AGM Presentation
Released
Released
Announcement PDF
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Resonance
Health
Annual General Meeting
13 November 2025
Andrew Harrison
MD & CEO
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Business transformation well underway
*Normalised Operating EBITDA = Statutory Net Loss – (R&D tax Credit, FX gain, Share based payments) + (Depreciation, amortisation & net interest expense, one-off restructuring & transaction costs, and unearned income).
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Significant revenue growth and diversification since FY23
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
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We have significantly expanded 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
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The strategy of getting a greater “share of wallet” expands on 3 vectors, more therapeutic areas, more
services to each customer, and more customers through organic or acquisitive growth.
Oncology/Hematology, 28%
Neurology,
8%
Infectious
Disease
(Therapeutic)
, 8%
Endocrin
ology,
6%
Rheumatology,
5%
Cardiovascular,
5%
Dermatology,
5%
Infectious
Disease
(Immunizatio…
Respiratory,
4%
Ophthalmolo
gy, 4%
Psychiatr
y, 3%
Hematol
ogy, 3%
Gastr
ointe
sti…
Repr
oduc
tiv…
Hepa
tolog
y, 2%
Other, 10%
% $ SPENDING IN GLOBAL CLINICAL TRIALS BY THERAPEUTIC AREA
More
Customers
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
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Therapeutic
Area
Services (cross-selling)
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 bears early fruit…
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While oncology dominates the global trial landscape, there is rapid growth in other
therapeutic areas…
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In the metabolic diseases space rapid growth is being driven by GLP-1-like drugs
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Resonance’s deep expertise in liver and related metabolic / obesity areas meets a
significant opportunity…
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Our clinical trial customers are global pharma. Trial protocols are standardized across trials
globally and are run according to GCP. This makes Resonances’ expansion geographically
agnostic and presents a medium-term growth opportunity
Growth Opportunities
SaMD Business
üMore devices to existing & new customers (Fibrosis)
üSale of AI devices to emerging markets (China, India)
üExpand into new therapeutic areas (MRI focussed)
TrialsWest
üGreenfield geographic expansion (Perth, then Australia)
üExpand into new therapeutic areas
üExpand into earlier stage trials (phase 1)
üAcquisitive expansion US & Europe (same customers - same trials)
to participate in larger phase 3 trials for FDA clearances
Resonance Clinical
üWin new trials
üBring new customers to Australia for early-stage trials (Indian pharma,
smaller US biotech) i.e. an Australian clinical trial ‘turnkey package’
üAcquire / establish US / European presence (along with imaging & trial
sites) bring customers to US/Europe for late-stage FDA/MDR trials,
greater share of wallet in existing global trials we participate in
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FY26 Guidance Maintained
FY26 Guidance $M
Revenue 17
Underlying Operating EBITDA 2
ü Solid trading in first quarter in line with expectations
ü Grow underlying EBITDA margins to ~12%. Target EBITDA margins over
coming periods ~25% as operational leverage drives margin expansion
ü Operationally cashflow positive
ü Significant potential upside from conservative assumptions
ü Assumptions:
ü No new TrialsWest sites during period
ü No new contract wins in Resonance Clinical business
ü Geographical expansion not included
ü No contribution from new Non-Invasive Fibrosis device
ü Acquisition pipeline not included
ü Existing contracted trials run to completion
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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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