This morning, radiology software provider Pro Medicus (ASX: PME) reported its results for H1 FY 2026. Revenue was $124.8 million, up 28.4%, while underlying profit after tax (excluding fair value movement of financial assets) was up 29.7% to $90.7 million. In response, the Pro Medicus share price fell about 24% to $129 per share. 

Statutory profit was $243.3 million, but this number includes an uncrystallised gain on Pro Medicus’ investment into 4D Medical (ASX: 4DX), and it is very likely that at least some of that gain will reverse in future periods. If we applied a 30% tax rate to the $90.7m underlying figure, we’d have a hypothetical underlying net profit after tax of about $63.5 million.

While that is a…