FY26 was the year our turnaround showed up in the numbers. Revenue reached $15.8M, up 42% on FY25, and we returned to full-year profit with net profit after tax of $1.5M, a $3.2M swing from last year's loss. Normalised EBITDA rose 83% to $2.6M, lifting our margin from 13% to 16%.

Just as important is the cash behind those numbers. We generated positive operating cashflow in every quarter, with free cashflow of $2.8M, up 148% on FY25. Cash at bank sits at $4.8M and we finished the year with net cash of $2.3M, up from $0.1M a year earlier. ASX has also confirmed we no longer need to lodge quarterly cashflow reports, reflecting that sustained performance.

Each of our three businesses, imaging analysis, clinical trial management and investigator sites, contributed positive profit this year, and all three are backed by contracted work heading into FY27, including $13.8M of trial invoicing still to come and a SaMD pipeline exceeding $12M.

Looking ahead, we've given FY27 guidance of $17M to $22M revenue and $2.6M to $3.6M normalised EBITDA. That guidance is built on existing contracts and pipeline conversion, and deliberately excludes upside from the liver fibrosis device, acquisitions or new sites, so there's more to come if those land. As with all forward-looking guidance, actual results may differ from what we expect.

If you have questions about this result, we'd welcome you raising them through the investor hub.