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Adherium Ltd.
(Sydney:ADR)
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Rating:43Neutral
Price Target:
AU$0.10
▼(-3.00% Downside)
Action:Reiterated
Date:09/06/26
The score is primarily constrained by weak financial performance—large ongoing losses, sustained cash burn, and negative equity—despite a notable 2026 revenue rebound and improved gross margin. Technical indicators are also soft (negative MACD and RSI near oversold), and valuation signals are limited due to a negative P/E and no dividend yield data.
Positive Factors
Recurring digital services model
Adherium’s business model includes recurring software and data-service fees alongside device sales, creating subscription-like, predictable revenue streams. Over 2–6 months this supports stable cash inflows, customer stickiness, and a pathway to margin improvement as service scale grows.
Negative Factors
Negative shareholders' equity
Negative equity is a structural solvency concern that limits financing flexibility and heightens refinancing risk. It can constrain the company’s ability to raise debt or attract long-term investors, forcing reliance on dilutive equity or short-term funding, which affects sustainability over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring digital services model
Adherium’s business model includes recurring software and data-service fees alongside device sales, creating subscription-like, predictable revenue streams. Over 2–6 months this supports stable cash inflows, customer stickiness, and a pathway to margin improvement as service scale grows.
Read all positive factors
Adherium Ltd. (ADR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$5.49M
Dividend YieldN/A
Average Volume (3M)16.40K
Price to Earnings (P/E)―
Beta (1Y)1.26
Revenue Growth157.02%
EPS Growth80.99%
CountryAU
Employees40
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.25
Shares Outstanding54,887,672
10 Day Avg. Volume1,385
30 Day Avg. Volume16,404
Financial Highlights & Ratios
PEG Ratio0.67
Price to Book (P/B)-731.83
Price to Sales (P/S)449.48
P/FCF Ratio-63.48
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-9.73
Revenue Forecast (FY)AU$9.01M
Adherium Ltd. Business Overview & Revenue Model
Company Description
Adherium Limited specializes in developing, manufacturing, and providing advanced digital health solutions. The company's core mission is to enhance medication adherence for individuals managing chronic conditions in key international markets, spa...
How the Company Makes Money
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Adherium Ltd. Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
22
Negative
Cash Flow
15
Very Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.10M | 817.24K | 840.98K | 3.19M | 529.00K |
| Gross Profit | 1.22M | 111.37K | 267.70K | 1.69M | -690.00K |
| EBITDA | -14.36M | -12.44M | -11.56M | -11.50M | -12.65M |
| Net Income | -14.16M | -12.68M | -10.22M | -9.86M | -10.04M |
Balance Sheet | |||||
| Total Assets | 4.56M | 3.52M | 9.89M | 12.68M | 8.53M |
| Cash, Cash Equivalents and Short-Term Investments | 1.42M | 43.26K | 6.20M | 9.08M | 5.28M |
| Total Debt | 2.40M | 3.12M | 93.20K | 44.00K | 85.00K |
| Total Liabilities | 5.85M | 8.28M | 3.41M | 3.47M | 3.00M |
| Stockholders Equity | -1.29M | -4.76M | 6.48M | 9.21M | 5.54M |
Cash Flow | |||||
| Free Cash Flow | -14.87M | -10.03M | -10.61M | -9.32M | -9.89M |
| Operating Cash Flow | -14.83M | -9.98M | -10.61M | -9.28M | -9.61M |
| Investing Cash Flow | -39.00K | -48.19K | -37.00 | -41.00K | -279.00K |
| Financing Cash Flow | 16.32M | 3.87M | 7.73M | 13.07M | 0.00 |
Adherium Ltd. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | AU$141.73M | 61.76 | 2.53% | ― | 26.61% | 41.67% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | AU$18.60M | ― | -578.72% | ― | 113.42% | 29.17% | |
49 Neutral | AU$35.44M | -1.91 | -58.13% | ― | 2.08% | -195.31% | |
43 Neutral | AU$5.49M | -0.40 | 1363.47% | ― | 157.02% | 80.99% | |
43 Neutral | AU$22.99M | -2.53 | -1688.04% | ― | 11.45% | 0.69% | |
39 Underperform | AU$8.29M | -0.42 | -614.15% | ― | -46.09% | 70.70% |
* Healthcare Sector Average
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Adherium Ltd. Corporate Events
Adherium Boosts U.S. Revenue but Loss Widens on Growth Investments
Aug 31, 2026
Adherium reported a 157% jump in revenue to $2.1 million for the year to 30 June 2026, driven by the successful launch of its remote patient monitoring program in the United States. Despite the revenue surge, the company’s net loss widened t...
UBS Group AG Exits Substantial Holding in Adherium Ltd.
Jul 30, 2026
UBS Group AG and its related entities have notified Adherium Ltd. that they have ceased to be a substantial shareholder in the company as of 28 July 2026. The change reflects a reduction in UBS’s relevant interest in Adherium’s voting ...
Adherium Appoints Interim CEO as It Accelerates Value-Based Respiratory Care
Jul 29, 2026
Adherium has announced that Chief Executive Officer Dawn Bitz will step down for personal reasons after a year marked by significant commercial progress, including building its remote patient monitoring channel and growing recurring Hailie revenue...
Adherium posts record RPM revenue as U.S. value‑based respiratory strategy gains traction
Jul 28, 2026
Adherium reported record recurring remote patient monitoring subscription revenue of A$479,000 for the June quarter, up 39% sequentially, alongside a 79% jump in customer cash receipts to A$408,000 and continued growth in device shipments and acti...
Adherium Flags Risks as It Advances Respiratory Monitoring Strategy
Jul 26, 2026
Adherium Ltd., listed on the ASX as ADR, operates in the medical device and digital health industry, specialising in respiratory monitoring technologies and related services for asthma and COPD. Its solutions aim to combine smarter inhaler monitor...
Adherium Updates Director’s Holdings After Capital Consolidation
Jul 14, 2026
Adherium Limited has reported a change in director George Baran’s relevant interests in the company’s securities following a shareholder-approved consolidation of capital. Baran holds both direct and indirect interests, including throu...
Adherium Completes 100-for-1 Share Consolidation Ahead of Resumed Trading
Jul 7, 2026
Adherium has completed a 100-for-1 consolidation of its issued share capital, following shareholder approval at an extraordinary general meeting held in June 2026. The restructuring leaves the company with 54,887,674 fully paid ordinary shares on ...
Adherium Flags Issue of 20 Million Unquoted Options
Jun 30, 2026
Adherium Ltd. has notified the market of the planned issue of 20 million unquoted options, exercisable at $0.005 and expiring on 31 July 2026. The options, classified under ASX code ADRAW, are scheduled for issue on 22 July 2025 and form part of t...
Adherium Secures Non-Dilutive Loan from Major Shareholder to Bolster Working Capital
Jun 29, 2026
Adherium Limited, a Melbourne-based leader in digital respiratory management and connected inhaler technology, develops the FDA-cleared Hailie Smartinhaler platform to support remote medication monitoring and adherence. Its integrated digital heal...
Adherium Director Increases Stake Through Share Placement
Jun 26, 2026
Adherium has disclosed a change in director Louis Panaccio’s relevant interest, with an indirect holding increase via Vilmos Pty Ltd as trustee for the Panaccio Investment Trust. His stake rose through the acquisition of 9,666,664 fully paid...
Adherium Director Increases Indirect Stake via Institutional Share Offer
Jun 26, 2026
Adherium director George Baran has increased his indirect holding in the company through Trudell Medical Limited, in which he has a one-third beneficial interest. The move boosts his indirect stake to more than 1.53 billion fully paid ordinary sha...
Adherium Cancels 237 Million ADRAY Options, Tightening Capital Structure
Jun 24, 2026
Adherium Ltd. has notified the market of the cessation of 237,075,105 options, previously listed under the ASX code ADRAY and exercisable at $0.02 with an expiry date of 5 December 2028. The options ceased to exist on 22 June 2026, reducing the co...
Adherium to issue 237 million unquoted options at $0.02
Jun 24, 2026
Adherium Ltd. has notified the market of a planned issue of 237,075,105 unquoted options, each exercisable at $0.02 and expiring on February 28, 2028, with an issue date of December 29, 2025. The large unquoted option issuance suggests Adherium is...
Adherium Issues Unquoted Options Under Employee Incentive Scheme
Jun 24, 2026
Adherium has notified the market of the issue of several classes of unquoted options under its employee incentive scheme, with varying exercise prices between $0.0041 and $0.01 and expiries from March 2027 to July 2027. The issuance, covering more...
Adherium Issues 100 Million Unquoted Options to Support Capital Flexibility
Jun 24, 2026
Adherium Ltd. has notified the market of the issue of 100 million unquoted options, each exercisable at $0.005 and expiring on 15 November 2026, under its existing capital management arrangements. The options, which are not intended to be quoted o...
Adherium Issues Over 114 Million Shares Under Cleansing Notice
Jun 24, 2026
Adherium Limited has issued 114,998,200 fully paid ordinary shares without a prospectus under Australian Corporations Act provisions, as detailed in a recent Appendix 2A filing. The company confirmed it is up to date with its financial reporting a...
Adherium seeks ASX quotation for 115 million new shares
Jun 24, 2026
Adherium Ltd. has applied for quotation on the ASX of 114,998,200 new fully paid ordinary shares issued on 22 June 2026. The application, lodged under the company’s code ADR, formalises the move to have these securities traded on the exchang...
Adherium Maps Risk-Laden Path Toward U.S. Value-Based Respiratory Care
Jun 23, 2026
Adherium Ltd. is a medical technology company focused on respiratory monitoring devices and digital health services that aim to improve patient breathing and reduce healthcare costs. Its connected solutions are designed to support value-based care...
Adherium Issues 53.9 Million Unquoted Options Under Employee Incentive Plan
Jun 19, 2026
Adherium Ltd. has notified the market that it will issue 53,908,746 unquoted options, each exercisable at $0.01 and expiring on 22 January 2029. The options are being granted under an employee incentive scheme and are not intended to be quoted on ...
Adherium Wins Strong Shareholder Backing for Capital Moves and Share Consolidation
Jun 19, 2026
Adherium shareholders have overwhelmingly approved all resolutions put to an Extraordinary General Meeting held on 19 June 2026 in Melbourne, with each item carried by a strong majority via poll voting. The results cover ratification of previous s...
Adherium Targets U.S. Value-Based Care Growth With Rescheduled Investor Webinar
Jun 17, 2026
Adherium Ltd. has rescheduled its investor webinar to 25 June 2026, when CEO Dawn Bitz and Chief Commercial Officer John Perry will brief investors on the company’s strategy to secure value-based care contracts with major U.S. insurers. Mana...
Adherium Postpones Investor Webinar for Hailie Smartinhaler Developer
Jun 10, 2026
Adherium Limited, a Melbourne-based digital respiratory management company and developer of the Hailie Smartinhaler platform, specialises in connected respiratory medical devices and integrated digital health solutions that allow remote monitoring...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.