Resonance Health (ASX:RHT) closed FY26 with a net operating cash inflow of $2.9 million and completed recruitment for a $13.8 million clinical trial, underpinning a robust contract pipeline and growing net cash position.
- FY26 net operating cash inflow of $2.9 million
- Major $13.8 million clinical trial recruitment completed
- SaMD forward orders and tender pipeline exceed $12 million
- TrialsWest clinics profitable and expanding
- Net cash position improved to $2.3 million
Sustained Cash Flow Positivity Marks FY26
Resonance Health has wrapped up FY26 with a clean financial sheet, reporting positive operating cash flow in every quarter and a full-year net inflow of $2.9 million. The company’s cash receipts totalled $14.3 million, with $4.0 million collected in the final quarter alone. Closing the period with $4.8 million in cash and $2.5 million in bank debt, Resonance’s net cash position strengthened to $2.3 million, up from $1.8 million at the previous quarter’s end.
Clinical Trial Recruitment Milestone Achieved
A highlight of the quarter was the completion of recruitment for a major $13.8 million clinical trial announced in late 2024. The 60-patient target was met in April 2026, and patients are now progressing through study completion stages, triggering invoicing events expected to continue into the first half of FY27. This milestone provides a tangible revenue stream linked to the trial’s advancement and reflects Resonance Clinical’s ongoing ability to secure and deliver complex pharma contracts.
Software-as-a-Medical-Device Business Expands Contract Pipeline
The SaMD segment remains a growth engine, with forward orders and tendered pipeline surpassing $12 million. The company secured multiple contract wins and extensions during the quarter, reinforcing strong demand for its proprietary imaging analysis products. This momentum supports multi-year revenue visibility and marks a significant step up from FY25’s figures, confirming the segment’s strategic importance to Resonance’s revenue diversification.
TrialsWest Clinics Deliver Profitability and Growth
TrialsWest’s clinic operations continue to perform well. The Osborne Park site remains consistently profitable, nearing its original target capacity with an annualised revenue run-rate that validates the business model. Meanwhile, the Mandurah clinic, launched in July 2025, is exceeding expectations, achieving close to breakeven in its first year with multiple trials underway. The company is actively exploring further expansion opportunities, signalling confidence in the TrialsWest network’s scalability.
Progress on Non-Invasive MRI Liver Fibrosis Device Trial
Recruitment for the Extended-Proof-of-Concept trial of the new Non-Invasive MRI Liver Fibrosis device was completed during the quarter, with data analysis now underway. The company expects to finish analysis within three months, with validation and regulatory planning to follow contingent on successful outcomes. This project represents a promising addition to Resonance’s product pipeline, aiming to address a significant clinical need with a non-invasive diagnostic tool.
Outlook Supported by Strengthened Balance Sheet and Board
CEO Andrew Harrison highlighted the company’s positive cash flow track record, clinical trial progress, and expanding contract pipeline as key drivers of momentum heading into FY27. With a strengthened Board and a growing net cash position, Resonance is positioned to pursue strategic growth initiatives across its core business areas. The company’s focus remains on capitalising on clinical trial contracts, expanding its SaMD offerings, and scaling the TrialsWest clinic network.
Bottom Line?
Resonance Health’s consistent cash flow and clinical milestones set a solid foundation for FY27 growth, though upcoming trial data and regulatory outcomes will be critical to watch.
Questions in the middle?
- Will the MRI Liver Fibrosis device trial deliver validation to trigger regulatory progress?
- How will the SaMD contract pipeline convert to revenue in FY27 amid competitive pressures?
- What pace of expansion and profitability can TrialsWest clinics sustain as new locations are evaluated?