Adheris Health (AHE) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum, introduction of board members and auditors, and CEO John Ciccio outlined a focus on patient engagement and technology-driven solutions.

• Format included Chair's address, formal business, and a business update from the CEO.

Financial performance review

• FY25 revenue was AUD 63 million, down 36% year-over-year, with gross profit at AUD 32.9 million and a gross margin of 52.3%.

• EBITDA loss was AUD 10.7 million, a decline of AUD 13.9 million from the previous year.

• A non-cash impairment of AUD 46.5 million was recognized on US intangible assets, driving a substantial statutory loss.

• Cost reduction program achieved a 13% decrease in operating costs year over year.

• Ended September with net cash of AUD 13 million, excluding AUD 8 million held back from the ANZ divestiture.

Board and executive committee updates

• Board reduced from nine to four directors to align with the downsized business.

• CFO Sean Slattery appointed as Executive Director.

• CEO transition from Rick Ratliff to John Ciccio, who brings over 12 years of experience in the U.S. business.