Resonance Health enters global strategic alliance with imaging CRO Image Analysis Group
Resonance Health (ASX: RHT) has executed a Strategic Alliance and Master Services Agreement with Image Analysis Group (IAG), a London-headquartered imaging clinical research organisation whose proprietary DYNAMIKA™ platform has supported more than 700 clinical trials since 2007. The agreement creates a two-way commercial pathway: Resonance’s six regulatory-cleared Software-as-Medical-Device (SaMD) endpoints, FerriScan®, FerriSmart®, HepaFatScan®, HepaFatSmart®, LiverSmart®, and CardiacT2*, become orderable within IAG’s global platform, while Resonance gains access to IAG’s imaging infrastructure and worldwide reader network.
IAG operates across the UK, EU, USA, India, China, and Australia. The deal arrives as Resonance has grown Group revenue from $4M in FY23 to $15.8M in FY26, and the partnership reflects management’s intent to extend that trajectory by embedding its SaMD technologies into a substantially larger international sponsor network. There are no minimum volume or revenue commitments, and the financial impact will depend on work orders executed.
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What the alliance means for Resonance’s commercial reach
A capital-light path to global distribution
The strategic logic is straightforward. Resonance gains global distribution of its regulatory-cleared SaMD endpoints into IAG’s established worldwide sponsor customer base without the cost of building equivalent international business-development infrastructure. IAG incorporates Resonance’s quantitative MRI endpoints into its global clinical trial proposals, giving Resonance access to a network that would otherwise require significant capital investment to reach independently.
The arrangement also works in the opposite direction. IAG’s overseas customers, primarily global pharmaceutical company sponsors, gain Australian in-country service delivery through Resonance’s business units. The Australian delivery services available through this channel include:
- Feasibility assessments
- Ethics submissions
- Local Australian sponsorship
- Trial performance through the company’s 100%-owned TrialsWest clinical trial sites
- Assistance with eligible R&D activities that may qualify for Australia’s R&D Tax Incentive
Importantly, Resonance’s ISO 13485-certified core laboratory retains oversight and analysis of all SaMD services, even when delivered through IAG’s DYNAMIKA™ platform. The quality and analytical integrity of Resonance’s endpoints are preserved regardless of the distribution channel.
Therapeutic areas in focus
The alliance is particularly focused on obesity and metabolic disease programmes, where global pharma sponsors increasingly require detailed body composition data beyond body weight measurements. The combined offering targets visceral and subcutaneous adipose tissue (VAT and SAT), liver fat, and muscle mass and muscle quality assessments, with the latter currently in development.
The broader set of targeted therapeutic indications includes:
- Obesity and metabolic disease (VAT/SAT, liver fat, muscle mass and muscle quality)
- Iron overload disorders
- MASH/MASLD
- Hepatology
- Oncology
The agreement also complements Resonance’s R&D pipeline. The non-invasive MRI Liver Fibrosis device, whose extended proof-of-concept (EPoC) trial is fully enrolled, is a complementary pipeline asset the alliance is positioned to support as it matures. Initial business development activities highlighting the alliance are planned for Europe, the United States, Australia, and China.
The non-invasive MRI liver fibrosis device is the most significant pipeline asset the alliance is positioned to support, with the extended proof-of-concept trial fully enrolled and investigational-use deployment into pharma-sponsored trials targeted for FY27.
Understanding quantitative MRI endpoints and why they matter in clinical trials
A quantitative MRI imaging endpoint is a precise, reproducible measurement derived from MRI scans. In a clinical trial context, it gives sponsors and regulators an objective, non-invasive way to assess disease state or measure how a patient responds to treatment, without the need for a surgical biopsy or reliance on indirect proxies such as body weight.
Traditional biopsy-based assessments carry procedural risk and sampling variability, and weight-based measures alone provide limited insight into what is actually happening inside a patient’s liver, heart, or fat tissue. Quantitative MRI biomarkers address both shortcomings: they are non-invasive, consistent across repeat measurements, and capable of capturing the specific biological changes that matter to regulators and sponsors.
Regulatory-cleared SaMD status is material here. These are not experimental or investigational tools. Resonance’s SaMD endpoints carry regulatory approvals across the USA, Europe, UK, and Australia, which means global pharma sponsors can use them as credible, regulatorily recognised instruments in multi-national trial designs. Through the IAG agreement, DYNAMIKA™ now makes it possible for global sponsors to order these endpoints as part of multi-modality trial designs without engaging Resonance through a separate commercial process.
The table below summarises Resonance’s six SaMD endpoints, what each measures, and the condition it targets.
| Endpoint | What It Measures | Disease / Condition | AI-Enabled | Regulatory Status |
|---|---|---|---|---|
| FerriScan® | Liver iron concentration (LIC) via non-invasive MRI | Iron overload disorders | No | Cleared — USA, Europe, UK, Australia |
| FerriSmart® | Automated real-time LIC assessment, calibrated against FerriScan® | Iron overload disorders | Yes | Cleared — USA, Europe, UK, Australia |
| HepaFatScan® | Non-invasive liver-fat assessment in liver tissue | Fatty liver disease (MASH/MASLD) | No | Cleared — USA, Europe, UK, Australia |
| HepaFatSmart® | Automated real-time multi-metric liver-fat assessment | Fatty liver disease (MASH/MASLD) | Yes | Cleared — USA, Europe, UK, Australia |
| LiverSmart® | Combined LIC and liver fat assessment in a single report | Iron overload and fatty liver disease | Yes | Cleared — USA, Europe, UK, Australia |
| CardiacT2* | Heart iron loading via MRI | Cardiac iron overload | No | Cleared — USA, Europe, UK, Australia |
Key terms and the investment case
How the agreement works
Services under the agreement are contracted via individual work orders, each specifying the exact services to be delivered along with estimated budgets, costs, and timelines. The first two work orders will be pilot studies designed to assess and streamline workflows and determine whether to proceed further with the agreement.
Key contractual terms are as follows:
- Initial term of 24 months, renewing automatically in successive 12-month periods unless either party gives notice of non-renewal
- Either party may terminate for convenience on 90 days’ notice; any in-progress work orders continue to completion
- Non-exclusive; no minimum volume or revenue commitments
- Detailed commercial terms, including transfer pricing and referral arrangements, remain confidential
The financial impact of the agreement cannot be reliably quantified at this date, as revenue is dependent on the number and size of work orders executed.
CEO commentary
Dr Olga Kubassova, CEO and President, Image Analysis Group
“…By combining Resonance Health’s specialised MRI expertise with IAG’s global reach and DYNAMIKA™ platform, we’re offering sponsors a more efficient path to reliable imaging endpoints across therapeutic areas.”
Andrew Harrison, CEO and Managing Director, Resonance Health
“This is disciplined growth inside our core domain and significantly expands the global reach of our SaMD technologies…”
Why this matters for investors
The agreement adds an asset-light global distribution channel for Resonance’s SaMD portfolio at no disclosed cost, bypassing the need to build international business-development infrastructure independently. It simultaneously creates a second inbound revenue channel via the Australian delivery gateway, complementing existing Resonance Clinical and TrialsWest operations.
The revenue growth trajectory from $4M in FY23 to $15.8M in FY26 provides useful context. At that scale, the ability to embed Resonance’s endpoints into IAG’s 700+-trial network represents a meaningful step-change in addressable commercial reach. As muscle mass, muscle quality, and non-invasive liver fibrosis endpoints mature within the pipeline, the scope of work that can be generated through this channel is expected to expand.
Investors should note the structural honesty of the arrangement. The non-exclusive, no-minimum framework means upside is real but execution-dependent. Revenue will only follow if IAG’s global pharma sponsors actively elect to include Resonance’s endpoints in their trial designs. The pilot work order mechanism is a prudent starting point, providing both parties with a structured pathway to validate the workflow before larger commitments are made.
For readers wanting the full financial picture behind those growth numbers, our deep-dive into Resonance Health’s FY26 results and FY27 guidance covers the segment-level profitability, free cashflow conversion, and the FY27 revenue range of $17M-$22M that the IAG partnership is now intended to support.
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