• Cash from operating activities strongly improved
• Penthrox revenue up $1.9 million
• Penthrox volume growth of 26% in the Australian hospital segment

Medical Developments International Limited (ASX: MVP) released its Appendix 4C and Quarterly Activity Report for the quarter ended 30 September 2025 (Q1 FY26). Group revenue for Q1 FY26 was $10.9 million, $1.9 million higher than the prior corresponding period (pcp). Pain Management revenue was $7.9 million for the quarter, up $1.9 million on the pcp, driven by stronger volumes in Australia and Europe. Respiratory revenue was $3.1 million for the quarter, in line with the pcp. The Group used $0.8 million cash in operating activities during Q1 FY26, a significant improvement on the $2.7 million used in the pcp, due to higher cash receipts. Cash at 30 September 2025 was $16.1 million. In FY26, the Group will increase investment in growth initiatives to embed Penthrox as a standard of care, continue to engage with partners to increase Penthrox penetration, and maintain momentum in commercialising Penthrox in Australia. The investment in growth initiatives and the change in Penthrox distribution in France and Switzerland will likely result in softer Underlying EBIT in FY26 versus the prior year, but are expected to deliver stronger financial performance over the long-term.

In FY26, the investment in growth initiatives and the change in Penthrox distribution in France and Switzerland will likely result in softer Underlying EBIT in FY26 versus the prior year.

In FY26, the Group will increase investment in growth initiatives to embed Penthrox as a standard of care, continue to engage with partners to increase Penthrox penetration, and maintain momentum in commercialising Penthrox in Australia.