Highlights

  • The second is the Kyra Acquisition , which completed on 29 June 2026 for net consideration of AUD 1.5 million, a multiple…
  • Also in the June quarter, Western Health signed a four-year extension with a further option year, expanding Miya Precision.
  • Total contract value signed in the June quarter reached AUD 43.2 million, taking FY26 new total contract value to a record AUD…
  • The half-year accounts to 31 December 2025 showed the shape of the turnaround earlier.

Alcidion Group has spent the best part of a decade being described as a promising Australian health-tech Business that had yet to convert clinical credibility into consistent cash. Its fourth-quarter report, lodged on 23 July 2026, went a long way toward changing that. The company posted record quarterly Operating Cash Flow of AUD 7.7 million, guided to FY26 Revenue …

Company Overview

Alcidion builds software that sits over the sprawling, often ageing systems inside public hospitals. Rather than replacing every legacy application, its platform aggregates data and surfaces it to clinicians as actionable alerts and workflow prompts.

Recent Developments

Two developments define the year. The larger is University Hospitals Sussex NHS Foundation Trust, announced on 24 May 2026, which selected Miya Precision as its new electronic patient record under a seven-year agreement worth roughly AUD 35 million, extendable to about AUD 49 million across ten years. Alcidion received a AUD 10.6 million upfront Capital licence payment in the June quarter and expected to book around AUD 8.5…

The second is the Kyra acquisition, which completed on 29 June 2026 for net consideration of AUD 1.5 million, a multiple the company put at about 2.7 times EBITDA. The deal added 31 customers, only two of which were existing Alcidion clients, and gives the company a materially stronger position in Queensland, one of the few Australian states where it had been thin. Quirke described the Assets as…

Financial Snapshot

Total contract value signed in the June quarter reached AUD 43.2 million, taking FY26 new total contract value to a record AUD 78.5 million. Operating cash flow for the full year was AUD 6.8 million, 19 % higher than FY25, with the AUD 7.7 million June quarter doing most of the heavy lifting because of the Sussex prepayment. Alcidion closed 30 June…

The half-year accounts to 31 December 2025 showed the shape of the turnaround earlier. Revenue rose 44 % to AUD 25.5 million, of which AUD 19.3 million, or 76 %, was recurring. Underlying EBITDA reached AUD 4.2 million against AUD 541,000 in the prior comparable period, and the company recorded a net profit of AUD 1.33 million versus a loss of AUD…

What to Watch

Full-year FY26 accounts are scheduled for release in the second half of August 2026 and are expected to include FY27 contracted revenue, arguably the single most useful disclosure for judging visibility. Beyond that, the Sussex implementation milestones through to the June 2027 go-live, the pace of Kyra customer integration, and whether the third UK electronic patient record reference converts into a fourth…

Risks

Revenue recognition timing is the recurring complication: large upfront licence payments flatter cash flow in one period and can leave the next looking flat by comparison. Implementation delays on Sussex, North Cumbria or Leidos would push revenue into later periods. The customer base is heavily dependent on public-sector procurement in two countries, exposing Alcidion to NHS funding decisions and Australian state health budgets. Management has also flagged early-stage Southeast Asian…

Outlook

FY26 looks like the year Alcidion's long Investment in NHS credibility began paying commercially, with Kyra a small, cheap bolt-on rather than the main event. The August accounts, and specifically the FY27 contracted revenue figure, will show whether the record year was a step change or a well-timed peak.