Pro Medicus Ltd (ASX: PME) shares have had a difficult year.
The medical imaging technology company's shares are down another 3% to around $160.76 on Wednesday, taking their decline over the past 12 months to approximately 44%.
That is a significant fall for a business that has spent years delivering impressive growth.
But could this be an opportunity investors look back on with regret?
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Why I remain positive on Pro Medicus shares
One reason I have always liked Pro Medicus is the importance of its technology to modern healthcare.
Its Visage imaging platform helps radiologists access and analyse medical images quickly, making it easier to manage increasingly complex workloads.
As hospitals handle more scans and medical imaging technology becomes more sophisticated, I think the need for efficient software will only increase, especially with radiologists in short supply.
Pro Medicus has already established a strong position in the United States, where it supplies some of the country's leading healthcare institutions.
But there is still plenty of room to expand. Management estimates that Pro Medicus has around 11% of the US market, leaving a substantial opportunity to win customers from competing systems.
Its existing customer relationships are another strength. Replacing medical imaging software is a major undertaking for hospitals, which need reliable systems that integrate with their clinical operations.
Pro Medicus demonstrated the strength of those relationships in FY26, renewing all six customer contracts that came up for renewal, with higher fees per transaction.
For me, that provides encouraging evidence of the value customers place on its technology.
Plenty of growth still to come
The company's latest financial results also suggest its underlying business continues to perform well. In FY26, revenue increased 22.9% to $261.7 million, while underlying net profit rose 24.1% to $144.7 million.
I think that is an impressive result, particularly given the company's already substantial profit margins.
But what interests me more is the business Pro Medicus has secured for the coming years.
During FY26, it announced 10 new contracts worth at least $407 million, including major agreements with US healthcare providers. As these contracts are implemented, they should make a growing contribution to revenue.
There are also opportunities to expand beyond traditional radiology imaging. Pro Medicus has been making progress in cardiology and recently launched new digital pathology and AI-related reporting products.
I think these developments could help the company win additional work from existing customers while opening up new markets.
And with a debt-free balance sheet, Pro Medicus has the financial flexibility to keep investing in its technology.
Foolish takeaway
I think Pro Medicus shares could prove to be an excellent buy at current levels.
There is still a premium valuation attached to the business, and I would be prepared for further share price swings.
But looking five or ten years ahead, I believe Pro Medicus has a genuine opportunity to become a much larger healthcare technology company.
At around $161, I would be happy to buy shares and give that growth story time to unfold.
