Adherium Reports Record RPM Revenue and Strong Clinical Outcomes

Record RPM Revenue and Device Growth

Adherium Limited (ASX:ADR) has reported a 39% jump in remote patient monitoring (RPM) recurring subscription revenue to A$479,000 for the June quarter, marking its fourth consecutive quarter of record RPM revenue. Customer cash receipts surged 79% quarter-on-quarter to A$408,000, underscoring accelerating commercial momentum.

The company continues to scale its Hailie Smartinhaler platform, with cumulative RPM device shipments reaching 5,302 and activations at 3,831. This progress puts Adherium on track to meet its target of approximately 10,000 device shipments by the end of 2026, a key milestone for unlocking recurring revenue growth.

Clinical Validation Strengthens Value-Based Care Case

Adherium's clinical credentials received a significant boost from interim results presented at the American Thoracic Society Conference. The independent Intermountain Health iCARE Study demonstrated a 57% reduction in total cost of care, from US$36,837 to US$15,899 per patient annually, alongside 50% fewer hospital admissions and 20% fewer emergency department visits. Patient retention rates were notably high at 92% after 12 months and 89.4% at 18 months.

These findings reinforce the platform’s ability to improve patient outcomes while reducing healthcare utilisation, aligning closely with the incentives underpinning value-based care (VBC) models. Adherium’s Hailie device combined with CareCentra’s AI-driven behavioural platform and clinical care management is proving pivotal in delivering these outcomes.

US Market Reimbursement and Commercial Expansion

The company benefits from favourable US reimbursement changes implemented in January 2026, with new CPT codes lowering thresholds for device data collection and care management time. These updates broaden Adherium’s addressable patient population and provide more consistent billing across varying levels of patient engagement, accelerating provider adoption.

Adherium’s RPM headcount has grown to 54.5 full-time equivalents, focusing on scaling operations and prioritising higher-risk asthma and COPD patients. The company’s call centre has verified a pipeline of 68,000 insurance-eligible patients, underpinning growth prospects. Its partnership with Allergy Partners, the largest allergy group in the US, has activated over 90% of their clinics, enrolling more than 1,500 patients and expanding reach into pulmonology practices to target severe respiratory disease.

Leadership and Platform Enhancements Support Growth

Adherium appointed John Perry as Chief Commercial Officer to spearhead its expansion into value-based care contracts. Perry brings over two decades of healthcare commercial leadership, including experience scaling value-based care businesses and forging multi-year partnerships with major US health systems and insurers.

On the product front, the company launched the NF-108 (Ventolin HFA) rescue sensor into the RPM channel, enabling identification of patients overusing rescue medication, a known risk factor for exacerbations. Manufacturing capacity has been restored and expanded, with key product lines restarted to support shipment targets.

Financial Position and Outlook

At quarter-end, Adherium held A$1.38 million in cash, down from A$2.96 million the previous quarter, with net operating cash outflows of A$3.91 million. The company has a loan facility of A$2.69 million from Trudell Medical, its major shareholder, with interest accruing at 12% per annum.

Management expressed confidence in raising further funds to support operations and remains focused on leveraging its RPM platform to capture higher-margin value-based care contracts. The company’s strategic priorities include expanding commercial partnerships, optimising call centre operations, and building clinical intelligence through AI-driven data analytics to enhance patient engagement and outcomes.