MedAdvisor reports ‘record’ revenue

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Total revenue is up nearly 100% on last quarter after an initial impact from COVID-19

Digital medication management company MedAdvisor has revealed record revenue for the three-month period to 30 June 2020, with the company showing strong growth following the initial impact of the COVID-19 crisis.

MedAdvisor saw $4.4 million in total revenue for the fourth quarter of the 2020 financial year—a 99.8% growth on the third quarter, which saw $2.2 million in total revenue, and up 41% compared to the same period last year ($3.1 million).

Meanwhile total operating revenue was $3 million, up 40.8% on the previous quarter and 31.4% higher than the same period last year.

The June quarter results were driven by a recovery in health programs after an initial impact from COVID-19, as well as commencement of health programs in the United States, said the company in its ASX announcement.

Its first US health program went live through a partnership with Adheris Health late in Q4.

“MedAdvisor has delivered another record revenue quarter as we continue to deliver on our strategic priorities,” said CEO and Managing Director Robert Read.

“In Australia and around the world, pharmacists are at the coalface of the COVID-19 fight – we are making their lives simpler with easy-to-use digital tools that streamline their workflows and improve customer experience and loyalty.”

Locally, MedAdvisor’s software is used in 60% of Australian pharmacies and across a network of thousands of GPs.

Over the past quarter, MedAdvisor saw approximately 13% growth in patient numbers using its software and is now approaching 1.7 million digitally connected patients in Australia.

Since launching on-demand home delivery at the end of last quarter, MedAdvisor has processed more than 12,000 delivery requests and had 34,000+ items ordered on the platform.

Outside of Australia and the US, MedAdvisor is also developing health programs and pharmacy products in Asia and the UK.

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