The digital medication management company has reported a 25% increase in operating revenue and 24% increase in gross profit following its expansion into the US and UK
MedAdvisor has reported “record” revenue in its financial results for the 12-month period ending 30 June 2019, which were released on Thursday.
Operating revenue was up 25% on the previous financial year, to $8.2 million, and gross profit was up 24% to $7.2 million.
Gross margins remained stable at 88%.
Health program revenue experienced significant growth up 48% from the previous financial year, to $1.0 million.
However it reported a net loss of $8.2 million compared to the $4.5 million loss for the prior year, reflecting its decision to invest in global markets by developing a globally scalable technology platforms and infrastructure.
As part of its international expansion, MedAdvisor signed an initial 12-month agreement with US company Adheris Health, a leading provider of patient adherence solutions, in March 2019.
Adheris Health has a network of 26,000+ pharmacies that account for approximately 197 million US patients.
In August 2019, MedAdvisor secured its first customer in the UK with the signing of Day Lewis Pharmacy Group.
Day Lewis is one of the largest independent pharmacy chains in the UK, owning over 270 pharmacies servicing over one million customers.
Furthermore MedAdvisor announced a 50/50 joint venture with Zuellig Pharma, one of the largest healthcare services groups in Asia.
Zuellig Pharma is a $19 billion business covering 13 markets, serving over 350,000 medical facilities and working with over 1,000 clients including the world’s top 20 pharmaceutical companies.
Domestically MedAdvisor reached over 3,300 pharmacies using its PlusOne platform in Australia at the close of the 2019 financial year – comprising approximately 57% of the Australian market.
PlusOne enabled MedAdvisor’s pharmacy network to digitally connect to over 1.2 million patients and to process in excess of $300 million worth of medication orders.
Government-funded professional services recorded in PlusOne grew by 76%.
MedAdvisor delivered 58 health programs – up from 30 the previous year.
The domestic market continues to show significant opportunities for growth utilising the MedAdvisor product suite to connect more patients, pharmacies, GPs and health programs, says the company.
“The Australian market continues to grow strongly, and we have increased our network and revenue per pharmacy,” said Robert Read, CEO and Managing Director of MedAdvisor.
“The financial year 2019 also saw us take the decision to invest capital in developing scalable US-ready technology and infrastructure to open the US market. We now have landmark deals in three significant markets being the US, Asia and most recently the UK.
“The revenue opportunity over the medium term is significant and the quality of partners and customers is testament to the fact we have built something that helps solve a global problem in a unique way,” said Mr Read.
“Through these global partnerships we will be able to help tens of millions of patients better manage their medication and therefore have better health outcomes.”