MedAdvisor Solutions' 3Q FY24 Financial Results

MedAdvisor Limited (ASX: $MDR) has reported a significant 42.4% increase in operating revenue for the third quarter of the financial year 2024 (3Q FY24), reaching $24.2 million, compared to $17.0 million in 3Q FY23. The US segment experienced a substantial 57.6% surge in revenue to $18.6 million, while the Australia and New Zealand (ANZ) region saw a 7.7% rise to $5.6 million. The company's year-to-date (YTD) revenue for FY24 stands at $99.8 million, surpassing the full-year FY23 figure with one quarter still remaining. The gross profit for 3Q FY24 also exhibited a notable increase of 48.5% to $15.3 million, compared to $10.3 million in 3Q FY23. MedAdvisor Solutions maintains a healthy cash position of $19.5 million as of 31 March 2024, in line with internal forecasts.

Executive Commentary on 3Q FY24 Performance

MedAdvisor Solutions CEO, Rick Ratliff, expressed satisfaction with the company's performance, stating, 'We are delighted to report another very strong quarter, building on MedAdvisor Solutions' momentum from the first half of FY24, with reporting in line with the expected seasonality of the US business.' Ratliff highlighted the growth drivers, emphasizing the emphasis on vaccine programs and expansion of chronic medication programs in the US. He also noted the positive impact of the pharmacy transaction fees introduced in Australia, contributing to revenue growth. Ratliff further outlined the company's strategic initiatives, including the partnership with Brand Engagement Network (BEN) to introduce conversational AI to patients through their pharmacy channel.

Summary of Financial Results and Outlook

MedAdvisor Solutions' 3Q FY24 financial results demonstrate robust revenue growth, particularly in the US segment, and a healthy YTD performance exceeding the previous fiscal year. The company's strategic focus on vaccine programs, chronic medication expansion, and the introduction of pharmacy transaction fees in Australia has contributed to the positive revenue trajectory. The CEO's outlook for the fourth quarter of FY24 and FY25 remains optimistic, with a strong pipeline and revenue projections. MedAdvisor Solutions is set to launch new initiatives, including the North Queensland Community Pharmacy Scope of Practice Pilot and a telehealth solution through the MedAdvisor app, aiming to further enhance its transaction revenue stream. The company anticipates solid growth over the prior corresponding period in the fourth quarter of FY24, contributing to year-on-year revenue growth and positive EBITDA for the first time.