• Positive operating cashflow delivered in second half of FY25
• Cash from operating activities for FY25 improved by $10.7 million
• Penthrox distribution transitions completed in France and Switzerland

Medical Developments International (MVP) released its Appendix 4C and Quarterly Activity Report for the quarter ended 30 June 2025 (Q4 FY25). Group revenue for Q4 FY25 was $10.2 million, up $0.7 million on the prior corresponding period (pcp). Revenue for the full year was $39.1 million, $5.9 million higher than the pcp. Pain Management revenue was $7.4 million for the quarter, up $1.6 million on the pcp due to higher pricing and volume in Australia and Europe. Respiratory revenue was $2.7 million for the quarter, down $0.9 million on the pcp, due to softer seasonal demand. The Group used $1.0 million cash in operating activities during Q4 FY25, versus $0.4 million used in the pcp. Cash from operating activities for the second half of FY25 was positive, in line with expectations. Cash used in operating activities for the full year was $43,000, significantly improved on the $10.8 million used in the pcp. The company successfully transitioned Penthrox distribution in France and Switzerland to new partners, Ethypharm and Labatec respectively. MVP also submitted an application to the HPRA in Ireland to extend the indication for Penthrox to include children aged 6 years and older, with a decision expected in August 2025.

The Group expects underlying EBIT for the full year FY25 to be strongly improved on FY24, driven mainly by benefits of $8 million from higher average Penthrox prices and operational efficiencies.

The Group will report FY25 full year results on 21 August 2025. Phasing and movements in foreign exchange rates are expected to result in earnings that are lower in the second half of FY25 compared to the first half.