MedAdvisor has reported a 31% increase in revenue on the same period last year, and expects to finalise a commercial agreement with TerryWhite Chemmart shortly
Australian digital medication management company MedAdvisor has reported $1.67 million in revenue for the quarter up to 31 March 2018 – a 31% increase on the corresponding March 2017 revenue of $1.27 million.
Revenue generated in the March quarter bring total unaudited operating revenue for the nine months of this financial year to $4.9 million, already exceeding last financial year’s operating revenue result of $4.24 million for the full year.
MedAdvisor closed the quarter with $10.9 million in cash and says it is “well funded to drive growth initiatives”, including work to progress new patient acquisition channels and advancing potential partnership opportunities in the US and UK.
The company also says it continues to work closely with EBOS subsidiaries HPS, TerryWhite Chemmart and Zest to finalise commercial frameworks and agreements resulting from the Heads of Agreements signed late last year.
Discussions with TerryWhite Chemmart are reportedly “well advanced” and MedAdvisor expects to finalise the commercial agreement shortly.
MedAdvisor says that it has now extended to include non-government health services programs.
From May, eligible patients can be offered one of 40 programs at participating pharmacies, including flu vaccinations, MedsChecks and other programs relating to quality use of medicines.
In the period since July 2017, MedAdvisor has seen growth of 24% per month in pharmacies using PlusOne, its patient engagement software that enables patients to digitally connect to their pharmacy via app, web, SMS and landline for medication ordering and access to health services.
Just following the end of the quarter, the number of connected patients exceeded one million – users connected to the MedAdvisor service via app, web and/or SMS.
The volume of services delivered through PlusOne has also reportedly grown by 43% per month.
“This quarter we have seen a great response from Australian pharmacies in relation to our PlusOne platform and the take up of health services programs including flu shots, MedsChecks and a range of other programs,” says MedAdvisor CEO Robert Read.
“MedAdvisor’s software has been further improved to deliver even more value to our pharmacy partners which is helping increase our pharmacy network and driving further revenue for MedAdvisor.”