How Did Adherium Achieve 234% Growth in Smartinhaler Shipments in Q4 2025?

Strong Commercial Momentum in Q4

Adherium Limited (ASX – ADR), a leader in digital respiratory management, has reported a standout quarter ending December 2025, surpassing its full-year shipment targets for the Hailie Smartinhaler platform. The company shipped 1,384 devices in the quarter, marking a remarkable 234% increase from the 414 units shipped in the previous quarter. This surge helped Adherium exceed its 2025 goal of 4,000 total device shipments, including 2,000 units specifically for its Remote Patient Monitoring (RPM) channel.

The RPM segment, which provides recurring fee-for-service revenue through patient activations, saw a 128% quarter-on-quarter increase in new patient activations. This validates Adherium’s commercial model and demonstrates its ability to scale recurring revenue streams effectively.

Product Innovation and Patient Engagement

In November 2025, Adherium launched the Hailie Care application tailored to US commercial needs. Early results are promising, with patient retention rates exceeding 75% at three months, significantly outperforming industry benchmarks. The app improvements have reduced patient onboarding time from 7-10 minutes to under 2 minutes, enhancing activation rates and accelerating time to revenue recognition.

Operational enhancements include improved provider workflows with data-driven alerts and billing report generation, as well as strengthened cybersecurity and enterprise readiness. These upgrades position Adherium well for integration with large health systems and value-based care contracts anticipated in the near future.

Expanding Partnerships and Clinical Validation

Adherium’s partnerships continue to deepen, with Allergy Partners and SENTA Partners expanding their use of the Hailie platform across numerous US clinics. The Allergy Partners network alone serves approximately 90,000 asthma patients eligible for the RPM platform, with over 1,000 patients enrolled and actively monitored within seven months of the agreement.

Meanwhile, the iCARE respiratory care program with Intermountain Health is progressing well, with over 1,080 patients enrolled by December 2025. Interim results demonstrate improved medication adherence and significant reductions in healthcare costs and hospitalisations. The upcoming publication of these findings at the American Thoracic Society conference in May 2026 is expected to bolster Adherium’s commercial positioning.

Capital and Financial Position

Adherium strengthened its balance sheet through a successful Early Exercise Incentive Offer raising $3.1 million and the conversion of $2.4 million in convertible notes by key shareholders. The company ended the quarter with $642,000 in cash, a significant improvement from $52,000 the previous quarter, and is actively exploring further funding options to support growth initiatives.

Total receipts from customers rose sharply to $479,000, driven by increased RPM subscriptions and a milestone payment of $288,000 from AstraZeneca’s Arrival study. The company is managing operational costs prudently, with reductions in advertising and corporate expenses noted in the quarter.

Favourable Regulatory Tailwinds

Effective 1 January 2026, US Medicare introduced improved reimbursement thresholds and expanded provider eligibility for remote patient monitoring services. These changes lower billing barriers and broaden the pool of billable patients, preserving the economics of Adherium’s RPM model while enabling greater scale. This regulatory support is a significant tailwind for the company’s growth prospects in the US healthcare market.

Looking ahead, Adherium aims to scale patient onboarding, optimise call centre performance, and leverage clinical evidence from the iCARE program to secure larger value-based care contracts. The company’s focus on platform enhancements and operational scalability underscores its ambition to become a key player in digital respiratory health management.