Adheris Health (AHE) H2 2025 earnings summary

Executive summary

• FY25 revenue from continuing operations fell 36.0% year-over-year to $63.0m, mainly due to US health program underperformance.

• EBITDA from continuing operations before impairment was a loss of $10.7m, down from a $3.2m profit in FY24.

• Intangible assets impaired by $46.5m due to uncertainty in future performance.

• ANZ business division sold post-period for $35m plus estimated $7.35m earn-out; proceeds used to discharge all outstanding debt.

Financial highlights

• Gross profit from continuing operations declined 38.5% to $32.9m; gross margin decreased by 2.1 percentage points to 52.3%.

• Net profit after tax (NPAT) for discontinuing operations (ANZ) was $3.1m, nearly flat year-over-year.

• Group net cash post-ANZ sale was $16.492m, with an additional $8m holdback expected next quarter.

Outlook and guidance

• FY26 revenue guidance withdrawn due to short-term market uncertainty; cost-out and US business pipeline guidance maintained.

• Key FY26 priorities: US commercial team restructuring, platform launch in 2Q, pharmacy network expansion, and operational efficiency.

• Anticipates 10% reduction in operating costs and steady improvement in performance in 1H FY26.