Medadvisor revenue surge
LISTED medication adherence technology firm MedAdvisor has flagged the potential for expansion internationally, as well as expecting significant further growth in Australia in the coming year.
The company’s annual results announcement yesterday noted that the US and UK offer substantial opportunities, “with no dominant market player offering a platform as comprehensive as MedAdvisor”.
In 2016/17 the company recorded total sales of $4.24 million, up 1ϵ7%, along with growth across all sectors of its business, with pharmacy subscriptions to the MedAdvisor system growing 84% and more than 837,000 patients using the platform - up 350% on the previous financial year.
MedAdvisor’s pharmacy network now comprises 2,66ϵ pharmacies nationally, up 60% and the firm is also receiving income from 12 global pharmaceutical manufacturers running Patient Engagement Programs on the platform.
Pharmacy subscription revenues amounted to $2.4m, while “userbased” income was $1.84m and the company significantly grew its partnerships with disease state groups, together representing about 6m patients to whom the MedAdvisor platform is being advocated to manage their drugs.
The overall result for the year was a $3.4 million loss, in line with management expectations, attributed to “continued investment in growth particularly marketing, research & development activities”.
Staff costs comprised the largest component of expenses, amounting to $4.5 million for the year, while direct transaction costs including SMS services were worth $734,000.
The company’s annual report revealed that in 2016 under its now terminated distribution agreement with GuildLink, MedAdvisor paid $317,000 to the Pharmacy Guild wholly owned subsidiary.
2016/17 also saw MedAdvisor release the “PlusOne” pharmacy software platform, which includes a GP collaboration module to streamline workflow for both pharmacies and GPs plus a new Professional Services capability.
CEO Robert Read said it had been a phenomenal year of growth for MedAdvisor, with the enhanced functionality of the platform and increases in pharmacies, users and manufacturer clients positioning the firm for its next growth phase.