Pro Medicus Expands Cloud Solutions with NYU Langone Health Deal
PME (PME) Share Update November 2024 Tuesday 26th
Pro Medicus Secures $24M Contract with NYU Langone Health
Pro Medicus Limited has announced a significant $24 million, 5-year contract with NYU Langone Health, marking a major step in its North American expansion.
Instant Summary:
- Pro Medicus signs a $24M, 5-year contract with NYU Langone Health.
- Contract includes Visage 7 Open Archive and cloud transition.
- Extends Visage 7 Viewer contract until 2029.
- Reinforces Pro Medicus' North American market presence.
- Potential for further cloud transitions from on-premise solutions.
Contract Details
Pro Medicus Limited, a leading healthcare informatics company, has secured a $24 million contract with NYU Langone Health, a prestigious healthcare institution in North America. The contract spans five years and involves the deployment of Visage 7 Open Archive in the cloud, marking a transition from NYU Langone's current on-premise system.
This deal also extends the existing Visage 7 Viewer contract, originally signed in September 2020, for an additional year, now lasting until 2029. Planning for the rollout is set to begin immediately, focusing on migrating NYU Langone's current archive to the Visage 7 Open Archive.
Strategic Expansion
Pro Medicus CEO, Dr. Sam Hupert, highlighted the significance of this deal, noting it as a validation of their strategy to offer comprehensive solutions to their 'viewer only' clients. He expressed confidence that more institutions with on-premise solutions will follow NYU Langone's lead in transitioning to cloud-based systems.
This contract is part of Pro Medicus' broader strategy to expand its presence in North American academic institutions, leveraging its advanced imaging solutions to meet the evolving needs of the healthcare sector.
This announcement is likely to have a positive impact on Pro Medicus' stock, as it reinforces the company's growth trajectory in the lucrative North American market. The shift to cloud-based solutions aligns with broader industry trends, potentially increasing demand for Pro Medicus' offerings.
Investor Reaction:
Analysts are expected to react positively to this news, viewing it as a strategic win for Pro Medicus. The contract not only strengthens the company's relationship with a leading healthcare institution but also positions it well for future growth in cloud-based medical imaging solutions.
Conclusion:
Investors should consider the long-term growth potential of Pro Medicus as it continues to expand its cloud-based offerings in North America. The company's strategic focus on comprehensive imaging solutions could drive significant value in the coming years.