AOTI (AOTI) Q2 2026 TU earnings summary

Executive summary

• Achieved robust year-on-year revenue growth in H1 2026, with underlying growth outpacing previous guidance.

• Post-period, CMS published a proposed LCD for topical oxygen therapy, expected to transform market access and growth potential.

• Maintains clear market leadership in topical oxygen therapy with a 75% share, supported by strong clinical evidence.

Financial highlights

• Revenue grew 10% year-over-year to approximately $35 million in H1 2026 (H1 2025: $31.8 million).

• Underlying revenue growth, excluding Arizona Medicaid, was 18%.

• Net debt stood at about $6.3 million (H1 2025: $5.4 million; FY 2025: $6.5 million); cash at $13.8 million (FY 2025: $13.4 million).

Outlook and guidance

• Revenue growth trajectory is expected to remain steady until the Final LCD is in place.

• Main revenue sources will continue to be VA and Medicaid sectors until Medicare coverage is finalized.

• Optimism for H2 performance, with underlying growth trends expected to continue.