IMEXHS secured a Mexico tender for Aquila+ radiology AI, adding $384K ARR from 20 sites. FY25 underlying EBITDA hit $1.6M. The 18-month deployment schedule determines whether the turnaround scales.
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IMEXHS (ASX: IME) won a public tender in Mexico to deploy its Aquila+ AI-integrated radiology platform across 20 hospitals and clinics. The deal adds US$384,000 in new annual recurring revenue and a US$50,000 one-time implementation fee. Deployment started recently and is scheduled to finish by end-June 2026, with the full ARR run-rate expected from September 2026.
The win validates the public sector procurement channel for IMEXHS, particularly in Latin America. The stock market analysis section tracks how small-cap healthcare tech stocks trade on contract visibility versus recurring revenue compounding. Here, the new tender provides near-term cash and a forward ARR base.
The tender was secured through distributor partner GOBA. It covers five proprietary AI workflow agents built into Aquila+ and two Gleamer diagnostic algorithms: ChestView and Fracture Detection. That combination makes this one of the most advanced AI radiology rollouts in the Mexican public sector.
Deployment across 20 sites is in progress. Completion by end-June 2026 implies an 18-month installation schedule. The one-time implementation fee provides immediate cash. The $384,000 ARR only compounds after full deployment, with the run-rate starting in September 2026. Any delay in site activation pushes ARR recognition into FY27.
Aquila+ now includes five embedded proprietary agents designed to automate the full radiology workflow from scheduling to report delivery. Gleamer's algorithms add diagnostic assistance at the point of interpretation. For IMEXHS, this expands its competitive moat against larger imaging IT vendors.
IMEXHS reported FY25 revenue of US$29.0 million, up 9.5% year on year. The after-tax loss narrowed to US$2.9 million. Underlying EBITDA improved to US$1.6 million from US$0.5 million in the prior year. The second half was especially strong, delivering US$1.3 million in underlying EBITDA.
ARR rose 16% year on year to US$34.8 million, driven by software and radiology services alongside commercialisation of the Aquila+ cloud platform. Cash increased to US$3.3 million, and debt was reduced to US$0.5 million at 31 December 2025.
| Metric | FY25 Value | YoY Change |
|---|---|---|
| Revenue | $29.0M | +9.5% |
| Underlying EBITDA | $1.6M | +$1.1M |
| ARR | $34.8M | +16% |
| After-tax loss | $2.9M | Improved |
| Cash | $3.3M | Increased |
| Debt | $0.5M | Reduced |
Management’s FY26 priorities include accelerating software growth, expanding the partner channel, and deploying further AI agents. The partner program now has 27 active partners across 12 countries. In Q1 FY26, this channel contributed 60% of new software ARR. That validates the distributor model used to win the Mexico tender.
IMEXHS aims to exceed its FY25 underlying EBITDA and achieve cash positivity for FY26. Growth is expected to be weighted toward the second half of the year. That timing aligns with the Mexico deployment reaching full ARR run-rate by September 2026.
The company's management has set clear targets. Investors can track these against quarterly results. The Mexico deployment acts as the lead indicator for whether the turnaround becomes a growth phase.
Despite the momentum, three risk factors stand out for anyone building a position.
Smooth implementation across all 20 sites by end-June 2026 is critical. Any delay in hospital onboarding, regulatory clearance, or software integration pushes the full ARR benefit into early FY27. The one-time implementation fee provides downside protection. The ARR growth narrative depends on on-time delivery.
IMEXHS's largest operational market, Colombia, faces ongoing challenges from healthcare reform and policy-driven payment behaviours. These can slow collections or compress margins. Investors should monitor quarterly commentary on Colombian receivables.
One customer accounted for approximately 33% of external revenue in FY25. Losing or scaling back that relationship would create a material revenue gap. The Mexico win diversifies the base. It does not eliminate that concentration risk.
For a trader or long-term holder watching IMEXHS, the next concrete data points are:
The Mexico tender is a tangible step. It adds recurring revenue, validates the Aquila+ platform against public sector procurement processes, and expands the geographic footprint. The FY25 results show the financial foundation is stabilising. Execution remains the variable that determines whether this story scales or stalls.
IMEXHS management has set clear targets for FY26. Investors get the chance to track those against quarterly results, with the Mexico deployment acting as the lead indicator for whether the turnaround becomes a growth phase.
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