MEDICATION management platform, MedAdvisor Limited, has posted its FY23 results, with increased revenue and gross profit leading to a loss reduction.
The business, with operations in the US and UK as well as Australia, recorded revenue of $98 million, a 44.6% increase on the $67.8 million in the 2022 financial year, while also achieving gross profit of $59.4 million, up 69.7% from the $35.4 million of FY22.
The business managed to reduce its FY22 loss of $8.3 million to a loss of $3 million last financial year, a result it put down to gross margin improvement, cost savings and scale benefits.
Improvements due to a shift in product mix to digital medication awareness programs and significant expansion in digital patient reach were partly lauded as the reason for the reduced EBITDA loss.
CEO and MD Rick Ratliff (pictured) said, "MedAdvisor has built robust foundations with prospects for significant growth opportunities, enabling us to drive profitable EBITDA growth in FY24 and sustainable growth in the years ahead.
"I am confident that our strategic initiatives will continue to drive our success as we navigate the path ahead," he added.
Furthermore, MedAdvisor outlined the successful integration of GuildLink pharmacy and the implementation of restructuring measures being completed on time and within budget, resulting in expected annualised cost savings of approximately $2 million.
The business flagged a restructuring of employee costs for FY24 would result in a 20% headcount loss.
There was a one-off cost of $1.4 million in FY23 for redundancies in the US and Australia.
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