Resonance Health вернулась к прибыли и увеличила выручку на 42% в финансовом году 2026

This article first appeared on GuruFocus. Revenue: AUD16 million, up 42% year-over-year. Statutory Net Profit: AUD1.5 million, a return to full-year profitability versus a loss in the prior year. Normalised EBITDA: AUD2.6 million, up 83% and ahead of the original AUD2 million guidance. Free Cash Flow: AUD2.8 million. Net Cash Position: AUD2.3 million at year-end. Operating Margin: 16%. Employee Costs: Fell from 51% to 41% of revenue. Return on Invested Capital: Approximately 18%, up from 5% the prior year. Segment Revenue (before elimination): AUD18.7 million, with AUD3 million eliminated on consolidation. Software as a Medical Device (SMA) Segment Revenue: AUD7 million, driven by clinical trial growth. Resonance Clinical Segment Revenue: Up 81%, becoming the largest segment. Forward Orders and Pipeline (SMA): Exceeded AUD12 million, now closer to AUD13 million. FY27 Normalised EBITDA Guidance: Between AUD2.6 million and AUD3.6 million. Warning! GuruFocus has detected 6 Warning Signs with ASX:RHT. Is ASX:RHT fairly valued? Test your thesis with our free DCF calculator. Release Date: August 28, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Resonance Health Ltd ( ASX:RHT ) delivered a strong financial performance in FY26, with revenue up 42% to nearly AUD16 million and a return to full-year statutory net profitability. The company achieved a normalised EBITDA of AUD2.6 million, which was 30% above its initial guidance, and generated substantial free cash flow of AUD2.8 million. All three business segments (Imaging, Clinical, and Trials West) are now generating positive contributions, demonstrating the success of its share-of-wallet strategy. The company is well-positioned to capitalize on strong macro tailwinds in obesity, MASH, and liver disease, with a growing pipeline of clinical trial work from major global pharma companies. Significant progress was made on its novel liver fibrosis device, with the completion of patient recruitment and the expectation of early results from its proof-of-concept trial within the next month. The company is investing in AI and automation to expand its analysis capacity by 5 to 10 times, which is expected to drive significant margin expansion and operating leverage in the future. Resonance Health Ltd ( ASX:RHT ) has a strong balance sheet with a net cash position, low maintenance capital expenditure, and a high return on invested capital of approximately 18%. The company has provided positive guidance for FY27, expecting continued growth in normalised EBITDA to between AUD2.6 million and AUD3.6 million, with several potential upside catalysts not included in this forecast. Negative Points The company's largest CRO contract is expected to roll off in the second half of FY27, creating a potential revenue gap that depends on securing new contract wins. The guidance for FY27 is broad and heavily dependent on the timing of new contract wins, which introduces uncertainty into the earnings forecast. The development of the liver fibrosis device has been a lengthy and difficult process, and its success is not yet guaranteed, with results still pending. The company's share register remains predominantly retail-driven, with limited institutional ownership, which may impact liquidity and valuation multiples. While the company is profitable, its statutory net profit margin is still relatively low at 1.5%, indicating that it is in the early stages of scaling its operations. The business is exposed to the risk of customer concentration, particularly with a major MASH trial that is a significant driver of current revenue. The company's growth is reliant on the continued expansion of the GLP-1 and metabolic disease drug pipeline, which could be subject to market or regulatory shifts. Q & A Highlights Q: How can the company increase its EBITDA guidance for FY27 when the major CRO contract is rolling off, and what is the fixed overhead in the Resonance Clinical business? A: The CRO contract will run through the first half of FY27, but the company has a strong bid pipeline and is in detailed discussions with customers, with only modest wins included in guidance. Growth is also expected from the Trials West business, with the Mandurah site transitioning from breakeven to profit generation, and from continued conversion of the SMAD pipeline. The guidance range reflects uncertainty in the timing of these wins. The Resonance Clinical business has very little fixed overhead, with only three key employees and the rest contracted, allowing costs to fall off if services are not utilized. Q: Who are the competitors in the Trials West business and what is the company's main competitive advantage? A: Perth is an underserviced area for trial sites, with competitors like Linear Clinical Research focusing on first-in-human trials, which Trials West does not do. The main competitive advantage is the company's reputation for doing what it says it will do, particularly in patient recruitment, which is critical in the clinical trials world. Trials West is also highly patient-focused and patient-centric, providing a high-quality experience. The company's strong reputation with global pharma means it is often approached for work rather than having to seek it out, and it has expanded its capacity from roughly 20 trials to closer to 40 across its three sites. Q: What listed companies would be good comparisons to Resonance Health? A: The only listed comparable company is Cogstate, which operates in the neurological measurement space and serves as a good proxy for how Resonance can scale. However, the potential revenue from a successful liver fibrosis device could arguably place the company more in the medtech category, given the substantial blue-sky opportunity. Q: What are the key drivers behind the company's strong FY26 financial results? A: The company delivered revenue of nearly AUD16 million, up 42%, and returned to full-year profitability with a statutory net profit of 1.5%. Normalised EBITDA was AUD2.6 million, up 83% and ahead of the original AUD2 million guidance, with a 16% operating margin. The company generated substantial free cash flow of AUD2.8 million, ended the year with net cash of AUD2.3 million, and all three businesses are generating positive contributions. The results reflect operating leverage, with employee costs falling from 51% to 41% of revenue. Q: What are the main macro tailwinds driving demand for Resonance's services? A: The company is positioned to benefit from three major tailwinds: the generational change in drug pipelines from GLP-1 drugs like semaglutide and Mounjaro, the growing prevalence of liver disease and MASH/NASH, and the explosion of GLP-1 and GLP-1-like clinical trials. Every major pharma company has drugs in these categories, and Resonance's services across its devices, CRO business, and Trials West sites are all aligned to serve these populations, particularly in measuring critical endpoints for clinical trials. Q: What is the progress on the liver fibrosis device and what is the path to market? A: The company has completed recruitment for its extended proof-of-concept trial and is nearing completion of the analysis, with results expected in the next month or so. The device aims to replace liver biopsy as the gold standard for measuring liver fibrosis, offering granular measurement across fibrosis grading. If successful, the company would work with pharma customers to use it as an investigational tool in existing trials, generating data to support FDA approval. This device represents the largest single growth option in the software portfolio. Q: How is the company addressing its analysis capacity constraints? A: The company has been working on rebuilding its analysis platform and introducing AI-assisted tools at every step of the analysis journey. The goal is to create a unified AI-enabled platform containing all devices, which is expected to result in a five to ten times capacity expansion. This will enable the company to scale margins and serve the growing number of customers wanting its services. Q: What is the company's financial guidance for FY27? A: The company expects to grow from at least the FY26 level, with a top-end guidance of AUD3.6 million in normalised EBITDA. Assumptions include modest wins in the CRO and SMAD businesses, the full-year effect of the Mandurah site growing to profitability, and no inclusion of new Trials West sites, revenue from the fibrosis device, or acquisitions. The timing of contract wins is the greatest driver of the earnings guidance. Q: How is the company's balance sheet positioned and what is its capital management strategy? A: The balance sheet is materially stronger, with cash up AUD1.9 million and debt down to AUD2.5 million. Return on invested capital was approximately 18%, up from 5% the previous year. The company maintains a net cash position, expects net debt to EBITDA not to exceed two times, and all development, including R&D for the liver fibrosis device, is self-funded from existing cash flow. Q: What is the company's strategy for expanding its investigator sites business, Trials West? A: The company has demonstrated that its model of greenfield sites is replicable across geographies, with a low CapEx model. The Osborne Park site is consistently profitable and approaching its target revenue run rate, while the Mandurah site opened during the year and is already close to break-even. The company is looking to expand its footprint further, with ambitions to add new sites during FY27, though this is not included in current guidance. For the complete transcript of the earnings call, please refer to the full earnings call transcript.