• Strongly improved operating performance, with revenue up $5.9 million, EBIT improved $11.6 million and free cashflow improved $12.9 million
• Higher pricing and cost efficiencies deliver an $8.0 million improvement in earnings
• Paediatric indication for Penthrox approved by HPRA, with national regulatory approvals in the UK and Europe expected within 12 months

Medical Developments International Limited (ASX: MVP) today announced a net profit after tax of $0.1 million for the year ended 30 June 2025, compared to a loss of $41.0 million in the prior corresponding period (pcp). Underlying EBIT improved $11.6 million to $48,000 loss (pcp $11.6 million loss). Group revenue was up 18% on the pcp at $39.1 million. The Pain Management segment revenue grew 23% driven by higher volumes in Australia and Europe, and improved pricing, particularly in Australia, the UK and Ireland. European Pain Management revenue was up 31% and revenue for Penthrox in Australia was up 26%. Revenue in the Respiratory segment was up 9% with volume growth in the US, supported by market share gains, and improved demand conditions in Australia. EBIT improved $11.6 million to $48,000 loss in the period, driven mostly by stronger volumes, improved pricing and efficiency. Free cashflow improved by $12.9 million, with stronger earnings, disciplined working capital management, and lower capital expenditure. The Group reported a $4 million earnings contribution from higher pricing in FY25, including enhanced pricing in Australia aligned with the decision of the Pharmaceutical Benefits Scheme (PBS) in August 2024 and improved economic terms in the UK and Ireland Penthrox distribution agreement. Efficiency initiatives delivered a $4 million reduction in costs. The Group made further progress in its strategy to grow Penthrox in hospital emergency departments, with demand from the hospital segment in FY25 up 43% on the pcp. In August 2025, the Health Products Regulatory Agency (HPRA) approved the extension of the indication for Penthrox to include children aged 6 years and older, which is expected to broaden the addressable market for the product.

In FY26, the Group will increase investment in growth initiatives to embed Penthrox as a standard of care, continue to engage with and support new and existing partners to increase Penthrox penetration and leverage the new paediatric label in select markets, and continue momentum in commercialising Penthrox in Australia. These initiatives are expected to deliver stronger financial performance over the long-term, though may result in softer Underlying EBIT in FY26 versus the prior year.