HERAMED LIMITED — Capital/Financing Update 2025

May 18, 2025

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ASX ANNOUNCEMENT 19 May 2025
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CUSTOMER UPDATE & US MARKET STRATEGY

• Broward Health has advised it will discontinue its use of HeraCARE despite positive maternal-fetal outcomes

• Post Trump administration taking office, the changing healthcare and health funding landscape has particularly impacted US health systems serving Medicaid populations

• HeraMED continues to advance existing and new opportunities in the pipeline. Within the pipeline are health systems which serve all population segments in the US

• Leading US healthcare commercialisation firm, Aspire Health Innovations, has been appointed to accelerate HeraMED’s US go-to-market strategy and commercial growth

• Appointment of Jeff Garibaldi as Chief Growth Officer US, bringing extensive US healthcare leadership and commercialisation experience

• HeraMED in commercial discussions with additional strategic partners to expand into other international markets with stable healthcare policy environments

HeraMED Limited (ASX: HMD) ( ‘HeraMED’ or the ‘Company’ ), a medical data and technology company pioneering digital maternity care, wishes to provide an update on recent developments in the United States (US) market and the Company’s evolving commercial strategy.

Customer Update

Broward Health has advised HeraMED it will discontinue its use of HeraCARE despite positive maternal-fetal outcomes. Broward Health, as a safety net hospital, deployed HeraCARE via the awarding of a State grant to support its local underserved, Medicaid population.

The agreement with Broward Health had estimated revenue in 2025 of USD$100,000 and served as an important Case Study. Broward continued to report significant improvements to the maternal-fetal outcomes as recently as March 2025, highlighting that the decision is not related to the clinical performance or efficacy of the HeraCARE platform. HeraCARE has demonstrated significant improvements in maternal health outcomes across its all sites, including:

• A significant reduction in pre-term births

• Reduced hospital readmission of patients

• Reduced fetal demise

• Early detection and management of pregnancy-related complications, such as pre-eclampsia

• • Multiple time-critical interventions in pregnancy, delivery and postpartum care.

HeraMED Limited ACN 626 295 314 A: c/o Bio101 Financial Advisory Pty Ltd, 201/697 Burke Rd, Camberwell VIC 3124

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Recent changes in the US healthcare policy environment have included restructuring of Medicaid population definitions and budget allocations. The average annual cut to the Medicaid budget is anticipated to be approximately $70 billion per annum, more than ten times larger than any previous annual cut made to the program¹.

Safety net hospitals, which rely heavily on Medicaid Disproportionate Share Hospital (DSH) payments, face funding threats. Under current law, starting 1 April 2025, federal DSH allotments to states will be reduced by $8 billion annually through 2027².

HeraMED Managing Director and CEO, Anoushka Gungadin, said:

“HeraCARE has demonstrated its clinical value and impact across hospital and health systems, particularly in improving access and outcomes for Medicaid populations. While recent policy shifts have introduced new financial pressures for some US hospitals, we will continue to refine our strategy for long-term growth and sustainability. Importantly, our pipeline of new and existing opportunities spans health systems which serve all population segments in the US, so we will continue to sharpen our focus where the need is urgent and the sales cycle shortest.

To support this strategic shift, we commenced a process several months ago to appoint a US-based commercialisation partner. We are pleased to have now appointed Aspire Health Innovation which brings deep industry expertise, knowledge and extensive networks which is instrumental as we refine and execute our go-to-market strategy. We are also delighted to welcome Jeff Garibaldi as HeraMED’s US Chief Growth Officer, he comes with huge experience aligned to our needs. We are confident that with Aspire and Jeff’s leadership, HeraMED is well-positioned to accelerate our impact and growth in the US healthcare market.

Similar to our US process, we have undertaken a comparable exercise for the Australian market and are delighted to be working closely with ANDHealth in Australia over the next 6 months. ANDHealth is Australia’s leading provider of commercialisation support and services to the fast-growing digital and connected health sector, including a number of non-dilutive funding pathways.’’

US Market Strategy

Aspire is a leading US based healthcare commercialisation firm, supported by a team of 30+ senior partners, many with 35–45 years of US healthcare experience as top thought leaders and sales veterans who have a deep knowledge of the entire healthcare landscape.

Together, Aspire Health and HeraMED will drive strategic planning and an optimised US go-to-market (GTM) strategy. As part of Aspire’s engagement they will support on the ground existing US Commercial GTM opportunities, whilst building HeraMED’s messaging, positioning, and value proposition for other identified US customer verticals developed through Aspire’s network and expertise.

HeraMED is also pleased to announce the appointment of Jeff Garibaldi as Chief Growth Officer US. Jeff is a 35-year healthcare veteran with a proven track record that includes leading a $450M NASDAQ IPO exit, a $250M private equity exit, and raising over $250M in capital. As a co-founder and CEO with Cedars-Sinai LA, he holds 60+ health patents. Jeff has generated over $500M in global healthcare solution revenues, led product strategy from pre-revenue to $300M+ in 20 countries, scaled value-based care solutions to $65M and 6 times revenue growth in five years.

In parallel, HeraMED is refining its overall strategy which includes exploring expansion into other significant international markets where healthcare policy environments are stable and there is a growing need for maternity care solutions. The Company will update the market on the advancement of these initiatives in due course.

As part of this re-focused GTM strategy HeraMED continues to right-size and align its cost base to enable the optimal execution of the strategy and growth.

HeraMED Limited ACN 626 295 314 A: c/o Bio101 Financial Advisory Pty Ltd, 201/697 Burke Rd, Camberwell VIC 3124

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Aspire will receive compensation consistent with market-standard consulting fees.

¹ https://unidosus.org/blog/2025/05/15/the-medicaid-cuts-proposed-in-budget-reconciliation-would-be-the-largest-in-us-history/ ² https://www.tha.org/wp-content/uploads/2025/01/2025-DSH-Cuts-by-Congressional-District_14.pdf

HeraMED Limited Managing Director & CEO CFO & Company Secretary Chairman Anoushka Gungadin Cameron Jones Tim Chapman M: +61 431 131 649 T: +61 400 086 399 T: +61 419 897 062 E: anoushka@hera-med.com E: cameron.jones@bio101.com E: tchapman@claritycap.com.au

Media / Investor Relations Matthew Wright M: +61 451 896 420 E: matt@nwrcommunications.com.au

About Aspire Health Innovations

Aspire Health Innovations is a full-service consultancy driven by a team of 30+ healthcare veterans, each with an average of 35-45 years of experience across healthcare technology, marketing, and sales.

Aspire empowers innovator companies by accelerating sales growth, expanding market presence, and delivering expert advisory services.

Leveraging its extensive networks and decades of expertise, Aspire provides warm introductions to EVP and C-level leaders, helping clients achieve meaningful connections and sustained success.

Aspire Health’s extensive network enables hundreds of high-value, C-level introductions, resulting in multimillion dollar contracts and eight-figure revenues for clients. Serving as a one-stop partner for healthcare innovators, Aspire provides end-to-end expertise from strategy to execution-including marketing, sales, and product development-while fostering a collaborative ecosystem of client companies that share tech-enabled solutions and open new market opportunities, particularly in advanced AI/ML applications.

About HeraMED Limited (ASX: HMD)

HeraMED is an innovative medical data and technology company leading the digital transformation of maternity care by revolutionising the prenatal and postpartum experience with its hybrid maternity care platform. HeraMED offers a proprietary platform that utilises hardware and software to reshape the Doctor/Patient relationship using its clinically validated in-home foetal and maternal heart rate monitor, HeraBEAT, cloud computing, artificial intelligence, and big data.

The Company’s proprietary offering, HeraCARE, has been engineered to offer a fully integrated maternal health ecosystem designed to deliver better care at a lower cost, ensure expectant mothers are engaged, informed and well-supported, allow healthcare professionals to provide the highest quality care and enable early detection and prevention of potential risks.

HeraMED Limited ACN 626 295 314 A: c/o Bio101 Financial Advisory Pty Ltd, 201/697 Burke Rd, Camberwell VIC 3124