Key Highlights

• Revenue rose 25.6% to A$788.7 million, with operating EBITDA up 30.3% to A$164.8 million and operating EBITDA Margin improving to 20.9%.

• Operating NPAT increased 50.1% to A$47.4 million, with operating diluted EPS up 23.6% to 12.6 cents.

• The Merger integration with Capitol Health is largely complete, with A$14 million in synergies achieved.

Shares of Integral Diagnostics Ltd (ASX:IDX) closed at A$1.73 on 05 November 2026, up 1.47% on the day. The S&P/ASX 200 (XJO) advanced 2.61%, adding 230.60 points to 9,065.10, and the S&P/ASX 200 Health Care index (XHJ) rose 3.64%, gaining 1,240.30 points to 35,329.10. Overnight Wall Street gains following Democrats' decisive victory in the U.S. midterm elections boosted sentiment across global Equity markets. Integral Diagnostics is an Australian diagnostic imaging services provider operating across Australia and New Zealand, following its merger with Capitol Health in December 2024.

FY26 Financial Performance

On 25 August 2026, IDX reported results for the year ended 30 June 2026, consistent with its preliminary results released on 10 August 2026. Revenue and other income rose 25.6% to A$788.7 million. Operating EBITDA increased 30.3% to A$164.8 million, with the operating EBITDA margin expanding 80 basis points to 20.9%. Operating NPAT climbed 50.1% to A$47.4 million, while statutory NPAT was A$22.0 million, reflecting A$25.4 million in transaction, integration and restructuring costs. Operating free Cash Flow increased 30.7% to A$106.4 million, and net Debt to operating EBITDA fell to 2.3x from 2.6x.

Capitol Health Integration and Synergies

The merger integration with Capitol Health is now largely complete, with over A$14 million in synergies achieved during FY26. The organisational structure was further refined to support the combined business. Revenue from the legacy IDX Business in Australia grew 8.9% on a constant currency basis, while the legacy Capitol business grew 5.4%, reflecting lower GP attendance and referral growth. Average fees per exam in Australia increased 6.5%, driven by Medicare indexation and an ongoing shift to higher-end CT, MRI and PET scan modalities.

Dividends and Capital Management

The board declared a fully franked final Dividend of 6.0 cents per share, payable 2 October 2026, bringing total FY26 dividends to 9.3 cents per share, a 50% increase on the prior comparable period. Net debt stood at A$298.9 million as at 30 June 2026.

About Integral Diagnostics

Integral Diagnostics Ltd is an ASX-listed diagnostic imaging services provider. Following its merger with Capitol Health in December 2024, IDX operates a combined network of imaging clinics across Australia and New Zealand, offering services including MRI, CT, PET, ultrasound and general X-ray. The company also operates the IDXt teleradiology platform, which supports remote reporting capability across its network.

Sector Context

The ASX healthcare sector traded positively on 05 November 2026, with the Health Care sub-index gaining 3.64%. Diagnostic imaging services companies have benefited from Medicare indexation increases, the National Lung Cancer Screening Program and MRI de-regulation, which have expanded access and referral volumes. The sector also saw continued consolidation activity, with scale operators like IDX benefiting from synergy realisation and operational leverage.

Risks

Key risks include the dependence on Medicare funding settings and indexation, which could change with government policy. The legacy Capitol business showed lower organic growth than the IDX business, and closing that gap remains an integration priority. Foreign currency movements affect New Zealand operations. Competition from other imaging providers, changing referral patterns and radiologist workforce availability also pose considerations.

Catalysts on Watch

Near-term catalysts include continued margin expansion from Capitol Health synergies, growth in higher-value imaging modalities such as MRI and PET, expansion of the IDXt teleradiology platform, further Leverage reduction, and any additional Medicare policy changes or screening programme expansions that could drive referral volumes.

The Bigger Picture

IDX's FY26 result demonstrated the Earnings uplift from the Capitol Health merger, with operating NPAT growing 50% and the EBITDA margin expanding. The company's focus on integration completion, margin expansion and de-leveraging positions it to capture ongoing growth in diagnostic imaging demand. The pace of organic revenue growth in the legacy Capitol clinics will be a key metric to monitor going forward.