Jamaica’s premier diagnostic imaging provider, Image Plus Consultants Limited operating as Apex Radiology, has commenced a meticulously planned leadership transition after three decades under its founding leadership. This strategic move aims to ensure operational continuity while propelling the publicly-traded healthcare enterprise into its next growth chapter.
Dr. Karlene McDonnough, the visionary founder and longstanding Chairperson, will step down from her executive leadership position effective February 28, 2026. Her remarkable tenure witnessed the company’s evolution from a private startup to a Jamaica Stock Exchange-listed healthcare powerhouse currently generating annual revenues surpassing $1 billion. While relinquishing her chairmanship, Dr. McDonnough will maintain her board presence as an executive director and continue providing specialized expertise as lead consultant radiologist for nuclear medicine services.
The corporate transition announcement expressed profound gratitude: “The entire IPCL family wishes to convey our heartfelt appreciation to Dr. McDonnough for her vision, unwavering support, and selfless leadership over the years. We extend our warmest wishes for God’s abundant blessings as she begins her well-earned semi-retirement.”
Assuming the chairman role effective March 1, 2026 will be Dr. Steven Lewis, currently serving as deputy chairman since November 2024. With over two decades of institutional knowledge dating back to his initial joining as consultant radiologist in 2003 and board membership since 2010, Dr. Lewis brings extensive operational and governance expertise to the leadership position.
This leadership evolution occurs amidst both operational challenges and strategic expansion initiatives. Recent quarterly results reveal resilient performance with Q3 FY2026 revenues reaching $277.2 million—the strongest quarterly achievement thus far in the financial year—despite operational disruptions from Hurricane Melissa that reduced patient volumes, particularly in regions outside Kingston.
Nine-month financials show revenues of $803.3 million, reflecting a 3.9% year-over-year decrease, while pre-tax profits declined to $33.1 million from $41.6 million in the comparable prior period. Management attributed these contractions to reduced scan volumes and hurricane-related impacts, though strategic cost containment measures helped maintain stable gross margins and modestly reduced administrative expenses.
Concurrently, the company has advanced its expansion strategy through the $69.8 million acquisition of The Woman’s Place diagnostic imaging operations. This transaction, comprising 75% cash payment with remainder deferred until October 2026, establishes Apex Radiology’s specialized mammography services platform. The acquired unit already contributed over 8% of total scan volume within its first operational month, with intangible assets valued at $49.4 million recognized through this acquisition.
Future growth remains prioritized, with management indicating advanced negotiations for a second acquisition anticipated to be finalized in Q4 FY2026. Concurrently, the ongoing construction of the 33 LMR facility promises enhanced operational capacity and improved patient throughput upon completion in 2026.