VOL. XCIV, NO. 247
★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
PRICE: 0 CENTS
Friday, January 2, 2026
Pro Medicus Limited
PME · ASX
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
Request update
Spot something outdated? Send a quick note and source so we can refresh this profile.
Overview
Pro Medicus is an Australian healthcare informatics company focused on medical imaging software, with Visage 7 (enterprise imaging/PACS/CloudPACS) generating the vast majority of FY2025 external sales and a smaller Australian Visage RIS business. Visage 7's moat is driven by workflow/data lock-in from enterprise deployments and archive migrations, reinforced by a differentiated streaming/GPU architecture positioned on speed and scalability and by a modular full stack suite (viewer, archive, workflow) that can displace third-party point solutions. The company has been landing multi-year contracts with large North American health systems and monetizes usage via a largely transaction-based model. Key erosion risks include incumbent vendor responses (bundling and services), interoperability/regulatory shifts that reduce platform stickiness, and narrowing performance gaps as competitors modernize.
Primary segment
Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)
Market structure
Oligopoly
Market share
55% (implied)
HHI: —
Coverage
2 segments · 6 tags
Updated 2026-01-02
Segments
Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)
Enterprise imaging / PACS and related modules for hospitals and integrated delivery networks (IDNs)
Revenue
92.5%
Structure
Oligopoly
Pricing
strong
Share
55% (implied)
Peers
Visage RIS (Radiology Information System) and Promedicus.net
Radiology information systems (RIS) / radiology practice management software
Revenue
7.5%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
Moat Claims
Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)
Enterprise imaging / PACS and related modules for hospitals and integrated delivery networks (IDNs)
Revenue share is computed from FY2025 "Sales to external customers" by product line in the annual report (PACS A$197.019m of A$212.905m external sales).
Data Workflow Lockin
Demand
Data Workflow Lockin
Strength
Durability
Confidence
Evidence
Enterprise imaging deployments require archive migration and deep EHR/clinical workflow integration, increasing switching costs once live at scale.
Erosion risks
- Interoperability mandates and data portability reducing switching friction
- Growth of vendor-neutral archives/viewers that decouple the stack
- Cloud standardization making infrastructure less sticky
Leading indicators
- Contract renewals and expansion wins (add-on modules)
- Transaction-based revenue growth from existing customers
- Competitive RFP win/loss rate in large IDNs
Counterarguments
- Large incumbents can bundle imaging IT with broader enterprise deals and services
- Cloud-first architectures may reduce long-run switching costs versus on-premise PACS
Keystone Component
Supply
Keystone Component
Strength
Durability
Confidence
Evidence
Differentiation is tied to Visage 7's streaming/GPU-based architecture (speed, scalability, remote reading), which the company positions versus legacy "compress and send" approaches.
Erosion risks
- Competitors modernizing to cloud-native streaming and GPU architectures
- Network bandwidth and hardware advances narrowing perceived speed advantage
- Standards-based web viewers reducing differentiation
Leading indicators
- Clinician productivity metrics and customer testimonials
- Win rate in tenders citing performance/functionality
- R&D cadence (new modules, AI workflow integration)
Counterarguments
- Speed/function advantages can be competed away as incumbents refresh platforms
- Some buyers optimize for lowest total cost or vendor consolidation, not best-in-class speed
Operational Excellence
Supply
Operational Excellence
Strength
Durability
Confidence
Evidence
The company emphasizes rapid cloud implementations that reduce disruption and time-to-value versus alternatives.
Erosion risks
- Scaling professional services for larger/more complex rollouts
- Incumbents improving implementation tooling/partners
- Talent constraints in specialized imaging IT deployment
Leading indicators
- Average time-to-go-live and implementation backlog
- Number of annual go-lives (cloud vs on-prem)
- Post-implementation satisfaction and renewals
Counterarguments
- Incumbents with larger services organizations may match speed at scale
- Fast rollouts may be less repeatable in the most complex multi-hospital migrations
Suite Bundling
Demand
Suite Bundling
Strength
Durability
Confidence
Evidence
The platform is sold as a modular full stack (viewer, archive, workflow), increasing share-of-wallet and reducing reliance on third-party point solutions.
Erosion risks
- Customers preferring best-of-breed point solutions
- Procurement mandates for modular, interoperable components
- Pricing pressure if buyers unbundle at renewal
Leading indicators
- Attach rate of archive/workflow/cardiology modules
- Average contract value and module mix
- Share of customers expanding beyond core viewer
Counterarguments
- Vendor-neutral strategies can limit bundling leverage
- Incumbents may bundle PACS with imaging equipment/service contracts
Visage RIS (Radiology Information System) and Promedicus.net
Radiology information systems (RIS) / radiology practice management software
Revenue share is computed from FY2025 "Sales to external customers" by product line in the annual report (RIS A$15.886m of A$212.905m external sales). This segment also includes Promedicus.net products per the annual report product description.
Switching Costs General
Demand
Switching Costs General
Strength
Durability
Confidence
Evidence
RIS is embedded in scheduling, billing, and clinical workflow; Pro Medicus describes its RIS as a clear market leader in Australia and cites renewals/transaction volumes from large customers.
Erosion risks
- Hospital EHR vendors expanding RIS-like modules and integrations
- New cloud-native RIS entrants and price competition
- Concentration risk if a small number of large customers drive volumes
Leading indicators
- Renewal outcomes and total contract value changes in Australia
- Transaction volumes from major customers
- Competitive wins/losses in new radiology group tenders
Counterarguments
- Leadership claims may not translate into durable pricing power in a small market
- Customers may switch if integrated hospital platforms reduce workflow friction
Long Term Contracts
Demand
Long Term Contracts
Strength
Durability
Confidence
Evidence
Management cites renewals and contract rollouts as drivers of Australian revenue, indicating recurring contract structures.
Erosion risks
- Renewal renegotiations and price pressure
- Service level or product quality issues leading to churn
- Procurement consolidation among radiology groups
Leading indicators
- Renewal cadence and contract values
- Support ticket volumes and customer satisfaction
- Product roadmap delivery for RIS features
Counterarguments
- Contracts provide visibility but do not prevent competitive displacement at renewal
- Large customers can exert bargaining power and demand concessions
Evidence
Visage will complete the migration from Trinity Health's legacy PACS system comprising nine vendors...
Multi-vendor PACS consolidation and archive migration imply high workflow/data switching costs.
...clients ... implementing additional offerings... thereby eliminating the need for third-party stand-alone solutions.
Module expansion suggests increasing workflow/tooling dependence within the platform over time.
Visage-7's ability to stream images (rather than compress and send) ... faster for clinicians...
Direct claim of architectural performance advantage vs competitors.
Visage-7 technology... streams data ... provides a significant advantage over competitors.
Links advantage to rising image sizes, reinforcing why performance/scalability matters.
...implementations in less than a third of the time ... Baylor, Scott and White ... completed in three months...
Implementation speed can be a decision factor in enterprise RFPs and lowers disruption/time-to-value.
Showing 5 of 11 sources.
Risks & Indicators
Erosion risks
- Interoperability mandates and data portability reducing switching friction
- Growth of vendor-neutral archives/viewers that decouple the stack
- Cloud standardization making infrastructure less sticky
- Competitors modernizing to cloud-native streaming and GPU architectures
- Network bandwidth and hardware advances narrowing perceived speed advantage
- Standards-based web viewers reducing differentiation
Leading indicators
- Contract renewals and expansion wins (add-on modules)
- Transaction-based revenue growth from existing customers
- Competitive RFP win/loss rate in large IDNs
- Clinician productivity metrics and customer testimonials
- Win rate in tenders citing performance/functionality
- R&D cadence (new modules, AI workflow integration)
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.