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Macro Australian Economy

Medadvisor [ASX:MDR] Transitions Back into Profit for Half-Year 2023

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By Mahlia Stewart, Wednesday, 01 March 2023

MDR pulls itself out of losses and into profit, posting a 66% surge in revenue in the first half of 2023.

Medadvisor [ASX:MDR], Australian developer of healthcare software for patients, announced its return back into profit in its half-year 2023 results announcement — declaring profits had surged 161%.

Investors were tipping the MDR share price as high as 8% earlier this morning, which evened out to a more moderate 2% increase as shareholders recalibrated.

MDR was worth 27 cents by early afternoon, still up 12% over the past week.

Over the past 52 weeks, MDR’s share value slipped 14%, and it currently lags both in its sector and the S&P 200:

ASX:MDR stock chart

Source: TradingView

Medadvisor makes a comeback with higher profit

Medadvisor posted a 161% surge in profit for 1H 2023 — $12.12 million — taking the group out of the $7.52 million loss to $4.59 in profit.

This result was helped along by an uptick of 66% in revenue, an increase of $25.42 million on revenue gained the same period in 2021.

With record operating revenue of $64.1 million (up from $38.65 million last year), the medical software group managed a 110.1% increase in gross profit.

Operating revenue was made up of $54.9 million taken from sales in the US, an increase of 71.1% — underpinned by program expansion and higher pharmacy participation — and $9.2 million earned at home in Australia another increase of 40.3%.

Australian revenue was supported by GuildLink, delivering an immediate uplift of $2.4 million — not including underlying revenue.

Gross profit came to $38.4 million, from $18.3 million earned in the first half of FY22, and the gross margin improved 12.7 ppts to 60% (up on 47.3% in FY22).

Medadvisor reported $8.6 million in EBITDA — up from $4.5 million — and NPAT of $4.7 million, up on the $6.7 million earned the same time the previous year.

ASX:MDR financial summary

Source: MDR

The group noted a capital position of $32.7 million in cash in December, a net increase of $27.3 million.

The balance sheet was supported by a fully underwritten capital raise in August, which raised $14.6 million (before costs).

MDR said the funds will support an acceleration of growth initiatives and cover acquisition costs for GuildLink.

Medadvisor CEO Rick Ratliff said:

‘Record revenue of $64.1 million was supported by our ability to significantly grow our global pharmacy network and US digital reach.

‘In the US, we grew revenue by 71% to $54.9 million. This was driven by the expansion of our vaccine programs combined with increased pharmacy participation and more brands executing programs on the US digital platform.

‘Australian revenue grew 40% to $9.2 million with GuildLink contributing $2.4 million over five months. We aim to complete the integration in June this year and are reviewing Australian operations to reduce costs to support a more sustainable base.’

Ratliff said MDR’s growth rate is likely to moderate in the second half as the US exits the winter period, the group’s seasonal peak.

The company will focus on increasing patient reach in Australia and rollouts in New Zealand as it pushes for profitability in the remaining months of FY23.

Australia faces big changes — are you prepared?

Australia has serviced 30 years of abundant, robust trade…but that’s now broken, and it’s unlikely to be pieced together the way it once was.

The global supply chain has been twisted — that’s why there’s less on our supermarket shelves, inflation is running rampant, and banks are closing branches.

The change is all around us, and the clues and signs are everywhere.

Jim Rickards, one of the world’s top financial and geopolitical analysts, has joined the dots nobody else has — certainly not the mainstream media.

He says no one is talking about how this could end the Australian economy as we know it, as soon as within the next 12 months.

If you want to know more about the biggest geoeconomic shift of our lifetime click here for more.

 

Regards,

Mahlia Stewart,

For The Daily Reckoning Australia

All advice is general advice and has not taken into account your personal circumstances.

Please seek independent financial advice regarding your own situation, or if in doubt about the suitability of an investment.

Mahlia Stewart

Mahlia’s Premium Subscriptions

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All advice is general in nature and has not taken into account your personal circumstances. Please seek independent financial advice regarding your own situation, or if in doubt about the suitability of an investment.

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