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Adheris Health Ltd ASX:AHE

0 opened or increased0 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 4 managers in total.

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20252026

31 Jan 2024 to today

Commentary Showing 2 of 19

DateManagerActionSummary

31 Aug 2025DMX Asset ManagementReducedDMX Asset Management reduced its position in Medadvisor following the company's announcement of the sale of its profitable Australian business to repair its balance sheet and support its loss-making US division. DMX Asset Management describes this outcome as a continued disappointment.

Monthly Report, price recorded $0.05

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28 Aug 2025Salter BrothersHeldThe manager continues to hold MedAdvisor (ASX: MDR), noting the company was a bottom-three contributor in FY25 following a series of headwinds. The manager notes that MDR announced the planned sale of its ANZ business to Jonas for an initial purchase price of A$35 million plus an uncapped earn-out, with proceeds expected to reduce debt and support strategic initiatives. The manager observes that the US operations remain focused on transformation and diversifying its health program pipeline amid a challenging market environment, and notes that MDR is still considering strategic options for the US business.

Annual Report, price recorded $0.06

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17 more comments on AHEPro shows every comment, with a link to each source document.

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Price at first mentionThe share price recorded when each of 4 managers first commented on AHE.

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Articles

31 Aug 2025Adheris Health AHE Fund Manager Commentary and Investment Thesis

About Adheris Health Ltd

Healthcare, Health Care Technology

Adheris Health (ASX:AHE), formerly MedAdvisor, is a pharmacy patient engagement company that suffered a steep decline before restructuring. In August 2025, DMX Asset Management reported the shares fell 30% as the company confirmed the sale of its profitable Australian business to repair its balance sheet and support its loss-making US operations. Salter Brothers noted it was a bottom-three contributor in FY25 after announcing the sale of its ANZ business to Jonas. DMX said the stock fell around 80% during the year amid challenging US conditions and a $5 million capital raise. Adheris Health operates in the Healthcare sector within the Health Care Technology industry, and Thesis Tracker has captured 19 comments from 4 fund managers, including DMX Asset Management and Salter Brothers. Founded by Joshua Swinnerton in 2010, Adheris provides pharmacy-driven medication adherence and patient engagement programs, now focused on the United States through its Adheris platform.

Market cap: $7m
Price to earnings: Loss-making
Return on equity: -177.9%
Dividend yield: 0.0%
Price to book: 1.00x
Net margin: -133.7%
52-week range: $0.01 to $0.03

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Adheris Health Limited (ASX:AHE)?

Fund managers including DMX Asset Management, Salter Brothers, Jencay Capital and Perennial Partners have invested in Adheris Health Ltd (ASX:AHE).

What opportunities or catalysts do fund managers highlight for Adheris Health Ltd?

Fund managers previously backed the company's turnaround and patient engagement platform, and the sale of the ANZ business to Jonas strengthens the balance sheet to support the US-focused Adheris business.

What are the key risks to the Adheris Health Ltd investment thesis, according to fund managers?

DMX and Salter Brothers highlight challenging US operating conditions, the need to sell its profitable Australian business to repair the balance sheet and a capital raise, contributing to an 80% share price fall.

What does Adheris Health Limited (ASX:AHE) do?

Adheris Health Ltd., founded by Joshua Swinnerton in 2010 and headquartered in Camberwell, Australia, provides pharmacy-driven patient engagement solutions designed to simplify medication journeys and improve health outcomes. The company operates through five key segments: Australia and New Zealand, United States, United Kingdom, Asia, and Corporate. Adheris Health focuses on innovative, technology-supported patient support services to enhance medication adherence across global markets.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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