Half Year Results Presentation
Released
Released
Announcement PDF
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Resonance
Health
Andrew Harrison, CEO
Benjamin Carruthers, CFO
Half Year Results FY26
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Highlights
ü 1H FY26 Revenue up 53% or $2.8M to $8.0M from 1H FY25
ü 1H FY26 Normalised EBITDA of $1.6M at 20% operating margin
ü Profit after tax of $1.5 million (1H FY25: $1.0 million loss)
ü Positive operating cashflow
ü Major global pharma clinical trial execution progressing as planned
ü TrialsWest clinic network expansion progressing ahead of expectations
ü SaMD order and bid (but not awarded) pipeline now above $10 million
ü New Non-Invasive Liver Fibrosis medical device extended-proof-of-
concept-trial (EPoC) completed subject enrolment
ü New “Bridge” technology that automates and simplifies customer
interaction has completed testing and validation with first customer
deployment underway
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Significant revenue growth and diversification with rapid scaling across 3 businesses…
FY23 FY26
Total Revenue $4.4M
Total Revenue Guidance ~$17M
ü FY23–FY26 strong revenue growth (~45% CAGR)
ü Profitable ~$2M EBITDA
ü Diversified revenue
ü Customer, clinical, and technical synergies
Rapid
scaling
across
3
businesses
Full Year FY26 Guidance
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We continue to significantly expand our addressable global market…
New Imaging
Endpoints for
Metabolic & Obesity VAT, SAT, MRE
2023
MRI Liver Iron
Measurement
market
~ $200M
+ liver fat market
~$300m +
+ obesity and
liver fibrosis
>$500m
+ CRO and Investigator
site services
~$70b
# Data compiled from internal company market research
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The strategy of getting a greater “share of wallet” expands on 3 vector's, more therapeutic areas, more
services to each customer, and more customers through organic (SaMD) or acquisitive (buy expertise &
footprint) growth.
Oncology/Hematology, 28%
Neurology,
8%
Infectious
Disease
(Therapeutic
), 8%
Endocrin
ology,
6%
Rheumatology,
5%
Cardiovascular,
5%
Dermatology,
5%
Infectious
Disease
(Immunizatio…
Respiratory,
4%
Ophthalmol
ogy, 4%
Psychiat
ry, 3%
Hematol
ogy, 3%
Gast
roint
es…
Repr
oduc
tiv…
Hepa
tolog
y,…
Other, 10%
% $ SPENDING IN GLOBAL CLINICAL TRIALS BY THERAPEUTIC AREA
More sites – Geographic (Australia then overseas)
More phases – Later stage to Phase 1
More devices and imaging endpoints
More services provided in-house
Other services
More
Services
More Therapeutic Areas
More
Customers
# Data compiled from internal company market research
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Therapeutic
Area
Services
Work
Won
Opportunities
Haematology
First Liver / Spleen Iron, then Site services -
TrialsWest
Haematology
First Liver / Spleen Iron, then central reading &
image storage
Metabolic First CRO, then Site services – TrialsWest, & Liver fat
& Stiffness
Obesity First Liver fat & VAT / SAT, then CRO & Site Services
ENT First site services, then CRO Services
Australian global
pharma
US global pharma
Top 10 Indian global
pharma
US Biotech
Growth strategy continues to bear early fruit…
Oncology CRO & Imaging Services
US Biotech
Top 10 Indian global
pharma
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Australian Clinical Trial Market Global Clinical Trial Market
Key Drivers - Australia Key Drivers - Globally
ü Approvals and regulatory system
ü Public private health system
ü Multi-cultural population
ü Population receptive to testing / participation
ü R&D Tax incentives
ü Increasing rapidity of technological breakthroughs
ü Shortening development timeframes
ü Increase in outsourcing of trials
ü Increase in efficiency of non-hospital trials
Strong Tailwinds
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While oncology dominates the global trial landscape, there is rapid growth in other
therapeutic areas…
# Data compiled from internal company market research
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In the metabolic diseases space rapid growth is being driven by GLP-1-like drugs
# Data compiled from internal company market research
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Resonance’s deep expertise in liver and related metabolic / obesity areas meets a
significant opportunity…
# Data compiled from internal company market research
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Growth with financial discipline…
Entrenched profitability
üBuild revenue base
üDisciplined cost control
üBusiness transformation providing strong financial base with significant growth potential
Generate strong FCF
üOperating cash flow positive
üLow sustaining capex
üAccretive expansion capex & acquisitions
Target EBITDA Margin Range ~ 25%
üEstablished overhead base that can be leveraged
üRevenue growth across three business segments, looking to drive margin uplift at full revenue scale
üGreater share of wallet reduces customer acquisition costs and increases margin capture / customer / project
Responsible growth
üConservative gearing metrics - target Net Debt EBITDA < 2x (long term ~ 1.5x)
üMaintain a strong balance sheet – financial strength and greater flexibility to pursue attractive opportunities
üProperly support and embed new business streams and acquisitions
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ü 53% revenue growth on pcp
ü 20% normalised EBITDA margin, significant
operating leverage driving margin accretion in future
growth2
ü Significant increase in NPAT to $1.5M
Profit & Loss Summary1
1HFY26 1HFY25 %Change
Revenue $M 8.0 5.2 +53%
Normalised EBITDA 1.6 (0.8)
Normalised EBITDA Margin 20% -14%
Statutory NPBT 0.9 (1.5)
Statutory NPAT 1.5 (1.0)
1Abridged summary prepared for comparative purposes, refer to Annual Report for Statutory Accounts
2Normalised EBITDA = Statutory net profit – income tax – depreciation – amortisation – finance costs – share based payments
1HFY26 PROFIT & LOSS
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1HFY26 BALANCE SHEET
ü Strong net cash position $2.7M
ü $2.7M debt facility
Balance Sheet Summary1
$M 1HFY26 1HFY25
Assets
Cash & Equivalents 2.7 3.0
Trade debtors and other receivables 3.5 3.5
Intangibles 9.4 9.5
PPE and other assets 2.3 1.9
Liabilities
Trade and other payables (1.6) (1.3)
Borrowings (2.7) (2.9)
Revenue received in advance (0.9) (3.2)
Other liabilities (1.9) (1.2)
Net Assets 10.9 9.4
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Abridged summary prepared for comparative purposes, refer to Annual Report for Statutory Accounts
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Business Outlook & Guidance
Resonance enters 2H FY26 with:
ü Continued delivery under global major pharmaceutical agreements
ü Record SaMD forward orders and bid-tender pipeline
ü Expanding and increasingly profitable TrialsWest operations
ü Near-term milestones in fibrosis SaMD development and workflow automation
ü Previously stated guidance of full year FY26 Revenue of $17M and EBITDA of $2M is maintained.
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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 connection with it or any error or omissions in it.
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