In its FY26 full-year results presentation dated 28 August 2026, Resonance Health (ASX: RHT) outlined a return to full-year profitability, with revenue of $15.8M, up 42% on FY25. The result marked a genuine inflection point for the medical imaging and clinical research group.
Management detailed a statutory net profit after tax (NPAT) of $1.5M, a $3.2M turnaround on the FY25 loss of $1.7M. With three growing and profitable business units now contributing at the group level, the presentation framed FY26 as the year the diversification strategy delivered bottom-line profit.
FY26 financial results: profitability restored across the board
The presentation detailed broad-based margin expansion and strong cash generation across the year. Normalised EBITDA and free cashflow both grew at a faster rate than revenue, reflecting operating leverage as employee costs fell as a percentage of revenue.
Key financial outcomes management highlighted included:
- Normalised EBITDA of $2.6M, up 83%, at a 16% margin (FY25: 13%)
- Free cashflow of $2.8M, up 148%, at 109% conversion of normalised EBITDA
- Record cash receipts from customers of $14.3M, with positive operating cashflow in all four quarters of FY26
- Employee costs fell from 51% to 41% of revenue
- Net cash of $2.3M (cash $4.8M, less $2.5M NAB debt), up from $0.1M at FY25
- ASX confirmed RHT is no longer required to lodge quarterly reports under Listing Rule 4.7B
The presentation noted the quarterly reporting exemption as a regulatory signal of sustained financial performance.
| Metric | FY26 | FY25 | Change $ | Change % |
|---|---|---|---|---|
| Revenue | $15.8M | $11.1M | $4.7M | 42% |
| Normalised EBITDA | $2.6M | $1.4M | $1.2M | 83% |
| EBITDA Margin | 16% | 13% | — | — |
| Statutory NPAT | $1.5M | ($1.7M) | $3.2M | — |
| Free Cashflow | $2.8M | $1.1M | $1.7M | 148% |
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The three-business model: how RHT built diversified revenue
Resonance Health operates three complementary units serving global pharmaceutical and biotechnology companies, hospitals and radiology centres. The SaMD (software as a medical device) business, Resonance Imaging, analyses MRI scans to non-invasively measure liver iron, liver fat and body composition, with FerriScan® among its products. The CRO (contract research organisation) unit, Resonance Clinical, provides end-to-end management of clinical trials in Australia, while TrialsWest operates investigator sites that recruit and manage trial participants.
Segment results management detailed included:
- SaMD revenue of $7.0M, up 34%, with forward orders and tendered pipeline now exceeding $12M
- Resonance Clinical revenue of $7.5M, up 81%, taking total CRO contract wins to $20.1M since August 2023
- TrialsWest segment revenue of $4.1M, with the third site at Mandurah opened in July 2025 approaching breakeven in its first year
- All three segments contributed positive segment profit before group overheads
- A share-of-wallet strategy delivered $3.0M in intersegment revenue
The presentation framed this diversification as capturing a greater share of wallet, with the share-of-wallet model retaining earnings in-house that would otherwise flow to external vendors.
Why now: the macro tailwinds behind RHT’s growth
Management positioned the investment case around three structural rather than cyclical tailwinds:
- Liver disease prevalence — more than 1.5 billion people live with chronic liver disease, with MASLD/NASH affecting approximately 1 in 4 adults globally.
- MASH diagnostics demand — two FDA-approved MASH therapies (resmetirom in 2024, semaglutide in August 2025) each require diagnostic confirmation for every patient.
- GLP-1 trial explosion — more than 6 major GLP-1 agents in late-stage trials require MRI-based body composition endpoints.
The presentation cited a total addressable market exceeding $40 billion, a 53% revenue CAGR from FY23 to FY26, and a service footprint spanning 48 countries, 400+ active sites and 110,000+ analyses completed.
Management Positioning
The presentation outlined that the three complementary businesses are all profitable, all growing and fully aligned, positioning Resonance Health to capture structural demand from a position of financial strength.
Growth engines: automation and the liver fibrosis device
Management detailed two strategic growth levers designed to expand margin and revenue over the medium term:
- An automation platform targeting a 5–10× SaMD capacity uplift on the same fixed cost base, described as SaaS-like operating leverage intended to drive margin toward a ~25% EBITDA target at approximately $30M revenue scale.
- A liver fibrosis device offering non-invasive, biopsy-grade fibrosis assessment. DEVIMLA EPoC recruitment is complete, with the analysis readout expected within approximately three months (early FY27), targeted trial use in FY27/28 and commercial deployment via FDA 510(k) from FY28.
The presentation described the fibrosis device as the “largest single growth option” in the portfolio and noted it is incremental to guidance, meaning it is excluded from the disclosed FY27 figures.
For readers wanting to understand the clinical and commercial mechanics behind this pipeline asset, our deep-dive into the liver fibrosis device opportunity covers the DEVIMLA study design, the fibrosis signal data, and how the FDA 510(k) pathway connects to the FY28 commercial launch timeline.
FY27 outlook and guidance
FY26 delivered $15.8M revenue and $2.6M normalised EBITDA, in line with the May 2026 upgraded guidance of $16.0M revenue and $2.6M EBITDA, and approximately 30% ahead of the original August 2025 earnings guidance.
The FY26 EBITDA outcome of $2.6M was itself the product of an in-year RHT profit guidance upgrade issued in May 2026, when management lifted the underlying EBITDA target by 30% from $2.0M as automation gains and SaMD segment growth arrived ahead of schedule.
For FY27, management issued guidance of revenue between $17M and $22M, with normalised EBITDA of $2.6M to $3.6M. Key assumptions include the exclusion of the fibrosis device and any acquisitions, and no new TrialsWest sites during the period.
| Guidance Metric | FY26 Delivered | FY27 Guidance |
|---|---|---|
| Revenue | $15.8M | $17M – $22M |
| Normalised EBITDA | $2.6M | $2.6M – $3.6M |
On capital, the presentation detailed a market capitalisation of $32.0M, an enterprise value of $34.3M, and an EV/FY26 revenue guidance ($16.0M) multiple of 2.1x. Board and management hold 24% of the register. The NAB facility expires 31 March 2027, with refinancing options under review.
The guidance implies continued growth, with the liver fibrosis device, potential acquisitions and geographic expansion all sitting as optionality outside the disclosed numbers.
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