Announcement PDF Resonance Health Limited Appendix 4E Preliminary final report 1. Company details Name of entity: ABN: Reporting period: Previous period: Resonance Health Limited 96 006 762 492 For the year ended 30 June 2025 For the year ended 30 June 2024 2. Results for announcement to the market 2025 $ 2024 $ Change $ Change % Revenues from ordinary activities 11,073,018 8,589,490 2,483,528 29% Profit/(Loss) from ordinary activities after tax attributable to the owners of Resonance Health Limited (1,732,939) 169,303 (1,902,242) n/a Profit/(Loss) for the year attributable to the owners of Resonance Health Limited (1,732,939) 169,303 (1,902,242) n/a 2025 Cents Basic profit/(loss) per share Diluted profit/(loss) per share 2024 Cents (0.38) (0.38) 0.04 0.04 Dividends There were no dividends paid, recommended or declared during the current financial period. Comments The loss for the Group after providing for income tax amounted to $1,732,939 (30 June 2024: $169,303 profit). 3. Net tangible assets Reporting period Cents Net tangible assets per ordinary security 4. Control gained over entities Not applicable. 5. Loss of control over entities Not applicable. 6. Dividends Current period There were no dividends paid, recommended or declared during the current financial period. (0.22) Previous period Cents 0.13 Resonance Health Limited Appendix 4E Preliminary final report Previous period There were no dividends paid, recommended or declared during the previous financial period. 7. Dividend reinvestment plans Not applicable. 8. Details of associates and joint venture entities Not applicable. 9. Foreign entities Details of origin of accounting standards used in compiling the report: Not applicable. 10. Audit qualification or review Details of audit/review dispute or qualification (if any): The financial statements have been audited and an unmodified opinion has been issued. 11. Attachments Details of attachments (if any): The Annual Report of Resonance Health Limited for the year ended 30 June 2025 is attached. 12. Signed Signed ___________________________ Dr Martin Blake Chairman Perth, Western Australia Date: 28 August 2025 Resonance Health Limited ABN 96 006 762 492 Annual Report - 30 June 2025 Resonance Health Limited Chairmans letter to shareholders 30 June 2025 Dear Fellow shareholders, On behalf of the Board of Directors, I am pleased to present this letter as part of the 2025 Annual Report for Resonance Health Ltd (ASX:RHT). The past financial year has been one of the most significant in our company’s history, marked by strong financial performance, strategic acquisitions, and a clear pivot toward sustained growth and value creation. A Year of Execution and Growth FY25 has seen Resonance Health evolve into a diversified healthcare technology and services group, successfully integrating clinical trial services and imaging software with deep domain expertise in metabolic, respiratory, and hemoglobinopathy therapeutic areas. This transition has not only broadened our revenue base but strengthened our resilience in a competitive global landscape. We achieved substantial growth in all key financial metrics: • Group revenue increased by 29%, with A$14.0 million in cash receipts for the year—up 72% year-on-year. • Positive operating cashflow reached A$1.25M, affirming our shift toward profitable growth. • Importantly, we maintained a healthy cash balance of A$3.0M at year end. Strategic Progress and Execution The successful acquisition and rapid integration of TrialsWest, a Perth-based clinical trials site network, was a cornerstone achievement. TrialsWest has expanded to a second site in Osborne Park and secured a third site in Mandurah, contributing positively to group profit within its first year under our ownership. Equally significant was the execution of a landmark A$13.8 million CRO contract with a major global pharmaceutical company, with delivery already underway. Our clinical trials division, Resonance Clinical, is now recognised as a trusted partner by global biopharma, having won over A$20 million in total contracts since August 2023. The software as a medical device (SaMD) business continues to underpin our global reputation. New multi-year SaMD service contracts were awarded and extended, and our Bridge Project—designed to streamline MRI data integration into hospital systems—is now in commercial pilot, reinforcing our value proposition to radiologists and clinicians. Governance and Engagement During the year, we enhanced our shareholder communication with the launch of the Resonance Health InvestorHub platform, giving our investors direct, transparent access to announcements, presentations, and engagement tools. The Board supports this initiative as part of our commitment to high standards of governance and accessibility. We continue to uphold strong governance practices across all areas, from financial oversight to clinical data compliance and quality certification, ensuring we remain a reliable partner to our stakeholders. Looking Ahead The foundation laid in FY25 has positioned Resonance Health for scalable and sustainable growth in FY26 and beyond. The key strategic focus areas for the coming year include: • Full-year earnings contribution from the expanded TrialsWest footprint, with further clinical trial site expansion anticipated. • Completion of the Extended Proof of Concept study for our liver fibrosis SaMD tool, and subsequent pathway to commercialisation. • Expansion of our clinical trials business, supported by new contracts and continued operational execution. • Strengthening our core software offerings and partnerships with major pharmaceutical clients. Gratitude and Confidence I would like to thank our CEO, Andrew Harrison, and the entire executive team for their focus and execution throughout the year. I also thank my fellow Directors for their guidance and stewardship. Above all, I thank our shareholders for their continued support as we deliver on a renewed strategic direction with confidence. FY25 has demonstrated that Resonance Health can grow strongly, profitably, and with purpose. The Board remains firmly committed to building long-term value and looks forward to sharing the next phase of our journey with you. Dr Martin Blake Chairman 1 Resonance Health Limited CEO's letter to shareholders 30 June 2025 Dear Fellow Shareholders, FY25 was a defining year for Resonance Health, not only in terms of growth but in how we executed across our businesses and laid the groundwork for the future. While the Chairman’s letter speaks to our strategic milestones and financial outcomes, I would like to share more about the operational progress we have made, the culture we are building, and the opportunities that lie ahead. Operational Delivery Across Divisions Our clinical trials services business, Resonance Clinical, continued to deliver to the highest standards for our global pharmaceutical partners. The successful completion of our first major-pharma trial in 2H FY25 was a proud moment for the team and a strong endorsement of our capabilities. The second large trial is progressing well and highlights the trust we are building with our customers. At TrialsWest, the momentum has been remarkable. Within the first year of acquisition, we expanded to a second site in Osborne Park, achieved profitability at the site level, and confirmed a third site in Mandurah. This rapid progress demonstrates the strength of our integration and the market demand for our services. On the software side, our Bridge Project has entered commercial testing, marking an important step in embedding our SaMD tools directly into radiology workflows. This is a pivotal development for radiologists and clinicians who seek efficiency without compromising accuracy. We also secured multiple multi-year SaMD contracts, reinforcing our global reputation as a trusted imaging partner. Culture & People The achievements of FY25 are first and foremost a credit to our people. Across Perth and our international network, our teams have shown dedication, agility, and innovation in delivering complex projects for some of the world’s leading biopharma companies. Building a culture that combines scientific rigour with commercial execution has been central to our success. Looking to FY26 We now enter FY26 with strong tailwinds and a clear operational agenda: • • • • Realising the full-year benefits of our expanded TrialsWest footprint, while exploring further growth opportunities. Driving commercialisation of our MRI Liver Fibrosis SaMD, with the Extended Proof-of-Concept study due for completion. Expanding our pipeline of clinical trial projects, as Resonance Clinical continues to attract global pharma partnerships. Continuing to innovate within our SaMD portfolio, ensuring our technology remains central to precision medicine in liver, metabolic, and hemoglobinopathy conditions. Closing Thoughts Resonance Health today is more than the sum of its parts. With a scalable model, strong customer relationships, and a team committed to excellence, we are building a platform for sustained growth and long-term value creation. I would like to thank our employees, clinicians, partners, and of course you, our shareholders, for your trust and support. FY25 has been an exceptional year of progress — and I am confident FY26 will see us take even greater strides forward. Andrew Harrison Chief Executive Officer 2 Resonance Health Limited Contents 30 June 2025 Corporate directory Directors' report Auditor's independence declaration Consolidated statement of profit or loss and other comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flows Notes to the consolidated financial statements Consolidated entity disclosure statement Directors' declaration Independent auditor's report to the members of Resonance Health Limited Shareholder information 3 4 5 22 23 24 25 26 27 61 62 63 68 Resonance Health Limited Corporate directory 30 June 2025 Directors Dr Martin Blake - Non-executive Chairman Mr Simon Panton - Non-executive Director Dr Travis Baroni - Non-executive Director Mr Aaron Brinkworth - Non-executive Director Mr Mitchell Wells - Non-executive Director Chief Executive Officer Mr Andrew Harrison Company Secretary Mr Mitchell Wells Registered office Level 1 141 Burswood Road BURSWOOD WA 6100 T: +61 8 9286 5300 F: +61 8 9286 5399 Principal place of business Level 1 141 Burswood Road BURSWOOD WA 6100 T: +61 8 9286 5300 F: +61 8 9286 5399 Share register Automic Group Level 5, 191 St Georges Terrace Perth WA 6000 Telephone: 1300 288 664 Auditor HLB Mann Judd Level 4 130 Stirling Street Perth WA 6000 Solicitors Steinepreis Paganin Level 4, The Reed Building 16 Milligan Street Perth WA 6000 Bankers National Australia Bank Limited Stock exchange listing Resonance Health Limited shares are listed on the Australian Securities Exchange (ASX) (ASX code: RHT) Websites www.resonancehealth.com www.trialswest.com.au email: info@resonancehealth.com 4 Resonance Health Limited Directors' report 30 June 2025 The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group' or ‘Resonance Health’) consisting of Resonance Health Limited (referred to hereafter also as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2025. Directors The following persons were Directors of Resonance Health Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: Dr Martin Blake Mr Mitchell Wells Mr Simon Panton Dr Travis Baroni Mr Aaron Brinkworth Principal activities The Group’s core business is the development and commercialisation of software-as-medical-device (‘SaMD’) technologies and services for the quantitative analysis of radiological images in a regulated and quality-controlled environment. The Group’s core SaMD product is FerriScan®, a non-invasive liver analysis technology used for the assessment of iron in the liver. Other Company SaMDs include Cardiac T2*, for the assessment of iron in the heart, and HepaFat-Scan® for the assessment of fat in and around the liver. The Company also has several AI-assisted SaMDs including FerriSmart®, HepaFatSmart, and LiverSmart®. In addition to its core business, the Group operates as the Clinical Trial Research Organisation (CRO) and local sponsor in Australia on two clinical trials for a major global pharma company’s new drug compound. The Group is overseeing aspects of the conduct and delivery of these trials in Australia. The Group further expanded into the clinical trial ecosystem during the previous financial year with the acquisition of TrialsWest Pty Ltd (TrialsWest). TrialsWest is a clinical research centre that partners with some of the world’s leading pharmaceutical and biotechnology companies to help bring new medicines and vaccines to the global community. Specifically, TrialsWest offers site management services to the clinical trial market specializing in the delivery of clinical trials in the community. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Review of operations The loss for the Group after providing for income tax amounted to $1,732,939 (30 June 2024 $169,303 profit). Contributing to this result the Group is an income tax benefit of $465,933 which was the net difference between the Group’s Research and Development (R&D) tax incentive refund for R&D performed in the FY2024 year totaling $786,417 and the total amount of income taxation payable by the Group given its FY2024 financial performance totaling $320,484. The Group continues to invest in R&D, business development, regulatory and quality affairs, and customer service capabilities to both develop and monetise its technologies and other services globally. Cash at bank as at 30 June 2025 totalled $2.98 million, in comparison to the 30 June 2024 cash balance of $6.85 million. The Group has $2.85m of debt in the form of a secured financing facility, which was used to finance the acquisition of TrialsWest Pty Ltd. 5 Resonance Health Limited Directors' report 30 June 2025 About Resonance Health Resonance Health Limited is an Australian healthcare technology and services company. The Group's services are used globally by clinicians in the management of human diseases and by pharmaceutical and therapeutic companies in their clinical trials. Resonance Health has gained endorsement by leading physicians worldwide for providing high quality quantitative assessments essential in managing diseases and drug development. Resonance Health’s dedication to scientific rigour and quality has enabled it to achieve regulatory clearances for a range of Software-as-Medical Devices (SaMDs) in the USA, Europe, UK, and Australia, and to proudly carry ISO 13485 certification for the design and manufacture of medical devices. Regulatory cleared SaMD products, some of which incorporate Artificial Intelligence (AI), include: ● ● ● ● ● ● FerriScan®, a core-lab product that provides an accurate assessment of liver iron concentration (LIC) through noninvasive MRI-based technology, for use in the assessment of individuals with iron overload conditions. Internationally recognised as the gold standard in LIC assessment. FerriSmart®, an AI-trained, non-invasive MRI-based device for the automated real-time assessment of LIC in patients, calibrated against the global gold standard, FerriScan®. HepaFatScan®, an MRI-based solution which provides a reliable non-invasive assessment of liver-fat in liver tissue for use in the assessment of individuals with confirmed or suspected fatty-liver-disease. HepaFatSmart®, an AI-trained, non-invasive device for the automated real-time multi-metric assessment of liver-fat in patients, for the assessment of individuals with confirmed or suspected fatty liver disease. LiverSmart®, an AI-trained, non-invasive MRI-based multi-parametric device combining FerriSmart® and HepaFatSmart ® into a consolidated report providing accurate assessment of LIC and liver fat. CardiacT2*, the most widely accepted MRI method for assessing heart iron loading. Resonance Health offers a dual analysis of FerriScan® and CardiacT2*. CardiacT2* is TGA and CE Marking regulatory cleared. The Group has a development pipeline of additional medical imaging analysis products and services, including the MRI Liver Fibrosis Project, aimed at accurately assessing the presence and progression of liver fibrosis utilising non-invasive MRI analysis. Sales Revenue Strong demand in diagnostics and clinical trials alongside the continuation of the clinical trial agreements with a major global pharma company resulted in sales revenue for the year of $11.07 million, a 29% increase on FY2024 of $8.59 million. This was also reflected in cashflow with total customer receipts for FY25 of $13.97M, versus total customer receipts for FY24 of $8.11M, a 72% increase. The Resonance Clinical agreements with a major global pharma company for the delivery of CRO services contributed approximately $4.16 million in revenue in the period Geographically, North America, Asia Pacific and the UK were our biggest markets, with the balance of sales mostly spread across Europe, Asia, and Australia. Services The Group provides its products and services to customers in both diagnostic and clinical trial settings. During the year its products and services were used in over 150 hospitals and MRI centres around the world. Resonance Health’s analysis reports are an assessment tool used by clinicians when treating patients with chronic iron-overload and fatty-liver diseases. Customers in diagnostic settings accounted for less than 29% of revenues, while clinical trial customers accounted for almost 71% of revenues. Resonance Health continues to actively engage with the global clinical trial market to build on the successful use of its products and services. Due to the highly technical and regulated nature of clinical trial services, revenue from these customers is usually based on multiyear contracts and is higher margin compared to diagnostic customers. 6 Resonance Health Limited Directors' report 30 June 2025 Summary of Activities Liver MRI Fibrosis Extended Proof of Concept The Group continues to make progress on its extended proof of concept (EPoC) for a non-invasive MRI Liver Fibrosis assessment having entered into agreements with three parties to provide critical data for the Group’s next phase of testing and research. The results of the EPoC study, if successful, will allow the Group’s continued engagement with pharmaceutical companies developing treatments for chronic liver disease, particularly Non-Alcoholic Fatty Liver Disease (NAFLD), to further assess the commercial potential of the technology. Further, the EPoC study where successful is expected to result in the development of a Liver MRI Fibrosis tool which can start to be used in clinical trials (for investigative use only) whilst the product undergoes registration in domestic and foreign markets. International advocacy associations and regulators, including the United States Food & Drug Administration (US FDA) and the LITMUS consortium (Liver Investigation: Testing Marker Utility in Steatohepatitis) in the EU, continue to highlight the urgent need for the development of new, validated, non-invasive biomarkers to assess liver fibrosis to accelerate drug development in NAFLD – the most common cause of chronic liver disease. Other Product Innovations In addition to Liver MRI Fibrosis, Resonance Health continued to invest in the enhancement of its existing products and the development of new products through its broader research and development program during the financial year. In particular, Resonance Health continues to expand its central-read analysis service offerings to cover more clinical trial imaging endpoints. Consistent with this, the Company recently commenced a central-read service for Magnetic Resonance Elastography (MRE) and visceral and subcutaneous fat volume quantification (VAT & SAT). The VAT and SAT offerings will be provided to an international pharma customer in the coming months in connection with their obesity related clinical trial. In addition, significant focus was placed on the ongoing refinement of the machine learning methodology underpinning FerriSmart® which is expected to offer benefits to customers using this product as well as potentially opening new markets for the product. It is expected that certain elements of this workstream will also offer potential productivity and cost efficiencies in undertaking FerriScan® analysis. Finally, in an exciting development, the Company commenced commercial testing of a new ‘bridge’ technology developed in-house to vastly improve customer experience by allowing more direct integration of Resonance Health’s systems with customers’ picture-archiving and communication-system (PACS) platforms. PACS is used globally in medical fields including radiology practices and MRI centres and the new bridge technology will support more scalable and seamless service delivery to customers. Resonance Clinical & Clinical Trials The Group continued developing and enhancing its clinical trial capability and revenue expansion strategy during the year, with the Group contracting on a second agreement with a major global pharma company to act as CRO and local sponsor for a clinical trial in Australia of a new drug compound. Under the contract the Group is overseeing aspects of the conduct and delivery of this trial in Australia. This clinical trial agreement is worth an estimated $13.75 million in revenue to be derived over an ~18-month period and represents another major step forward in the Group’s strategy to expand its services in the clinical trial ecosystem. The Group is currently looking at various new opportunities to undertake additional clinical trials in Australia. 7 Resonance Health Limited Directors' report 30 June 2025 TrialsWest & Clinical Trials Site Management Services The Group consolidated and expanded its recent acquisition of TrialsWest during the financial year. TrialsWest is a clinical research centre which partners with some of the world’s leading pharmaceutical and biotechnology companies to help bring new medicines and vaccines to the global community. Specifically, TrialsWest offers site management services to the clinical trial market specialising in the delivery of clinical trials in the community. During the financial year TrialsWest expanded its geographical footprint and operations to three sites having opened new sites in Osborne Park, WA and Mandurah, WA. As contemplated under the sale agreement, TrialsWest’s founders remain in key leadership positions and actively involved in the business, and it is expected that TrialsWest will continue to be a source of organic and acquisitive growth going forward as the business looks to continue to expand its presence and actively pursue value accretive acquisitions in this space. Molecular Medicine With its greater focus on the clinical trial sector and the progression in the development of its MRI based liver fibrosis technology, the Group made the decision to cease work on its Antisense Oligonucleotide (ASO) project during the period. This decision will allow the Group to focus its resources on nearer term commercialisation opportunities and the organic and acquisitive growth opportunities provided by TrialsWest. Accordingly, the Group closed its Bentley laboratory during the period. Whilst the majority of laboratory equipment has been absorbed by other parts of the Group, a net loss on the sale of certain equipment totalling $78,762 has been recognised in FY25. Significant changes in the state of affairs In August 2024, the Group announced the expansion of its TrialsWest business with the opening of a new trial site in Osborne Park, Western Australia. Further to this in July 2025 the Group announced an additional upcoming opening of a new trial site in Mandurah, Western Australia. The addition of these sites triples TrialsWest’s physical site and patient capacity and is expected to provide TrialsWest with access to Perth’s northern suburbs and the Peel patient catchment areas. Other than the above, there were no significant changes in the state of affairs of the Group during the financial year. Matters subsequent to the end of the financial year In July 2025, the Group announced an additional upcoming opening of a new trial site in Mandurah, Western Australia. TrialsWest entered into a new lease in Mandurah for this trial site. Apart from the above, no other matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years. Likely developments and expected results of operations Information on likely developments in the operations of the Group and the expected results of operations have not been included in this report because the Directors believe it would be likely to result in unreasonable prejudice to the Group. Business risks The Group is subject to risks of both a general nature and ones that are specific to its business activities including, but not limited to the following: Revenue risks associated with clinical trials A significant percentage of the Group's revenue is derived from its technology being used in clinical trials or directly from the two clinical trial services agreements entered into with a major global pharma company. These two agreements accounted for $4.16 million in revenue in the period. 8 Resonance Health Limited Directors' report 30 June 2025 Clinical trials are complex and resource intensive. Even if the Group's products are used successfully in clinical trials, these trials can be cancelled or cut short for any number of reasons. This is of particular importance given the significant revenue expected to be generated by clinical trials as a CRO. The potential risks include: ● ● ● ● ● ● ● lack of effectiveness of any product candidate during clinical trials; discovery of serious or unexpected toxicities or side effects experienced by trial participants or other safety issues; slower than expected rates of subject recruitment and enrolment rates in clinical trials; difficulty in retaining subjects who have been initiated into a clinical trial but may withdraw at any time; delays in obtaining regulatory authorisation to commence a trial; suspension or termination of a trial by a regulatory agency before or after a trial is commenced; and delays or failure in reaching agreement on acceptable terms in clinical trial contracts or protocols with prospective clinical trial sites. Cyber security threat from data breach A cyber security breach has the potential to disrupt the Group's information technology platform which is integral to the efficient operation of its business. A serious data breach could expose the Group to statutory liability and reputational damage. Protection of proprietary technology The Group's success depends upon it maintaining existing and obtaining new patents along with the protection of its trade secrets. The Group relies upon a combination of patents, trade secret protection (i.e., know how), and confidentiality agreements to protect its intellectual property. The Group may also face competition from companies who develop a substantially similar product to one of its products or proposed products. Many companies have encountered significant problems in protecting and enforcing intellectual property rights in foreign jurisdictions. The Group has certain products whose patents will lapse in the coming years which will expose these products to a higher level of potential competition. Operations in international jurisdictions The Group operates in a number of international jurisdictions. Wherever the Group provides its services it is exposed to a range of multi-jurisdictional risks such as risks relating to licensing arrangements, difficulty in enforcing contracts, changes to or uncertainty in the relevant legal and regulatory regime (including in relation to taxation and foreign investment and practices of government and regulatory authorities) and other issues in foreign jurisdictions in which the Group operates. Businesses that operate across multiple jurisdictions face additional complexities from the unique business requirements in each jurisdiction. Regulatory and compliance risk The Group operates in a complex regulatory environment and in jurisdictions that have varying degrees of enactment and implementation of regulations and that are constantly evolving to meet challenges associated with new technology including in relation to privacy and protected health information. The Group's products are registered or have certain regulatory approvals in various jurisdictions including the US FDA, Australian TGA, and European CE. A failure to comply with, or adjust to variations of, regulatory requirements both in Australia and overseas may result in the Company facing regulatory investigation and/or significant claims, and/or being required to adapt or withdraw certain products, which may adversely affect the Group's revenues. 9 Resonance Health Limited Directors' report 30 June 2025 Dependence upon key personnel The Group depends on the talent and experience of key personnel to deliver on its business strategy. If key personnel leave, it may be difficult to replace them, or to do so in a timely manner or at a comparable expense. Any key personnel who leave to work for a competitor may adversely impact the Group. Additionally, increases in recruitment, wages and contractor costs ma