How Is Adherium Driving US RPM Growth Despite $5.86M Loss?

Financial Performance and Revenue Growth

Adherium Limited, the digital health company specialising in remote monitoring for chronic respiratory conditions, has reported a 60% increase in operating revenue for the six months ended 31 December 2025. Revenue rose to $801,402, up from $500,328 in the prior corresponding period, reflecting growing adoption of its Hailie Smartinhaler platform. Despite this revenue growth, the company posted a net loss after tax of $5.86 million, marginally higher than the $5.78 million loss recorded in the previous half-year.

US Market Expansion and Operational Milestones

The company’s focus on expanding its Remote Patient Monitoring (RPM) business in the United States is paying dividends. Adherium exceeded its shipment targets for calendar year 2025, dispatching over 4,000 devices across all channels, including more than 2,000 specifically for RPM patients. The December quarter alone saw 1,384 units shipped, alongside 752 patient activations, signalling strong momentum in patient enrolment and engagement.

Operationally, Adherium has bolstered its infrastructure with enhanced call centre capacity and dedicated clinical monitoring teams to support scaling. The company’s call centre now manages a pipeline of over 40,000 insurance-verified asthma patients, positioning it well to reach its target of 10,000 active RPM patients by the end of 2026.

Strategic Partnerships and Clinical Validation

Key partnerships underpinning growth include Allergy Partners, which has deployed the Hailie platform across approximately 80% of its 110 US clinics, enrolling over 1,000 patients within seven months. Similarly, SENTA Partners and the Consortium of Independent Immunology Clinics have integrated the platform across tens of thousands of eligible patients, contributing to recurring revenue streams.

Clinical validation continues through the iCARE study with Intermountain Health, which has demonstrated improved medication adherence rates of 64% in asthma and 67% in COPD patients using the Hailie Smartinhaler, up from baseline levels near 20%. These findings, to be presented at the American Thoracic Society conference in May 2026, reinforce the platform’s potential to reduce healthcare costs and hospitalisations.

Capital Management and Financial Position

To support its commercial expansion and working capital needs, Adherium completed several capital raising initiatives during the period. These included an accelerated entitlement offer raising approximately $4.49 million and an early exercise incentive offer that generated $3.1 million. Additionally, convertible notes were converted into shares, simplifying the capital structure and strengthening the balance sheet.

Post-period, the company announced a further capital raise of up to $7.52 million, with $6.7 million already committed. These funds are earmarked to accelerate RPM channel growth, progress value-based care contracts, and manage operational costs. The company also expects to receive over $1 million in R&D tax credits in the March quarter, further supporting liquidity.

Leadership and Strategic Outlook

Adherium’s leadership changes, including the appointment of CEO Dawn Bitz in mid-2025, have driven a sharper strategic focus and operational realignment. The company has set clear shipment and revenue targets, reallocated resources towards patient growth, and enhanced executive alignment to execute its US expansion strategy.

Looking ahead, Adherium aims to convert its substantial patient pipeline into active monitored users, continue developing its data infrastructure for large-scale deployments, and engage with US insurers on value-based care arrangements. While the company faces material uncertainty regarding its going concern status, management remains confident in its ability to secure funding and scale operations.