Adherium Doubles RPM Revenue as New CPT Codes Open Value-Based Care Pathway

Record RPM Revenue Growth Accelerates

Adherium Limited (ASX:ADR) has delivered a striking 101% quarter-on-quarter increase in recurring Remote Patient Monitoring (RPM) subscription revenues, reaching $344,000 in Q3 FY26. This milestone caps three successive quarters of accelerating RPM performance, underscoring the company’s growing traction in digital respiratory management. The surge is powered by a 68% jump in device shipments to 3,617 units and an 84% rise in patient activations to 2,622 during the quarter, signaling robust commercial momentum.

The company’s expanding RPM footprint is anchored by a substantial pipeline of 40,000 insurance-verified, device-compatible inhaler patients, providing clear visibility toward its ambitious target of 10,000 RPM device shipments by the end of calendar 2026. This pipeline growth is critical as Adherium continues to embed its Hailie Smartinhaler platform within clinical workflows and patient care pathways.

Reimbursement Tailwinds from New CPT Codes

Adherium’s RPM growth is further buoyed by the introduction of new 2026 CPT codes (99445, 99470, 98979, 98984) by the US Centers for Medicare & Medicaid Services. These codes expand reimbursement eligibility by lowering device data collection thresholds and enabling billing for shorter patient monitoring periods. The result is a more consistent and flexible reimbursement framework that broadens Adherium’s addressable market and accelerates provider adoption.

This regulatory shift aligns with the company’s strategic focus on the US fee-for-service model while laying the groundwork to transition into value-based care (VBC) contracts. The expanded billing codes are expected to unlock higher-margin, outcomes-driven revenue streams, positioning Adherium favorably against peers facing reimbursement headwinds.

Strategic Hire to Drive Value-Based Care Expansion

To spearhead its entry into the lucrative VBC market, Adherium has appointed John Perry as Senior Vice President of Value-Based Care. Perry brings over two decades of healthcare commercial leadership, including scaling value-based businesses at Guidehealth and Optum. His expertise in forging multi-year partnerships with major US health systems and payers is expected to accelerate Adherium’s commercial model evolution from fee-for-service RPM to population health management and risk-sharing contracts.

Adherium’s commitment to VBC is supported by its proprietary longitudinal dataset capturing real-world patient adherence and inhaler technique. The company recently had its first abstract accepted for presentation at the Eastern Allergy Conference, showcasing the clinical value of its data-driven RPM insights.

Commercial Partnerships and Clinical Validation

Adherium continues to scale its RPM channel through key partnerships with Allergy Partners, SENTA, and the Consortium of Independent Immunology Clinics (CIIC). Allergy Partners alone has activated 88% of its US clinic locations, enrolling over 1,500 patients and embedding the Hailie platform directly into electronic health records to streamline clinician referrals.

Complementing commercial progress, the Intermountain Health iCARE respiratory program has delivered compelling real-world outcomes, including a 67% reduction in hospitalisations and nearly $13,000 in annual cost savings per patient. These findings, presented at major respiratory conferences, validate the clinical and economic benefits of Adherium’s platform and support its value proposition to payers.

Capital Position and Operational Efficiency

Following a $6.78 million capital raise completed in February, Adherium is now debt-free, having extinguished prior loans. Cash on hand at quarter-end stood at $2.96 million, up significantly from $642,000 in the prior quarter. The company is deploying funds to accelerate RPM growth and advance value-based care contracts in the US.

Operationally, Adherium achieved approximately 20% recurring monthly platform cost savings through infrastructure optimisations and restarted manufacturing lines to meet growing demand. Staff numbers in the RPM division increased to 58, reflecting the company’s scaling commercial efforts.

Adherium’s recent progress builds on its earlier momentum, including a 51% revenue surge and new billing codes reported in Q2 FY26, demonstrating a clear trajectory toward its 10,000 patient shipment goal for 2026 RPM revenue surge and billing codes. The company’s capital raise earlier this year provided the financial runway to support this growth phase $6.7M capital raise. Additionally, strong shipment growth in late 2025 set the stage for the current expansion surpasses 2025 shipment targets.