Healthcare

• Underlying net profit fell 22% to $322.4 million, from $414.5 million in FY2025, landing at the top of revised guidance.

• TheInterim Dividendwas lifted 6.3% to 42.5 cents fully franked, a payout of about 60% of underlying earnings.

The headline asks whether the market is underestimating the story; the FY26 result offers a concrete basis to judge.

The stock is watched because it is progressing a differentiated asset through clinical development, where each trial milestone can materially reshape theInvestmentcase.

With its first full year of commercialisation now behind it, investors are focused on a simple question: is the ramp in prescriptions and revenue the start of a durable inflection, or a slower grind than the early enthusiasm implied?

During 2026 ImpediMed raised additionalCapitalto fund the continued rollout of the SOZO platform, aPlacementand share purchase plan the company said would strengthen itsBalance Sheetas it drives toward breakeven. Its fourth-quarter FY26 update pointed toRevenuegrowth, expanded reimbursement coverage and an improved cash position, though market …

The headline asks whether the market is underestimating the story. Answering it honestly requires weighing a significant clinical setback in 2026 against the breadth of the wider programme.