IMAGE Plus Consultants Limited (IPCL) has reported a decline in its third-quarter results and anticipates further losses in the fourth quarter following the South East Regional Health Authority (SERHA) directive to halt external referrals.

While the Q3 results were not impacted by the announcement, the company expects the effects to be reflected in the upcoming quarter.

“We believe in the short term we will see some impact on the numbers, but as the situation regularises and the payment source shifts, we anticipate that it will stabilise,” said an optimistic Kisha Anderson, CEO of Image Plus Consultants Limited, during its recent earnings call.

Anderson has noted that some patients are still seeking scans despite the Ministry of Health no longer covering the cost. Many are finding ways to pay out of pocket, securing financial support, or using insurance. While this shift has affected the company’s numbers, Image Plus is closely monitoring the figures for 2025 to assess the overall impact. Anderson indicated she is not overly concerned about the long-term outlook, even as the Government acquires MRI and CT scan machines for some of its larger hospitals. While the Image Plus board has not yet had a full discussion on the strategic implications, initial conversations suggest that government payments for certain procedures may be reduced. However, Anderson believes demand for private diagnostic services will remain.

“People still need to do diagnostic image scanning because they need to find out what kind of course of treatment their doctors would need to find out for them,” she asserts.

Image Plus Consultants Limited is banking on periodic downtime in public hospital imaging equipment and the continued need for private partnerships to sustain demand. At the same time, the company is focusing on replenishing any decline in patient volume through private referrals. The company’s CT scan services, which generate its highest profit margins, have been trending downward since the second quarter, continuing to weigh on its year-to-date performance in the third quarter. Additionally, X-ray volumes have declined, further impacting overall earnings. However, mammogram services have been on the rise as the company expands this new revenue stream. MRI services, another relatively new offering, are also growing, contributing to diversification in Image Plus’ portfolio. The company is now relying on mammograms and MRIs to drive future growth, which generated $22 million and $43 million in revenue, respectively. The strong mammogram numbers were driven by overseas entities that have pre-purchased mammograms to donate to Jamaican women who cannot afford them. This initiative is ongoing and will continue through January and February.

“The good news is that by diversifying our modalities, even though CT was down, we have been able to compensate for some of the reduction from a broader perspective. We did not anticipate the decline in CT scans, which is why our year-over-year numbers reflect as they do now,” said Anderson.

The company will be focused on increasing scan volumes and improving growth in the coming quarters. However, she acknowledged that it is unlikely Image Plus will close the revenue gap caused by the decline in CT scan numbers before the end of the financial year. For the quarter, net profit declined by 57 per cent to $26.2 million, while revenue fell slightly by 5.9 per cent to $296.8 million. The company’s scan count, a key revenue driver, dropped by 7 per cent to 13,368 scans.