Image Plus Consultants Limited

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What it is

Image Plus Consultants Limited is Jamaica’s leading private medical imaging business, offering diagnostic X-ray, ultrasound, CT scans, MRI, mammography, nuclear medicine and interventional radiology services, all under the brand name Apex Radiology.

It runs four locations: Apex Medical Centre and Winchester Medical and Surgical Institute in Kingston, a clinic in Liguanea, and a branch in Ocho Rios on the north coast. The company was incorporated in 1996 and is based in Kingston, Jamaica.

Who owns it

The company listed on the Jamaica Stock Exchange Junior Market in January 2023 at JMD $2.00 per share. Specific controlling-shareholder names and percentage stakes are not disclosed in available open sources; the JSE top-ten shareholders filing was not publicly accessible at the time of writing.

Dr. Steven Lewis was appointed Deputy Chairman of the company effective November 1, 2024. In June 2026, the company also gave notice of share purchases by connected parties, per a filing published by Image Plus Consultants itself.

Who runs it

Kisha Anderson is Chief Executive Officer. She has been the public face of the company at every annual general meeting and in all press briefings reviewed for this profile.

No CFO name was disclosed in available sources.

Anderson has stated that the board’s position is against debt financing for major capital projects where equity alternatives exist — a posture that shaped the company’s funding strategy for several years, though it has recently shifted to accept acquisition debt where cash flows cover the repayment.

The money, in plain words

In the year to February 2026, revenue barely moved — edging up to JMD 1.092 billion (US$7.0 million, our calculation) from JMD 1.081 billion (US$7 mn) the year before — while net profit rose modestly to JMD 48.7 million (US$312,000, our calculation) from JMD 43.9 million (US$281 k). That means the company keeps about 4.5 cents of profit from every Jamaican dollar of sales — a net margin of 4.5% (our calculation), thin but recovered from a deeper squeeze two years earlier.

For context, in the year ending February 2024 the company earned JMD 224.3 million (US$1 mn) in profit — roughly five times what it earned in FY2026 — making the erosion of profitability the defining story of the past two years. The share price reflects this: shares closed at JMD 0.90 (US$0.01)in late April 2026, having listed at JMD 2.00 (US$0.01)three years earlier.

The profit squeeze has two drivers: new machines — an MRI and mammography units — added depreciation and heavy electricity costs, while the associated loans raised finance charges. Prolonged downtime of CT machines at multiple branches also cut revenue from the highest-value scan type.

At 83 staff and a market value of roughly US$7.3 million (our calculation), this is a micro-cap; the P/E of ~23x (our calculation) prices in recovery, not the present earnings level.

What it is doing now

The company’s most material recent move is an agreement to acquire the assets and brand of Island Radiology, which would extend Apex Radiology’s footprint into central Jamaica and tighten its grip on the private diagnostic imaging market. Island Radiology has been providing medical imaging services since 2003, with branches in Mandeville and Ocho Rios and an agency in Santa Cruz.

This follows an earlier deal to acquire The Woman’s Place, an imaging centre founded in 2006 that offers mammography, bone densitometry and ultrasound services. Anderson has signalled that the acquisition push is now over, with the priority shifting to performance once the Island Radiology deal is executed.

The company also recently replaced its 18-year-old nuclear medicine unit with a new SPECT scanner — a specialised imaging device that uses radioactive tracers to detect diseases such as cancer — restoring a service that had previously contributed up to 10% of revenues before equipment failure halted it in 2023.

What to watch

• Management has named the third quarter of the current financial year as the point at which both revenue and profit should show a noticeable lift from the Island Radiology operations. That is the first hard test of the acquisition thesis.
• Government-funded referrals have been cut by Jamaica’s regional health authorities, a headwind that has already clipped quarterly revenue by nearly 9%. How much of that gap private-pay and insurance volumes can fill is an open question.
• A new flagship diagnostic centre at 33 Lady Musgrave Road, St Andrew — a joint venture with Ripton Real Estate — is expected to modernise the company’s Kingston offering and replace the Winchester Road location. Construction progress and cost discipline will matter.
• Dividend payments, kept conservative during heavy capital spending, are back on the agenda; Anderson has committed to “saying something” on dividends in the current financial year.

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This is news, not investment advice.