Alcidion Group Ltd Posts Record $51.6M FY26 Revenue as ARR Climbs 34%

Alcidion delivers record FY26 revenue of $51.6M as global health platform scales

In its FY26 results presentation released 19 August 2026, Alcidion Group (ASX: ALC) detailed a year of growth across every key financial metric, anchored by its flagship Miya Precision health informatics platform.

The company recorded record revenue of $51.6M, up 27% on the prior corresponding period (pcp), alongside Annual Recurring Revenue (ARR) of $38.3M, up 34%.

Underlying EBITDA reached $6.8M, up 34%, while operating cashflow of $6.8M and a closing position of $20.6M cash with no debt underscored a profitable, cash-generative software business operating in a structurally growing market.

FY26 financial results at a glance

Alcidion delivered a 27% revenue lift driven by several contract wins and expansions, with recurring revenue rising 21% on the full-year impact of prior wins plus North Cumbria and Leidos expansions. Non-recurring implementation revenue grew 56%, generated primarily by major deployments at Hywel Dda, North Cumbria and Leidos.

Gross profit rose 15% to $41.5M, though the gross margin eased from 88.2% to 80.3%. Management attributed the decline to the resale of third-party partner products where Alcidion acts as contract prime, notably Mizaic at North Cumbria and Better at UH Sussex. The company detailed that this margin impact is not expected to continue, with FY27 gross margins forecast to return to the mid-80%s.

Cost discipline remained evident. Salaries and wages grew just 3% with headcount ending at approximately 140, and the business achieved close to 100% EBITDA-to-cashflow conversion.

The balance sheet reinforced financial flexibility to pursue further growth:

• $20.6M cash and no debt, up $2.9M on FY25 (including a $1.5M net Kyra acquisition payment)

• Net assets of $90.9M

• No R&D capitalised in FY26

What is Miya Precision, and why it matters

Health informatics refers to the use of software to organise and interpret clinical data so hospitals can operate more safely and efficiently. Alcidion’s Miya Precision is a cloud-native platform that acts as a “system of record” and orchestration layer, consolidating fragmented hospital data to enable clinical decision support, patient flow management and AI-enabled workflows.

The platform is designed to address systemic problems in healthcare delivery, including bed blockages, clinician workload pressures, disconnected systems and a lack of system-wide operational visibility.

According to the presentation, Miya Precision supports:

• 100+ healthcare clients across more than 50,000 beds

• 130k+ active users

• A 12% reduction in length of stay, described as an independently validated benefit

• More than $1B in annual impact on the global healthcare economy

Because this software is mission-critical, contracts typically run 5 to 10 years with minimal churn, supporting a high-quality recurring revenue base.

Contract momentum building across the UK and ANZ

Alcidion detailed a “land and expand” strategy in action, with the company reporting $140m+ of new and renewal Total Contract Value (TCV) won over the past 24 months, at an average contract term of 5 to 10 years.

Several marquee contracts anchored this momentum across both core regions.

The UH Sussex contract, signed in May 2026 following a competitive tender, represents Alcidion’s third UK EPR contract, underpinning growing referenceability in the UK market. Gold Coast Health marked the first Miya Precision deployment in Queensland.

The UH Sussex EPR contract, signed in May 2026 and valued at approximately $35M with extension rights to $49M over 10 years, was the first UK deployment to include Alcidion’s virtual care module, creating a reference site that management expects to accelerate adoption across the broader NHS customer base.

Deployment execution also progressed during FY26. University Hospitals Southampton efficiently managed 200+ concurrent emergency department patients during its first week of operations, while North Cumbria completed its Phase 1 go-live on time, described as a major digital milestone for the Trust.

Kyra acquisition consolidates ANZ patient flow leadership

On 29 June 2026, Alcidion completed the acquisition of the Kyra flow products from Telstra Health. The transaction added 33 customers (31 of them new) across five of six Australian states, materially increasing the company’s footprint in the domestic patient flow market.

The acquired products generated standalone FY26 revenue of approximately $3.6M, with 90%+ recurring revenue and Underlying EBITDA of $1.1M. Management described the deal as immediately earnings accretive, struck at an implied upfront EBITDA multiple of approximately 2.7x for a net consideration of $1.5M.

Beyond the financial profile, the company detailed cross-sell runway for Miya Precision across the newly acquired customer base, consolidating its leadership position in the Australian patient flow market.

A large and growing market with structural tailwinds

The presentation framed a sizeable addressable opportunity. The global patient flow market is forecast to grow at an 18.1% CAGR to US$10.4bn by 2034, with the UK reaching US$588m and Australia US$403m over the same horizon.

New-market entry offers additional runway, with Canada forecast to reach US$374m and Saudi Arabia US$179m by 2034.

Management identified several growth drivers, including persistent capacity constraints and discharge delays, healthcare workforce shortages and administrative burden, and the need for network-wide coordination as multi-hospital systems and virtual care models expand, supported by government funding for digital modernisation.

Growth strategy and FY27 outlook

Management outlined a multi-focus growth roadmap built on four pillars:

1. Scale existing markets through continued NHS digital investment, EPR renewals and ANZ Flow expansion

2. Evolve product functionality and adjacencies by deepening AI capabilities across the platform

3. Expand into new geographies, with priority targets including Canada, Saudi Arabia/UAE and SE Asia

4. Pursue disciplined M&A on a buy-and-build basis, ensuring acquisitions are EBITDA accretive

On the outlook, the company detailed that as at 30 June 2026, contracted and renewal revenue expected to be recognised in FY27 stood at $44.9M, up 32% on the prior year. This comprises $38.3M of ARR plus $6.6M of contracted implementation revenue.

For FY27 guidance, management stated that both revenue and Underlying EBITDA are expected to outperform FY26, underpinned by the company’s track record of converting pipeline into new contracts alongside continued demand for modern digital health solutions.

With a scaling mission-critical platform, a high-visibility contracted revenue base and structural market tailwinds across established and new geographies, Alcidion enters FY27 with a credible foundation for continued growth.

For investors wanting to trace how management communicated confidence in the full-year result as it approached, our detailed coverage of the Kyra completion and FY26 guidance reconfirmation documents the June 2026 announcement in which the UHSussex upfront licence fee was identified as the key factor enabling the guidance upgrade alongside the Kyra close.

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