Financial analysts at Citi predict that Pro Medicus (ASX:PME), an Australian company, will see its first revenue numbers from its cardiology and artificial intelligence operations in the fiscal year 2024.

The brokerage expects the earnings per share of the healthcare informatics company to rise by 14% and 16% for fiscal 2024 and 2025 respectively.

This positive forecast led to an upgrade in the price target from A$61 per share to A$72.

Citi views the business model of Pro Medicus as appealing, and notes that the company holds a genuine competitive edge in the picture archiving and communication systems sector.

For the FY24, Citi forecasts a rise in revenue and adjusted net profit after tax by 31% and 34% respectively.

The company’s stocks had shown an increase of 26.9% at last close.

Pro Medicus (ASX:PME) is a medical software and technology company based in Australia, focusing on imaging technology.