Pro Medicus Ltd (PME.AU) saw its shares plummet 21.32% during intraday trading on Thursday, hitting their lowest level in nearly two years.

The sharp decline came despite the company reporting higher fiscal first-half earnings and revenue. Pro Medicus posted earnings of AU$1.636 per share for the six months ended Dec. 31, 2025, up significantly from AU$0.4944 a year earlier. Revenue also increased to AU$128.9 million from AU$100.8 million in the same period last year.

The board declared an increased interim dividend of AU$0.32 per share, up from AU$0.25 a year earlier. However, investors appeared disappointed with the results, suggesting they may have fallen short of market expectations, leading to the substantial sell-off during the trading session.