Alcidion has started FY27 with contracted revenue up 38% to $50.0 million, while a major UK expansion and new patient administration product widen its growth case. The company has also reaffirmed that FY27 revenue and underlying EBITDA will exceed FY26, but its capital plan now has several competing demands.
- FY27 contracted revenue reached $50.0 million at 30 September, up 38% year on year
- Northern Care Alliance contract expanded to $7.5 million over three years, with $4.5 million expected in FY27 revenue
- Miya Patient Administration launched as a new AI-enabled platform offering
- Kyra integration has moved fully in-house, with cost synergies being delivered through FY27
- Buy-back of up to 10% of issued capital and proposed 10-for-1 consolidation remain part of the capital plan
Contracted revenue reaches $50 million
Alcidion Group Limited (ASX:ALC) has opened FY27 with contracted revenue of $50.0 million as at 30 September, up 38% on the prior corresponding period. The figure includes sold and renewal revenue, giving the healthcare software company a stronger base before new sales over the remaining eight months of the financial year.
The company also reaffirmed its broad FY27 guidance: revenue and underlying EBITDA are expected to exceed FY26 levels. Alcidion did not provide updated absolute targets for either measure, so the trading update offers a direction of travel rather than a fresh earnings forecast.
Northern Care Alliance expands Miya deployment
The clearest contract catalyst is an expanded agreement with Northern Care Alliance NHS Foundation Trust in the UK. The contract has a total value of $7.5 million over three years, with options to extend for up to five years, and is expected to contribute $4.5 million of revenue in FY27.
The expansion will replace the Trust’s existing ExtraMed patient flow solution with Miya at Salford Royal Hospital and add further sites within NCA. The enlarged deployment follows the Northern Care Alliance contract, which was previously reported as a Miya Flow rollout across four hospitals. Alcidion says implementation is planned to move quickly, allowing a substantial portion of the contract value to be recognised during the current financial year.
Miya Patient Administration targets ageing hospital systems
Alcidion is also extending the Miya platform beyond patient flow with the launch of Miya Patient Administration. The product is designed to help hospitals manage referrals, bookings, waiting lists, bed capacity and theatre capacity, while using real-time integration and FHIR standards to connect with other hospital systems.
The company describes the product as AI-enabled and built on intellectual property obtained through the PCS patient administration system acquired in the Silverlink transaction. It says the system can be adopted as a starting module or added to existing Miya deployments, but the update does not disclose customer contracts, revenue targets or implementation dates for the new product.
Kyra integration begins delivering synergies
Integration of the Kyra flow products business, acquired on 29 June 2026, has progressed to the point where all transitional services, including customer and product support, have moved in-house. Alcidion says cost synergies are being delivered through FY27, while discussions continue with selected Kyra customers about adopting more of the Miya platform.
That integration adds an execution test to the growth story: the company must convert a broader customer base and product suite into reported revenue and improved profitability while continuing to invest in new markets. Alcidion says its Canadian pipeline is building and that it is adding a dedicated business development manager, while discussions with potential Middle Eastern resellers are also progressing.
Buy-back competes with product and market investment
Alcidion’s capital allocation framework now spans Miya investment, geographic expansion, potential acquisitions and shareholder returns. The on-market buy-back, part of the 135 million share buy-back announced earlier this week, can cover up to 10% of issued capital, although that figure is a maximum capacity rather than a commitment to buy the full amount.
The program is expected to start around 10 November and may be intermittent or suspended as conditions change. Separately, shareholders are being asked to approve a 10-for-1 share consolidation. Neither action changes the underlying value or proportional ownership of holdings in principle, apart from possible fractional-entitlement adjustments, but the buy-back introduces a clear allocation choice between retiring shares and funding the expansion opportunities outlined in the update.
Bottom Line?
The next proof point is conversion: whether the stronger contracted base, NCA rollout and Kyra synergies translate into reported revenue and EBITDA while Alcidion funds Miya’s next phase.
Questions in the middle?
- How quickly will the expanded Northern Care Alliance deployment convert its $7.5 million contract value into recognised revenue?
- Can Miya Patient Administration secure early customer adoption without diverting execution capacity from the existing platform?
- How much of the authorised buy-back will Alcidion ultimately use alongside its investment and acquisition priorities?