KINGSTON, Jamaica–IMAGE Plus Consultants Limited earned the equivalent of two-thirds of its entire 2025/26 profit during the first three months of the new financial year as rising patient volumes and an expanded diagnostic network delivered greater operating scale.

The company, which trades as Apex Radiology, reported profit before tax of $32.8 million for the quarter ended May 31, compared with $48.7 million for the full year ended February.

Quarterly profit was also more than twice the $13.7 million earned during the corresponding period last year.

The performance provides an early indication that Image Plus is beginning to extract greater earnings from its $620-million acquisition push.

The company acquired The Woman’s Place during the previous financial year and completed its purchase of Island Radiology on May 1. The two acquisitions cost approximately $620 million and increased the company’s network to eight locations.

The expansion also extended Image Plus’s reach beyond Kingston into Mandeville, Santa Cruz and Ocho Rios.

Island Radiology has operated since 2003 and provides ultrasound, X-ray, CT, mammography, MRI and other diagnostic services. Image Plus said the business is the only private provider of MRI and bone densitometry services in central Jamaica.

Only one month of Island Radiology’s performance was included in the latest results, meaning the full effect of the acquisition will become clearer in subsequent quarters.

The two acquisitions contributed $45.7 million, or just over half the increase in quarterly revenue. The remaining growth came from Image Plus’s existing operations, which generated approximately $39 million more than in the corresponding period last year.

Revenue grew 32 per cent to $351.9 million as the company completed 17,444 scans, almost 30 per cent more than a year earlier.

The close movement between revenue and scan volumes suggests that the improvement was driven mainly by Image Plus serving more patients rather than a significant increase in the average income earned from each procedure.

The Ministry of Health and Wellness’ referral programme accounted for 8.9 per cent of quarterly revenue.

Image Plus also benefited from its revenue growing faster than its administrative expenses. That allowed the operating profit margin — the share of revenue remaining after direct and administrative costs — to improve from 8.8 per cent to almost 12 per cent.

Gross profit margins remained largely stable, indicating that the company maintained its returns from providing diagnostic services even as it absorbed the recently acquired operations.

The acquisitions have, however, placed additional obligations on Image Plus’s balance sheet.

Total liabilities more than doubled during the quarter, driven mainly by deferred payments associated with the purchases. The company also ended May with a bank overdraft after using $100 million in cash towards its latest acquisition.

Image Plus said the overdraft was a temporary facility that has since been replaced by the bank loan used to finance the acquisition.

The underlying operations remained cash-generative, producing $43.4 million during the quarter. That cash was outweighed by spending on the acquisition, equipment and loan repayments, leaving the company in a net overdraft position at the end of May.

The board said its immediate priorities are integrating the acquired businesses, maintaining cost discipline and improving the patient experience.

Image Plus now has to demonstrate that the stronger earnings recorded in the first quarter can be sustained as it absorbs a full quarter of Island Radiology’s operations and begins servicing the financing used to complete its expansion.