Why relentless innovation is Pro Medicus’ biggest opportunity and risk

Few companies have captured the attention of the market quite like Pro Medicus (ASX: PME) in recent years. It has been the poster child for growth stocks.

The share price has reflected that growth, surging from just above $4 in 2017 to a high above $111 before yesterday’s sharp selloff despite record results.

After such incredible growth, one might expect co-founder and CEO, Dr Sam Hupert, to be taking a step back and enjoying some of the spoils – but that’s far from the case.

“This is the best time to be in the industry that I can remember”, says Hupert enthusiastically.

Hupert remains a clinician at heart and speaks passionately about “moving the needle clinically” and having a positive impact on “tens of millions” of patients.

Add to the mix artificial intelligence, which Hupert believes perfectly complements healthcare imaging and has the potential to raise the bar again, and you begin to understand what is driving both the man and the business.

In the following interview, Hupert talks through the major contract wins from the last six months and the forward pipeline. He also shares how the company positions itself with thought leaders and luminaries to expand the opportunity set. Finally, he provides insight into how Pro Medicus plans to stay ahead of its competition. 

Note: This interview was recorded on February 15, 2024. 

Time codes

0:00 - Intro
0:25 - Key numbers from the results
1:17 - The forward pipeline
2:26 - The full stack and product demand
3:02 - What does Pro Medicus do? (for those unfamiliar)
3:50 - Increasing efficiency in diagnostics
4:54 - Vision Ease VP for Apple Vision Pro
6:15 - Staying ahead of the competition
7:15 - The macro environment 
8:06 - Thought leaders and luminaries, and why they are important
9:15 - The outlook from here
10:27 - The biggest risks for Pro Medicus
11:34 - What keeps Sam motivated?