Vitasora Health (ASX:VHL) secures major US healthcare contract and A$3 million working capital facility
Vitasora Health Limited (ASX:VHL; OTCQB: VHLUF) has entered a healthcare services agreement with Treasure Coast Community Health (TCCH) and signed a binding terms sheet for a A$3 million secured loan and option facility with Peters Investments Pty Ltd. Long-form documents are being finalised and funding remains subject to conditions.
The announcement dated 30 October 2026 also reported that October billable care minutes are on track to grow more than 50% to approximately 263,000.
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TCCH adds about 9,000 addressable Medicare patients
What the agreement covers
TCCH is a Florida community health centre operating seven locations, serving approximately 31,000 patients and delivering more than 125,000 patient encounters annually. The agreement provides access to an initially addressable Medicare population of approximately 9,000 patients, which is not a forecast of enrolments.
The initial program will deliver Chronic Care Management (CCM) and Principal Care Management (PCM), supported by Vitasora’s THRIVE care-management model and V-care technology. Patient enrolments are targeted to commence during November 2026, with an initial campaign planned to begin before Christmas.
For context, Vitasora’s current Florida-based CCM clients generate approximately US$70 to US$100 per patient per month, depending on care needs.
First fully integrated vCare deployment
TCCH will become the first customer to implement Vitasora’s complete V-care care-management solution integrated directly with its Electronic Medical Record System (EMR). Vitasora has already implemented vCare across its existing US client base, where the platform is fully operational and supporting daily care delivery and billing activities.
The company states this substantially reduces implementation risk for TCCH, which will benefit from an established platform rather than an untested deployment.
The vCare platform launch on 1 April 2026 is what now allows Vitasora to offer TCCH a live, billing-ready system, with enrolments accelerating well above the February and March baseline once the platform went live.
Dr Heather Miranda, CEO, Treasure Coast Community Health
“The best health outcomes happen when patients, providers, and support teams work together. Through our partnership with Vitasora Health, we’re able to give patients additional support between visits, helping them stay connected to their care plan, and make lasting changes that support better health.”
October momentum points to a US$5.4 million run-rate
Billable care minutes and revenue
Billable care minutes are a key driver of revenue. Growth in October was generated entirely from existing clients, ahead of the commencement of TCCH patient enrolments and anticipated new client contributions.
| Metric | Figure | Comparison | Note |
|---|---|---|---|
| October billable care minutes | ~**263,000** | On track for more than **50%** growth over September | Management estimate |
| September billable care minutes | ~**175,000** | Up **20%** on August | n/a |
| October revenue estimate | ~**US$450,000** | n/a | Management estimate, subject to reconciliation |
| Illustrative annualised run-rate | **US$5.4 million** (~**A$8.1 million**) | “Almost 90%” above FY26 audited revenue | Illustrative, not a forecast |
| FY26 audited revenue | **A$4.29 million** | n/a | Comparison indicative only, at US$0.667 per A$1 |
October figures are management estimates based on operating and billing activity and remain subject to reconciliation and statutory revenue recognition. The run-rate is based on a single month’s estimated activity.
Workforce capacity
Vitasora’s Care Coordinator workforce targets are subject to recruitment and demand:
- 42 Care Coordinators currently in place.
- 48 targeted by November 2026.
- Approximately 115 targeted during Q1 2027.
Care Coordinator utilisation has exceeded 95% during October. Under management’s operating assumptions, each fully productive Care Coordinator has the capacity to generate approximately US$595 in daily revenue.
Management expects growth, productivity and vCare efficiencies to drive pro forma operating profitability ahead of cash-flow breakeven, reflecting the timing difference between revenue generation and cash collections. The company targets cash-flow breakeven in H1 2027, subject to operational execution, patient enrolments, collections and funding availability.
Marjan Mikel, Managing Director and CEO
“What is particularly encouraging is that our growth is not just continuing — it is accelerating. We are on track for more than 50% growth in billable care minutes during October, following approximately 20% growth in September…”
How CCM and the THRIVE model work for investors
Chronic Care Management (CCM) and Principal Care Management (PCM) provide ongoing support for patients with qualifying chronic conditions. Care Coordinators engage, coach, monitor and document patient activity between clinic visits.
Billable care minutes are care time that meets applicable payer requirements and can support an eligible reimbursement claim, subject to final validation. Because each Care Coordinator generates revenue through billable minutes, higher utilisation (recorded productive care minutes relative to assumed available capacity) supports operating leverage as the workforce expands.
Vitasora reported encouraging outcomes across its existing client base. In a recent three-month period, patients recorded an average 8.5-point reduction in systolic blood pressure, with 70% showing improvement and 35% returning to the controlled range.
Based on published research, a reduction of this magnitude could translate into a 23% to 25% lower risk of stroke and a 16% to 18% lower risk of major cardiovascular events. For Medicare and other payors, modelled savings are US$3 to US$8 for every US$1 spent on connected care services.
A$3 million secured facility funds growth without an immediate ordinary share issue
Peters Investments Pty Ltd is a cornerstone investor in the company’s separate A$4 million June 2026 capital raising. Drawdown is conditional on a formal loan agreement and the General Security Deed, both being finalised, and the facility has not yet been funded.
| Term | Details |
|---|---|
| Facility size | **A$3,000,000** binding secured debt facility from Peters Investments Pty Ltd |
| Term | **24 months**, with bullet repayment at maturity |
| Interest | **12.5%** per annum, compounded daily and paid monthly in cash |
| Security | First-ranking General Security Deed, subject to shareholder approval under Listing Rule 10.1 |
| Early repayment | Permitted at any time; fee of **6%** of principal repaid before maturity |
| Change of control | If a person acquires voting power of more than **50%**, the lender may require repayment within **10 business days** |
The option package carries the following terms:
- 208,971,000 four-year options, subject to shareholder approval under Listing Rule 7.1.
- Initial exercise price of A$0.012 per share.
- A reset mechanism if the company issues shares for cash below the prevailing exercise price, subject to a floor price of A$0.004 and ASX confirmation under Listing Rule 6.1.
- A stated intention of 19.9% ownership on full exercise, subject to capitalisation verification and applicable approvals.
- No exercise to the extent it would breach the 20% takeover threshold in section 606 of the Corporations Act 2001 (Cth).
- Potential proceeds of approximately A$2,507,652 before costs if all options are exercised for cash at A$0.012, which could be lower if the reset applies.
Proceeds are intended to support TCCH and other client implementations, Care Coordinator recruitment, patient enrolments and working capital. The facility is intended to fund growth without an immediate ordinary share issue.
What happens next for Vitasora
- Facility drawdown: must occur by 10 November 2026, conditional on the formal loan agreement and General Security Deed.
- TCCH patient enrolments: targeted to commence during November 2026, with an initial campaign planned to begin before Christmas.
- Care Coordinator recruitment: 48 targeted by November 2026.
- Shareholder general meeting: to be held within 3 months after drawdown for Listing Rule 10.1 (with an independent expert’s report) and Listing Rule 7.1 approvals. If either approval is not obtained, the loan, accrued interest and 6% of the loan amount are repayable within 30 days after the meeting.
- Care Coordinator recruitment: approximately 115 targeted during Q1 2027.
- Cash-flow breakeven: targeted in H1 2027, subject to execution, enrolments, collections and funding.
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