Image Plus pays $620m for recent acquisitions

Image Plus Consultants Ltd (IPCL), which trades as Apex Radiology, paid $620 million for two recent acquisitions, expanding its footprint to eight locations across Jamaica.
"Having successfully completed two acquisitions, the company leads the provision of diagnostic imaging in Jamaica, offering patients convenient access to multiple modalities across eight service locations," chairman Dr Steven Lewis and director Dr Jacqueline Leckie said in the directors' report accompanying the first-quarter results for the period ended May 2026.
As at the end of May, the company owed $470 million on the acquisitions, reflected as deferred consideration. Total liabilities more than doubled to $946.3 million from $420.8 million at the start of the financial year. Management indicated that the deferred consideration was fully paid in June, subsequent to the close of the accounting period.
IPCL completed the acquisition of Island Radiology effective May 1, adding three locations — Eight Rivers Town Centre in Ocho Rios, Caledonia Mall in Mandeville and Oasis Plaza in Santa Cruz. The company paid $100 million in cash during the quarter, according to the cash flow statement, with the remainder structured as deferred payments.
Island Radiology has provided medical imaging services since 2003 and is the sole private provider of MRI and bone densitometry studies in central Jamaica, IPCL said. The acquisition was the second in the company's growth strategy, following the purchase of The Woman's Place in last year's third quarter.
The expansion drove an improvement in quarterly performance. Revenue rose 31.6 per cent to $351.9 million from $267.4 million a year earlier, with the two acquisitions contributing $45.7 million, or 54 per cent of the increase. Only one month of Island Radiology's results was captured, given the May 1 transaction date.
Profit before tax more than doubled to $32.8 million from $13.7 million, and earnings per share rose to three cents from one cent. Total assets grew by one-third to $2.1 billion, driven principally by assets from the acquisitions. Scans completed in the quarter rose 29 per cent to 17,444.
Business@gleanerjm.com
Editor's note: An earlier version of this article indicated that $470 million was owed. Management indicated that, after the close of the accounting period in May, the amount was fully paid in June.