AOTI, Inc., an AIM-quoted wound-care company and constituent of the FTSE AIM All Share Index, last updated the market on 30 September 2026 with interim results showing underlying first-half Revenue growth of 18.8%. No newer announcement appears on its Investegate listing, so there is no fresh company news in the five weeks since.

Interim results

For the first half of 2026, underlying revenue, which excludes Arizona Medicaid, rose 18.8% to $31.9 million. Reported revenue increased 10.8% to $35.3 million. EBITDA grew 16.6% to $3.6 million, and Operating Cash Flow was positive at $0.9 million, a marked improvement on the outflow of the prior year. Net Debt stood at $6.3 million at 30 June 2026. The company also said it had secured Medicaid provider identifiers in 27 states and pointed to a published study supporting the effectiveness of its therapy in chronic wound healing.

What the company does

AOTI's TWO2 system delivers topical oxygen therapy for chronic wounds, including diabetic foot ulcers. It sells through reimbursement channels such as Medicare and Medicaid in the United States. Its shares are admitted to AIM through depositary interests, which is how its listing appears on the regulatory news service.

The Medicare proposal

The key development came on 24 July 2026, when AOTI described a "transformational milestone": the US Centers for Medicare & Medicaid Services had issued a proposed Local Coverage Determination covering topical oxygen therapy for Medicare patients with diabetic foot ulcers. The proposal was open to public comment and, in the company's words, was expected to be finalised within a year afterwards. AOTI said it would open access to about 69 million Medicare beneficiaries and described itself as the Market Leader with a 75% share. It cited a potential longer-term opportunity of $26 billion against a current serviceable market of $400 million. These are the company's own estimates. A further update on the proposal followed on 27 August 2026.

Other recent news

A trading statement was issued on 27 July 2026, and directors' dealings relating to the employee share purchase plan were reported on 4 August. A director share purchase was reported on 19 June, and the Annual General Meeting results were announced on 21 May.

Sector and index context

Wound care is a large market because diabetes, ageing populations and vascular disease raise the number of chronic ulcers. Reimbursement is central: a therapy that receives broad coverage can reach far more patients, while uncertain coverage restricts adoption. Smaller medical technology companies often depend on a handful of payer decisions, making regulatory milestones important to valuation. AIM hosts a number of health-care companies with revenue growing from a small base, though many rely on external funding.

Key risks

The Medicare proposal is not final, and its timing and terms could change after the comment period. Revenue includes Medicaid, whose state-level arrangements can shift, as the difference between underlying and reported growth illustrates. The company carries net debt, and it operates in a competitive market where payers scrutinise evidence of benefit. No Dividend was reported in the results material.

What to watch next

The next marker is the final coverage decision from Medicare, expected within a year of the comment period, along with any further state-level Medicaid expansion, full-year results and updates on profitability and cash generation. Investors will also look for evidence that the gains in the first half carry into the second.