Shares in medical imaging business Pro Medicus Limited (ASX: PME) are up around 11 per cent  to $5.70 this morning and a bumper 21 per cent this week after the company revealed a key new $18 million contract win.

The contract is with leading US private healthcare provider Mayo clinic and spans a six-year period over which Pro Medicus’s software will be used across Mayo Clinic’s radiology practices.

This is the firm’s third major deal with a large US healthcare provider in less than three months to use its Visage 7 technology. The other deals include a $21 million contract with Mercy Health and $7 million deal with Franciscan Missionaries of Our Lady Health System – the largest health system in the state of Louisiana.

The group’s market-leading medical imaging technology has also been selling across Europe as it helps healthcare operators save time and money by improving the management of patients’ medical records. The company now has a market valuation of more than $570 million which is high given it posted a net profit of $2.9 million on revenues of $14.3 million for the six months ending December 31 2015.

Earnings per share for the period were 2.9 cents, which would place the stock on around 100x annualised earnings at $5.70. However, trailing or even annualised earnings are largely irrelevant for prodigious growth stocks like Pro Medicus, with forward-looking investors happy to bid the stock up given the likelihood of further contract wins. Three major contract wins over the previous three months speaks for itself and the business is operating in huge addressable markets in the US and globally. The company is especially attractive as it’s able to achieve high margins as a capital-light software business potentially able to grow earnings at rapid rates.

Given the recent success and strong outlook the stock will be coming onto the radar of larger fund managers and brokers that could put more upward pressure on the share price if they decide it is a buying opportunity.

Currently, it has plenty of growth baked into the share price and remains high up the risk scale, although if it does deliver with more contract wins the stock could keep running hard.

Other junior healthcare stocks performing well on the back of growing US and global sales are hospital disinfectant specialist Nanosonics Ltd (ASX: NAN) and sleep treatment specialist Somnomed Limited (ASX: SOM). There’s little doubt that for small-cap enthusiasts all of the above are hot growth stocks to watch.

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The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.