MedAdvisor Limited (AHE) AI Stock Analysis

• Market Cap: AU$12.74M
• Dividend Yield: N/A
• Average Volume (3M): 1.73M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.31
• Revenue Growth: -48.41%
• EPS Growth: -7200.00%
• Country: AU
• Employees: N/A
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): 0.01
• Shares Outstanding: 636,978,100
• 10 Day Avg. Volume: 474,818
• 30 Day Avg. Volume: 1,728,714
• PEG Ratio: <0.01
• Price to Book (P/B): 11.59
• Price to Sales (P/S): 0.19
• P/FCF Ratio: -0.85
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): <0.01
• Revenue Forecast (FY): AU$110.67M

• Rating: 39 Underperform
• Price Target: AU$0.02
• Action: Downgraded Date: 01/28/26
• Date: Action: Downgraded 01/28/26

The score is driven down primarily by weak financial health (sharp revenue decline, heavy losses, and negative equity), with technicals also pointing to a bearish trend despite oversold readings. Valuation provides limited support because a negative P/E reflects ongoing losses and there is no dividend yield data.

Positive Factors

Recurring, multi-sided revenue model

MedAdvisor’s core model sells software/subscription services to pharmacies and program services to pharmaceutical brands, creating recurring revenue streams and diversified customer segments. This multi-sided structure supports predictable program sales and cross-sell opportunities that sustain revenue over medium term.

Pharmacy–brand–consumer platform/network

The platform connects pharmacies, brands and consumers, creating network effects: larger pharmacy coverage increases value for brands and consumers. Durable advantages include stickier customer relationships, data on adherence, and an ability to run targeted sponsor programs that reinforce market position over months to years.

Positive free cash flow growth trend

Despite operational challenges, reported free cash flow growth of +18.49% signals improving cash conversion and discipline. Sustained FCF expansion can extend runway, reduce reliance on external funding, and provide flexibility to invest in product or sales initiatives over the next several quarters.

Negative Factors

Sharp revenue contraction

A nearly 40% revenue decline is structurally damaging: it erodes scale for subscription and brand programs, weakens pricing leverage, and reduces the addressable spend brands allocate to MedAdvisor. Continued top-line shrinkage undermines margin recovery and long-term growth prospects.

Deep, persistent losses and weak margins

Very wide negative margins indicate the business is not generating operating profits from core activities. Persistent losses limit reinvestment capacity, increase financing needs, and make margin recovery essential for durable viability; structural cost reductions or revenue restoration are required.

Precarious balance sheet and negative equity

Negative equity and anomalous debt-to-equity ratios point to solvency and capital structure stress. This reduces strategic optionality, can restrict access to low-cost capital, and raises the risk of dilution or restructuring—long-term constraints on scaling or weathering continued revenue weakness.

MedAdvisor Limited Business Overview & Revenue Model

Company Description

Adheris Health Limited, together with its subsidiaries, provides pharmacy-driven patient engagement solutions in Australia, the United States, and the United Kingdom. The company offers THRiV, an omni-channel platform which provides pharmacy-driven patient and pharmacist engagement solutions to improve medication management. The company was formerly known as MedAdvisor Limited and changed its anme to Adheris Health Limited in November 2025. The company was incorporated in 2010 and is based in Woburn, Massachusetts.

How the Company Makes Money

MedAdvisor generates revenue primarily through subscription fees from its digital health platform, which pharmacies and patients use to manage medications effectively. The company also earns money through partnerships with pharmaceutical manufacturers, where they offer targeted patient engagement services and promotional activities. Key revenue streams include fees from pharmacies for access to the platform, transaction fees for the sale of medications through its network, and income from data analytics services provided to healthcare stakeholders. These partnerships and services are crucial in driving the company's earnings and expanding its market presence.

MedAdvisor Limited Financial Statement Overview

Summary

Financial performance is very weak: revenue fell sharply (-39.23%), profitability is deeply negative (net margin -95.58% with negative EBIT/EBITDA margins), and the balance sheet shows elevated solvency risk with negative equity (debt-to-equity -10.75). Cash flow shows a small positive (free cash flow growth +18.49%), but operating cash flow remains negative.

Income Statement

MedAdvisor Limited's income statement reveals significant challenges. The company has experienced a substantial decline in revenue, with a negative revenue growth rate of -39.23% in the most recent year. Profitability metrics are concerning, with a negative net profit margin of -95.58% and negative EBIT and EBITDA margins, indicating operational inefficiencies and high costs relative to revenue.

Balance Sheet

The balance sheet shows a precarious financial position. The debt-to-equity ratio is extremely high at -10.75, due to negative stockholders' equity, highlighting financial instability and potential solvency issues. However, the return on equity is positive, suggesting some efficiency in generating returns from equity, albeit from a negative base.

Cash Flow

Cash flow analysis indicates some improvement, with a positive free cash flow growth rate of 18.49%. However, the operating cash flow remains negative, and the operating cash flow to net income ratio is also negative, reflecting ongoing cash flow challenges. The free cash flow to net income ratio is 1.0, suggesting that free cash flow is aligned with net income, albeit both are negative.

Breakdown	Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Income Statement
Total Revenue	62.99M	122.11M	97.96M	67.75M	38.77M
Gross Profit	-135.06K	74.25M	59.41M	34.99M	21.31M
EBITDA	-57.25M	7.05M	-3.03M	-11.29M	-13.59M
Net Income	-60.21M	792.13K	-11.31M	-17.35M	-13.95M
Balance Sheet
Total Assets	39.84M	98.78M	95.91M	78.57M	81.04M
Cash, Cash Equivalents and Short-Term Investments	10.30M	15.58M	14.20M	7.58M	7.15M
Total Debt	17.40M	12.61M	13.09M	13.41M	9.16M
Total Liabilities	38.79M	47.20M	47.45M	51.40M	32.07M
Stockholders Equity	1.05M	51.58M	48.46M	34.55M	48.45M
Cash Flow
Free Cash Flow	-14.37M	5.12M	-1.63M	-548.13K	-12.94M
Operating Cash Flow	-14.37M	5.19M	-1.45M	-236.32K	-12.54M
Investing Cash Flow	-2.18M	-2.80M	-3.23M	-290.79K	-43.36M
Financing Cash Flow	11.34M	-831.97K	12.42M	1.86M	50.72M

MedAdvisor Limited Technical Analysis

• Last Price: ―

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:AHE, the sentiment is undefined. The current price of undefined is equal to the 20-day moving average (MA) of ―, equal to the 50-day MA of ―, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of ― indicates undefined momentum. The RSI at ― is undefined, neither overbought nor oversold. The STOCH value of ― is undefined, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a undefined sentiment for AU:AHE.

MedAdvisor Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

MedAdvisor Limited Corporate Events

Adheris Health clarifies 1H FY26 profit boosted by ANZ business sale

Adheris Health has clarified its previously released first-half FY26 results to explicitly state that reported EBITDA of $10.7 million and NPAT of $7.3 million were boosted by a $17.5 million profit on the sale of its ANZ business. The correction underscores that the company’s headline profitability for the period was significantly influenced by this one-off gain, a key detail for investors assessing the sustainability and quality of its earnings profile.

By updating the market to include the omitted information, the board aims to ensure fuller transparency around the drivers of its interim financial performance. The clarification may prompt stakeholders to distinguish between ongoing operational earnings and the impact of asset disposals when evaluating Adheris Health’s underlying business momentum and future valuation.

The most recent analyst rating on (AU:AHE) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on MedAdvisor Limited stock, see the AU:AHE Stock Forecast page.

Adheris Health Slashes Costs and Resets Strategy as Revenue Halves in 1H FY26

Adheris Health reported a sharp contraction in 1H FY26 revenue to A$23.3 million, down 49%, and a 58.5% fall in gross profit amid lower U.S. vaccination volumes and smaller pharma deal sizes, which also compressed gross margins. Despite weaker top-line performance, EBITDA more than doubled to A$10.7 million and NPAT rose to A$7.3 million, supported by aggressive cost reductions and the impact of portfolio changes.

The company has overhauled its leadership team, streamlined its board and launched a new technology platform designed to deliver more efficient omnichannel programs and support scalable growth. Following the sale of its ANZ business for total consideration of about A$33.1 million and an uncapped earn-out, Adheris ended the period with no debt and pro-forma cash of A$14.2 million, positioning it to accelerate digital product innovation, embed AI capabilities and pursue a faster path to sustainable profitability despite ongoing market headwinds.

The most recent analyst rating on (AU:AHE) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on MedAdvisor Limited stock, see the AU:AHE Stock Forecast page.

Adheris Health posts profit surge and balance-sheet turnaround despite revenue slump

Adheris Health Limited reported a sharp turnaround in profitability for the half-year to 31 December 2025, with profit after tax attributable to owners rising 423.9% to $7.35 million, despite revenue from continuing operations falling 49% to $23.35 million. Basic earnings per share jumped to 1.17 cents from 0.25 cents a year earlier, net tangible assets per share swung from a deficit to 1.42 cents, no interim dividend was declared, and the company recorded the loss of control of Medadvisor International Pty Ltd and Medicines Information Pty Ltd on 4 July 2025, signalling a reshaping of its corporate structure and balance sheet that underpins the improved metrics.

The material improvement in profitability and net tangible assets, alongside the absence of dividends, suggests Adheris Health is prioritising balance-sheet repair and strategic refocusing following the divestment of key subsidiaries. These changes may strengthen the company’s financial position in the near term and could alter its market positioning within the digital health and medication adherence space, with implications for shareholders as the group transitions under its rebranded Adheris Health identity.

The most recent analyst rating on (AU:AHE) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on MedAdvisor Limited stock, see the AU:AHE Stock Forecast page.

Adheris Health Calls Fully Virtual Extraordinary General Meeting for March 2026

Adheris Health Limited has called a virtual extraordinary general meeting of shareholders for 12 March 2026 at 10:00 a.m. Sydney time, with the notice of meeting and related voting materials being dispatched to investors. Shareholders will be able to watch proceedings online and vote electronically in real time, underscoring the company’s continued adoption of digital channels for governance and investor participation.

The move to a fully virtual format may broaden access for Adheris Health’s geographically dispersed investor base and streamline the decision-making process on corporate matters. While the specific resolutions were not detailed in the announcement, the EGM structure signals an emphasis on efficient corporate governance, which could influence how quickly the company acts on strategic or operational initiatives.

The most recent analyst rating on (AU:AHE) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on MedAdvisor Limited stock, see the AU:AHE Stock Forecast page.

Adheris Health Seeks ASX Quotation for Additional Ordinary Shares

Adheris Health Limited has lodged an application with the ASX for the quotation of 169,640 ordinary fully paid shares under its existing ticker AHE, with an issue date of 10 February 2026. The relatively small issuance, arising from the exercise or conversion of existing options or other convertible securities, suggests a routine capital management move rather than a major strategic shift, incrementally increasing the company’s free float and potentially enhancing liquidity for shareholders.

The most recent analyst rating on (AU:AHE) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on MedAdvisor Limited stock, see the AU:AHE Stock Forecast page.

Adheris Health revenue slumps as new CEO fast-tracks cost cuts and tech reboot

Adheris Health reported a sharp deterioration in its Q2 FY26 performance, with operating revenue falling 45.8% year-on-year to $13.7 million and gross profit more than halving to $6.5 million, as lower customer renewal rates, weaker US vaccination activity and smaller pharma deal sizes weighed on results and margins. Newly appointed CEO and managing director John Ciccio has moved quickly to stabilise the business through a material cost reduction program, changes to the executive team and efforts to win back former clients, while the group ended the quarter with $8.1 million in net cash, rising to a pro-forma $14.2 million after receiving a $6.1 million holdback from the sale of its ANZ operations. The company also launched a new technology platform in December designed to deliver programs more efficiently and at scale, with management now prioritising extraction of commercial and operational benefits, including faster digital product innovation, improved execution and deeper patient engagement through embedded AI, in an effort to restore growth and strengthen its competitive position with pharma customers.

The most recent analyst rating on (AU:AHE) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on MedAdvisor Limited stock, see the AU:AHE Stock Forecast page.

Adheris Health Receives A$6.1m Holdback, Lifting ANZ Divestment Proceeds to A$33.1m

Adheris Health Limited has received the A$6.1 million holdback component from the previously announced sale of its Australian and New Zealand business unit to Jonas Software AUS Pty Ltd, taking total consideration received so far from the divestment to A$33.1 million. The transaction also includes an uncapped three‑year earn‑out arrangement, with the first potential payment due around July 2026, and early indications suggest the divested ANZ business is performing in line with expectations, supporting the prospect of further contingent proceeds and strengthening Adheris Health’s financial flexibility following its strategic exit from the ANZ market.

The most recent analyst rating on (AU:AHE) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on MedAdvisor Limited stock, see the AU:AHE Stock Forecast page.

Adheris Health Options Lapse, Trimming Potential Share Dilution

Adheris Health Limited has notified the market that a total of 15,862,199 options on issue have lapsed as of 31 December 2025 after the conditions attached to these securities were not, or could no longer be, satisfied. The cessation covers a large tranche of variously priced options, including several series expiring in July 2036, and results in a reduction of potential future dilution for existing shareholders while modestly simplifying the company’s capital structure.

The most recent analyst rating on (AU:AHE) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on MedAdvisor Limited stock, see the AU:AHE Stock Forecast page.

Adheris Health Seeks ASX Quotation for 456,554 New Ordinary Shares

Adheris Health Limited, listed on the ASX under the code AHE, has lodged an application for quotation of additional ordinary fully paid shares. The company is seeking quotation of 456,554 new ordinary shares to be issued on 16 January 2026, a routine administrative step that will increase the number of AHE shares tradable on the ASX and modestly expand its free float for existing and prospective investors.

The most recent analyst rating on (AU:AHE) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on MedAdvisor Limited stock, see the AU:AHE Stock Forecast page.