Key Highlights

  • Estimated September quarter Revenue was US$1,028K, up 38% on the June quarter, though unaudited and non-IFRS.
  • Productive Care Coordinators reached 32, with 39 employed and a target of 115 by Q1 2027.
  • Care Coordinator utilisation was 88.5% at the September exit against a 95% objective.
  • The company has not given a date for operational break-even.

Vitasora Health Limited (ASX:VHL) (OTCQB:VHLUF) has released an October 2026 market update and investor presentation for its US remote patient monitoring (RPM) and chronic care management (CCM) services. The update says the operating model is built and that growth is now increasingly driven by adding productive Care Coordinators. Most figures are unaudited management estimates stated in US dollars.

Revenue Estimates

Estimated revenue for the September quarter was US$1,028K, up 38% on the June quarter figure of US$745K, and up 24% excluding a US$105K one-off item. Fee-for-service Medicare revenue was estimated at US$743K, up 32%, with September alone estimated at US$284K. The company stresses that, from April 2026, these figures are management estimates drawn from care-activity records and management accounts, that they are unaudited non-IFRS measures subject to reconciliation, and that they may differ materially from accounting revenue. A 13% allowance is applied to the value of recorded care minutes for minutes that fall outside Medicare billing thresholds.

The September exit rate, an average of four days from 25 to 30 September plus an assumed US$2,000 of RPM revenue, was about US$17.4K a day, which the company equates to US$382K a month or US$1,327K a quarter including its call-centre revenue. It labels these exit rates illustrative and not forecasts. The audited FY26 operating revenue, lodged on 28 August 2026, was A$4.29 million.

Capacity and Utilisation

There were 32 productive Care Coordinators at the September exit, with 39 employed including those in training. The company plans 48 by late Q4 2026 and targets 115 by Q1 2027, supported by dedicated recruitment. Utilisation of the 360-minute daily target was 88.5% at the exit across all care types, against an objective of 95%, although a summary slide cites 90% or more. Utilisation per coordinator was 53.1% in the June quarter. CCM-program care minutes were 339,000 in the September quarter, up 44% from 236,000, and care minutes per Business day rose from 2.9K in April to 8.3K in September, with an exit of 10.5K.

Patients and Revenue per Patient

Enrolment activity totalled 1,596 in the September quarter, made up of 194 in July, 648 in August and 796 in September. July reflects a pause in onboarding at one large client, and all activity came from existing clients' patients. The company quotes a pace of 2,388 a quarter by multiplying September by three, which is a pace and not achieved enrolments. It estimates 2.13 care billing codes per qualifying patient in the September quarter, against an original planning assumption of about two, on a modelled basis.

Clinical Evidence and Limits

At one partner primary care practice, systolic blood pressure fell by 8.5 points on average, and 303 of 435 patients ended below 140. The company notes that the data is observational, comes from one practice, has no comparison group and does not capture medication changes. Estimates of stroke risk reduction and avoided costs are modelled from published research and were not measured at the practice.

Break-Even Definition

The company defines operational break-even as the point at which estimated revenue plus call-centre revenue covers US operating costs, excluding the call-centre contract shortfall and before Australian corporate costs. It says this differs from the monthly Cash Flow break-even target in its Appendix 4C. The update sets out the steps toward break-even, including sustaining a higher daily rate for a full month, but gives no date, and it does not report operating costs or cash.

Where the Update Leaves the Company

The update shows rising care minutes, enrolments and estimated revenue alongside a larger productive workforce, but the revenue figures are unaudited estimates, the exit rates are illustrative, and the company has not given costs, cash or a break-even date. Reconciled results, utilisation as new coordinators join and the pace of enrolment from existing clients will show whether the capacity-led model reaches its stated objective.