Pro Medicus stock draws Buy upgrade after US cloud contract

Published on 11/03/2026 at 21:03 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Pro Medicus stock won a seven-year US cloud contract worth AUD 24 million. Morgans points to RSNA and 2027 go-lives as the next milestones.

Contract Wins Shape the Outlook

Morgans upgraded Pro Medicus from Accumulate to Buy after another US cloud contract.
The broker sees a repeatable mid-market model broadening the pipeline beyond large integrated delivery networks.
RSNA in late November and a busy first-quarter 2027 go-live schedule are the next operating milestones.

Pro Medicus, AU000000PME8, Illustration mit AI erstellt.

Pro Medicus stock attracted a Buy upgrade after another US cloud contract, according to a Morgans research note published on October 19, 2026. The broker moved its rating from Accumulate to Buy and kept its AUD 230.00 price target.

The note followed Pro Medicus' announcement of a seven-year full-stack cloud contract with Billings Clinic Logan Health in the United States. Morgans said the AUD 24 million agreement was the company's third new community health system win in fiscal 2027, lifting the combined contract value from those wins to AUD 72 million and new annual recurring revenue to AUD 10.3 million.

Mid-Market Wins Broaden Pipeline

Morgans described the recent contracts as modest individually but consistent in size, duration and scope. In its view, the pattern points to a repeatable mid-market sales model that broadens Pro Medicus' pipeline beyond large integrated delivery networks.

The broker's next focus is the Radiological Society of North America conference in late November, which it identified as a possible window for a larger deal. Execution on a busy first-quarter 2027 go-live schedule is another factor supporting the outlook for fiscal 2028.

Current Trading Context

Pro Medicus stock traded at 118.98 euros on Lang & Schwarz at 9:01 p.m. CET on Tuesday, November 3, 2026. The real-time quote of Pro Medicus stock is available separately.