FY26 was the year our numbers turned. Revenue grew 42% to $15.8M, and we returned to full-year profitability with net profit after tax of $1.5M, compared to a $1.7M loss the year before. Normalised EBITDA rose 83% to $2.6M, and we hit the upgraded guidance we gave the market back in May.

Just as importantly, the cash followed the earnings. We generated positive operating cashflow in every quarter, free cashflow of $2.8M (up 148% on FY25), and finished the year with net cash of $2.3M, a big turnaround from the $0.1M net cash position a year earlier.

All three parts of the business contributed. Resonance Clinical grew 81% and is now our largest segment, TrialsWest's Osborne Park clinic is consistently profitable while Mandurah is tracking ahead of expectations toward breakeven, and our SaMD pipeline now sits above $12.0M in forward orders and tenders. Our liver fibrosis device trial has finished enrolling and data analysis is underway, with results expected in the coming months.

For FY27, we're guiding to revenue of $17M to $22M and Normalised EBITDA of $2.6M to $3.6M. This guidance is based on deliberately modest assumptions, including no new clinic sites, no acquisitions, and no contribution from the liver fibrosis project. Our medium-term goal remains scaling toward $30M in revenue at around a 25% underlying EBITDA margin.

One administrative note: ASX has confirmed we no longer need to lodge quarterly Appendix 4C cashflow reports, given our consistent positive cashflow. We'll keep you informed through our half-year and annual reports, the AGM, investor presentations and ongoing announcements as usual.

If you have questions about any of this, we'd genuinely like to hear them.