LISTED medication adherence technology provider MedAdvisor Limited is in the black, having this morning reported a $4.6 million profit for the six months to 31 Dec.
The result was achieved on record sales which rose 66% to a hefty $64.1 million, while gross profit and margins also improved.
MedAdvisor's Australian business performed strongly with revenue of $9.2 million, up 40%, due to the strategic acquisition of GuildLink last year (PD 25 Jul 2022).
Combined with MedAdvisor's existing network, GuildLink gave the company access to more than 90% of the pharmacy market in Australia "and supports MedAdvisor's strategic goal to be the leading medication information and management platform within the Australian market".
MedAdvisor's Australian pharmacy network has now grown to about 5,700 stores, with 3.1 million patients on the platform.
"The integration of GuildLink is progressing well and to play, focused on transitioning Australian pharmacy customers to a single medication management platform and patient mobile app designed to improve workflow efficiency in pharmacies and lower costs," the company noted.
Australian pricing for the system is being aligned with broader MedAdvisor charges, with annual subscriptions reverting to monthly.
In the USA total revenue rose 71% to $54.9 million, underpinned by expansion of vaccine awareness programs combined with increased US pharmacy participation in the digital platform.
MedAdvisor said it had made significant efforts to diversify and expand its US customer mix, adding 17 new brands over the last year and running 57 brand campaigns during the six month period.
The company now has more than 30,000 pharmacy locations in its US network, with an ability to reach over 60 million individuals.
In New Zealand the MedAdvisor rollout continues, with 211 pharmacies in the Green Cross Health network migrated thus far, representing 24% of the market.
A detailed strategic review of the UK market has also seen the company advance plans to expand in Britain, with MedAdvisor working with business partners and the UK National Pharmacy Association to "rapidly drive sales growth".
The company warned that, notwithstanding the strong result, access to patient prescription data is "critical to the successful continuation of the group's platforms...this is dependent on permissions given by the pharmacy or retailer (as well as the patient in Australia, NZ and the UK)."
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