Artrya Ltd Outlines First US Revenues and $74M Cash for Salix Rollout

Artrya scales US commercial launch as first Salix revenues land in FY26

In its FY26 full-year results presentation, released on 1 September 2026, Artrya Limited (ASX: AYA) outlined the year it executed its US commercial launch and recorded its first US revenues from the Salix platform. The presentation, covering the financial year ended 30 June 2026, framed FY26 as the transition from clinical validation to early commercial monetisation.

Management highlighted 3 multi-year US customers contracted, a $74.0m cash position at 30 June 2026, nil debt, and $80m in funding secured during the year. For investors, FY26 marked the point where Artrya moved from a pre-revenue clinical validation business towards its first commercial receipts.

FY26 highlights — commercial launch executed

The presentation summarised a year focused on establishing a commercial base in the United States. Key achievements included:

• 3 US customers secured: Tanner Health, Northeast Georgia Health System (NGHS) and Cone Health

• First US revenues — subscriptions for Salix Coronary Anatomy plus fee-per-scan for Salix Coronary Plaque

• FDA clearance received for Salix Coronary Plaque in August 2025

• SAPPHIRE Study launched across 6 major US health systems

• $80m capital raised

• First hospital-wide integration across 5 Tanner Health hospitals

• Added to the ASX All Ordinaries and All Technology Index, expanding institutional access

Management described these as genuine firsts, noting FY26 delivered the company’s first US revenues and its first hospital-wide integration.

FY26 financial results

Artrya reported statutory revenue of $28k for FY26, unchanged from $28k in FY25 and up from $0 in FY24. Underlying reported revenue was $177k before a ($149k) non-cash accounting adjustment relating to foundation partner options. The $177k figure is not statutory revenue; the accounting adjustment reduces it to the reported $28k statutory figure.

Operating EBITDA came in at ($18.99m) for FY26, compared with ($13.29m) in FY25. Net profit after tax was ($25.18m), versus ($16.41m) the prior year.

The result also included an ($5.945m) other non-cash expense. This was triggered by the conversion of US foundation partners to commercial customers, which prompted accounting for the vesting of affiliate options. It is a non-cash charge spread over four years and does not affect cash receipts.

Management attributed the wider loss to a deliberate US commercial build-out. Employee benefits rose to $10.86m as US headcount grew, while contractors and consultants increased to $8.57m, reflecting Salix module development and regulatory submissions.

Balance sheet strength to fund the US rollout

The presentation positioned the balance sheet as the fuel for commercial scale. At 30 June 2026, Artrya held $44.0m in cash and cash equivalents, plus $30.1m in other investments held as term deposits, giving the $74.0m total cash position management cited.

The company reported nil debt and net assets of $78.3m, up from $21.3m in FY25. Issued capital rose to $154.4m following the year’s capital raise.

For investors, the debt-free position and strengthened balance sheet support continued US infrastructure investment and a growing sales pipeline without near-term funding pressure.

Understanding CCTA and the Salix platform

Coronary artery disease (CAD) is a condition where the arteries supplying the heart become narrowed by plaque. Management noted that CAD remains the leading cause of mortality in the US. Coronary CT angiography (CCTA), a non-invasive scan, is increasingly used as the first-line test for suspected CAD.

The presentation detailed a bottleneck: CT-first adoption is growing faster than hospital reporting capacity, with existing off-site tools introducing 24-48 hour delays and multi-week backlogs. Salix is described as a real-time, point-of-care AI platform that delivers CCTA reporting, plaque and flow analysis in under 10 minutes, embedded within existing clinical workflows.

The platform comprises three modules:

1. Salix Coronary Anatomy — the core platform, FDA cleared and launched commercially in the US on a subscription model

2. Salix Coronary Plaque — plaque characterisation, FDA cleared in August 2025, on a fee-per-scan basis

3. Salix Coronary Flow — non-invasive blood flow assessment (FFRCT), with FDA clearance targeted by the end of CY2026 and not yet cleared

Reimbursement rates cited in the presentation (US$325 for Coronary Anatomy, US$950 for Coronary Plaque and US$877 for Coronary Flow) are hospital-side CPT reimbursement rates. Artrya does not receive these amounts directly. It earns a monthly subscription fee plus a contracted per-scan share of that reimbursement.

Three foundation customers anchor the US launch

The presentation detailed the commercial traction established across three foundation customers:

• Tanner Health — a 5-year commercial contract with 5 hospitals fully integrated, live and generating revenue using Salix Coronary Plaque. Cardiologists demonstrated 50-80% reporting time savings.

• Northeast Georgia Health System (NGHS) — a 3-year commercial contract, which went live clinically in July 2026, with full rollout expected by 2QFY27.

• Cone Health — a 5-year commercial contract, with integration underway and full integration expected by 2QFY27.

NGHS went live clinically in July 2026.

This year we successfully executed our commercial launch — enabling us to grow revenues and deliver scale into the future.

SAPPHIRE Study and the path to repeatable adoption

Management positioned the SAPPHIRE Study as both a clinical validation exercise and a commercial pipeline engine. The multicentre, retrospective study is designed to validate the Salix Plaque Dispersion Score, with a specific focus on CAD in women.

Six high-volume US health systems are confirmed as participants: Mass General Brigham, Piedmont Healthcare, HCA Healthcare, Dignity Health (CommonSpirit), Ascension and Huntsville Hospital Health System. The study runs across two phases of approximately 12 months each, moving from risk identification to risk stratification and treatment change.

Dignity Health joining the SAPPHIRE Study as a participant reflects a broader pattern in which large US health systems have progressively committed to the program, with each addition expanding the real-world evidence base Artrya intends to use to support commercial adoption conversations.

Strategically, management framed SAPPHIRE as “the primary commercial adoption engine, not just a validation study.” These large systems represent a future sales pipeline for the company.

FY27 roadmap and the shareholder value pathway

Looking ahead, management outlined the priorities the company intends to pursue in FY27:

1. Fully deploy Salix and the Plaque module across all three foundation customers, growing scan volumes and recurring revenue

2. Begin converting SAPPHIRE participants to commercial customers

3. Accelerate the sales pipeline, targeting multiple new live sites

4. Achieve Salix Coronary Flow FDA clearance, targeted by the end of CY2026

5. Have all 6 SAPPHIRE systems active in Phase 1, with clinical papers published and conference presentations delivered

Management presented a value-inflection pathway progressing from technology proven today, to early revenue traction, to Salix Coronary Flow clearance, to repeatable rollout, and ultimately to scale.

The presentation condensed its position into five takeaways: the commercial launch is established, a revenue-generating platform is live, FDA clearances are progressing, multiple FY27 catalysts are underway, and the company retains a debt-free balance sheet to support commercial scale.

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