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Pro Medicus signs $20M deal with U.S. health network for imaging platform

Published: 02:00 22 Apr 2014 EDT

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Pro Medicus Limited (ASX: PME) should trade higher today after signing a contract with a large US health network, which will use Pro Medicus’ Visage 7 technology.

The contract, which is based on an operational model, covers a six-year term with a base contract value of $20 million, with potential upside as the technology is expanded throughout the health system.

Under the agreement, Visage technology will be used for primary diagnosis by radiologists, as well as distribution of diagnostic images to the client’s extensive base of referring physicians via electronic medical records integration.

Pro Medicus is also in a five year agreement with one of the world’s largest radiology groups, Virtual Radiologic.

Notably, the company is undertaking a share buy-back to re-purchase up to 10% of its total securities on issue over the next 12 months.

This will further increase investor confidence as well as physically supporting the share price.

The company has a strong global product platform, a sales model that meets customers’ needs, and strong balance sheet backing.

The company is valued at around $76 million.

 

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