Business
Final Results
AOTI, Inc. reported 2025 results with revenue growth of 14.0% to $66.5 million, driven by a 37.6% increase in Medicaid revenue to $29.6 million, primarily from New York, despite US healthcare market disruptions. Adjusted EBITDA decreased by 6.4% to $7.5 million due to investments in market access and non-cash provisions, resulting in an adjusted EBITDA margin of 11.3%. The company's net debt stands at $6.5 million, a shift from net cash in the prior year, reflecting a drawdown from its loan facility. AOTI will cease treating new Arizona Medicaid patients from April 1, 2026, to limit further exposure while remaining confident in collecting historical debt from Arizona Medicaid. The outlook for 2026 anticipates low single-digit revenue growth, with a focus on the Veterans Administration and New York Medicaid, and an adjusted EBITDA margin in the high single digits. Disclaimer*
About this update from Aoti, Inc.
[{"type":"text","content":"\n\n30 March 2026\n \nAOTI, INC. (the \"Company\" or \"Group\" or \"AOTI\")\n \n2025 Final Results\n \nGood revenue growth despite US healthcare market disruption\n \nMeaningful operational progress strengthening the core business and capabilities\n \nAOTI, INC. (AIM: AOTI), a medical technology group focused on delivering outcomes-based care at home, by more durable healing of wounds and the prevention of amputations, announces its audited results for the year ended 31 December 2025 (\"the Period\" or \"FY 2025\").\n \nOperational Highlights:\n· Revenue growth 14.0% despite the impact of US government efficiency measures and the One Big Beautiful Bill Act (OBBBA) initiatives.\n· Organisational and operational changes have now been implemented, allowing for greater focus on patient outcomes and sales rep productivity, and these are already showing traction.\n· Medicaid Provider ID now obtained in 19 states (FY 2024: nine) further underpinning mid- and longer-term growth.\n· Multiple significant payer endorsements of TWO2® in the Period, which validates the Board's expectation of a positive Centers for Medicare & Medicaid Services (CMS) local coverage determination in the near term:\no US: Medicaid Provider ID awarded in California, the largest Medicaid market in the US and positive ECRI Health technology assessment and resultant Cigna commercial insurer coverage for topical oxygen therapy.\no Germany: Nationwide TWO2® recommendation by the Federal Joint Committee (G-BA).\no UK: National Institute for Health and Care Excellence (NICE) treatment recommendation; TWO2® therapy now available across the NHS.\n· Good progress in the continued roll out of Eyes on the Wound™.\nFinancial Highlights:\n\n\n\n\n$'000\n\n\nFY 2025\n\n\nFY 2024\n\n\nChange\n\n\n\n\nRevenue\n\n\n 66,537\n\n\n58,359\n\n\n+14.0%\n\n\n\n\nAdjusted EBITDA1\n\n\n7,542\n\n\n8,057\n\n\n-6.4%\n\n\n\n\nEBITDA\n\n\n7,542\n\n\n2,878\n\n\n+162%\n\n\n\n\nProfit / (Loss) before tax\n\n\n3,048\n\n\n(945)\n\n\nn.m.2\n\n\n\n\n(Net Debt) / Net Cash\n\n\n (6,536)\n\n\n858\n\n\nn.m.2\n\n\n\n\n \n1 Adjusted EBITDA is an unaudited non-GAAP measure: Ea...