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Singular Health Group (ASX: SHG) has signed a memorandum of understanding with Florida International University to build and run a medical imaging data repository for Florida’s Medicaid program.
Singular Health’s share of the funding is about A$3.5 million. For context, the company reported A$1.43 million of revenue for all of FY26.
The MOU is non-binding, and the two parties still need to sign definitive agreements. Here’s what the announcement says.
What was announced
The State of Florida has appropriated US$3.0 million (about A$4.17 million) to Florida International University for FY2026-27 to build a Medical Imaging Data Repository. Under the MOU, Singular Health would design, deliver and operate it using its 3DICOM® platform.
The funding is proposed to split about 85% to Singular Health, around US$2.55 million or A$3.5 million, and about 15% to the university, which handles governance and funding compliance.
The MOU is non-binding, except that both parties are legally bound to enter into definitive agreements based on the minimum terms set out. Payment would come in tranches and milestones still to be agreed, with the full amount paid no later than 30 June 2027, subject to completing delivery.
A few other terms worth knowing:
- The agreement would be signed by Singular Health’s wholly owned US subsidiary. It sits outside the company’s joint venture with PNS, so all of the revenue is allocated to Singular Health.
- Singular Health keeps 100% of its platform intellectual property, including 3DICOM®, the repository technology, its Gateway and its MFTP transfer technology.
- For five years from execution, any Singular Health project in Florida involving Medicaid members must be undertaken with the university as partner. Commercial and non-Medicaid work in Florida, and all work outside Florida, is unaffected.
- The funding is a single-year appropriation and lapses if it isn’t spent by 30 June 2027.
What it’s worth
Singular Health’s share, about A$3.5 million, is roughly 2.5 times its FY26 revenue of A$1.43 million.
It’s also about three times the annual contracted value of its largest existing customer agreement. Until now, Singular Health has sold 3DICOM® in the US mainly as annual per-physician licences at US$800 per physician per year. Its largest agreement, with PNS, covers around 1,000 licences, or roughly US$0.8 million a year.
The company says this would be its first contracted revenue from infrastructure and repository delivery rather than licensing, and the first time a US state has funded 3DICOM® as infrastructure rather than licensing it to individual provider networks.
Singular Health expects to recognise its share in FY27 and to deliver the project primarily with its existing team, which it says would significantly improve operating cash flow.
The appropriation covers one year only. The university and Singular Health say they intend to seek annual follow-on funding, broadly comparable to or potentially greater than the initial amount, though that would depend on successful delivery and on future State budget, university and regulatory approvals.
What the repository actually does
Medical imaging records are scattered. A scan taken at one hospital often can’t be found or shared by the next provider, so it gets repeated. That costs money, delays diagnosis and, for scans like CT, means radiation a patient didn’t need.
The repository is meant to be a common connection point. Built on Singular Health’s 3DICOM® platform and its MFTP transfer technology, it’s designed to let authorised providers serving Florida Medicaid beneficiaries locate, access, view and share imaging that already exists, wherever the scan was originally done.
It’s designed to meet HIPAA requirements. HIPAA is the US federal law that governs the privacy and security of patient health information.
Florida runs one of the largest Medicaid programs in the United States, with around 3.4 million enrollees as at April 2026. Worth being precise here: the initial project covers a defined pilot population, not all 3.4 million. The plan is to expand in stages.
Delivery is expected to run through three phases, with completion by 30 June 2027 or earlier.
- 1Platform foundationDesigning the repository infrastructure and security architecture, and integrating the initial data sources.
- 2Program readinessSelecting the pilot population and the evaluation methodology, and clearing regulatory, privacy, data governance and institutional approvals.
- 3Clinical and economic validationRunning the pilot itself and assessing clinical, operational and economic outcomes against agreed success measures.
What else we know
Phase 3 is the part the company is pointing at. It’s a validation pilot designed to measure whether shared imaging access reduces duplicate scans in a Medicaid population, and what that saves. Singular Health says that evidence is what health plans and other state programs would look at before making their own purchasing decisions, and that it also underpins a proposed savings-share model, where the company would take a share of payer-verified savings.
The underlying data will be owned by the State of Florida. Singular Health says it expects to be able to use the resulting success metrics when it talks to health plans and other state programs.
On whether the model can be repeated elsewhere, the company says the repository is being built on interoperability standards and cloud architecture intended to support later deployments without rebuilding the core platform, and that repeatability will only be demonstrated by a second deployment.
What’s still to be settled
- The definitive binding agreements and the Statements of Work.
- The milestone schedule, and therefore when payments land inside FY27.
- The size of the pilot population.
- Any funding beyond FY2026-27.
The company says it will keep shareholders informed of material developments as the project progresses, including completion of the Statements of Work and execution of the definitive agreements.
Common questions
What does Singular Health do?
It’s a Western Australian medical technology company listed on the ASX. Its 3DICOM® software lets patients and practitioners view, share and communicate medical imaging data. Its 3DICOM MD® product is cleared for diagnostic use in the United States.
What is Medicaid?
A United States public health program that provides coverage to people on lower incomes. Medicaid and the Children’s Health Insurance Program together cover around 73.9 million people nationally, including about 66.7 million Medicaid enrollees.
Is the A$3.5 million guaranteed?
No. It’s the proposed allocation under an MOU that is non-binding except for the obligation to negotiate definitive agreements. Payment also depends on delivery milestones that haven’t been set yet.
Is this recurring revenue?
Not as it stands. The appropriation covers one year and lapses on 30 June 2027 if unspent. The company and the university say they intend to seek annual follow-on funding, but that isn’t assured.
When would the revenue show up?
Singular Health expects to recognise its share in FY27, as the project is delivered.
Does Singular Health have to share the money with its joint venture partner?
No. The agreement would be entered into by Singular Health’s wholly owned US subsidiary and sits outside the PNS joint venture. All of the revenue is allocated to Singular Health.
References
- Singular Health Group Limited, ASX announcement, “SHG signs MOU for Florida Medicaid imaging repository”, 29 September 2026.
- State of Florida, General Appropriations Act, FY2026-27, Chapter 2026-232, Laws of Florida, Specific Appropriation 152 (HF 2650 / SF 2832).
- Centers for Medicare & Medicaid Services, “April 2026 Medicaid & CHIP Enrollment Data Highlights”, Medicaid.gov.
All figures are drawn from the company’s announcement on 29 September 2026. Currency conversions are the company’s own.
