Key Highlights

  • Statutory profit after tax fell to $34,728 from $4.0 million in FY25, a decline of 99%
  • Consolidated Revenue was steady at $10.3 million, up 0.4% on FY25's $10.2 million
  • Cardio revenue rose 31% to $5.9 million and now accounts for 57% of group revenue
  • EBITDA turned positive at $0.14 million, with adjusted EBITDA up 49% to $0.27 million

BTC Health Ltd (ASX:BTC) reported statutory profit after tax of $34,728 for the financial year ended 30 June 2026, sharply down from $4.0 million in the prior year. The decline reflects a large non-cash gain on investments recorded in FY25 that was not repeated at the same scale in FY26, with the current year's gain on investments of $433,135 compared with $4,646,820 a year earlier, a fall of 91%.

Consolidated Revenue Holds Steady

On a consolidated basis, which includes BTC's investee companies, revenue was largely unchanged at $10.3 million against $10.2 million in FY25, an increase of 0.4%. Gross Margin improved slightly to 42.5% from 42.2%, while operating expenses were reduced by 2% to $4.2 million. EBITDA turned positive at $0.14 million, compared with breakeven in the prior year, and adjusted EBITDA rose 49% to $0.27 million.

Cardio Franchise Drives Growth

Cardio product revenue increased 31% to $5.9 million and now represents 57% of group revenue, up from 44% in FY25. This was supported by a full year of Corcym heart valve sales, which grew 91% to $2.3 million, the introduction of cardiopulmonary bypass cannulas contributing $0.7 million in their first year, and 20% growth in PEARS aortic root support implants to $1.10 million. These gains were partly offset by lower Eurosets ECMO revenue, which fell to $1.60 million from $2.29 million, reflecting delays in public hospital purchase order timing.

Other Product Lines Under Pressure

Infusion pump revenue declined 35% to $1.92 million as the company continued transitioning customers from its discontinued ambIT pumps to Micrel and Elasto-Q devices. Neurospinal product revenue fell 9% to $1.39 million, and pharmaceutical product revenue declined 13% to $1.10 million, with the latter attributed to increased competitive pressure affecting Bronchitol sales.

Balance Sheet Position

The company completed a $1.96 million share Placement in December 2025, and group cash reserves closed the year at $2.1 million, up from $1.3 million in FY25. Company net Assets rose to $11.2 million at 30 June 2026 from $9.2 million a year earlier.

FY27 Priorities

Looking to FY27, BTC Health said its priorities include converting its ECMO evaluation pipeline into public hospital contracts, increasing utilisation of its Perceval Plus heart valve, completing the infusion pump conversion program, and expanding its neurospinal and pharmaceutical product offerings while maintaining its reduced cost base.

Conclusion

BTC Health's FY26 result shows a marked decline in statutory profit driven by the absence of the large Investment gains recorded in the prior year, even as underlying operating performance improved, with EBITDA turning positive and cardio products expanding their share of group revenue. The company enters FY27 with an improved cash position and a stated focus on converting its ECMO pipeline and completing its infusion pump transition.