Highlights

  • FY26 Revenue rose 42% to AUD 15.8mn, while revenue has compounded at 53% annually from FY23 to FY26.
  • Resonance Health returned to full-year profitability with NPAT of AUD 1.5mn, compared with a AUD 1.7mn loss in FY25.
  • Normalised EBITDA increased 83% to AUD 2.6mn, with the Margin expanding from 13% to 16%.
  • SaMD forward orders and tendered pipeline exceeded AUD 12mn, while a AUD 13.8mn clinical trial continues invoicing into FY27.
  • FY27 guidance targets revenue of AUD 17mn to AUD 22mn and normalised EBITDA of AUD 2.6mn to AUD 3.6mn.

Resonance Health Limited (ASX: RHT) has entered FY27 from a different financial position, having returned to full-year profitability while expanding its imaging, clinical research and investigator-site businesses. The FY26 result shows a Business moving from a single revenue source towards three complementary operations, supported by recurring contracts and a growing pipeline.

FY26 Result Marks a Profit Inflection

Revenue increased 42% year on year to AUD 15.8mn, while statutory NPAT moved to a AUD 1.5mn profit from a AUD 1.7mn loss in FY25. Normalised EBITDA rose 83% to AUD 2.6mn and the margin expanded from 13% to 16%. The company also generated AUD 2.9mn of net cash from Operating Activities and AUD 2.8mn of free cashflow, with positive operating cashflow recorded in every quarter.

SaMD Pipeline Adds Visibility

The central imaging SaMD business generated AUD 7.0mn of revenue, up 34% on FY25. Forward orders and tendered pipeline exceeded AUD 12mn, supported by contract extensions and new wins with global pharmaceutical customers. Clinical-trial revenue was also lifted by Demand for GLP-1-driven metabolic and obesity-related imaging endpoints.

CRO and TrialsWest Broaden the Revenue Base

Resonance Clinical generated AUD 7.5mn of revenue, up 81%, as a major clinical trial moved through its delivery phase. The AUD 13.8mn trial reached its 60-patient recruitment target in April 2026, with invoicing continuing as study milestones are completed through FY27. TrialsWest generated AUD 4.1mn of segment revenue, while its Mandurah site was approaching breakeven in its first year.

Growth Options Extend Beyond Current Guidance

The company is progressing a non-invasive liver fibrosis SaMD product, with extended proof-of-concept recruitment completed and data analysis expected in early FY27. Its automation programme is also designed to increase SaMD capacity by 5–10 times without proportional headcount growth. The company says the fibrosis device, acquisitions and geographic expansion are excluded from FY27 guidance.

What Could Come Next for Resonance Health?

FY27 guidance calls for revenue of AUD 17mn to AUD 22mn and normalised EBITDA of AUD 2.6mn to AUD 3.6mn. The outlook assumes continued SaMD pipeline conversion, the remaining AUD 13.8mn CRO trial invoicing, and the full-year effect of TrialsWest site growth. The fibrosis device, acquisitions, geographical expansion and new TrialsWest sites are excluded from guidance, leaving these initiatives as additional potential growth avenues.