• Positive cashflow from operating activities for FY26 half year
• Penthrox revenue up $2.3 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 31 December 2025 (Q2 FY26). The company reported positive cashflow from operating activities for the FY26 half year, with Penthrox revenue up $2.3 million and volume growth of 26% in the Australian hospital segment. European in-market Penthrox demand also grew by 10% versus the prior corresponding period. The company continued to progress approvals for the extension of the Penthrox indication to include children ages 6 years and older, which is expected to broaden the addressable market. While Respiratory revenue was softer due to lower volumes in the US, the company implemented pricing initiatives to help mitigate the impact. The company will increase investment in growth initiatives to further embed Penthrox as a standard of care, while continuing to engage with partners to increase Penthrox penetration globally.

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. These initiatives are expected to deliver stronger financial performance over the long-term.

In FY26, the company 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.