LISTED digital medication management company MedAdvisor has recorded its first quarter with revenue exceeding $2 million.
Releasing its first half of FY19 interim results, the company boasted a record operating revenue of $3.88 million representing a 19% leap above the prior corresponding period (pcp).
Total revenue for the first half was $3.9 million, also a record for the company which also claimed to operate at a gross margin of 87.6%.
Services provided via PlusOne grew strongly at 280% over the pcp.
The company now has more than 1.1 million patients connected to its platform and continuous growth in Patient Engagement Programs see 17 major pharma companies engaged over the period.
Two US-based executives have now been appointed, Jim Rotstart and Luke Merrow and the company is now ISO27001 compliant as well as aligning its compliance program to address the US HIPAA (Health Insurance Probability and Accountability Act) regulations.
Another highlight was the signing of an MoU with Zuellig Pharma for a joint venture in SEA.
Around 3,200 pharmacies are now connected with MedAdvisor's platform resulting in more SaaS revenue and more patient growth in the engagement programs.
CEO Robert Read said that both domestically and globally the company is adding more breadth to pharmacy and GP offerings as well as targeting populations with relevant medication programs via the new Health Services Hub.
The above article was sent to subscribers in Pharmacy Daily's issue from 26 Feb 19
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