Slide 1: HY 2025 Results Presentation
CATEGORY CREATING MEDTECH FOCUSED ON DELIVERING SUSTAINED WOUND HEALING & VALUE-BASED CARE HY 2025 Results Presentation September 2025
Slide 2: Disclaimer
Disclaimer For the purposes of this disclaimer, "presentation" means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed during the presentation. This presentation includes statements that are, or may be deemed to be, “forwa
Slide 3: Presenting team
Presenting team Dr. Mike Griffiths Jayesh Pankhania Chief Executive Officer Chief Financial Officer 3
Slide 4: Robust half year performance in a challenging market
Robust half year performance in a challenging market • On track to deliver revised FY2025 guidance • Continued progress in establishing a new Topical Oxygen market category and validation of the TWO2® therapy value proposition for the durable healing of chronic wounds • Revenue growth across all seg
Slide 5: Positioned for long-term profitable and scalable growth
Positioned for long-term profitable and scalable growth Established, differentiated Chronic care focus – Strategic investment in drivers that product delivering sustained wound healing will accelerate medium term growth strong outcomes • Accelerating topical oxygen as • Innovative TWO2® therapy – pr
Slide 6: Financial highlights
Financial highlights Jayesh Pankhania
Slide 7: Revenue growth across all business segments
Revenue growth across all business segments Revenues increased by 20.9% to • Mainly driven by Medicaid $31.8m (H1 2024: $26.3m) • Robust despite US healthcare headwinds and investment to support Adjusted EBITDA of $3.1m decreased growth, non-cash CECL* provision and listing costs by 9.5% (H1 2024: $
Slide 8: 21% YOY revenue growth
21% YOY revenue growth Group GROWTH % 57.1% 2.4% 0.7% 20.9% 5,101 399 4 31,843 26,339 Increased revenues VA growth impacted Modest growth in all states by Federal efficiency mainly related to the measures Gulf Region H1 2024 Medicaid VA Other H1 2025 8
Slide 9: Revenue currently driven primarily by VA and NY Medicaid growth
Revenue currently driven primarily by VA and NY Medicaid growth TOTAL REVENUES $m Growth % FY22 53.1% FY23 31.5% FY24 8.7% • Long term consistent historic growth Veterans 24.6% 17.4% 21.4% 0.6% 6.4% 3.6% -1.2% • Weaker in Q2 25 due to continued disruption Administration from US efficiency initiative
Slide 10: Longer term operational leverage should be achieved
Longer term operational leverage should be achieved ADJUSTED EBITDA Walk – H1 2024 to H1 2025, $’000 (1,349) (1,925) 5,281 (2,328) 3,391 3,070 Revenue growth of Increase in line with Driven by hiring ahead Investments in 12.9% 20.9% coupled with revenue of revenue growth activities to support LT 9.6
Slide 11: Debt facility judiciously upsized
Debt facility judiciously upsized NET (DEBT) / NET CASH MOVEMENT, $’000 858 (4,693) (1,185) (376) (5,396) Net Cash Dec-24 Operating cash flow Capex investment Financing & Other costs Net Debt Jun-25 Increased receivables Eyes on the Wound SWK and inventory development and re-financing rental units I
Slide 12: On track to deliver FY 2025 revised guidance
On track to deliver FY 2025 revised guidance • Reflecting AOTI's current assessment of the likely impact of US headwinds: – Revenue growth for FY 2025 expected to be in the mid-teens – Adjusted EBITDA margin expected to be low double digit • Trading post period, in July and August has been consiste
Slide 13: Business overview
Business overview Dr. Mike Griffiths
Slide 14: Differentiated Product: TWO2 Therapy
Differentiated Product: TWO2® Therapy Multi-modality Evidence* Cost savings* therapy Controller Evidence* Oxygen 6X more likely to heal 71% reduction in DFUs in 12 weeks amputations at 12 months Extremity Chamber Compression 6X lower recurrence 88% reduction in hospitalisations at Humidification rat
Slide 15: Focussed on highest growth market segments in wound healing
Focussed on highest growth market segments in wound healing Annual cost of diabetes in the US is >$237 Billion Venous leg ulcers Diabetic foot ulcers (VLUs) are one of the (DFUs) are the #1 reason Annual US diabetic foot care cost is approximately most prevalent and for infection and leg amputation
Slide 16: Strategic market access plan progressing for TWO2 therapy
Strategic market access plan progressing for TWO2® therapy CURRENT PHASE PHASE 1 PHASE 2 PHASE 3 2022: <10% Expanding coverage – ongoing – market National Coverage National Coverage access in 13 Medicaid states Existing Expanding Wider State Medicaid Accelerated Access to Coverage Payer Coverage Med
Slide 17: Our approach to growing VA & Medicaid NY
Our approach to growing VA & Medicaid NY UNDERPINS CURRENT PERFORMANCE MEDICAID Veterans Administration (VA) Medicaid NY Disruption from the impact of VA head count reduction and US efficiency New York only state with mandated coverage policy initiatives, expected to extend into H2 2025 but abate as
Slide 18: While expanding Medicaid coverage in other states
….. while expanding Medicaid coverage in other states • In non-mandated states, approach to obtaining Medicaid reimbursement is currently different • Reimbursement is achieved based on medical necessity (determined by a doctor) and demonstrating value (clinical and cost savings) to the managed care
Slide 19: Continuing to push for resolution in Arizona
Continuing to push for resolution in Arizona Arizona • Arizona has been impacted by a combination of: o Change Healthcare cyber security breach o Re-contracting and change of insurers (subsequently temporarily reinstated) o Epicenter of CTP fraud and abuse issue o Medicaid director resigned and
Slide 20: CMS coverage should be a transformational milestone
CMS coverage should be a transformational milestone • Fully unlocks revenues from all Medicare-eligible, as well as accelerates access to Medicaid-eligible recipients • Recent key validation milestones that reinforces Company’s clinical and economic value proposition include: ─ Attained Provider ID
Slide 21: Making progress in obtaining CMS coverage for topical oxygen therapy
Making progress in obtaining CMS coverage for topical oxygen therapy Medicare coverage is limited to items and services that are deemed reasonable and necessary for the diagnosis or treatment of an illness or injury CMS conducts an evidence-based review to make this determination, which is administe
Slide 22: Market access strategy for Medicaid provide future Medicare leverage
Market access strategy for Medicaid provide future Medicare leverage where we are today 22
Slide 23: Focussed on delivering durable wound healing and value-based care
Focussed on delivering durable wound healing and value-based care Growth across all segments of the business in the first half despite current headwinds Continued commercial progress in establishing Topical Oxygen as a new market category in the durable healing of chronic wounds Near-term we expect
Slide 24: Q&A
Q&A
Slide 25: Appendix
Q@AOTI Appendix
Slide 26: Income statement
Income statement CONSOLIDATED STATEMENT OF OPERATIONS #039;000 H1 2025 H1 2024 Change Total revenues 31,843 26,339 20.9% Increase mainly driven by Medicaid states (+57.1%) and VA (+2.4%) Total cost of revenues (3,930) (3,353) Gross profit 27,913 22,986 21.4% Growth driven by improved Gross profit margi
Slide 27: Adjusted EBITDA margin growing
Adjusted EBITDA margin growing RECONCILIATION BETWEEN NET LOSS AND ADJUSTED EBITDA #039;000 H1 2025 H1 2024 Change Net Profit / (Loss) 248 (3,867) n.m. Provision for income taxes 540 143 Interest expense 1,117 1,084 Depreciation and amortisation 1,165 801 Loan fees amortisation - 48 EBITDA 3,070 (1,791
Slide 28: Balance sheet
Balance sheet CONSOLIDATED BALANCE SHEET #039;000 Jun-2025 Dec-2024 Total non-current assets 14,106 12,856 Increased Inventory is due to lead Inventory 4,982 2,514 time for delivery and investment ahead of growth Income tax payable 40 17 Increased debtors due to increased Trade accounts receivable, net
Slide 29: Cash flow statement
Cash flow statement CONSOLIDATED CASH FLOW STATEMENT #039;000 H1 2025 H1 2024 Net Profit / (loss) 248 (3,867) H1 2024 includes one time SBP Depreciation and amortization 1,165 801 related to IPO Share-based compensation & other awards 55 5,077 Increase in allowance for credit Movement in allowance for
Slide 30: Core metrics
Core metrics Group Revenue & Medicaid Adjusted EBITDA & Sales team US Sales per rep % Growth Registered States % Margin headcount per month $31.8m $3.1m H1 25 11 93 $70.6k +20.9% 9.6% $26.3m $3.4m H1 24 5 72 $71.7k +26.4% 12.9% $58.4m $8.1m FY 24 9 85 $72.2k +32.9% 13.8% 30
Slide 31: Multi-Modality TWO2 combines cyclical compression
Multi-Modality TWO2 combines cyclical compression and topical oxygen therapy in one device, magnifying the therapeutic benefits of each modality and stimulating wound healing through multiple synergistic pathways hay Topical Oxygen Therapy Cyclical Compression TWO2 Combined CC + (TOT) Effects (CC) E
Slide 32: TWO2 therapy for non-healing wounds
TWO2 therapy for non-healing wounds TWO₂ therapy is continuous, pressurised topical oxygen to promote wound healing that can be administered in the patient's home offering an alternative adjunctive advanced therapy to reduce costs while achieving complete closure 32
Slide 33: Value-based care – aligning with payor needs
Value-based care – aligning with payor needs Value-Based Care Goal HHS Secretary Robert F. Kennedy, Jr. CMS Administrator Dr. Mehmet Oz “Provide high-quality, patient-centered care that “Support for value-based care models could lead to “Equipping health care providers with better improves health ou
Slide 34: Creating market leading differentiation
Creating market leading differentiation DELIVERING VALUE-BASED CARE 34
Slide 35: Innovators in delivering value
Innovators in delivering value High quality patient centered Care Patient Integration Experience care that improves healthcare PATIENT ENGAGEMENT AT HOME Value Technology- enabled Quality outcomes PROVEN THERAPY implementation FOUNDATION while lowering Lower Inter- operability Costs Total Cost of Me
Slide 36: Patient engagement – enhanced and scalable via Eyes on the Wound
Patient engagement – enhanced and scalable via Eyes on the Wound® The personal connection to patient and insights from the home environment are invaluable. Therapy Support Team builds trust and patient engagement for healing Personal connection developed during home set up and strengthened through B
Slide 37: Tech-enabled care integration
Tech-enabled care integration Care Integration Patient Experience • Remote utilization monitoring - • In-home patient engagement real time coordination of care • Patient app & wound selfies Value Quality • Identification of barriers to • RCT proven healing in the home Technology- • Multi-modality en