MedAdvisor expects 50-60% revenue growth as US expansion accelerates
MedAdvisor says its inMotion digital medication management platform helps patients manage their medication more simply.
MedAdvisor (ASX: MDR) has revealed it expects revenue for the six months ending December 2022 (H1 FY2023) to be up 50-60% on H1 FY2022 levels due to the company’s US expansion efforts.
The company has developed what it describes as a “world-class” medication management platform, inMotion, to enable patients to manage medication more simply.
Driving the revenue increase is MedAdvisor’s focus on digitising the US pharmacy network along with mounting support from major pharmaceutical manufacturers.
By the end of November, the company had boosted digital access to patients by 50% in the US through additional pharmacy support of the inMotion solution.
Additionally, MedAdvisor has inked a two-year agreement with a pharmacy software group that represents more than 10,000 pharmacies in the country.
As a result of this strategy, MedAdvisor expects revenue for H1 FY2023 to come in between $58 million and $61 million – compared to $38.7 million achieved in the previous corresponding period.
MedAdvisor chief executive officer and managing director Rick Ratliff said the company was experiencing an increase in uptake of inMotion due to number of community pharmacies enabling digital access to 60 million people.
Continued growth
Mr Ratliff said the company’s expanded US COVID-19 programs had contributed to the rising revenue.
“As the US deals with health issues related to the flu, RSV and COVID-19, pharmaceutical companies are driving more vaccination awareness and education programs.”
“These programs are to some extent seasonal, and we expect to realise the majority of program revenues within this first half.”
However, Mr Ratcliff noted the company expects growth will moderate in H2 FY2023 as the US transitions back to warmer weather.
inMotion platform
MedAdvisor says its inMotion platform is a “highly automated and intuitive” software system. It connects patients to tools and education materials from their preferred pharmacy.
In Australia, the company has connected more than 3.1 million patients to 90% of the nation’s pharmacies.
Over in the US, MedAdvisor has partnered with 32,000 pharmacies to-date and expects to reach in excess of 60 million people with inMotion. The company plans to become one of the largest players in the global digital adherence market.