AOTI (AOTI) H2 2025 TU earnings summary

Executive summary

• Achieved FY 2025 revenue growth of approximately 14% to $66.5 million, in line with consensus expectations.

• Adjusted EBITDA margin and operational progress reported despite US healthcare market headwinds.

• Organisational and operational changes implemented, improving focus on patient outcomes and sales rep productivity.

• Anticipates a CMS local coverage determination in the near term, which could be transformational.

Financial highlights

• FY 2025 revenue reached about $66.5 million, up from $58.4 million in 2024.

• Adjusted EBITDA margin in line with consensus (consensus: 10.8%).

• Net debt increased to $6.5 million from net cash of $0.9 million in 2024, but better than consensus expectations.

• Arizona Medicaid contributed approximately $9.2 million in revenue for 2025.

Outlook and guidance

• Well positioned to re-accelerate growth as US healthcare headwinds abate.

• Expects CMS local coverage determination soon, with potential for significant impact.

• Sufficient cash generation and headroom in loan facility to support ongoing working capital needs.