FY26 Full Year Results & FY27 Guidance Investor Presentation
Released
Released
Announcement PDF
1
1
Andrew Harrison, CEO
Benjamin Carruthers, CFO
FY26 Full-Year Results
August 28th 2026
01
Why Resonance &
Highlights
Why Resonance - Why Now & FY26 Highlights
ASX : RHT
I N T H I S S E C T I O N
3 The Business
4
5 Why Resonance – Why Now
6 FY26 Highlights
2
Global Reach – Blue Chip Customers
3
Resonance Health specialises in providing central imaging services (SaMD), contract research organisation services (CRO) and investigator site services
(TrialsWest) to global pharmaceutical and biotechnology companies, hospitals and radiology centres.
Central Imaging Vendor
SaMD · Resonance Imaging
Analysis of MRI images to non-invasively measure
liver iron, cardiac iron and liver fat, & other.
Contract Research Organisation
Resonance Clinical
Local Clinical Research Organisation (‘CRO’)
offering end-to-end management of clinical trials
in Australia.
Investigator Sites
TrialsWest
Identification, recruitment and day-to-day
management of participants during the conduct
of clinical trials.
VAT, SAT, MRE
The Resonance Business
4
With a history in Iron measurement (“FerriScan®”) and a strong future in Metabolic disease
48
Countries
400+
Active sites
110,000+
Analyses completed
BLUE-CHIP CUSTOMER BASE
LARGE GLOBAL REACH
Map icons indicate our worldwide imaging locations — Used in 400+
locations · 40+ active clinical trials
Global Reach – Blue Chip Customers
5
Why Resonance Health – Why Now
Macro tailwinds. Three complementary businesses. All profitable. All growing. Fully aligned.
✓ Profitable & cash-generative – today
FY26 delivered: $15.8M revenue and $2.6M normalised EBITDA at a 16% margin, with positive operating cashflow in every
quarter.
✓ Contracted revenue across all three businesses
$13.8M CRO trial invoicing continues into FY27; SaMD contracts across on 1–4 yr terms; TrialsWest 20+ active trials. Visible,
forward order and bid book.
✓ Three tailwinds are structural – not cyclical
Liver disease prevalence is rising. MASH therapies approved and multiplying. GLP-1 trial volumes growing annually. RHT is
well placed to leverage these tailwinds for growth.
✓ Record pipeline; margin expansion path clear
SaMD order & bid pipeline >$12M. Multiple new CRO opportunities. GLP-1 endpoints now commercial. Operating leverage
already proving out.
✓ Upside not in guidance – pure optionality
Liver Fibrosis device (FY27+), new TrialsWest sites, geographic expansion, targeted acquisitions – all incremental to
guidance.
53%
Revenue CAGR
FY23 → FY26
$40B+
Total addressable
Market#
20yr+
Industry
experience
¹ Market sizes – Mordor, FactMR, Research and Markets, Straits Research, plus RHT-derived estimates.
6
FY26 Full-Year Highlights
ü Full-year revenue of $15.8M up 42% on FY25. FY23 to FY26 revenue compounded annual growth rate (CAGR) of 53%.
ü Return to full-year profitability: net profit after tax of $1.5M, a $3.2M turnaround on the FY25 loss of $1.7M.
ü Normalised EBITDA* of $2.6M up 83% on FY25, at a 16% margin (FY25: 13%).
ü Record cash receipts from customers of $14.3M, with positive operating cashflow in all four quarters of FY26.
ü Cashflows from operating activities (receipts from customers less supplier payments) of $2.3M up 97% on FY25 and net cash provided by
operating activities of $2.9M (after interest, grants, income tax etc).
ü Free cashflow of $2.8M up 148% on FY25, at 109% conversion of normalised operating EBITDA.
ü ASX confirmed the Company is no longer required to lodge quarterly reports under Listing Rule 4.7B, reflecting sustained financial
performance.
ü Major clinical trial worth $13.8M achieved its 60-patient recruitment target in April 2026; invoicing continues as patients reach study
completion milestones through FY27.
ü SaMD forward orders and tendered pipeline now exceed $12M, with multiple contract extensions and new wins secured during the year.
ü Third TrialsWest site opened at Mandurah in July 2025, performing ahead of expectations and approaching breakeven in its first year.
ü Cash at bank of $4.8M at year end, and net cash of $2.3M (net of $2.5M bank debt), up from $0.1M at FY25.
*Normalised EBITDA = statutory net profit/(loss) - (R&D tax credit, FX gain) + (depreciation, amortisation & net interest expense, share based payments, and one-off restructuring
& transaction costs). FY25 comparative as published includes unearned income adjustment to better reflect underlying performance.
02
Tailwinds
The macro forces driving demand — and how each business is aligned
I N T H I S S E C T I O N
8 The Three Tailwinds
7
8
Three Tailwinds Driving the Business
Three independent macro forces are converging – each accelerating demand for the exact capabilities Resonance Health has spent 20+ years building.
01
Liver Disease Prevalence
A global epidemic driving diagnostic volume 1.5B+
People living with
chronic liver disease
20%+
Of global population
affected
58M+
New Chronic Liver Disease
(CLD) cases / year
MASLD/NASH affects ~1 in 4 adults globally. Rising metabolic syndrome creates structural demand for liver diagnostics
at every level – screening, trial enrolment, and monitoring.
▶ Every RHT service – SaMD’s, CRO trials, TrialsWest sites –
serves a patient population growing year on year.
02
MASH Diagnostics Demand
Two FDA-approved therapies. One bottleneck: the
biopsy.
$23B
2026 hepatic
fibrosis market
$40B+
Liver disease
diagnostics market
2024
Year MASH therapies
began FDA approval
Resmetirom (2024) and semaglutide (Aug 2025) are FDA-approved for MASH with fibrosis. Every patient needs
diagnostic confirmation and monitoring.
▶ RHT's SaMD portfolio, MASLD/MASH CRO expertise, and
Liver Fibrosis device are direct answers to this bottleneck.
03
GLP-1 Trial Explosion
Trials need liver fat, fibrosis, VAT/SAT and body-
composition endpoints
6+
Major GLP-1 agents
in late-stage trials
FY27+
Liver fibrosis
commercial upside
MRI
Regulator-preferred
body composition
Semaglutide, tirzepatide, retatrutide and successors expanding into MASH, HFpEF, CKD and obesity. Regulators
increasingly require MRI-based body composition to validate quality-of-weight-loss.
▶ RHT's SaMD endpoints, CRO capability and TrialsWest sites
collectively serve every layer of this demand.
¹ Market sizes – Mordor, FactMR, Research and Markets, Straits Research, plus RHT-derived estimates.
03
Financial Results
FY26 Full Year Financial Results
I N T H I S S E C T I O N
10 Business Transformation Delivering
11 Revenue Growth FY23 to FY26
12 FY26 Operating EBITDA Bridge
13 Cashflow
14 Free Cashflow Bridge
15 P&L FY25/26
16 Balance Sheet FY25/26
9
10
Business transformation delivering
*Normalised EBITDA = statutory net profit/(loss) - (R&D tax credit, FX gain) + (depreciation, amortisation & net interest expense, share based payments, and one-off restructuring & transaction
costs). FY25 comparative as published includes unearned income adjustment to better reflect underlying performance.
11
Revenue Growth – FY23 to FY26
ü Revenue growth across the 3 businesses
ü Capturing a greater share of wallet with $3M in intercompany spending means that earnings are retained.
12
FY26 Normalised EBITDA* Bridge
*Normalised EBITDA = statutory net profit/(loss) - (R&D tax credit, FX gain) + (depreciation, amortisation & net interest expense, share based payments, and
one-off restructuring & transaction costs). FY25 comparative as published includes unearned income adjustment to better reflect underlying performance.
13
ü Net cash from operating activities of $2.9M, more than double FY25.
ü Free cashflow of $2.8M, at 109% conversion of normalised operating EBITDA.
ü Maintenance capex under $0.1M - the model is not capital intensive.
Cashflow Metrics (Mill) FY26 FY25 Change $ Change %
$M
Normalised Operating EBITDA* 2.6 1.4 1.2 83%
Cashflows from operating activities** 2.3 1.2 1.1 97%
Net cash from operating activities 2.9 1.2 1.6 131%
Net interest (0.2) (0.2) 0.0 (5%)
Capex - Maintenance 0.1 0.1 (0.0) (23%)
Free Cashflow*** 2.8 1.1 1.7 148%
Free Cashflow/ Normalised Operating EBITDA*
109% 81% 28.0% 35%
Cashflow – FY26 v FY25
*Normalised Operating EBITDA = Statutory Net Profit/(Loss) – (R&D tax Credit, FX gain) + (Depreciation, amortisation & net interest expense, share based payments, one-off restructuring & transaction costs). FY25
comparative as published (includes +$1.8M unearned income adjustment).
** Cashflows from operating activities = receipts from customers less payments to suppliers and employees. Net cash from operating activities is after net interest, grants and income tax.
*** Free cashflow = net cash from operating activities ($2.9M) less maintenance capex; equivalently operating cashflow before net interest ($3.1M) less net interest and maintenance capex – see FY26 Free Cashflow Bridge.
14
FY26 Free Cashflow Bridge
1 Operating cashflow before net interest ($3.1M) = cashflows from operating activities + grants + income tax. Less net interest of $0.2M, this equals net cash from operating activities of $2.9M per
the Consolidated Statement of Cash Flows; less maintenance capex of $0.1M, free cashflow of $2.8M.
15
ü 42% revenue growth year on year,
and a return to full-year profitability
with net profit after tax of $1.5M.
ü Normalised EBITDA margin
expanded from 13% to 16% -
operating leverage is now showing
in the result.
ü Incremental EBITDA margin of
~25% on FY26 revenue growth
from operating leverage.
ü Employee costs fell from 51% to
41% of revenue.
ü Basic EPS of 0.32 cents (FY25: 0.38
cent loss).
1 Abridged summary prepared for comparative purposes, refer to Annual Report for Statutory Accounts.
Profit & Loss Summary1
FY26 FY25 Change $ Change %
Revenue $M 15.8 11.1 4.7 42%
Normalised Operating EBITDA2 $M 2.6 1.4 1.2 83%
Normalised Operating EBITDA Margin 16% 13% 4% 29%
Statutory NPAT $M 1.5 (1.7) 3.2
Profit & Loss – FY26 v FY25
2
Normalised EBITDA = statutory net profit/(loss) - (R&D tax credit, FX gain) + (depreciation, amortisation & net interest expense, share based payments, and one-off restructuring & transaction costs). FY25
comparative as published includes unearned income adjustment to better reflect underlying performance.
16
ü Cash at bank of $4.8M, up from $3.0M, with net cash of
$2.3M.
ü Senior secured debt reduced to $2.5M, fully drawn; the
NAB facility expires 31 March 2027 classified as current.
ü Refinancing options under review
ü Revenue received in advance fell from $3.2M to $1.2M as
major clinical trial revenue was recognised during the
year. Net assets grew to $11.1M.
ü Underlying return on invested capital of ~18% (FY25:
~5%)².
1
Abridged summary prepared for comparative purposes, refer to Annual Report for Statutory Accounts.
² Underlying ROIC = normalised op. EBITDA less D&A, over year-end invested capital (equity + borrowings – cash); pre-tax.
Balance Sheet Summary1
$M FY26 FY25
Assets
Cash and cash equivalents 4.8 3.0
Trade debtors and other receivables 2.5 3.5
Intangibles 9.3 9.5
PPE and other assets 2.2 1.9
Liabilities
Trade and other payables (1.9) (1.3)
Borrowings (2.5) (2.9)
Revenue received in advance (1.2) (3.2)
Other liabilities (2.0) (1.2)
Net Assets 11.1 9.4
Balance Sheet – FY26 v FY25
04
The Three Businesses
Segment detail: sites, CRO and the SaMD endpoint portfolio
I N T H I S S E C T I O N
18 Resonance Imaging – SaMD portfolio
19 Resonance Clinical — MASH CRO Pipeline
20 TrialsWest — Investigator Sites
21 Results by Business Segment
17
18
Central Imaging (SaMD) Business
ü SaMD segment revenue of $7.0M1, up 34% on FY25, including services provided to
Resonance Clinical trials.
ü Entered new and extended clinical trial service agreements for provision of SaMD
services in clinical trials (forward orders and tendered pipeline now exceeding $12M).
Multiple contract extensions and new wins secured with global pharma customers
during the year.
ü Clinical trial revenue up significantly on FY25, led by GLP-1 driven metabolic and obesity-
related imaging endpoints.
ü Extended Proof of Concept study (EPoC) for the new non-invasive liver fibrosis SaMD
product completed recruitment, with data analysis underway and due to complete
within three months.
ü ‘Bridge’ technology connecting Resonance’s SaMD image-analysis systems directly to
customer platforms completed testing and validation, with pilot deployment underway,
improving customer experience and strengthening data security.
ü Incremental service centre automation delivered through the year, increasing
throughput without proportionate headcount - a key driver of the margin expansion.
ü Continued expansion of central-read analysis offerings, with MRE and visceral /
subcutaneous fat quantification (VAT & SAT) contributing revenue as obesity trial
demand grows.
1 Revenue before intercompany eliminations.
19
Resonance Clinical (Contract Research Organisation)
ü $20.1M in total CRO contract wins since August 2023, with the balance of the major trial to
be invoiced through FY27.
ü $7.5M in revenue in the full year, up 81% on FY25, as the major trial moved through its
delivery phase.
ü Highly credentialed CRO team continuing to deliver across both major trials during the
year.
ü A one stop shop approach for our international customers utilising our complementary
business units with SaMD and TrialsWest providing services.
ü Major clinical trial worth $13.8M achieved its 60-patient recruitment target in April 2026;
invoicing continues as patients reach study completion milestones into FY27.
ü Major clinical trial announced in Aug 2023, worth $6.3M, successfully concluded with the
clinical study report finalised and issued to the customer.
ü Continuing to bid for new work from existing and new customers, with several
opportunities being progressed.
20
Investigator Sites
ü TrialsWest total segment revenue of $4.1M1 and external customer revenue of
$2.0M in FY26 - the difference generated through trials run by Resonance
Clinical.
ü Second TrialsWest site at Osborne Park remains consistently profitable, with
an annualised revenue run-rate approaching its original target capacity.
ü Third TrialsWest site at Mandurah, WA opened in July 2025, performing
ahead of expectations with multiple trials underway and approaching
breakeven in its first year.
ü TrialsWest continues to win work from blue-chip customers across the
respiratory and metabolic disease space, with additional locations and
therapeutic areas under evaluation.
1
Segment revenue before intercompany eliminations.
21
ü All three segments contributed
positive segment profit before
group overheads in FY26.
ü Transformed from a single
revenue source in FY23 to three
complementary businesses,
with group revenue up 258%
over three years.
ü Share-of-wallet strategy
delivering $3.0M of
intersegment revenue in FY26 -
work that would otherwise have
gone to external vendors -
across TrialsWest and the SaMD
business.
1 Other normalisation adjustments include adjustments for FX movements, net interest expense, share based payments, depreciation, amortisation and non-recurring costs.
Normalised Results by Business Segment
Normalised SaMD
Resonance
Clinical
TrialsWest Total
Total segment revenue 7.0 7.5 4.1 18.7
Intersegment elimination (3.0)
Total group revenue 15.8
Normalisation adjustment for cash received v revenue
recognised
- -
Total revenue (after normalisation) 7.0 7.5 4.1 18.7
Other expenses (3.8) (6.5) (3.1) (13.4)
Segment Profit/(Loss) before group overheads 3.3 1.0 1.0 5.3
Segment Profit/(Loss) before group overheads margin
%
47% 13% 24% 28%
Group overheads (4.2)
Profit/(Loss) before income tax benefit 1.1
Other normalisation adjustments1
1.5
Normalised Operating EBITDA 2.6
05
Technology & Growth
Strategy
The operating leverage story, and where the next revenue comes from
I N T H I S S E C T I O N
23 MRI Liver Fibrosis Device & Trial
24 Automation Platform
25 Growth Path
22
23
Liver Fibrosis Device – Largest Single Growth Option
Built to address the single biggest bottleneck in MASH diagnostics and GLP-1 trial execution: non-invasive, biopsy-grade fibrosis assessment at scale.
$40B+
2026 liver disease
diagnostics market¹
$23B
2026 hepatic
fibrosis market¹
1.5B+
People with chronic
liver disease
FY27/8
Targeted clinical
trial use
PROBLEM
Liver biopsy is the diagnostic gold standard for fibrosis – but is invasive, costly, prone to
sampling error (examines <0.002% of liver), and impractical at the scale GLP-1 and
MASH trials demand. Existing non-invasive methods are confounded by iron, fat and
inflammation – the very things most MASH patients have.
RHT SOLUTION
Multi-parametric MRI on standard hardware. No contrast agent, no extra equipment, ~15-
min scan. Proprietary analytics target biopsy-grade accuracy and are designed from the
ground up to neutralise iron, fat and B1 non-uniformity – the confounders that defeat
competitors.
Development Roadmap – Path to Commercialisation
✔ Initial PoC
Complete
30 subjects. Strong fibrosis signal. F0
vs F1+ differentiated.
✔ DEVIMLA EPoC
Recruitment complete
All subjects enrolled. Multi-site MRI.
Analysis readout expected within ~3
months (early FY27).
→ FY26–27 Validation
Next step
Multi-centre, diverse populations.
CDER Biomarker Qualification
pathway.
→ FY27+ Pharma Deploy
Next step
Investigational-use in pharma trials –
revenue-generating & expanding
dataset.
→ FY28+ Commercial
Target
FDA 510(k) + CDER Biomarker
Qualification. Broad clinical use.
Pure incremental value for FY27+ · Largest single growth option in the portfolio
¹ Market sizes – Mordor, FactMR, Research and Markets, Straits Research, plus RHT-derived estimates.
24
Automation Platform – 5–10× SaMD Capacity margin expansion
The imaging business is constrained today by analyst time per job. A parallel technology programme – AI-assisted IQC, automated slice selection and a unified
modern platform – is designed to increase capacity 5–10× without proportional headcount growth.
Today's constraint
~900
Analysis jobs
per month
Analyst-constrained
Primary capacity bottleneck
Throughput limited by available analyst hours
Linear scaling
Higher analysis volumes require
proportionate headcount growth
Resonance Bridge
● EARLY DEPLOYMENT – FY26
✓ Automated job intake – removes manual upload bottleneck
✓ Studies route directly from PACS to analysis queue
✓ No analyst time on job intake or report delivery
✓ Enables 24/7 throughput from distributed analyst team
✓ Scalable to 400+ sites sending simultaneously
↑ Enables real-time acquisition feedback, reducing failed
scans and image quality issues while improving analysis
efficiency and turnaround times.
Human-led AI-assisted analysis
● IN TESTING
✓ AI-assisted image QC and slice selection
✓ Automated DICOM header checks
✓ Visual assessment & automated input segmentation
✓ AI-driven slice ranking to identify the most suitable images
for analysis
✓ Early testing demonstrates significant reductions in
analysis time
Unified AI-enabled SaMD Platform
● ROADMAP – FY27
✓ Unified microservices GUI across all SaMD products and
endpoints
✓ Embeds AI tools directly into analyst workflows - QC
segmentation and decision support
✓ Simplifies complex analyses, reducing manual steps and total
analysis time
✓ Common backend accelerates development, validation and
commercialisation of new endpoints
↑ Targets 5–10× capacity uplift, enabling volume growth
without proportionate analyst headcount growth
5–10× capacity on the same fixed cost base = revenue scales without proportional headcount = SaaS-like operating leverage = margin expansion toward ~25%+
EBITDA target - employee costs fell from 51% to 41% of revenue in FY26
AI-driven throughput expansion: substantially more volume from the same operating infrastructure
25
Growth Path – A Greater Share of Wallet
The strategy of getting a greater “share of wallet” expands on three vectors — more therapeutic areas, more services to each customer, and more
customers — through organic (SaMD) and acquisitive (buy expertise & footprint) growth.
MORE CUSTOMERS · ORGANIC + ACQUISITIVE
MORE
SERVICES
More sites – Geographic (Australia then overseas)
More phases – Later stage to Phase 1
More services provided in-house
More devices and imaging endpoints
Other services — across the clinical trial ecosystem
GROUP
MORE THERAPEUTIC AREAS
06
Capital, Risk & Investment
Case
Balance sheet, register, & Board Expertise
I N T H I S S E C T I O N
27 Capital Discipline
28 Capital Structure & Register
29 Resonance Board
26
Macro tailwinds are being captured from a position of financial strength — the business is profitable, cash-generative, and has the operating leverage to scale
margin rapidly as revenue grows.
1 Entrenched Profitability
✓ Recurring SaMD contract wins and
extensions (<1–4 yr terms)
✓ $13.8M CRO trial contracted +
pipeline opportunities
✓ TrialsWest profitable at current
activity levels
2 Strong Cash Generation
✓ Operating cashflow positive — all
4 quarters FY26
✓ FY26 net operating cash $2.9M;
free cashflow ~$2.8M
✓ Low maintenance capex
3 ~25% EBITDA Margin
Target
✓ At ~$30M revenue scale
✓ Cross-segment margin uplift
already proving out
✓ 5–10× SaMD capacity at marginal
cost from automation
4 Responsible Growth
✓ Net cash $2.3M today; ≤2× Net
Debt/EBITDA ceiling for M&A
✓ Embed acquisitions properly
before expanding further
✓ Liver fibrosis device self-funded
from operating cashflow
27
Capital Discipline – Profitable, Cash-Generative, Self Funding
Balance sheet, register composition and debt facility
C A P I T A L S T R U C T U R E 1
Share price $0.067
Ordinary shares on issue 477,120,233
Options & performance rights 21,172,100
Fully diluted shares 498,292,333
Market capitalisation $32.0M
Cash at bank (30 Jun 26) $4.8M
Bank debt (NAB) ($2.5M)
Net cash $2.3M
Enterprise value $34.3M
EV / FY26 revenue guidance ($16.0M) 2.1 x
EV / FY26 normalised EBITDA ($2.6M) 13.2 x
R E G I S T E R C O M P O S I T I O N 2
Board & management holdings 24%
Top 20 shareholders 49%
Institutional 10%
Retail & other 90%
Total shareholders on register 1,568
DEBT FACILITY
NAB facility: $2.533M drawn. Expiry 31 March 2027. Rate BBSY + 2.5%, secured.
Net cash position of $2.3M and $2.9M FY26 net operating cashflow provide headroom.
1. Capital structure as at 25 Aug 2026 excluding balance sheet (cash and debt) which is as 30 June 2026 (per the FY26 Annual Report)
2. Resister composition as 25 Aug 2026 with 12-month averages calculated over 12-months up to 25 Aug 2026
28
Capital Structure & Register
29
Board of Directors – Deep Sector Expertise
Pharma, clinical, capital markets & commercial depth
Aaron Brinkworth
Chair
Over a 22-year career at Gilead Sciences,
Inc. (Nasdaq: GILD), he held senior commercial,
patient access and strategic licensing roles. Led
Gilead’s Asia Pacific commercial and access operations
where he was responsible for developing sales,
marketing, and distribution networks across the region.
Currently serves as non-executive Director for
Proteomics International Laboratories Ltd (ASX: PIQ),
non-executive Director for Atherid Therapeutics Pty
Ltd and non-executive Director for Lixa Ltd.
Andrew Harrison
Managing Director & CEO
Experienced CEO and Non-Executive Director of
listed and private companies across a range of
industries, including radiology and medical AI.
Extensive experience in capital markets, technology
commercialisation, local and international M&A, and
strategic restructuring and turnaround, with
substantial international experience across European,
US and Chinese markets.
Dr. David Fuller
Non-Executive Director
Qualified medical doctor and pharmacist with over 3
decades of international experience in drug
development and commercialisation, especially
oncology, renal medicine, neurology and anti-
infectives. Proven track record of creating value
across large and small-cap environments in senior
management and Board roles. Appointed NED April
2026.
Michael Sistenich
Non-Executive Director
Partner and Founder of Aurenda Partners with over
24 years in investment banking, corporate finance
and asset management. CEO of Enlitic (ASX:ENL);
founder and lead portfolio manager of the €6.5bn
DWS Investments healthcare franchise; founded the
first European healthcare hedge fund at Meditor
(€500m+). MSc (Hons) Biochemistry, Oxford.
Appointed NED April 2026.
Dr. Travis Baroni, PhD
Non-Executive Director
Broad experience across industrial research,
commercialisation of technology, asset valuations and
investment banking services. Manager of innovation
development and technology strategy in a large
company setting, active early-stage investor, and
adviser on equity capital market transactions,
corporate research and valuations.
Mitchell Wells
Non-Executive Director
& Company Secretary
Experienced senior executive and qualified lawyer
with commercial and legal experience in Australia, the
United States and the United Kingdom. Has served
as a director and senior executive of listed public and
private companies, including ASX and Nasdaq listed
companies. Bachelor degrees in Law and Commerce;
Diploma of Aviation.
Simon Panton
Non-Executive Director
Major shareholder of Resonance Health since 2008;
joined the Board in 2009 as a strong believer in liver
health technologies. Started and ran his own successful
business for over 15 years, bringing skills in business
and marketing, with experience in property, financial
markets and investments.
07
Outlook
The inflection to profit, and the path from $15.8M
I N T H I S S E C T I O N
31 Business Outlook
32 FY26 Guidance Delivered – FY27 Outlook
30
31
Business Outlook
ü Continued growth in SaMD volumes, supported by forward orders and pipeline exceeding
$12M.
ü Remaining major clinical trial milestones to be invoiced through FY27 as patients reach study
completion.
ü Full year impact of second TrialsWest site at Osborne Park, WA at target run-rate and the third
TrialsWest site at Mandurah, WA scaling toward profitability. Additional locations under
evaluation.
ü Continued push to offer services across all three segments to our clinical trial customers.
ü Acquisition pipeline across the clinical trial ecosystem
ü Completion of the liver fibrosis EPoC data analysis, and strong tailwinds from domestic and
international clinical trial market growth.
FY27 priorities build on a profitable, cash-generative FY26 base
32
FY26 Guidance Delivered – FY27 Outlook
FY26 — GUIDANCE v DELIVERED
Initial Guidance
$M
FY26 Delivered
$M
Revenue (guided $16.0M) 17 15.8
Normalised EBITDA (guided $2.6M) 2 2.6
ü In line with the May 2026 upgraded guidance ($16.0M / $2.6M EBITDA); 30%
ahead of original Aug 2025 guidance on earnings.
ü Operationally cashflow positive in all four quarters, as guided.
ü Revenue shortfall fell into FY27
FY27 — GUIDANCE
FY27 Guidance $M
Revenue 17 to 22
Normalised EBITDA 2.6 to 3.6
ü Assumes modest wins from a large pipeline
ü Balance of $13.8M CRO trial invoicing through FY27
ü Continued SaMD pipeline conversion
ü TrialsWest full-year effect of continued Osborne Park & Mandurah site growth
ü No new TrialsWest sites during period
ü Fibrosis device and acquisitions excluded.
ü Geographical expansion not included
ü Existing contracted clinical trials run their full expected duration
FY27 assumptions:
33
Thank you
Q & A
C O N T A C T
Andrew Harrison — Managing Director & CEO
andrewh@resonancehealth.com +61 8 9286 5300
Benjamin Carruthers — CFO
Investor centre: investors.resonancehealth.com · LinkedIn: resonance-health-ltd
investors.resonancehealth.com
ASX : RHT
34
Disclaimer & Forward-Looking Statements
This presentation has been prepared by Resonance Health Ltd (“Resonance Health” or “Company”) and may contain forward-looking
statements that are based on current expectations and beliefs and are subject to numerous factors and uncertainties that could cause actual
results to differ materially from those described. Forward looking statements contained in this presentation may include statements about
future financial and operating results, status of regulatory submissions, possible or assumed future growth opportunities and risks and
uncertainties that could affect Resonance Health’s products and services.
These forward-looking statements are not guarantees of future performance, involve certain risks, uncertainties and assumptions that are
difficult to predict, and are based upon assumptions as to future events that may prove inaccurate. Actual outcomes and results may differ
materially from what is expressed in any forward-looking statement in which Resonance Health expresses an expectation or belief as to future
results. There can be no assurance that the statement or expectation or belief will result or be achieved or accomplished. Resonance Health
will not update forward-looking statements unless required by law.
This presentation does not constitute or form part of an offer of securities or a solicitation of invitation to buy or apply for securities, nor may it
or any part of it form the basis of or be relied on in any connection with any contract or commitment. The information in this presentation
does not take into account the objectives, financial situation or individual needs of any person. Nothing contained in this presentation
constitutes investment, legal, tax, or other advice. Potential investors should make their own decisions whether to invest in Resonance Health
shares based on their own enquiries and are advised to seek appropriate independent advice. This presentation does not, and does not
purport to, contain all the information prospective investors in Resonance Health would desire or require in reaching an investment decision.
To the maximum extent possible by law, none of Resonance Health, their officers, directors, employees, associates, or agents, nor any other
person’s accepts any liability for any loss, claim, damages, costs or expenses of whatever nature (whether or not foreseeable), including,
without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use
of this presentation or its contents or otherwise arising in conn
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