MEDTECH firm, MedAdvisor (MDR), plans to use its relationship with major shareholder, the Pharmacy Guild of Australia (PD 27 Jul), to boost revenues going forward.
Announcing a 75% increase in operating revenue for the 2022 financial year to the Australian Securities Exchange (ASX), MDR CEO, Rick Ratliff, said the company was well positioned for the year ahead, with the integration of the recently purchased GuildLink (PD 25 Jul) assets a key priority.
"We will have the capacity via a consolidated platform to support government programs and at scale across the national pharmacy market in Australia," Ratliff said.
"We will work closely with the Guild to deliver growth in government programs and new revenue lines alongside other sponsors."
MDR reported "strong growth from the Australasian business" with revenue climbing 44% in the year to 30 Jun, to $14.1 million, with the signing of a five-year deal with Australian Pharmaceutical Industries (API) in Jul 2021 (PD 30 Jul 2021) driving network growth up 18.7%.
Ratliff noted that MDR had played a key role in Australia's COVID-19 vaccination campaign, "supporting pharmacies in streamlining their vaccination workflows, delivering 6.5 million vaccinations into the community".
The company reported that operating cashflow improved by $12.3 million, moving it close to "cashflow breakeven".
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