Image Plus reverses second-quarter losses
Published:Friday | October 24, 2025 | 12:08 AM
Image Plus Consultants Limited, which trades as Apex Radiology, has reversed a loss of $16.25 million to turn a profit of $9.37 million in the second quarter ending August.
The medical diagnostics company’s resurgence is attributed to a combination of increased scan volumes, improved cost management, and a strategic pivot towards private patient services and advanced imaging modalities.
Quarterly revenue improved 5.4 per cent year-on-0year unaudited financial statements, from $245.35 million to $258.7 million, growth that Image Plus said was driven by a significant uptick in scan volumes across key diagnostic services: MRI scans increased by 16 per cent, mammograms by 13 per cent, and ultrasounds by eight per cent.
These gains reflect management’s focused efforts to attract more private patients and expand newer, higher-margin services, the company said.
Half-year revenue declined by 2.3 per cent to $526.12 million, due to the sluggish first quarter. However, the second-quarter rebound helped offset earlier losses, pushing half-year profit higher to $23 million, compared to $15 million at HY2024.
Image Plus said a notable shift in revenue composition also played a role in the improved performance. The Ministry of Health’s Enhanced Health Care Services Delivery cases, or MOH-EHCSD for short, which previously accounted for 39.9 per cent of total revenues in the first half of FY2025, now represent just 5.1 per cent. The reduced reliance on government contracts has allowed Image Plus to focus on more profitable private-sector clients, the company said in its report to shareholders.
The Jamaican government is notorious for dragging out payment for services rendered by private suppliers to public institutions.
Image Plus wrapped up the August quarter with assets of $1.52 billion, a slight decline from the start of the year. However, the company improved its liquidity position, ending the quarter with a cash balance of $122.15 million, up from just $110.97 million at the start of the year.
Total liabilities fell by $102.6 million, while total equity rose by $23.1 million to $1.105 billion, driven by the growth in retained earnings.
Image Plus will celebrate its 30th anniversary in February 2026, and is projecting that its new headquarters will be commissioned afterwards. The 33 LMR complex currently under construction at Lady Musgrave Road in Kingston will expand Image Plus’ capacity and allow for the relocation of its Winchester branch.
The company is also optimistic about sustaining its growth trajectory in the periods ahead. The reintroduction of nuclear medicine services at its Old Hope Road location in Kingston is expected to further boost revenues in the second half of the financial year. Additionally, the company is pursuing inorganic growth through acquisitions.
The purchase of The Woman’s Place, a Kingston-based diagnostic centre specialising in mammograms, ultrasounds, and bone density studies, is set to close in the third quarter. And negotiations are also under way for a second acquisition, with completion anticipated before the end of the financial year, which wraps up at the end of February 2026.