In the lower South Island, Abano has Lumino practices in Dunedin, Mosgiel, Invercargill, Queenstown, Wanaka, Milton, Gore and Oamaru.
For its full year to May, Abano reported record gross revenue was up 12.2% to $312.7million, earnings before interest, tax, depreciation and amortisation (ebitda) were up 10% to $34.5million, and after-tax profit was up 15.8% to $12.6million.
Included in the result was a one-off gain of $2.1million when Abano sold its 71% stake in Auckland-based radiology business Ascot Radiology.
About $42million was spent on acquisitions, which followed a successful $35million capital-raising during the year.
Abano chairman Trevor James said the company had a ''strong acquisition pipeline'', and the $35million capital raised during 2018 was supporting the accelerated growth strategy.
''It's allowing the company to take advantage of the significant market opportunity, particularly in Australia. Abano has delivered a strong result for the year and is well positioned to continue with its growth strategy,'' Mr James said.
Abano shares, which are down more than 6.5% on a year ago, were up slightly at $8.74 following the announcement, which included a final 20c dividend, taking the full year to 36c.
Forsyth Barr broker Lyn Howe said Abano's result was ''strong, and broadly in line with expectations''.
She noted the acquisition of 19 practices, with a collective annualised revenue of $NZ40million, was ahead of Abano's $NZ35million target.
She said given net debt levels were lower than a year ago, following the capital raise and Ascot Radiology sale, net debt was well below banking covenant levels ''providing ample room for further acquisitions''.
Net bank debt was around $90million, with $42million un-drawn from banking facilities.
Craigs Investment partners broker Peter McIntyre said full year 2018 was a ''big year for acquisitions'', noting the capital expenditure on purchases rose from $28million a year ago to $42million.
''This should help drive growth in full year 2019,'' he said.
