dorsaVi reports strong US commercial growth with over 100 new physical therapy sites and a 50% rise in cash receipts, alongside a strategic leadership change and breakthrough neuromorphic technology acquisition.
- Over 100 new US physical therapy sites signed, driven by Select Medical partnership
- Cash receipts from customers increased 50% to $280k in Q2 FY26
- Mathew Regan appointed CEO to lead AI, RRAM, and robotics focus
- Exclusive acquisition of neuromorphic Process-In-Memory IP from Technion
- Progress on scaling RRAM technology from 40nm to 22nm node for higher efficiency
US Market Momentum
dorsaVi Ltd (ASX – DVL) has reported a significant commercial uplift in the US physical therapy sector, signing over 100 new sites during the December quarter. This growth is largely attributed to the ongoing rollout under a five-year sales agreement with Select Medical, one of the largest physical therapy networks in the US. The company’s high-touch engagement model, involving face-to-face training sessions, has accelerated adoption across clinics and elite sports organisations.
The US physical therapy market, with over 66,000 clinics growing annually, represents a substantial opportunity for dorsaVi. Each clinical kit installed is expected to generate more than $3,000 AUD in annual recurring revenue, underpinning the company’s revenue growth trajectory.
Financial and Leadership Developments
Cash receipts from customers rose 50% quarter-on-quarter to $280,000, reflecting both timing effects and the initial benefits of the Select Medical partnership. The company’s cash balance remains healthy at just under $5 million as of 31 December 2025.
Leadership changes are also a key highlight, with Mathew Regan commencing as Group CEO in November 2025. Regan brings extensive experience in scaling AI-driven health technologies globally, having previously led Artrya Limited through FDA clearances and hospital adoption. His appointment signals dorsaVi’s strategic pivot towards higher-value AI, resistive memory (RRAM), and robotics technologies. Gernot Abl was appointed Executive Chairman to support this transition.
Technological Breakthroughs and Roadmap
dorsaVi has secured exclusive rights to a neuromorphic Process-In-Memory (PIM) intellectual property portfolio from the Technion – Israel Institute of Technology. This acquisition positions the company at the forefront of next-generation robotics and edge AI platforms by integrating memory and computation in a biologically inspired architecture, vastly improving energy efficiency and processing speed.
Complementing this, dorsaVi is advancing its proprietary Resistive Random Access Memory (RRAM) technology, moving from a validated 40nm architecture to a more advanced 22nm node. This scaling promises up to three times higher bit density and 40–60% lower energy consumption, critical for wearable sensors and robotics requiring long battery life and rapid reflexive responses.
The integration of neuromorphic PIM with RRAM technology aims to transform dorsaVi’s product ecosystem from reactive analytics to autonomous edge computing devices. These innovations will enable wearables to deliver real-time, personalized therapeutic feedback and robotics systems to achieve intent-aligned motion control with biological precision.
Strategic Outlook
dorsaVi’s quarterly update underscores a company in transition, scaling commercial operations in a large US market while simultaneously investing in breakthrough semiconductor and AI technologies. The leadership team’s expertise and the exclusive IP acquisition provide a strong foundation for competing in the emerging edge AI and robotics sectors.
While the immediate financial uplift is promising, the true value lies in dorsaVi’s ability to commercialise its neuromorphic and RRAM innovations, potentially redefining wearable biosensors and robotic control systems. Investors will be watching closely as the company progresses toward its 22nm test-chip tape-out and further market penetration.
Bottom Line?
dorsaVi’s blend of commercial traction and cutting-edge tech development sets the stage for a transformative growth phase in wearable AI and robotics.
Questions in the middle?
- How quickly will the 22nm RRAM test-chip move from evaluation to commercial deployment?
- What impact will the neuromorphic IP acquisition have on dorsaVi’s competitive positioning in edge AI?
- Can the US physical therapy revenue growth sustain beyond initial timing benefits and partnership rollout?