Resonance Health Projects $17M Revenue and $2M EBITDA in FY26

Strong Revenue Growth and Diversification

At its 2025 Annual General Meeting, Resonance Health outlined a compelling trajectory of growth and transformation. The company anticipates total revenue to surge from $4.4 million in FY23 to approximately $17 million by FY26, representing a robust compound annual growth rate of around 45%. This growth is underpinned by a diversified revenue base and expanding clinical, technical, and customer synergies.

Alongside revenue growth, Resonance Health expects to achieve a profitable underlying operating EBITDA of about $2 million by FY26, with plans to increase EBITDA margins from roughly 12% in the near term to around 25% over subsequent periods. This margin expansion is expected to be driven by operational leverage as the business scales.

Expanding Addressable Markets and Therapeutic Areas

The company is capitalising on significant opportunities in metabolic and obesity-related diseases, leveraging its expertise in liver imaging and related biomarkers. Resonance Health has broadened its addressable global market to include new imaging endpoints such as visceral and subcutaneous adipose tissue, and magnetic resonance elastography, tapping into markets valued at hundreds of millions of dollars.

While oncology remains the dominant therapeutic area in global clinical trials, Resonance Health is actively expanding into other sectors including hematology, neurology, infectious diseases, endocrinology, and cardiovascular conditions. This multi-vector growth strategy focuses on increasing the number of therapeutic areas served, cross-selling additional services to existing customers, and acquiring new clients both organically and through acquisitions.

Geographic and Service Expansion

Resonance Health’s growth blueprint includes geographic expansion beyond its Australian base, targeting markets in the US, Europe, China, and India. The company plans to extend its TrialsWest operations starting in Perth and then across Australia, while also aiming to establish a presence in the US and Europe to support late-stage clinical trials requiring FDA and MDR clearances.

Service diversification is another pillar of the strategy, with plans to introduce new devices, including AI-enabled imaging tools for emerging markets, and to broaden the scope of clinical trial services offered in-house. The company is also exploring acquisitions to accelerate growth and deepen its footprint in key markets.

Conservative Guidance with Upside Potential

Resonance Health’s FY26 guidance is deliberately conservative, excluding contributions from potential new TrialsWest sites, contract wins, geographic expansions, new non-invasive fibrosis devices, and acquisitions. Despite these conservative assumptions, the company remains operationally cashflow positive and highlights significant upside potential if these growth initiatives materialize.

Overall, Resonance Health’s update signals a company in the midst of a successful transformation, leveraging its specialised imaging expertise to capture a larger share of the global clinical trials market while steadily improving profitability.