Adheris Health (AHE) H1 2026 earnings summary

Executive summary

• Report covers the half-year ended 31 December 2025, following the sale of the Australian and New Zealand (ANZ) business and a company name change.

• Revenue for 1H FY26 fell 49% year-over-year to $23.3m, with gross profit down 58.6% to $10.6m and gross margin dropping 10.5 percentage points to 45.6%.

• EBITDA rose 107.5% to $10.7m, and NPAT surged 245.8% to $7.35m, reflecting cost reductions and a $17.5m gain on the ANZ business sale.

• Principal activities now focus on pharmacy-driven, digital patient engagement solutions in the US market.

• Leadership overhaul included a new CEO and commercial executives, with a new technology platform launched in December 2025 to enhance omnichannel program delivery.

Financial highlights

• Revenue from continuing operations was $23.3 million, down from $45.7 million year-over-year due to the ANZ business sale and lower vaccine program volumes.

• Gross profit dropped to $10.6m, with gross margin at 45.6% versus 56.1% a year ago.

• Net profit after tax was $7.35 million, up from $1.4 million, driven by a $17.5 million profit on the ANZ business sale.

• Cash and cash equivalents at 31 December 2025 were $8.1 million, rising to $14.2 million post-Holdback payment.

• No debt outstanding at period end.

Outlook and guidance

• Directors believe the group will continue as a going concern, supported by post-period receipt of $6.1 million holdback from the ANZ sale and cash flow forecasts.

• Focus on diversifying revenue beyond vaccine programs and expanding into specialty therapeutics, with continued rollout of new technology platform features planned for Q3 FY26.