FY26 results presentation frames a strategic reset toward growth
In its FY26 results presentation delivered on 1 September 2026, Adheris Health reported a challenging full-year result while positioning the business for a return to growth. Group revenue came in at $34.0M, down 46% year-on-year, reflecting weaker customer renewals through the prior pharma budget cycle.
Management noted the company returned to cashflow break-even in Q4 FY26, as previously guided, and ended the period with $9.5M in cash and no debt following the sale of its ANZ business. CEO John Ciccio framed the year as a reset, with the down period behind the company and foundations laid for a calendar 2027 recovery.
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FY26 financial results at a glance
The group financial summary reflected lower customer renewal rates during the prior pharma budgetary period, together with softer bookings in the first half of FY26. Revenue declined across the board, though the statutory net loss narrowed sharply, aided by significant items linked to the ANZ divestment.
| Metric | FY26 Value | YoY Change |
|---|---|---|
| Revenue | $34.0M | down 46% |
| Gross Profit | $14.6M | down 56% |
| Gross Margin | 43% | down 9 ppts |
| Underlying loss (before income tax) | $16.7M | down 1% |
| Net Loss (statutory) | $4.3M | down 93% |
| Cash at Bank | $9.5M | down $0.8M |
The sale of the ANZ business to Jonas Software completed on 4 July 2025. FY26 significant items included a $15.7M profit on the sale, offset by $3.7M in costs relating to the early discharge of borrowings.
The underlying loss before income tax is non-IFRS financial information and is unaudited. FY25 comparatives present the ANZ business as discontinued operations.
What Adheris does: patient engagement through the pharmacy network
Adheris connects pharmaceutical companies and pharmacies to deliver targeted messages to patients through their local pharmacy. Its THRiV™ platform delivers precisely targeted, data-driven communications based on patient medication history and real-time behaviour, embedded within the pharmacy workflow.
The company reports considerable scale across the US market:
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Approximately 170 million Americans reachable through a network of 25,000 pharmacies
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More than 500 million sponsored messages delivered in the past five years
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Around 65% of patients returned to therapy, with average SMS click-through rates above 24% and an 11% average awareness program lift
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More than 30 years connecting pharma and pharmacy, and business associate of 9 of 10 leading pharmacy chains, for an average of 20+ years
These decades-long relationships underpin the company’s position in a large addressable US market and provide the platform on which management intends to rebuild revenue.
Five strategic priorities: FY26 progress
Management reported progress against five priorities designed to support the return to growth. The framework spans cost discipline, revenue diversification, margin mix, network expansion and digital engagement.
| Priority | FY26 Progress |
|---|---|
| Build Scalable Operation | Operating costs down 37% ($49.8M to $31.3M) |
| Diversify Revenue | Non-vaccine revenue 83% of total (54% in FY25); 11 new brands onboarded |
| Sell Higher-margin Solutions | Close to 60% of CY27 pipeline value in THRiV/digital, versus 32% of FY26 revenue |
| Expand Pharmacy Network | Digital reach expanded by more than 36 million patients in FY26 |
| Enhance Digital Engagement | SMS click-through rates above 24%; 2,100 stores live on digital regulatory product |
Cost discipline and revenue mix shift driving the reset
Cost-out program
The company detailed a substantial cost reduction, with operating expenses down 37%, from $49.8M in FY25 to $31.3M in FY26. Staff costs, including contractors and consultants, are expected to stabilise at approximately $18.2M in FY27, versus FY25 actuals of $34.0M.
Management also outlined a performance-based executive compensation philosophy, emphasising equity upside over high fixed salaries and cash bonuses to align leadership outcomes with shareholder value.
Revenue diversification and GLP-1 growth
The presentation highlighted a decisive shift toward higher-margin, non-vaccine revenue. Key data points included:
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Non-vaccine revenue was 83% of total in FY26, versus 54% in FY25
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GLP-1 revenue rose 34.9% year-on-year, reaching 8% of revenue (FY25: 4%)
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Digital programs grew from 6% of revenue in January 2026 to 15% by June 2026
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Over US$3 million in win-back contracts signed, with eight new brands onboarded in the second half of FY26
Management cited a JP Morgan estimate that approximately 25 million Americans are expected to be on GLP-1 treatment by 2030, compared with 10 million in 2025, supporting the diversification thesis.
Observations and outlook: from reset to growth
Management framed the outlook around rebuilding the revenue base through the calendar 2027 planning cycle. As at 21 August 2026, the CY27 pipeline included:
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More than 90 opportunities across nearly 40 customers and approximately 80 brands, with no single opportunity or brand exceeding 10% of pipeline value
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Close to 60% of opportunity value in higher-margin THRiV and digital programs
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Opportunities materially larger on average than FY26 bookings, with roughly half of value in seven-figure programs
The CY27 pipeline is unaudited, unweighted, and may not convert to revenue.
Management outlined that FY27 is targeting substantial revenue growth on a largely unchanged cost base, supporting the path back to profitability. The company expects to remain cashflow break-even across CY27, though cash generation is likely to be uneven quarter to quarter, with revenue and cash build skewed to the second half of FY27.
Management expects decisions on the majority of the pipeline by the end of December 2026, with the first pipeline conversion update to be provided at the Annual General Meeting in November 2026. The Board was enhanced by the appointment of John Murray as Non-Executive Director on 1 July 2026.
The investment case
Management positioned the company as uniquely positioned for a return to profitable growth in a large market. The presentation summarised the thesis across four pillars:
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A trusted 30+ year brand with the largest US pharmacy network and a re-established, experienced leadership team
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A large addressable market, with pharma spending approximately US$8 billion per year on patient-directed engagement in the US, of which around US$2 billion is addressable through pharmacy channels
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A strategy aligned to growth through diversified revenue, higher-margin solutions, network expansion and next-generation digital engagement
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Disciplined cost management, with the company targeting cashflow break-even in FY27
On other matters, finalisation of the first-year Jonas earnout is expected in Q1 FY27, with payment in Q2 FY27. The Mindsprint proceedings are disputed in their entirety and will be vigorously defended; at this early stage the potential financial impact cannot be reliably quantified, and the matter is not expected to impact operations.
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