STRONG growth in Australia has helped MedAdvisor Solutions achieve robust results for FY24, with a revenue increase of 24.6% on the previous corresponding period to $122.1 million.
The global pharmacy-driven company also saw its gross profit rise by 24.9% to $74.2 million, while its EBITDA improved from a loss of $3 million in FY23 to a profit of $7 million.
In an update posted on the ASX yesterday, MedAdvisor said new and enhanced revenue streams in Australia - delivered through the growth of health programs and an improved fee structure - was a key driver behind the positive results.
"The past year has been a period of remarkable growth and transformation for MedAdvisor Solutions," said CEO & Managing Director, Rick Ratliff (pictured).
"We achieved significant growth in group revenue, driven by the strong performance of our businesses in both the United States and Australia/New Zealand, and delivered on our Pathway to Profitability, which we now intend to build upon."
MedAdvisor's revenue and gross profit in Australia and New Zealand rose by 19.1% and 24% respectively, reflecting the full impact of the GuildLink migration (PD 20 Mar 2023), as well as newly introduced fees.
"In Australia, we made significant strides realising the full-year benefit of subscription fee changes in FY23 and aligning new fee structures with the value created by our pharmacy customers," Ratliff commented.
The 2024 financial year also saw the company's pharma-sponsored awareness and adherence health programs grow in Australia and New Zealand to 65, across 47 brands (up by 10) and 27 manufacturers.
The MedAdvisor app was also upgraded with telehealth integrations, improved e-script ordering and biometric login, with patient reach and revenue expected to grow as a result of enhanced patient onboarding.
Looking to the future, MedAdvisor is targeting 20-25% CAGR and approximately $250 million revenue for FY28, alongside EBITDA margins exceeding 20%, as part of its five-year strategic plan.
The roadmap will see the company launch its Transformation 360o initiative in FY25, which aims to propel its patient engagement capabilities and foster sustainable, profitable growth.
The initiative includes the organisation's new cloud-based platform, MedAdvisor for Pharmacy, which is currently being rolled out across Australian pharmacy clients to replace PlusOne (PD 24 Jul). JM
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