Interim report
Page 1
30 September 2026 AOTI, INC. (the "Company" or "Group" or "AOTI") 2026 Interim Results Significant progress towards obtaining Medicare coverage that will dramatically expand the growth potential for TWO2® therapy Robust underlying business performance AOTI, INC. (AIM: AOTI), a medical technology group focused on delivering outcomes-based care at home, bymore durable healing of wounds and the prevention of amputations, announces its unaudited results for thesix months ended 30 June 2026 ("the Period" or "H1 2026"). Financial Highlights Robust underlying revenue growth (excluding Arizona Medicaid) of 18.8% (H1 2025: 17.0%), and 10.8% on a reported basis.o Medicaid (41% of revenues) revenues grew by 21.5% on an underlying basis and 2.4% on a reported basis. Veterans Administration (VA), (57% of revenues) revenues grew by 16.0%. EBITDA grew 16.6% to $3.6m (H1 2025: $3.1m). EBITDA margin was 10.1% (H1 2025: 9.6%) o Impact of commercial team restructure with a greater focus on patient outcomes and sales rep productivity is still in the early stages of realisation. Positive operating cash flow at $0.9m (H1 2025: $4.7m outflow). Net debt at 30 June 2026 was $6.3m (31 Dec 2025: $6.5m). Operational Highlights (inc. post Period) In July, the Durable Medical Equipment Medicare Administrative Contractors (DME MACs) on behalf of the Centers for Medicare & Medicaid Services (CMS), published the proposed Local CoverageDetermination (LCD) for topical oxygen therapy (TOT). Once finalised, this transformational milestone will dramatically expand the US addressable market and growth potential for TWO2® therapy. Medicaid Provider IDs have now been obtained in 27 US states (FY 2025: 19) further underpinning mid- and longer-term growth. Large real-world study in 3,126 patients published that further demonstrated superior durable healing of chronic wounds with AOTI's TWO2® therapy, bolstering the growing evidence base and supporting the Company’s outcomes-based value proposition. Arizona State Medicaid: As noted in the July Trading Update, the Company ceased treatment of new Medicaid patients in Arizona from1 April 2026 and our actions to obtain formal Medicaid coverage policy in that State for our therapy andrecover historical claims remain ongoing. Though timing is uncertain, the Board remains confident in its abilityto collect historical debt from Arizona Medicaid and will update the market as appropriate. Consequently, inSeptember, the Company reached agreement with Runway Growth Finance Corporation ("Runway") (whoacquired SWK Funding LLC) to revise the revenue and EBITDA covenants in its loan, as the covenants hadbeen set prior to the decision to cease taking on new Arizona Medicaid patients. Outlook: 2026 is a transformative year not only as we move towards the Final CMS LCD and resulting mandated Medicare coverage, but also due to optimising our sales structure and execution to deliverthe full potential of our dramatically expanded US addressable market opportunity. We expect full year 2026 EBITDA to be in line with current consensus[1] and are confident with our net debt position and cash flow outlook for the remainder of the year. We continue to expect full year top-line growth to be in line with our guidance provided at the time of our full year results of underlying mid-teens revenue growth i.e. ex- Arizona Medicaid (low-single digitreported growth). Dr. Mike Griffiths, Chief Executive Officer & President of AOTI, said: “Despite having to make the difficultdecision to cease treating new patients from 1 April in Arizona and continued macro headwinds, I am pleasedthat we still delivered robust underlying revenue growth and profitability.
Page 2
Impending Medicare coverage will be transformative for AOTI, significantly expanding access to our therapy.We are well positioned to access the vast majority of the US patient population, and to drive growth with ouralready market-leading position in the topical oxygen therapy market segment.” Analyst PresentationA presentation for sell-side analysts will be held this morning at the offices of FTI Consulting, 200 Aldersgate,London, EC1A 4HD. The meeting will commence at 09:30 British Summer Time (BST) and will also be heldvia webcast for those who would prefer to join virtually. If you would like to attend in person or via the dial-indetails, please inform: AOTI@fticonsulting.com. Shareholder PresentationA presentation for all existing and potential shareholders will be held later today via the Investor MeetCompany platform at 11:45 BST. Investors can sign up to Investor Meet Company for free and add tomeet AOTI, INC. via: https://www.investormeetcompany.com/aoti-inc/register-investor. END