Proteomics International Laboratories Ltd (ASX:PIQ), trading as Proteomics International and forming part of the PILL Group, is a Perth-based medical technology company specialising in precision diagnostics through proteomics — the industrial-scale study of protein structure and function. The company has developed a portfolio of blood-based diagnostic tests under the Promarker® brand, targeting conditions including diabetic kidney disease, oesophageal cancer risk, and endometriosis. Proteomics International is now entering the commercialisation phase through a national distribution agreement with Healius Limited.

What the Company Does

Proteomics International develops proprietary blood-based diagnostic tests using proteomic biomarker analysis. The Promarker® portfolio currently consists of three products: Promarker®D, which assesses risk for diabetic kidney disease up to four years before clinical symptoms appear; Promarker®Eso, which assists in ruling out oesophageal cancer in patients with chronic reflux; and Promarker®Endo, which assists in the diagnosis of endometriosis.

The company's Business model involves laboratory-based testing at its Perth facility, with specimen collection and distribution handled through pathology distribution partners. This model allows Proteomics International to focus on laboratory science, quality, and clinical reporting while leveraging established pathology infrastructure for patient access.

The agreement with Healius Limited — Australia's largest private pathology provider with approximately 1,900 collection centres nationwide — establishes the commercial distribution pathway for Promarker® tests across Australia, providing access to primary care and specialist referrers through established pathology infrastructure.

Financial and Operational Performance

According to Proteomics International's ASX announcement dated 14 September 2026, the company commenced the controlled market release of Promarker®D and Promarker®Eso in Western Australia and the Northern Territory under its exclusive pathology distribution agreement with Healius.

Australian patient pricing has been initially set at A$495 for Promarker®D and A$997 for Promarker®Eso. The tests will initially be available on a private-pay basis, meaning patients or healthcare providers pay directly without government reimbursement. The controlled release in WA and NT is designed to support operational and systems readiness ahead of national rollout.

Broader commercial sales are expected to follow in Q2 FY27, subject to successful completion of implementation activities. The Promarker®Endo assay refinement activities are progressing, with the next clinical milestone subject to successful completion of a validation program. Revenue that may be generated under the distribution agreement cannot be reliably estimated at this stage given the early commercialisation status of the portfolio.

Key Factors Shaping the Business

The Healius distribution agreement is the foundational commercial enabler for Proteomics International. With approximately 1,900 collection centres nationally and established relationships with GPs and specialists, Healius provides access to the primary care referral ecosystem that will drive test ordering. The exclusive nature of the distribution agreement protects Proteomics International's commercial access through this channel.

Private-pay pricing at A$495 (Promarker®D) and A$997 (Promarker®Eso) reflects the specialised, clinically informative nature of these tests. At these price points, both tests would need to demonstrate meaningful clinical Utility and patient outcomes to justify the cost relative to standard pathology tests. Government reimbursement through the Medicare Benefits Schedule would materially expand the addressable patient population and the company has indicated it is pursuing reimbursement strategies in parallel.

The staged rollout — beginning with WA and NT before national expansion — provides the company with an opportunity to identify and address operational and systems issues before scaling nationally. Lessons from the controlled release will inform the national launch expected in Q2 FY27.

Risks and What to Watch

Revenue generation is at a very early stage and cannot be reliably estimated. The commercial success of the Promarker® portfolio will depend on the rate of adoption by clinicians and patients, the effectiveness of the distribution Partnership with Healius, and the company's ability to demonstrate clinical value through real-world use. Private-pay uptake for diagnostic tests without government reimbursement is typically limited by patient willingness to pay.

Reimbursement is a critical pathway to broader commercialisation. Without Medicare Benefits Schedule listing or health insurer coverage, the addressable market for Promarker® tests is restricted to patients who can and will pay privately. The timeline and outcome of reimbursement applications are uncertain and can be lengthy.

Promarker®Endo remains in the validation phase, with the next clinical milestone subject to completing the validation program. The timing of Endo's commercialisation adds a third product opportunity but also represents ongoing development expenditure without near-term revenue contribution.

Key Takeaways

Proteomics International commenced the controlled market release of Promarker®D and Promarker®Eso in WA and NT on 14 September 2026 through its exclusive national distribution agreement with Healius. Tests are initially available on a private-pay basis at A$495 (Promarker®D) and A$997 (Promarker®Eso). National commercial rollout is expected in Q2 FY27 subject to implementation completion. Promarker®Endo validation continues in parallel. Revenue cannot be reliably estimated at this stage. The key metrics to monitor are the uptake of tests in WA and NT, the pace of national rollout, and the progress of reimbursement strategies that would broaden the addressable market.