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ImExHS Limited (AU:IME)
ASX:IME
Australian Market

ImExHS Limited (IME) AI Stock Analysis

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AU:IME

ImExHS Limited

(Sydney:IME)

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Neutral 55 (OpenAI - 5.2)
Rating:55Neutral
Price Target:
AU$0.46
▲(15.25% Upside)
Overall score is driven mainly by mixed fundamentals: strong revenue growth and a low-leverage balance sheet are offset by continued unprofitability and negative, weakening free cash flow. Technically the stock shows an uptrend (above major moving averages with positive MACD), but the very high RSI indicates overbought risk. Valuation is constrained by the negative P/E, reflecting the current lack of earnings.
Positive Factors
Revenue Growth
Sustained 35% annual revenue growth signals stronger product-market fit and expanding customer adoption. Over a 2–6 month horizon this supports scale economies and reinvestment in sales and product development, providing a durable runway to improve margins and cash conversion.
Gross Margin Improvement
A 41.5% gross margin improvement indicates improving unit economics via pricing or cost control. Maintaining this gross profitability provides structural room to absorb SG&A and R&D, enabling operating leverage as revenues scale and supporting a sustainable path to operational breakeven.
Conservative Financial Leverage
Very low leverage and a ~66% equity ratio reduce solvency and refinancing risk, preserving strategic optionality. This balance sheet strength gives management time to invest in growth or restructure operations without immediate liquidity pressure, a durable advantage during turnaround efforts.
Negative Factors
Negative Profitability
A negative net margin and deeply negative ROE show the company is not generating profits or returns on capital. Persisting losses erode equity and constrain long-term capital allocation, requiring sustained operational fixes to restore profitability and investor confidence over months.
Negative Free Cash Flow
Material negative free cash flow and year-over-year decline indicate poor cash conversion and reliance on external financing. Even with low leverage, persistent FCF deficits can force dilution or higher financing costs and limit the company's ability to fund growth or invest in margin improvement.
Negative Operating Margins
Negative EBIT and EBITDA margins mean core operations do not yet produce operating profit, suggesting structural cost or efficiency issues. Without structural reductions in operating expenses or improved scale economics, revenue growth alone may not translate into sustainable profitability or cash generation.

ImExHS Limited (IME) vs. iShares MSCI Australia ETF (EWA)

ImExHS Limited Business Overview & Revenue Model

Company DescriptionImExHS Limited offers cloud-based medical imaging solutions in Australia and internationally. It offers a medical imaging software that is focused on the development and sale of modular imaging systems, which include information systems for radiology, cardiology, and pathology, as well as a picture archiving and communications system. The company's solutions include AQUILA, a radiology software solution; ALULA, a pathology software solution; Antero, a cardiology software solution; and STELLA.I, a set of artificial intelligence tools in the cloud that support specialists in the diagnosis. It also provides outsourced radiology services for hospitals and other establishments, as well as teleradiology services. The company was incorporated in 2001 and is based in Mascot, Australia.
How the Company Makes MoneyImExHS Limited generates revenue through multiple streams, primarily focusing on direct sales of its healthcare products to hospitals, clinics, and retail distributors. The company also engages in strategic partnerships with international manufacturers, allowing it to import unique medical devices and pharmaceuticals that are then sold in various markets. Additionally, IME may earn income through value-added services such as logistics and supply chain management for its partners. The company's revenue model is bolstered by its strong relationships with healthcare providers and an emphasis on compliance with regulatory standards, which enhances its credibility and customer trust.

ImExHS Limited Financial Statement Overview

Summary
Strong revenue growth (+35.1% YoY) and improved gross margin (41.5%) are positives, but profitability remains weak with negative net margin (-9.9%) and negative EBIT/EBITDA margins. Balance sheet leverage is low (debt-to-equity 0.08) and equity ratio is solid (66.4%), yet ROE is negative (-18.1%). Cash flow is a key drag with negative and deteriorating free cash flow in 2024.
Income Statement
55
Neutral
ImExHS Limited showed a promising revenue growth with a 35.1% increase from 2023 to 2024, and gross profit margin improved to 41.5%. However, the company remains unprofitable with a negative net profit margin of -9.9%, and both EBIT and EBITDA margins are negative, indicating operational challenges.
Balance Sheet
60
Neutral
The company maintains a low debt-to-equity ratio of 0.08, suggesting low financial leverage. However, the return on equity is negative at -18.1%, reflecting overall losses. The equity ratio stands at 66.4%, indicating a stable equity position relative to total assets.
Cash Flow
50
Neutral
Cash flow analysis reveals a negative free cash flow of -1693984 in 2024, with a significant decline in free cash flow compared to 2023. The operating cash flow to net income ratio is negative, suggesting inefficiencies in converting net income into cash flow. There is a need for improved cash management.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue26.35M26.57M19.67M17.12M13.37M10.91M
Gross Profit11.08M11.03M3.50M3.52M5.22M2.70M
EBITDA-913.75K45.58K-1.26M-744.21K-3.00M-1.30M
Net Income-4.11M-2.63M-4.19M-3.04M-4.70M-3.62M
Balance Sheet
Total Assets22.81M21.81M22.65M20.99M25.01M20.80M
Cash, Cash Equivalents and Short-Term Investments2.50M2.07M2.36M1.91M4.19M10.80M
Total Debt1.36M1.19M1.29M1.12M2.40M1.70M
Total Liabilities8.36M7.33M6.67M5.09M8.36M5.27M
Stockholders Equity14.45M14.47M15.98M15.90M16.65M15.54M
Cash Flow
Free Cash Flow-1.87M-1.69M414.59K-4.23M-5.53M-3.65M
Operating Cash Flow-654.08K-634.68K2.61M-2.20M-2.97M-1.47M
Investing Cash Flow-1.47M-765.91K-2.13M-2.22M-3.39M-2.19M
Financing Cash Flow2.68M1.18M-98.61K2.25M-161.78K7.40M

ImExHS Limited Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.40
Price Trends
50DMA
0.36
Positive
100DMA
0.31
Positive
200DMA
0.30
Positive
Market Momentum
MACD
0.02
Positive
RSI
82.47
Negative
STOCH
33.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:IME, the sentiment is Positive. The current price of 0.4 is below the 20-day moving average (MA) of 0.40, above the 50-day MA of 0.36, and above the 200-day MA of 0.30, indicating a bullish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 82.47 is Negative, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:IME.

ImExHS Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
55
Neutral
AU$24.32M-5.23-27.84%6.77%-8.45%
51
Neutral
$7.86B-0.30-43.30%2.27%22.53%-2.21%
51
Neutral
AU$58.12M-9.39-13.83%3.61%-17.03%
48
Neutral
AU$22.32M-12.37-17.05%28.91%-1050.00%
43
Neutral
AU$77.34M-10.79
42
Neutral
AU$53.30M-5.84-8647.54%25.98%22.10%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:IME
ImExHS Limited
0.45
0.08
21.62%
AU:RHT
Resonance Health Ltd
0.05
-0.01
-18.97%
AU:BMT
Beamtree Holdings Ltd
0.20
-0.09
-31.03%
AU:SHG
Singular Health Group Ltd
0.25
0.01
6.52%
AU:PCK
PainChek Ltd
0.26
>-0.01
-1.92%

ImExHS Limited Corporate Events

ImExHS Delivers Top-End FY25 Results as Recurring Software Revenue and Partner Deals Accelerate
Jan 30, 2026

ImExHS Limited reported unaudited full-year 2025 results at the top end of its guidance, with revenue rising 10% to $29.0 million and underlying EBITDA more than tripling to $1.6 million, supported by a strong fourth quarter and a 16% increase in annualised recurring revenue to $34.8 million. Recurring revenue reached $28.5 million on a like-for-like basis, software revenue grew 25% in the fourth quarter excluding one-offs, and the company secured new and renewed enterprise contracts, public-sector tenders in Colombia and Mexico, and expanding partner programme contributions, while improving cash and cutting debt; management highlighted that these gains were achieved despite a volatile Colombian healthcare and FX environment, underscoring stronger execution and momentum into FY26.

The most recent analyst rating on (AU:IME) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on ImExHS Limited stock, see the AU:IME Stock Forecast page.

IMEXHS Director Douglas Flynn Restructures Shareholdings via Off-Market Transfer
Jan 7, 2026

IMEXHS Limited has disclosed a change in the interests of director Douglas Flynn, detailing an internal restructuring of his shareholdings between direct and indirect holdings. Flynn disposed of 160,573 fully paid ordinary shares held directly, in an off-market sale to his superannuation vehicle, DR & LC Flynn Nominees Pty Limited , for $62,623.47, resulting in no net change to his overall economic exposure but increasing his indirect holdings. The transaction, which did not occur during a closed period, underscores that the adjustment is administrative in nature rather than a signal of reduced commitment to the company, and formalises his interests across various nominee and beneficiary entities while maintaining his existing options positions.

The most recent analyst rating on (AU:IME) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on ImExHS Limited stock, see the AU:IME Stock Forecast page.

ImExHS Director Restructures Shareholding via Off-Market Transfer
Jan 7, 2026

ImExHS Limited has disclosed a change in director Damian Banks’ relevant interests in the company’s securities, reporting an internal restructuring of his holdings between direct and indirect ownership. Banks sold 80,287 fully paid ordinary shares off-market from his personal holding to Damisuper Pty Ltd, a superannuation fund vehicle for which he is a director and beneficiary, for approximately $31,312, leaving him with 37,356 options held directly and 1,997,836 ordinary shares held indirectly, without altering the overall economic exposure to the company.

The most recent analyst rating on (AU:IME) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on ImExHS Limited stock, see the AU:IME Stock Forecast page.

ImExHS Director Sees Lapse of Unvested Options, Equity Exposure Largely Unchanged
Dec 23, 2025

ImExHS Limited has reported a change in the interests of director German Arango following the lapse of certain equity incentives. On 23 December 2025, 53,520 nil-price options held directly by Arango lapsed after vesting conditions were not met, reducing his holding of those specific options while leaving his remaining option grants and substantial direct and indirect shareholdings in the company unchanged. The disclosure underscores the conditional nature of the director’s incentive arrangements but does not alter his overall significant equity exposure to ImExHS.

The most recent analyst rating on (AU:IME) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on ImExHS Limited stock, see the AU:IME Stock Forecast page.

ImExHS Director Increases Shareholding Through Equity-Based Fee Arrangement
Dec 23, 2025

ImExHS Limited has reported a change in the holdings of non-executive director Carlos Jaime Palacio, who maintains both direct and indirect interests in the company’s fully paid ordinary shares and nil-price options through personal and family trust-related structures. The update shows Palacio received 26,802 new ordinary shares, valued at $10,080 and issued at $0.3761 per share, in lieu of director’s fees for the quarter ending 31 December 2025, increasing his direct shareholding to 352,244 shares; the transaction underscores the company’s continued use of equity-based remuneration for board members, aligning director incentives more closely with shareholder interests.

The most recent analyst rating on (AU:IME) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on ImExHS Limited stock, see the AU:IME Stock Forecast page.

ImExHS Director Increases Equity Stake Through Fee-for-Shares Arrangement
Dec 23, 2025

ImExHS Limited has disclosed a change in the interests of non-executive director Douglas Lingard, in line with ASX requirements. Lingard increased his direct holding by 26,802 fully paid ordinary shares, taking his direct stake to 326,764 shares, alongside existing nil-price options and substantial indirect holdings through related entities. The additional shares were issued in lieu of director fees for the quarter ending 31 December 2025, highlighting the company’s ongoing practice of compensating directors partly in equity, which aligns their interests more closely with shareholders and modestly increases director ownership in the company.

The most recent analyst rating on (AU:IME) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on ImExHS Limited stock, see the AU:IME Stock Forecast page.

ImExHS Director Damian Banks Increases Shareholding via Fee-for-Shares Arrangement
Dec 23, 2025

ImExHS Limited has reported a change in the interests of non-executive director Damian Banks, who has increased his direct holding in the company. The additional 26,802 fully paid ordinary shares were issued in lieu of director fees for the quarter ending 31 December 2025, lifting Banks’ direct shareholding while his indirect holding via a superannuation fund remains unchanged; the move further aligns the director’s remuneration with shareholder outcomes but does not involve any on-market trading or changes to contractual interests.

The most recent analyst rating on (AU:IME) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on ImExHS Limited stock, see the AU:IME Stock Forecast page.

ImExHS Director Douglas Flynn Increases Equity Stake via Fee-for-Shares Arrangement
Dec 23, 2025

ImExHS Limited has disclosed a change in the interests of non-executive director Douglas Flynn, who has both direct and indirect holdings in the company’s fully paid ordinary shares and options through various nominee and investment entities. Flynn’s direct holding increased by 53,604 fully paid ordinary shares, taking his direct shareholding to 160,573 shares, following the issue of new shares in lieu of non-executive director fees for the quarter ending 31 December 2025, a move that modestly strengthens director equity alignment without involving any on-market trading or closed-period clearances.

The most recent analyst rating on (AU:IME) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on ImExHS Limited stock, see the AU:IME Stock Forecast page.

ImExHS Seeks ASX Quotation for New Employee Incentive Shares
Dec 23, 2025

ImExHS Limited has applied to the ASX for quotation of 134,010 new ordinary fully paid shares issued under an employee incentive scheme. The additional securities, to be quoted from 23 December 2025, modestly expand the company’s quoted share capital and reflect ongoing use of equity-based remuneration, with limited immediate impact expected on existing shareholders given the relatively small size of the issue.

The most recent analyst rating on (AU:IME) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on ImExHS Limited stock, see the AU:IME Stock Forecast page.

ImExHS Options Lapse Clarifies Future Equity Overhang
Dec 23, 2025

ImExHS Limited has notified the market that a total of 363,947 unlisted options over its shares have lapsed, following the failure or incapacity of the conditions attached to those securities to be satisfied. The cessation covers three series of nil‑exercise‑price options, with expiry dates in 2033, 2034 and 2035, and slightly reduces the company’s pool of potential future equity dilution, clarifying its issued capital structure for existing shareholders.

The most recent analyst rating on (AU:IME) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on ImExHS Limited stock, see the AU:IME Stock Forecast page.

IMEXHS CEO Opts for Salary Sacrifice in Exchange for Company Options
Nov 17, 2025

IMEXHS Limited announced that CEO Dr. German Arango will sacrifice approximately 50% of his salary for six months in exchange for nil-price options, pending shareholder approval. This move aligns the CEO’s interests with shareholders and reflects his commitment to the company’s future, as the Long Term Incentive Plan has not yet vested options to executives.

The most recent analyst rating on (AU:IME) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on ImExHS Limited stock, see the AU:IME Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 31, 2026