After more than 30 years at the helm, Image Plus Consultants Limited (IPCL), which operates under the Apex Radiology brand, is preparing for a generational handover at the top — a move the company says is intended to secure stability while unlocking its next stage of expansion.
Founder and Chairman Dr Karlene McDonnough will relinquish the chair on February 28, 2026, closing a chapter that began with the company’s earliest days as a private imaging practice and extended through its transformation into a publicly listed healthcare provider with annual revenues now exceeding $1 billion.
While stepping aside from the chairmanship, McDonnough will remain deeply embedded in the business. She will continue as an executive director on the board and retain responsibility for nuclear medicine services as the company’s lead consultant radiologist.
In a formal notice to shareholders, the board described her tenure as foundational to the company’s culture and clinical credibility, crediting her with building both the technical base and institutional discipline that underpin the group today.
Taking over the chair on March 1, 2026 is Dr Steven Lewis, a long-serving consultant radiologist whose history with the organisation spans more than two decades. Lewis has worked with IPCL since 2003, joined the board in 2010, and has served as deputy chairman since late 2024 — positioning him as a continuity candidate rather than a strategic outsider.
The leadership transition unfolds against a complex operating backdrop. In the third quarter ended November 30, 2025, IPCL delivered its strongest quarterly revenue performance for the current financial year, recording $277.2 million, even as Hurricane Melissa disrupted clinic operations and reduced patient traffic in several locations.
For the nine months to date, however, revenues softened to $803.3 million, reflecting weaker scan volumes and weather-related interruptions. Profit before tax declined year-on-year to $33.1 million, though management pointed to disciplined expense management and resilient gross margins as evidence of underlying operational stability.
Alongside the leadership shift, the company has continued to advance its acquisition strategy. During the quarter, IPCL completed the purchase of the diagnostic imaging operations of The Woman’s Place for just under $70 million, expanding its footprint into specialised women’s imaging and mammography services. The new unit accounted for more than eight per cent of total scan volume within its first full month, an early signal of its earnings potential.
Balance sheet adjustments from the transaction included the recognition of nearly $50 million in intangible assets, reflecting brand value, patient relationships, and specialised operating rights tied to the acquisition.
Management has indicated that this will not be the final deal in the current growth cycle. A second acquisition is under review and is expected to be announced before the end of the 2026 financial year. In parallel, construction of the 33 LMR facility continues, with commissioning targeted for 2026 to increase capacity and reduce bottlenecks in high-demand service lines.
With a founder transitioning into a stewardship role, a long-serving insider assuming the chair, and expansion activity accelerating, Apex Radiology enters its next phase balancing institutional memory with a deliberate push toward scale. The strategy signals a company intent on preserving clinical leadership while building the infrastructure required for a more competitive, data-driven healthcare market.
