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Rua Bioscience (RUA)HY24Released 29 February 2024
Goodwill impairment of $8.3m drives HY24 loss of $10.9m
Management writes off a prior acquisition that failed to deliver, leaving a $1.0m cash buffer and ongoing operating burn.
Published 28 April 2026
Read briefingSummerset Group Holdings (SUM)FY23Released 26 February 2024
NPAT up 62.1% but underlying profit grew just 11.0% on revaluation gains
Underlying profit of NZ$190.3m and 1,103 ORA sales describe a steadier operational result than the headline IFRS NPAT, while net debt rose NZ$332m.
Published 23 April 2026
Read briefingEBOS Group (EBO)HY24Released 21 February 2024
OCF fell 34.5% and leverage rose to 1.8x as inventories built $140m
EBITDA rose 4.8% but operating cash fell 34.5% on a $140.3m inventory build, leaving the lifted 57.0c dividend uncovered by free cash flow.
Published 22 April 2026
Read briefingRyman Healthcare (RYM)HY24Released 29 November 2023
Dividend suspended as FCF stays $158.4m negative, PBT falls 34%
Headline NPAT declines just 3.8% on a 30.2% tax credit, but underlying profit is flat and pre-lease cash flow sits well below the historical range.
Published 28 April 2026
Read briefingGreen Cross Health (GXH)HY24Released 29 November 2023
Pharmacy EBIT fell 25% as COVID tail faded; net cash flipped to net debt
The 29.5% headline revenue drop reflects the Community Health divestment, but continuing operations show eroding margins and a balance sheet that no
Published 22 April 2026
Read briefingFisher & Paykel Healthcare (FPH)HY24Released 29 November 2023
Capex doubled to 34.3% of revenue, pre-lease FCF swung to NZ$127.5m negative
Revenue grew 16.4% and PBT 23.0%, but a doubled capex bill drove pre-lease FCF NZ$258.5m below the historical mean and left the dividend uncovered.
Published 22 April 2026
Read briefingPromisia Healthcare (PHL)HY24Released 28 November 2023
Revenue up 10.7% but PBT swung to a NZ$0.1m loss as costs outpaced growth
Promisia's aged-care operations grew the top line solidly, but earnings turned negative as cost growth absorbed the revenue gain, leaving a NPAT loss
Published 19 May 2026
Read briefingRadius Residential Care (RAD)HY24Released 27 November 2023
Asset sale puts Radius Residential Care's debt headroom in focus
The NZ$19m disclosed value from the asset sale is relevant to debt headroom, while borrowings and gearing remain the direct evidence.
Published 23 April 2026
Read briefingOceania Healthcare (OCA)HY24Released 22 November 2023
NPAT swung to NZ$35.2m but trade debtors expanded NZ$110.5m
Underlying EBITDA held near NZ$37.6m, but receivables expanded NZ$110.5m and debtor days hit 168.5 against a historical mean of 22.7 days.
Published 22 April 2026
Read briefingBlis Technologies (BLT)HY24Released 16 November 2023
Loss narrowed 60.3% but operating cash turned negative as debtors swelled
Revenue grew 11.4% yet receivables almost doubled and debtor days hit 37.9, well above the historical mean of 28.7.
Published 22 April 2026
Read briefingRua Bioscience (RUA)FY23Released 29 August 2023
Customer revenue $0.4m as cash burn $5.9m leaves $2.5m on hand
Headline revenue of $6.5m is dominated by fair value gains on contingent consideration; commercial revenue remains immaterial against ongoing burn.
Published 23 April 2026
Read briefingSummerset Group Holdings (SUM)HY23Released 23 August 2023
Operating cash fell 23% and borrowings rose 47% on heavier development
Underlying profit lifted 5.7% to $87.2m but reported NPAT slipped 1.1% as fair-value gains shrank and capex climbed 24.9%.
Published 23 April 2026
Read briefingPromisia Healthcare (PHL)FY23Released 30 May 2023
PBT fell 73.7% as revenue growth failed to offset cost expansion
A 25.5% revenue uplift was more than consumed by higher operating costs, lifting net debt to EBITDA to 8.0x and compressing PBT to NZ$0.5m.
Published 18 May 2026
Read briefingGreen Cross Health (GXH)FY23Released 30 May 2023
NPAT up 83.7% on $30.3m disposal gain as continuing PBT fell 43.5%
The discontinued operation supplied two-thirds of reported NPAT while operating cash flow fell 30.3% and continuing EBIT dropped 29%.
Published 22 April 2026
Read briefingRadius Residential Care (RAD)FY23Released 29 May 2023
H2 EBITDA collapsed to $2.9m as net debt tripled to $100.1m
Debt-funded property purchases pushed leverage to 7.0x EBITDA while operating cash flow fell 59% and the result swung to a $2.1m loss.
Published 22 April 2026
Read briefingThird Age Health Services (TAH)FY23Released 26 May 2023
Revenue nearly doubled but PBT fell 56% as costs outpaced growth
Effective tax rate jumped from 24.9% to 43.5%, deepening the NPAT decline to 67% while operating cash flow held essentially flat at $1.1m.
Published 28 April 2026
Read briefingFisher & Paykel Healthcare (FPH)FY23Released 26 May 2023
FY23 FCF collapsed to $12.5m as capex stepped up 53%
H2 revenue rebounded 14%, but a 40.5c full-year dividend ran well past FCF cover with capex intensity climbing to 13.4% of revenue.
Published 22 April 2026
Read briefingBlis Technologies (BLT)FY23Released 25 May 2023
Loss narrowed 50.1% on 14.2% revenue growth, cash halved to $4.3m
Operating cash flow flipped positive and H2 turned profitable, yet the cash balance fell $4.2m versus only $0.1m of OCF — a reconciliation gap that
Published 22 April 2026
Read briefingOceania Healthcare (OCA)FY23Released 24 May 2023
Net debt/EBITDA jumped to 6.9x as operating cash fell 33%
Revenue grew 6.9% and care swung to profit, but borrowings rose $177.9m and a $86.9m receivables build absorbed underlying cash generation.
Published 22 April 2026
Read briefingRua Bioscience (RUA)HY23Released 28 February 2023
Reported $0.7m profit masks unchanged $3.7m cash burn against $1.7m balance
Non-cash items drove the swing to NPAT while operating cash outflow held near prior levels and the cash balance fell 24.5%.
Published 23 April 2026
Read briefingSummerset Group Holdings (SUM)FY22Released 24 February 2023
Underlying profit up 21.5% while IFRS NPAT fell 50.5% on revaluation
Development capex of $633.8m pushed gross borrowings to $1.07b and free cash flow to -$14.7m, with operating cash flow still near prior-year levels.
Published 22 April 2026
Read briefingTruscreen Group (TRU)HY23Released 29 November 2022
Cash down to $1.7m as $1.2m HY operating burn continues
Operating cash outflow narrowed 29.3% to $1.2m, but at $0.74m half-year revenue, runway is now the central question.
Published 28 April 2026
Read briefingFisher & Paykel Healthcare (FPH)HY23Released 29 November 2022
Working capital absorbed NZ$58.7m, draining operating cash to NZ$1.9m
Revenue fell 23.3% on post-COVID normalisation, but a NZ$58.7m working-capital build left the lifted dividend uncovered by free cash flow.
Published 22 April 2026
Read briefingThird Age Health Services (TAH)HY23Released 28 November 2022
Acquisition lifted revenue 61.2% but continuing NPAT fell 51.8%
Integration and consolidation costs for acquired GP practices absorbed the acquired revenue and roughly halved earnings to $0.3m.
Published 22 April 2026
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