Resonance Health reports strong cash flow and progress in clinical trials, with a record forward order pipeline for its Software-as-a-Medical-Device business and profitable trial site clinics.
- Major $13.8M clinical trial recruitment to complete April 2026
- Record SaMD forward orders and pipeline exceed $10M
- TrialsWest clinics profitable and expanding ahead of schedule
- Net operating cash inflow of $2.0M and net cash position of $1.8M
- Board strengthened with two new Non-Executive Directors
Clinical Trial Milestone Approaches
Resonance Health Limited (ASX:RHT) is closing in on completing recruitment for its flagship $13.8 million clinical trial, initially announced in November 2024. The 60-patient target is expected to be met in April 2026, with several participants already reaching study completion milestones that have triggered invoicing events. This progress marks a key operational achievement for the company’s clinical trial management arm, Resonance Clinical.
The company’s clinical trial business continues to bid for new contracts, maintaining momentum from earlier successes. This quarter’s update builds on the company’s strong half-year performance, which included significant patient recruitment and revenue growth milestones documented in January 2026 clinical trial progress and revenue growth.
SaMD Business Hits New Order Pipeline High
Software-as-a-Medical-Device (SaMD) operations reported a record forward order and tender pipeline exceeding $10 million, representing a substantial increase in multi-year revenue visibility. Resonance Health secured new contracts and extensions with global pharmaceutical customers during the quarter, underscoring sustained demand for its proprietary imaging analysis products and services.
International business development remains a priority, with ongoing engagement in China where discussions with two major hospital groups are underway to adopt the LiverSmart® platform. This follows the company’s strategic expansion into Asian markets and its growing footprint in AI-driven medical imaging solutions, as highlighted in late 2025 strategic expansion into India and China.
TrialsWest Clinics Exceed Expectations
The TrialsWest clinical trial site services continue to perform strongly. The Osborne Park clinic has surpassed expectations and is now consistently profitable, achieving an annualised revenue run-rate exceeding $1 million. Meanwhile, the Mandurah clinic, which opened in July 2025, is performing ahead of schedule, with multiple new trials commencing and the site approaching breakeven sooner than anticipated.
TrialsWest is actively evaluating additional locations and therapeutic areas to support further expansion, reflecting the company’s broader growth strategy across clinical trial site services.
Financial Health and Board Renewal
Resonance Health reported cash receipts of $4.4 million for the quarter, driving a strong net operating cash inflow of $2.0 million. The company ended the quarter with $4.4 million in cash against $2.6 million in bank debt, resulting in a net cash position of $1.8 million. This marks a continued positive cash flow trajectory, supported by a $0.7 million net R&D claim refund received during the quarter, reinforcing the company’s solid financial footing.
In governance developments, Resonance strengthened its board by appointing two experienced Non-Executive Directors, Michael Sistenich and Dr David Fuller, in April 2026. These appointments aim to bolster the board’s expertise in capital markets, healthcare technology, clinical development, and global commercialisation, positioning the company for its next growth phase.
MRI Liver Fibrosis Trial Enrolment Complete
The extended proof-of-concept trial for Resonance’s non-invasive MRI liver fibrosis product has completed patient enrolment, with data validation and analysis underway. Positive outcomes could pave the way for regulatory planning and potential integration of the product as an endpoint in clinical trials conducted by existing customers.
Bottom Line?
With clinical trial recruitment wrapping up and a record SaMD order pipeline, Resonance Health is poised for growth but must navigate regulatory milestones and international market adoption.
Questions in the middle?
- Will the MRI liver fibrosis trial data meet expectations to support regulatory approval?
- How quickly can the company convert its $10M+ SaMD pipeline into recognised revenue?
- What impact will the new board appointments have on Resonance’s global expansion strategy?