MedAdvisor Released Strong December 2018 Quarter Results

MedAdvisor Released Strong December 2018 Quarter Results

MedAdvisor Limited (ASX: MDR), is Australia’s leading digital medication management company. MDR has released its Appendix 4C Report for the 3- month period which ended on 31 December 2018. They also provided an overview of their progress which took place during the period.

The company has reported $2.12 million revenue, representing a 16% increase as compared to $1.84 million in September 2018 quarter. When compared to December 2017 quarter, the revenue has soared by 37%. The total operating revenue stood at $2.09 million for the quarter, which is again an increase from the $300k of the previous quarter. The Australian business remains to be cash positive. The cash receipts stood at $1.8m, versus $1.74m compared to the previous December 2017 quarter. Cash receipts were affected by a delay in processing payments by 2 customers which resulted in $162k being collected in January post the period end. The net cash outflow for the quarter totalled $2.17m vs. $995K for the corresponding prior December 2017 quarter. This increase in cash outflows is in line with expectations as the Company builds capability both in the domestic and international markets.

MedAdvisor closed the quarter with $7.49m in cash and remains funded to complete the integration in the US, UK, and Asia while advancing further expansion in its domestic market. An amount of $1m was invested during the quarter to fund international expansion activities including continuing software build, business development and compliance uplifts for the other global markets. The Company received $975k during the quarter from the exercise of 32.5m options issued at the time of the re-compliance listing in December 2015. These were exercised by long term supporters of the business including the Chairman.

MDR is adding new pharmacies with the network growing further ahead in Q2FY19, and there is an addition of new Patient Engagement Programs via Health Services Hub. The record revenue of more than $2 million was attained for the first time by MDR.

In December 2018, MDR had announced the signing of MOU with Zuellig Pharma which defines an outline for a 50/50 Joint Venture to enter 8 Asian markets. Zuellig is a US $12B output company aiming towards the wholesale distribution of medicines, adherence programs and diversification of healthcare. It provides services for 350,000 pharmacies, GP’s and hospitals in South East Asia.

MDR has made a significant investment into the evolution of their global platform for the seamless provision of services in all markets, and they are moving toward their target as per their plan and budget.

MDR has become ISO 27001 compliant and has aligned the compliance program with the US HIPAA regulations, which is a key dependency for the US market entry.

Looking at MDR’s stock performance and the return it has posted over the last few months, the stock has generated a negative return of 12.82% during the past three months. The shares of MDR closed the day’s session at A$0.037 (as on 31 January 2019) up by 8.824% or 0.003 points. The stock opened at $0.036 with the day low. MDR has 1.33 billion shares outstanding with a market capitalization of circa $45.33 billion. The 52-week high and low of the company are marked at A$0.061and A$0.028 respectively.


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