Highlights

  • Adheris Health lifted September quarter revenue to US$6.4m, up 60.5% on the June quarter's US$4.0m.
  • Gross margin reached 45.2%, compared with 42.4% a year earlier and 35.5% in the previous quarter.
  • GLP-1 programmes made up 19% of quarterly revenue, up sharply from 6% in the prior corresponding period.
  • Cash closed at US$3.52m, and management views the 1.14-quarter funding runway as temporary, not a confirmed outcome.

US$6.4m. That is what Adheris Health (ASX:AHE) booked in the September 2026 quarter, a 60.5% jump on the quarter before. Margins widened, GLP-1 programmes surged and the pharma engagement specialist changed both its reporting currency and its year-end, yet cash fell to US$3.5m. Here is how the numbers stack up.

Revenue and margin step up

Adheris runs patient engagement and medication adherence programmes for pharmaceutical companies. In its quarterly activities report and Appendix 4C for the three months to 30 September 2026, it reported revenue of US$6.4m. That was up 1.6% on the US$6.3m of the prior corresponding period.

Gross profit was US$2.9m, up 8.4% on a year earlier. Gross margin was 45.2%, against 42.4% a year ago and 35.5% in the previous quarter, while underlying product margin was 52.2%.

The company pointed to out-of-cycle bookings, customer win-backs, programme buy-ups and add-ons, lower platform costs and better programme execution. It also changed its functional currency from Australian to US dollars from 1 July 2026 and moved its financial year-end from 30 June to 31 December. A six-month transitional period, 1 July to 31 December 2026, will be reported.

Cash flow and liquidity

Net operating cash outflow was US$3.08m, which management said was in line with its expectations. A year earlier the outflow was US$1.4m. Receipts from customers were US$3.20m, against US$7.6m in the prior corresponding period when translated from Australian dollars.

Management attributed the fall to lower opening receivables, longer collection cycles as its agency channel grew, and the absence of Australian receipts. Cash at 30 September was US$3.52m, down from US$6.56m at the start of the quarter.

There are no loan or other financing facilities, drawn or undrawn. On the Appendix 4C calculation, estimated funding runway is 1.14 quarters. Management said it expects that to be temporary because the quarter included timing-related payments. It does not expect to need additional funding and believes current resources and expected operating cash flows are sufficient. That is a management view, not a confirmed outcome.

Programme mix and pipeline

GLP-1 programmes made up 19% of revenue, against 6% a year earlier. Specialty medicines made up 22%, against 17%, while general medicines stayed the largest category at 39%.

More than half of the value of the calendar 2027 pipeline sits in higher-margin THRiV and digital engagement programmes, compared with 32% of financial 2026 revenue. As at 23 October 2026, that pipeline held about 110 opportunities across more than 40 clients and almost 90 brands. No single programme or brand exceeds 10% of pipeline value, and about half of the value is in seven-figure programmes. Since 21 August, opportunities rose 17.2%, total value 14.1% and weighted value 25.1%.

A top-five pharmacy partner completed technology integration and launched its first digital programmes, and a contract was signed for the first programme using the AI Patient Concierge. A large pharmacy partner will discontinue sponsored programmes from 1 January 2027, reducing patient reach, though management said budgeted financial 2027 revenue is unaffected. No numerical guidance was given.

Corporate matters and risks

Alison Hale became chief financial officer on 1 September 2026, succeeding Sean Slattery. The first of three possible earn-out payments from the July 2025 sale of the Australian and New Zealand business to Jonas is close to being finalised, with a separate announcement to follow once the amount is agreed.

Mindsprint Pte. Ltd. has filed a claim against Adheris LLC in the US District Court for the Southern District of New York, announced on 31 July 2026, seeking at least US$2.3m plus costs. The company disputes the claim, intends to defend it and cannot reliably quantify any financial impact at this early stage.

Next milestone

The annual general meeting is scheduled for 18 November 2026 at 9.30am AEDT in Sydney, with online participation available. Management said it will give a pipeline update there.