Annual General Meeting 21 May 2020 Built by physicians for physicians
Chairman’s Address Doug Flynn 2
Innovative provider of cloud-based medical imaging software solutions 3
Leading innovator in medical imaging Next Generation multi-modality Scalable, modular HIRUKO TM • • cloud-based medical imaging software platform provides solutions for all with 227 customers globally complexity levels Subscription model with >85% of • Teleradiology design allows • revenue recurring from multi-year radiologists to view and distribute contracts images from any device and location Developing AI tools from our large • Multiple distribution channels across • proprietary image database (>200m 15 countries including Australia, USA & stored images) Spain 4
Expanding global footprint Spain 15 countries USA >270 sites Mexico Honduras >600 radiologists Nicaragua Australia El Salvador Colombia Costa Rica Panama 23 distributors Ecuador Peru Brazil 1/3 of team in R&D Bolivia Paraguay Chile Uruguay IMEXHS currently operating Argentina Agreement being negotiated 5
Significant global opportunity Global market is valued at US$2.7bn • RIS/PACS Estimated to grow at 7.4% CAGR • Put 3 bullet points US$2.7bn 2018 and text here Projected global RIS/PACS market of • $5.0bn in 2027 US$5.0bn 2027 This only captures Radiology Imaging • Systems Further upside from other medical • 7.4% CAGR specialities Source: “PACS and RIS Market to 2027 - Global Analysis and Forecasts By Product, Component, Deployment, End User, and Geography" by ResearchAndMarkets.com 6
Our board of directors Doug Flynn Carlos Palacio Dr Doug Lingard Damian Banks Dr German Arango Non-Executive Non-Executive Non-Executive Non-Executive CEO and Managing Chairman Director Director Director Director (from 22 May 2020) 7
CEO’s Address Dr German Arango 8
Built by physicians for physicians 2012 2016 2018 2020 Founded in Colombia Release zero IMEXHS lists New by two Professors of footprint WEB on ASX distribution Neuroradiology & viewer channel, cloud radiology software marketplace engineer 2015 2017 2019 Expand Implement solutions Receive FDA Clearance in outside across 200 USA, new medical verticals Colombia healthcare sites & AI tools, new markets 9
FY19 Financial Highlights Revenue of Recurring revenue of ARR of $7.7m $6.6m $8.5m Up 34% on pcp, new Up 136% on pcp, 85% of Up 94% on pcp contract wins & renewals total revenue Closing cash of EBITDA of Gross margin of $7.1m ($4.6m) 70% Up 192% on pcp Investment in R&D, In line with prior year radiology services 10
FY19 Operational Achievements ONGOING INVESTMENT GEOGRAPHIC STRONG MOMENTUM IN IN R&D, AI EXPANSION ON TRACK CORE MARKETS FDA clearance in USA, • New medical verticals, Key contract wins • • 1st RSNA appearance cardiology, pathology with new and existing customers Won first contracts in • Provide interpretation • Australia, Spain and services to enhance AI Continue to displace • Puerto Rico image library, develop competitors new AI capabilities Expanded distribution in • Positive momentum • other LATAM markets New tools and features in sales pipeline • 11
Targeted investment in R&D Multi-tenant Visualisation tools AI tools architecture Driving better outcomes Cardiology, Enhanced pathology platforms teleradiology Client Outcomes Patient Outcomes Optimise asset and resource utilisation • Faster diagnosis • Increased speed and efficiency • Access to patient portal • Cost & productivity benefits • Superior experience • 12
Our executive team Dr German Arango Dr Jorge Marín Alejandro Alexander Sanz Tony Thomas Managing Director & Chief Medical Officer Varettoni Chief Technology Chief Financial Officer CEO Officer Chief Sales Officer 13
HIRUKO TM medical imaging platform Advanced Stella Vital Alma Braviz Post-processing AI 3D ADv 3D Basic Enterprise Aquila Alula Anteros Imaging Radiology Pathology Cardiology HIRUKO TM Universal Core Platform Portals Multi-Tenancy PACS/VNA Viewer Nuance 360 14
End-to-end modular imaging solution } 1)Business Scan scheduled Uploaded Archived on our Manages Intelligence via our to our platform cloud-based Billing 2)Statistical platform platform Data 5. 4. 3. Billing 1. Referring Physician Radiologist 2. (where Physician reviews images via interprets scanned Patient has applicable) Referring requests patient images scheduled scan Physician Portal scan ( Tele-Radiology 1 ) 1 Tele-Radiology - radiology concerned with the transmission of digitised medical images (as X-rays, CT scans, and sonograms) over electronic networks and with the interpretation of the transmitted images for diagnostic purposes 15
Advanced streaming technology Pixel Info Pixel Info Bandwidth Optimisation Any web Other Info Medical Image VNA Server Rendering Server enabled device 16
Our competitive advantage ACCESSIBILITY CAPABILITY FLEXIBILITY 17
Our customers 18
Replacing a major competitor Clinica Las Americas LAS AMERICAS CLINIC Group consists of 8 different companies • Third level complexity clinic • Incumbent unable to provide a high-tech • More than 500 health professionals • imaging modality • 340 hospital beds. • IMEXHS appointed to provide this as well as entire end-to-end medical imaging solution • Replaced incumbent with no disruption to Radiology Platform INCUMBENT IMEXHS service Large Initial Fee YES NO • Now also receive new medical verticals of cardiology and pathology Total Processed Studies Maximum 20,000 Unlimited Software Technology Client Server WEB Based SpeechMagic 5.1 – Speech Anywhere Voice Recognition Client Server – WEB (Superior) One of the 25 Modalities 380 All, except Digital Modalities Supported All Modalities top 23 (including concurrent Breast Tomosynthesis hospitals in Digital Breast users and 3 Tele Radiology NO YES LATAM Tomosynthesis) additional sites. YES, KPI & Real HIS Platform YES Time Control 19
Focused on recurring revenue Two revenue models - recurring and one-off sales Monthly subscription fees • Average 5-year contracts • Customer retention >95% • 85% of FY19 revenue is recurring • FY19 $6.6m $1.1m FY19 recurring revenue up 136% on pcp • 85% Recurring Sales FY18 $2.8m $3.0m 65% Recurring Software Recurring Sales One off sales 20% Recurring Platform 20
Strong track record of growing ARR ANNUALISED RECURRING REVENUE Annual Recurring Revenue (ARR) of A$8.5m in • December 2019 (A$9.2m in March 2020) ARR ARR Not Yet Billing $9.2m Recent contract wins include: Hospital Policia, • $8.5m ARR CAGR of AI-RAD, Tecnicas Medicas Millennium S.L, 124% since Centro Medico Buenos Aires inception $4.4m Strong sales pipeline across all markets • $2.0m $0.9m Distribution agreement with IGMC Medical • $0.2m $0.4m $0.06m Technology Group supports entrance to US Mar-20 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Mar-20 3month Interval 21
Multiple distribution channels Established new distribution channel in April 2020 • Local specialist distributors have switched from • major competitors to sell HIRUKO TM on an with acceptance of IMEXHS on Ingram’s Micro Cloud marketplace exclusive basis DISTRIBUTION CHANNELS DISTRIBUTORS DIRECT SALES • Exclusive agreements with local specialist distributors • Mainly in Colombia • Global cloud marketplace • Low risk go-to-market strategy Private Hospitals & Clinics Public Hospitals & Clinics Private Practices 22
Developing AI capabilities Access to over 257m images and 5 petabytes of data • for AI development IMAGES Provide interpretation services to enhance AI image • 257.2m library Create test bed for the development and training of • AI tools 132.5m Developed Stella AI which identifies normal and • 66.8m pathological radiological patterns in chest x-rays 31.8m Released non-imaging AI tools in natural language • 2016 2017 2018 2019 processing 23
INDUSTRY TRENDS: Healthcare IT sector Increasing use of Large, rapidly radiological Shift from client Chronic global growing but highly techniques in wider Increased proportion server architecture to radiologist shortage fragmented global clinical applications, of the value chain fully web-based cloud driving demand for medical imaging demand for central coming from AI solutions teleradiology sector storage of images STRATEGIC PRIORITIES: Benefiting from industry tailwinds ‘Land & expand’ Geographic Teleradiology Large AI image library strategy with multiple solution allows expansion across and radiology Low touch verticals including radiologists to access multiple markets, services drive deployment model cardiology and images from any leverage specialist development of AI for small clinics pathology, VNA distributors device or location tools capability 24
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