Listed healthcare imaging software business Pro Medicus’ two founders began selling down $176 million worth of stock on-market just before midday, after a strong run in the company’s share price.
Pro Medicus co-founder Sam Hupert. Alessia Bruchi
Fund manager sources said Anthony Hall and Sam Hupert had stockbroker Unified Capital Partners seeking buyers for 2 million shares at $88 apiece. That’s the same price as Pro Medicus’ close on Tuesday.
The trade was worth just under 2 per cent of the company and went to existing long-term shareholders.
Prior to it, Hall and Hupert had owned 25 per cent each of Pro Medicus’ total shares on issue. They are trimming their positions after a 62 per cent rally in the share price so far this year.
The duo floated the company in 2000, when it was making just $9 million revenue and had been around for 17 years. They held on to 40 per cent of the business each after the IPO and have been judicious with selling down in the 23 years since.
For the 2023 financial year, Pro Medicus posted $124.9 million revenue (up 33 per cent) and $60.5 million after-tax profit, which was 36.5 per cent higher. It had a $9.2 billion market capitalisation and has benefited from contract wins.
In the 2023 financial year, it won or renewed multi-year contracts with University of Florida and University of Washington; US non-profit healthcare providers Gundersen Health System, Samaritan Health and Luminis Health; and Montage Health Children’s Hospital of Philadelphia and Bay Imaging Consultants.
Hall and Hupert’s leftover shares – about 24 per cent each – are worth $2.2 billion for each co-founder with the way the stock is currently trading.Read more on afr.com