• Strongly improved operating cashflow
• Continued growth for Penthrox in Australian hospital segment
• Cash balance of $17.6 million at 31 December 2024
• Positive operating cashflow expected by the end of FY25

Medical Developments International Limited (ASX: MVP) released its Appendix 4C and Quarterly Activity Report for the quarter ended 31 December 2024 (Q2 FY25). The company reported a Group revenue of $10.9 million for Q2 FY25, up $1.8 million from the previous quarter. Revenue for the first half of FY25 (1H FY25) was $20.0 million, $4.9 million higher than the prior corresponding period. The Group generated $1.9 million cash from operating activities during Q2 FY25, a $4.6 million improvement on Q1 FY25, due mostly to a $3.4 million improvement in working capital. Cash at 31 December 2024 was $17.6 million. The company expects underlying EBIT in FY25 to be strongly improved on FY24, driven by higher average Penthrox prices and operational efficiencies of ~$4 million. The Group has implemented pricing initiatives in the current year that are expected to deliver annualized margin improvements of ~$3.5 million. The company made further progress in its strategy to grow Penthrox in hospital emergency departments, with demand from the hospital segment in the first half of FY25 up 52% on the prior corresponding period. European in-market demand for Penthrox in 1H FY25 was up 22% versus the prior corresponding period, with growth in all markets.

The Group expects underlying EBIT in FY25 to be strongly improved on FY24, driven by higher average Penthrox prices and operational efficiencies of ~$4 million.

The company remains on track to deliver positive operating cashflows by the end of FY25.