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Pro Medicus Ltd ASX:PME

SaaS Enterprise SaaS Enterprise Software Recurring Revenue

5 opened or increased22 held5 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 2 reduced. 35 managers in total.

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32 more managers have commented on PMEPro shows the full position history for all 35 managers.

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20252026

26 Feb 2025 to today

Commentary Showing 2 of 91

DateManagerActionSummary

14 Oct 2026Seneca Financial SolutionsExitSeneca Financial Solutions sold its investment in Pro Medicus (ASX:PME) for a gain of more than 50% in six months. Seneca bought in March at an average of $120 per share and sold in August above $180, despite the shares falling 46.2% over the past 12 months. Seneca cites this as an example of active position management in a weak market, believing the market consistently overvalues shares and its role is to assess price against value. Seneca also notes that a year earlier it was told it was wrong about Pro Medicus at around $300 per share and 200 times earnings.

Annual Report, price recorded $163.91

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7 Oct 2026Ten CapHeldTenCap continues to hold Pro Medicus (ASX: PME), with Jun Bei Liu joining Centennial's Michael Carmody in backing the medical imaging software company as a steady compounder. TenCap points to Pro Medicus achieving 100% customer retention in FY26 as evidence of the strength of its offering and the durability of its customer relationships. The manager also believes the company retains a substantial runway for further growth in the US market, positioning it to keep expanding its presence among US healthcare providers over the coming years.

Article, price recorded $159.91

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Articles

About Pro Medicus Ltd

Healthcare, Health Care Technology

Pro Medicus (ASX:PME), the medical imaging software company, is regarded by many fund managers as Australia's highest-quality growth business. In August 2026, Ziller Funds Management said it bought Pro Medicus during the software sell-off, which overcame its only hurdle, valuation, given its strong founder and compelling business. Pendal noted an in-line FY26 result with growth of around 30%, and Ten Cap rated it a buy, calling it probably the highest-quality growth business in Australia with locked-in contracts. Antares and Pendal noted sharp falls alongside high-multiple growth stocks. Pro Medicus operates in the Healthcare sector within the Health Care Technology industry, and Thesis Tracker has captured 88 comments from 33 fund managers, including Ziller, Pendal, Ten Cap and Antares. Founded in 1983 by Sam Hupert and Anthony Hall and headquartered in Melbourne, Pro Medicus develops the Visage 7 enterprise imaging platform used by major US hospital networks.

Market cap: $17.1b
Price to earnings: 74.1x
Return on equity: 75.0%
Dividend yield: 0.4%
Price to book: 43.52x
Net margin: 101.4%
52-week range: $107.75 to $299.19

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Pro Medicus Ltd (ASX:PME)?

Fund managers including Ausbil Investment Management, Oracle Advisory Group, Maple-Brown Abbott, Yarra Capital Management, Ten Cap, ELM Responsible Investments, Kardinia Capital, Antares Capital, First Sentier Investors, Hyperion Asset Management, Lakehouse Capital, Selector Funds Management, Glennon Small Companies, Infinity Asset Management, LHC Capital, Wilson Asset Management, Firetrail Investments, Solaris Investment Management, SG Hiscock & Company, Naos Asset Management, Forager Funds, TMS Capital, Ellerston Capital, Allan Gray, Pendal Group, Tamim Funds Management, Market Partners, Phoenix Growth Fund, Cadence Capital, Paradice Investment Management, Smallco Investment Manager, Australian Eagle Asset Management, Ziller Funds Management, Centennial Asset Management and Seneca Financial Solutions have invested in Pro Medicus Ltd (ASX:PME).

What opportunities or catalysts do fund managers highlight for Pro Medicus Ltd?

Managers highlight around 30% growth, long-term contracts with leading US health systems, founder-led management and a buying opportunity created by the software sell-off, according to Ziller, Pendal and Ten Cap.

What are the key risks to the Pro Medicus Ltd investment thesis, according to fund managers?

Antares and Pendal note Pro Medicus fell sharply with high-multiple healthcare and technology stocks and on broker downgrades after a strong rally, reflecting its premium valuation.

What does Pro Medicus Ltd (ASX:PME) do?

Pro Medicus Ltd. develops and supplies medical imaging software and Radiology Information Systems (RIS) for hospitals. Founded in 1983 by Sam Aaron Hupert and Anthony Barry Hall, the company is headquartered in Richmond, Australia. Its primary product suite includes the Visage 7 and Visage RIS platforms. Pro Medicus operates globally, with core market segments across Australia, Europe, and North America. The firm specializes in providing advanced health imaging informatics and related services, delivering scalable software solutions designed to support clinical workflow efficiency and enterprise-wide diagnostic imaging requirements for healthcare providers.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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