Pharmacy Daily | MedAdvisor revenue up

MEDADVISOR has increased its operating revenue up 89.9% to $44.1m for the quarter ended 31 Dec 2022 (Q2 FY23).

Commenting on the company's results over Q2 FY23, CEO and Managing Director Rick Ratliff, said: "Our strong performance in the reporting period was underpinned by our growing scale in Australia and the US, and reflects the increased uptake of our digital solutions for medication adherence".

The company further reported in its update that the US is up 97.7% to $39.4m, underpinned by expansion of the COVID-19 awareness program combined with increased pharmacy participation in the US digital platform, inMotion.

Australia is up 42.6% to $4.7m, including the three-month GuildLink contribution of $1.3m; and excluding GuildLink the underlying revenue was up 2.8%.

Gross margin was up 164.3% to $26.4m, with an increase of 16.9 ppts (59.9% vs 43.1%).

The company reported a strong capital position, with $32.7m cash on 31 Dec 2022, an increase of $20.8m cash for the quarter.

"In the US, we increased our pharmacy network to over 30,000 locations, enabling digital access to 60m individuals," Ratliff said.

"The network expansion gained momentum via our ability to demonstrate our digital capabilities and service at scale, resulting in a new agreement with a software company providing access to an additional circa 10,000 pharmacies.

"We recognise that the momentum in the first half of the financial year is likely to moderate as we move beyond the winter months in the US that provided a seasonal peak for this business.

"In Australia, the integration of our GuildLink acquisition continues to progress well and to plan.

"During the quarter we have transitioned customers and enhanced the functionality of the MedAdvisor PlusOne platform," Ratliff concluded.

Further, MedAdvisor's 1H FY23 operating revenue of $64.1m was up 65.8% on 1H FY22 to $38.7m.