels and price.

Let’s briefly look at the few players. 

Pro Medicus Ltd (PME.AX) is a multibillion-dollar company listed on ASX with 20-plus-year history and is the most established enterprise imaging player in Australia. Pro Medicus has a sophisticated offering with rich features and they mostly target the very high-end market customers. They serve nine out of twenty “best hospitals (according to certain ratings)” in the US. PME recently received FDA approval for their breast density AI algorithm. This is an interesting trend to watch. In FY2021 Pro Medicus did $68 million in revenue and $30 million in profit which is phenomenal. They trade at 100(!) times EBITDA.

Mach7 Technologies Ltd (M7T.AX). Mach7 only used to offer PACS solution. In 2020 they acquired Client Outlook with their eUnity viewing platform which supplemented their current offering. Now Mach7 claims to have a leading end-to-end enterprise imaging solution on the market. Mach7 employs 90 people in five locations globally and serves customers in 15 countries. The company has a solid management (who is not very well aligned with shareholders and I think overpays themselves) and has been adding a lot of senior people lately. It doesn’t seem that Mach7 has its own AI solution but they partnered with Nuance Communications to close the gap. They reported $19 million of revenue in FY2021 and are valued at $180 million.

Volpara Health (VHS.AX) is a med tech competitor but they are mostly focused on mammography and tomosynthesis (which is 3D mammography) side of the market. They claim to have 32% market share in North America, have 175 employees, have $28 million in ARR and trade at more than ten times of that.

Carestream and Agfa are two large international players in medical imaging industry and IMEXHS has been successful in displacing them.

Aidoc – not a direct competitor but an interesting company to mention here. Aidoc is an Israeli technology company that provides AI solution which analyzes medical images. Aidoc raised USD$66 million in 2021 and is quickly penetrating the US market. I would say Aidoc competes with Stella AI which is an advanced post-processing service developed by IME in-house.

AuntMinnie is the largest online community of medical imaging professors. They run different competitions in various sectors of the industry annually. In 2019 IME reached semi-final for the best new radiology software which was a great result. Aidoc won the award. 

I would say IME’s competitive advantage is in its ability to play through the entire market spectrum. IMEXHS has high quality products at a very competitive price for customers of all sizes. They range from a standardized offering (AiC) targeted at SMEs to sophisticated and custom offerings for large multi-clinic healthcare institutions.

Leadership

Company is led by a co-founder Dr German Arango – a neuroradiologist who has more than 15 years of experience as a practicing radiologist in Colombia. From the presentations I’ve watched German communicates his ideas in a concise clear manner and answers questions without weaving. He owns more than 10% of the company (should be a higher number now after RIMAB acquisition).

Douglas Flynn and Damian Banks are two directors who came to IMEXHS in 2020 after selling their company Konekt to a private equity company APM for $52 million in 2019. They also seem to have brought their CFO with them – Reena Minhas. Douglas Flynn is a current director of NextDC – a multibillion-dollar Australian company listed on ASX, which develops and operates data centres.

Douglas Lingard was a co-founder of Pittwater Radiology Partners which after a series of mergers and acquisitions listed on the ASX in mid-2000 as Medical Imaging Australasia Ltd (MIA) and became the largest supplier of radiology services in Australia and a major supplier of diagnostic imaging to the NHS in the United Kingdom. In mid-2004, MIA was acquired by DCA Group Ltd for $700m to become one of the world's largest radiology businesses, and the leading practice in Australia known as I-Med. Mr. Lingard is also a chairman and founder of peak charity in Australia for helping people with mitochondrial disease. 

Carlos Palacio is an Australian tech entrepreneur who founded global cloud-based managed services business - CrossPoint Communications. He has almost 30 years of experience in IT, telecommunications and strategic management. Carlos started advising IMEXHS from the time they were still private and owns approximately 6% of the company.

It is difficult to ignore the fact that the DDD trio – two Dougs and Damian – is extremely bullish about the company. Together they have bought more than $1.5 million worth of shares at prices higher than current in an open market since 2020.

I think we have a strong and capable board that is well-aligned with shareholders.

Financials

What do we have? Market cap is $32 million, cash in the bank is $4.2 million, expected ARR is $20.4 million of which $13.3 million is from radiology services and $7.1 million is from software. Aquila in the Cloud contributed $2.5 million to the software segment. 

Last quarter company spent roughly $2 million - $450k in operating activities, $1 million for RIMAB acquisition and $400k for capitalizing IP. Management mentions that FY2021 includes one-time expenditure of $700k which is related to transaction costs of RIMAB acquisition. I think this cost is heavily weighted towards Q3 and Q4.

Conservatively, after excluding one-time payments, we have $1 million per quarter cash burn with $4 million in the bank. We cannot eliminate the possibility of the cap raise at this point but I think management will do their best to avoid it. Something like recent win with Colombia National Police which adds $1.1 million in ARR would definitely help. I am morally prepared for the cap raise at these prices as long as the growth rate of AiC contracts is decent. What is decent? AiC won 70 contracts in CY2021. I would want to see 140 new contracts in CY2022, or at least 100. IMEXHS has started to gain a certain name recognition for their product (AiC) and shook hands with significantly large distribution partners. If contract signing rate doesn’t accelerate in 2022 it will raise a red flag for me.  

Anti-thesis

The company burned all of the IPO cash, overpromised and had to raise more capital. The company listed on ASX just to use it as an exit vehicle for the related-party buyout. The company is based in Colombia and most of the money currently comes from Latin America and “who knows what’s going on there”. There is a currency risk, there is a “this is not a Western-world-based country” risk, and there is a capital raise risk. These seem to be valid points for a lot of investors and hence we see the share price sitting where it is today. I have the opposite opinion. I think company did make a few mistakes, learned from them, cleaned up the structure and with the new board’s guidance is well positioned for the future.

Conclusion 

Since going public in 2018 IMEXHS appointed an experienced board of directors, went through share consolidation, expanded to developed markets like US and Australia, launched world-class yet affordable cloud-based product, which gained $2.5 million in ARR in less than two years, acquired RIMAB to eliminate third-party transaction issues and increase transparency, won various awards and signed global partnerships with renown industry leaders. The company has almost 200 employees, which include skilled radiologists, senior software engineers, support engineers, data scientists, business analysts, who work together, innovate and keep coming up with new products in a growing market. We also have high-calibre directors who cannot stop buying shares in an open market. And all of this market values at $35 million. I think the market is wrong. Time will tell.

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#Bear vs Bull Case
stale
Last edited 2 years ago

Bull Case

 

At first glance, founder led ImExHs (IME) appears to be a very interesting opportunity. They are expanding globally, process 5.3M new studies per year, are leading the digital transformation of hospitals & clinics with a radiology imaging software platform while claiming to be focused on recurring SaaS revenue. They report a 95% customer retention rate, have 940M images to train their AI on, have 11 current job listings suggesting growth, approximately ¾ of their medical imaging platform is proprietary and are showing strong growth in sales (30% qoq) and annual recurring revenue (40% yoy). IME has grown sales from $2.2M in 2018 to $10.9M in December 2020. If that’s not enough, the company also boasts strong insider ownership.

Despite all these positives the market has punished IME with its share price down 17% since listing in 2018 and declining steadily over the past year (below).

92e1442acc4df822972a2b73a8a3fca83d4bae.png

Management clearly disagree with several directors buying on market over the past 3 months according to marketindex.com.au (below). As Peter Lynch states:

“insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise."

6c41e8878f7143b38edb257f686c1fcb1d1f7d.png


On the surface IME appears to have an appealing bull case; however, the market clearly disagrees. Does this provide an appealing buying opportunity or has the market got it right?

 

Bear Case

 

ImExHs cash burn has increased over the past 4 quarters with cash outflows from operating activities of $1.5M in September 2021. With a moderately strong balance sheet they have 4 quarters of funding available. Further dilution is to be expected in 2022.

 

A high cash burn and some dilution in a growing company with a large TAM doesn’t concern me. What does concern me is the lack of transparency around how the company makes money and their expenses. Management continually tout themselves as having “recurring contract revenues from core SaaS model” and a “scalable business” and pride themselves on their ARR. However, strong top line growth is meaningless if they can’t outpace expenses.

Below is a list of IMEs expenses

e33f0a3f642953fef559bd09e473060032786d.png


Let’s compare that to a few other SaaS companies both within IMEs industry and outside; paying attention to the expenses of each.


Promedicus PME

c2a4f3876d636205c2823f7d1f9e029b199d91.png


Volpara VHT

e99e2cc0990c73616b658fcd84176e94aedfbe.png


Xero XRO

5015278cc7b98d72c96b228bc7820528026e9b.png


Xero may not be a fair comparison but the point is to show how clean the expenses look for a true SaaS company. IME has the expected R&D, platform, admin & sales and D&A expenses but they also list a Hardware and licence expense and Clinical services expense. Why does this matter?

Hardware and licence expenses have made up 14 and 13% of revenue over the past 2 years, while Clinical service expenses have made up 40 and 41%. Combined that’s 54% of revenue going towards 2 expenses none of the above companies have. Will this continue to stay flat at 54%? It’s hard to tell as the company doesn’t list either of these expenses in 2018 (below).


fd315e46e49d366d3bcaa766586907b7969c5f.png


Why is a software company selling hardware? Why are they providing clinical services? Management’s refusal to explain these expenses with notes or to break down revenue by segment make it difficult (impossible?) to get a grasp of the unit economics, margins or operating leverage. As per Note 4 in the most recent annual report regarding segment revenue:

“The Group is organised into one main operating segment. All of the Group’s activities are interrelated and discrete financial information is reported to the Board… as a single segment.”

With expenses accounting for such a high proportion of revenue and appearing to be non SaaS, it seems disingenuous to label yourself a “core SaaS model”. I’d also disagree with management stating they’re “scalable”, especially when they have compared themselves to both Volpara and Promedicus in 2018 (see below); neither of which are burdened by these additional expenses.


e1e684cb4365fc8f856ef44dcee49a0a24a345.png


I don’t understand how this company makes money; particularly with regards to the above expenses. It’s entirely possible that’s a reflection on myself; however, based on management presentations I’d argue this is being done deliberately. In the most recent half-yearly report the only mention of ancillary services is the following:

“IMEXHS Limited (ASX: IME) is a leading imaging Software-as-a-Service ('SaaS') and ancillary solutions provider…”

They then go on to describe their business highlights for the half year mentioning Aquila in the cloud, enterprise imaging, universal viewer, lung segmentation artificial intelligence (AI) algorithm, Alula in the cloud, IMEXHS portal 2.0 and Aquila in the cloud once more. No mention of their ancillary services.

It’s disappointing that a brief one sentence description hidden in their half-year report gives me the only insight into how the company makes money than do any of the company’s most recent presentations. Management is conveniently forgetting to mention the healthcare services/ancillary services aspect of the company. They refuse to report segment revenue or provide enough notes to their financials and investor relations have yet to respond to these questions.

The income statements used are over a year old now. Maybe ImExHs truly is a SaaS company and they’ve shed or reduced their hardware and clinical services expenses. Maybe these divisions are hiding a growing SaaS operating segment not burdened by these expenses. Or one that can expand into a large American market. I won’t really know until the annual report is released in March and even then I have my doubts management will be transparent enough to address these concerns.

Despite having many appealing characteristics, the bear case wins out over the bull for me. I’m looking forward to reading the next annual report.

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#Bull Case
stale
Added 2 years ago

Morgans rates IME as Add (1) -

ImexHS has announced a strong FY21 trading update and tightened guidance. 

Morgans estimates the company's annual recurring revenue is already sitting at $19m after recent acquisitions and contract wins.

ImexHS shares have take a pounding on the rotation out of growth stocks in the past year but Morgans says the company continues to grow volume across existing clients, win new contracts and improve execution on contract implementation.

The company has also announced a strategic partnerships with global distributor Neusoft Medical, which Morgans expects will extend its distribution reach.

The broker views the stock as materially undervalued, announcements demonstrating strong progression to breakeven in FY22. Speculative Buy rating retained. Target price steady at $2.55.

Target price is $2.55 Current Price is $0.99 Difference: $1.56

If IME meets the Morgans target it will return approximately 158% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 12.00 cents.

At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.25.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of 3.00 cents.

At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.00.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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#Bull Case
stale
Added 3 years ago

Rhin20 thanks for the link to arichlife.com.au article. I hold quite the opposite view on IME and of course could be wrong. Here are my thoughts.

Firstly, I can understand why the comparison to PME but PME has also been a once in a generation opportunity. IME only needs to be half as good to be a fantastic investment.

I feel that the information in the 'arichlife' article is out of date. Perhaps in the past IME offered hardware, but now offer SaaS products. They have two. Once is a customisable product and the other is off the shelf and aimed at smaller enterprises. This second product has grown from nothing to $2M is ARR in one year. Within two months of launching in FLorida and the AUS they had made sales.

Their strategy is to land and expand. They land with their off the shelf offering with 60% of that now being sold via resellers. Behind that they will put in dedicated sales staff and then try to sell the custom offering to bigger clients. They are still waiting to get into Brazil, which they have been accredited to do, but Brazil has been hit hard by the pandemic. Brazil is the largest LATAM market.

'arichlife' also mentions options. That information is out of date by more than 2 years There was a share consolidation in OCt 2019. Options are shy of 10% of current total shares. Most are held by the CEO and are substantially out of the money. Current share price needs to double before any reach there exercise price.

ARR is now $12.7M for a market cap of $42M. So a multiple of 3.5. ARR has grown 57% year-on-year on constant curreny.

I think the current share price is a low multiple for a strongly growing company off a small base. They don't compete with PME so I think they have plenty of growth. On the down side monthly run rate EBITDA breakeven by December 2021 may not be achieved.

 

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Valuation of $0.105
stale
Added 4 years ago
Apr 19: Quarterly result solid and secured a funding facility that provides need working capital for PaaS deals. Leading peers have re-rated. Based on FY19 ARR and assuming a 50% discount, IME should trade at $0.103 Oct 18: Old was $0.06 based on 50% discounted price to revenue valuation of ASX peer PME and VHT.
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#Not_Promedicus
stale
Added 4 years ago

"the next pro medicus" says the pumper

but one day they'll become the dumper

or maybe they do not know

that the technology isn't there to show

and in that case (I hate to naggy)

I think that they'll become the baggy!

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Valuation of $0.090
stale
Added 5 years ago
Imexhs has a proven platform , which has been successfully implemented in its key South American market. The key differentiation from other platforms is that it uses artificial intelligence. With a data bank continually growing via feeds from more than 200 centres installed with their products, Imexhs have have custodianship of some really valuable data. However, data is just data at the end of the day. The application of artificial intelligence to dive into those data sets, interrogate them, deep learn and draw key insights is the game changer. Growing data feeds enable the algorithms to be continually refined to improve its effectiveness. Done properly, it would have significant positive impacts on productivity, cost base, patient diagnosis and even how educational programming, products and guidelines are delivered moving forward. Key metrics: • Total contracted revenue has increased from A$4.5 million at December 2017 to A$19.9 million at December 2018 (343%) • Annualised recurring revenue increased from A$2.0 million at December 2017 to A$4.3 million at December 2018 (113%) • Total revenues in 2018 reached A$6.0 million Factoring in recent contract wins (such as the on announced on 4 July 2019 with Rad One, PSC), the above key metrics are improving. However, for simplicity, I have used the December figures for valuation purposes. Using reverse engineering and a very conservative EV-ARR multiple of 8 (compared to 49.5 for VHT and 55.5 for PME), this would give an EV of approximately $36 million and a market capitalisation of approximately $35.13 million.... and a implied share price valuation of around $0.09
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