• Positive cashflow from operating activities for FY26 half year
• Penthrox revenue up $2.3 million, with 26% volume growth in Australian hospitals
• European Penthrox volume growth of 10%, paediatric approvals progressing

Medical Developments International (ASX: MVP) reported a net loss after tax of $0.2 million for the half year ended 31 December 2025, compared to a profit of $0.3 million in the prior corresponding period. EBIT for the half year was a $0.3 million loss, down from a $0.2 million profit in the prior period. However, the company reported positive cashflow from operating activities and an 8% increase in group revenue to $21.6 million. The Pain Management segment, led by Penthrox, saw revenue growth of 18%, driven by volume growth in Australia and Europe. Penthrox revenue was up $2.3 million, with 26% volume growth in the Australian hospital segment and 10% volume growth in Europe. The company is focused on accelerating Penthrox penetration, with initiatives to expand formulary access, support protocol inclusion, and strengthen clinical engagement in Australia. It also expects to finalise approvals for the Penthrox paediatric indication in Europe in FY26. To enhance margins, the company increased Penthrox pricing in Australia, which is expected to improve margins by $1 million in FY26. Operating costs continue to be well-controlled.

In FY26, the company expects to finalise approvals for the Penthrox paediatric indication in Europe and support the new label launch. It will also continue to execute targeted medical and commercial initiatives to expand Penthrox penetration in the Australian hospital segment. However, seasonally softer demand conditions in the Respiratory segment are expected to result in lower earnings in the second half of FY26 compared to the first half.