Artrya is on track to join the S&P ASX 300 index when it is rebalanced in September. Friday was the 31st day into the 80-day recalculation window, which opened on the 21st May and closes on the 21st August. To join the index, AYA must have a free-float-adjusted, market capitalisation volume-weighted average across the pricing window above the 274th company on the ASX. At current market prices, this implies AYA needs a share price of around $3.05 to be included in the index compared to today's close of $6.15.

Three executives from Tanner Health joined Artrya on its 3Q26 results call. Tanner provided overwhelming positive feedback on the performance and uptake of Salix across its hospitals. AYA has appointed Clayton Hatch, CFO of Pro Medicus as its new CFO, commencing 1st September. The SAPPHIRE study is progressing with an official kickoff meeting planned for July. AYA is on track to join the ASX 300 in September.

Artrya reported its 3Q26 cash results. With commercialisation only really starting during the quarter, income from customers remains low. AYA remains on track to submit SCF for FDA clearance by the end of June, with cleearance hopefully in early FY27. The SAPPHIRE study is progressing with official kick-off in July. AYA is hosting an investor call tomorrow.

Artrya has been included in the ASX All Ordinaries index and could possibly join the ASX 300 index at its next rebalance in September. Last week, AYA released its financials for the first half of FY26. Headline revenue and profit were dragged down by non-cash adjustments relating to the vesting of options owned by its foundational US customers. The magnitude of the impact is directly tied to the group's share price and will impact the group's results for the next three years as further options continue to vest. Meanwhile, the board and management team were strengthened by the appointment of leading US healthcare executive Dr Jeffrey LeBenger, and a new General Manager of the US.

Artrya reported its quarterly results, which were broadly in line with expectations. Including the $30 million term deposit, AYA has $76.5 million in cash with a further $5.6 million expected in March from the R&D tax rebate. The biggest news from the release is the delay of Salix Coronary Flow with AYA continuing its “calibration and refinement”. SCF FDA submission is now likely pushed to late 3Q26, with the company not expecting clearance until late June. This is a quarter later than we expected, but has no material impact on our forecasts.

Artrya announced that HCA Midwest Health has agreed to “in-principle participation” in the SAPPHIRE study. HCA Midwest Health is one of 15 divisions of HCA Healthcare, the largest for-profit healthcare system in the US. HCA Midwest Health is a world-renowned cardiovascular research hub, and its participation is hugely positive for SAPPHIRE, Salix and Artrya, providing them not only with credibility but also an entryway to securing HCA as a commercial customer.

First announced in February 2025, the three-phase Salix-based Analysis of Plaque to identify Patients at HIgher Risk of Events (SAPPHIRE) study offers Artrya a huge marketing opoprtunity. It will get Salix in the hands of some of the largest and most prestigious healthcare institutions in the US lifting the platform's visibility and credibility while potentially leading to a change in diagnostic protocols.

Following the events at the end of 2025 (outlined below), we’ve revised our earnings forecasts, resulting in an increase in our valuation to $6.62 per share. Apart from including the dilution impact of the capital raise, this is our first valuation review since August. We expect AYA to be added to the All Ordinaries index at the March rebalance. Following the recent price increase, Artrya’s market capitalisation has exceeded the current level (~$660) required for inclusion in the ASX 300.

Artrya provided an update on its outlook and US strategy at its AGM yesterday. Four hospital groups have joined the SAPPHIRE study, including Ascension Healthcare, the seventh-largest healthcare group in the US. AYA competitor Heartflow and some of its staff are under DOJ investigation for breaches of the federal Anti-Kickback Statute and Civil False Claims Act.

Results in line, several milestones achieved: Artrya’s operating cash flow of -$6 million was slightly more negative than expected due to around $0.8 million in on-offs. Costs are expected to stay at around -$6 million a quarter for the next two quarters as the company works towards the FDA submission for Salix Coronary Flow (SCF) and builds out its US resources. During the quarter, AYA raised $80 million in an oversubscribed placement and share purchase plan.