Key points
- Record receipts from customers of $8.3M, up 160% from 1HFY24
- Positive cashflows from operating activities of $1.0M
- Major pharma clinical trial contracts worth $20.1M since Aug 2023
Full summary
Resonance Health Ltd (ASX: RHT) has reported strong financial and operational performance for the half-year ended 31 December 2024. The company achieved record receipts from customers of $8.3M, up 160% from the prior corresponding period, and record cash receipts of $13.1M over the last twelve months, more than the combined total receipts received during the three financial years from FY2021 to FY2023. The company reported positive cashflows from operating activities of $1.0M, with net positive cashflows from operating activities of $2.5M for the twelve-month period to 31 December 2024. Resonance Health also secured major new pharma clinical trial contracts worth $13.8M over 24 months in November 2024, taking the total CRO Services contract wins to over $20.1M since August 2023. The company's TrialsWest business, acquired in 2024, continued to perform above expectations, with a second clinical trial investigator site opened in August 2024 and a third site planned for the coming months. The company is also launching a new central-read analysis service for magnetic-resonance-elastography (MRE) and progressing the development of its 'Non-Invasive MRI Liver Fibrosis' SaMD product.
Guidance
The company reported record receipts from customers of $8.3M for 1HFY25, up 160% from the prior corresponding period, and record cash receipts of $13.1M over the last twelve months. Across both major clinical trials being managed by the company's CRO Services business, there remains ~$13.3M to be invoiced over the projected remaining clinical trial timeframe of 24 months.
Outlook
Resonance Health continues to rapidly scale up operations with growth across its three business areas - SaMD, CRO Services, and TrialsWest. The company is launching new SaMD services, progressing the development of its 'Non-Invasive MRI Liver Fibrosis' product, and expanding its TrialsWest clinical trial investigator site network to better fulfill the requirements of its major pharma clinical trial contracts.