Resonance Health Improves Cash Position as Clinical Trial Pipeline Expands

Resonance Health (ASX: RHT) generated FY26 cash receipts of $14.3 million and net positive operating cash inflow of $2.9m, recording positive operating cash flow in every quarter of the year.

Q4 receipts reached $4.0m and net operating cash inflow was $0.7m, lifting cash at bank to $4.8m at 30 June.

With bank debt of $2.5m, Resonance finished FY26 with a net cash position of $2.3m, up from $1.8m at the end of the March quarter after cash increased by $1.9m and borrowings fell by $0.3m across the year.

The result was supported by progress across Resonance Clinical, Software-as-a-Medical-Device Image Analysis Services (SaMD) and TrialsWest, alongside a forward order and tendered pipeline exceeding $12m.

Resonance also completed recruitment for a magnetic resonance imaging (MRI) liver fibrosis device trial, with data analysis now underway.

Clinical Trial Activity Strengthens

Resonance Clinical completed recruitment for a major pharmaceutical clinical trial valued at $13.8m after reaching its 60-patient target in April.

Patients are progressively reaching study-completion milestones that trigger invoicing, with associated inflows expected to continue through the first half of FY27.

SaMD secured several new contracts and extensions from global pharmaceutical customers during Q4, contributing to multi-year revenue visibility as clinical trial revenue increased significantly from FY25.

TrialsWest’s Osborne Park clinic remained consistently profitable and approached its original target annualised revenue capacity, while the Mandurah clinic performed ahead of expectations and moved close to breakeven in its first year.

TrialsWest continues to assess additional locations and therapeutic areas as pharmaceutical demand supports further expansion of its clinical trial site network.

Fibrosis Device Reaches Analysis

Resonance completed recruitment for its new ‘Non-Invasive MRI Liver Fibrosis’ device extended-proof-of-concept  trial during the period, with analysis of the fully recruited study now in progress.

Analysis is expected to be completed within three months, after which validation will proceed subject to a successful outcome.

A favourable result would allow Resonance to begin regulatory planning, including potential use of the product by existing customers as an investigational endpoint alongside biopsy in clinical trials.

“FY26 was a year of significant progress for Resonance Health, with the Group operating cash flow positive in every quarter and closing the year with a strengthened balance sheet,” chief executive officer Andrew Harrison said.

“With the recent additions to our board and growth in net cash position, the company is well positioned to fund and pursue its next phase of growth.”