How Will Pharmx’s New Marketplace and Sigma Alliance Transform Its Future?

Revenue Growth Amid Strategic Investment

Pharmx Technologies Limited (ASX: PHX) has reported a modest 3.1% increase in revenue to $3.89 million for the half-year ended 31 December 2025, reflecting steady progress in its pharmacy technology platform. However, the company recorded a net loss after tax of $512,000, a sharp reversal from a profit of $155,000 in the prior corresponding period. This loss stems primarily from deliberate strategic investments in technology development, marketing, and personnel to support the rollout of its new Pharmx Marketplace.

Marketplace Launch and Operational Highlights

The first phase of the revamped Pharmx Marketplace was launched during the period, marking a key milestone in Pharmx’s strategy to unify and modernise ordering and invoicing for pharmacies across Australia and New Zealand. The transition involved pausing onboarding and promotion of the legacy PharmXchange platform, which temporarily impacted growth momentum. Despite this, underlying revenue still grew, supported by a 17% year-on-year increase in gross transaction value through the Gateway and a 54% revenue increase from New Zealand suppliers.

Pharmx also enhanced its Pharmacy Portal with StockView, providing real-time stock visibility across suppliers, a critical operational tool for pharmacies. The Marketplace now boasts 875 registered pharmacies, with average monthly spend per pharmacy up 33% compared to the previous year’s first half. Supplier partnerships expanded by 8%, including notable additions such as Kenvue (Johnson and Johnson Pacific), Essity, Kimberly Clark NZ, and Nude by Nature.

Rising Costs and Investment Impact

Investment in personnel, technology infrastructure, and marketing surged, with employee costs rising 36% to $2.855 million and marketing expenses up 39% to $231,000. Increased amortisation of software development costs and a broader rollout of a long-term incentive scheme also contributed to higher non-cash expenses. While earnings before interest, tax, depreciation, amortisation, and share-based payments (EBITDA) remained positive at $517,000, these non-cash charges pushed the company into a net loss position.

Strategic Alliance with Sigma Healthcare

Post-reporting, Pharmx announced a binding multi-year strategic alliance with Sigma Healthcare Limited (ASX: SIG). Under the agreement, Pharmx will pay Sigma an $8.7 million establishment fee and become Sigma’s preferred electronic data interchange (EDI) partner. Sigma will acquire approximately 10% of Pharmx’s shares via a subscription, with the option to increase its stake to 19.9% over time. This alliance is expected to deepen Pharmx’s market penetration and revenue streams, reinforcing its position as a leading provider of pharmacy ordering technology.

Outlook and Market Position

Pharmx remains committed to expanding its supplier network, increasing pharmacy engagement, and enhancing platform capabilities. Planned improvements include streamlined reordering, enriched promotional features, and supplier portal upgrades to simplify product management and payments. The company emphasises maintaining modern infrastructure and security standards to support growth across Australia and New Zealand’s pharmacy ecosystem.

While the current half-year loss highlights the cost of transformation, Pharmx’s strategic investments and the Sigma alliance position it for potential accelerated growth and diversification of revenue models in the coming periods.