News and Announcements
MedAdvisor Achieves Another Record Quarter and Full Year Revenue Growth of +195%
- Published August 09, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Australia’s leading digital medication management company, MedAdvisor, achieved another quarter of revenue growth in the June 2017 quarter and reported FY17 revenue of $4.24 million, 197% higher than FY16 revenue of $1.43 million.
- This year MedAdvisor has grown its user base by a staggering +360%, with a total of 840,000 users now using the platform vs 180,000 in at the end of FY16.
- The pharmacy network now consists of over 2,600 pharmacies, representing nearly 50% of the nation’s pharmacies.
- Tap to Refill continued to grow with the total number of scripts ordered through the platform now totalling over $4 million per week, a ~300% increase on FY16 averages.
- During the year, Patient Engagement Programs (PEPs) saw significant growth of 200% with a total of 21 programs now live on the platform with leading manufacturers including GSK, Novartis, Bristol Myers Squibb, AstraZeneca and Pfizer.
- During the 2017 financial year, MedAdvisor raised $8 million to acquire Healthnotes and OzDocsOnline and to continue its expansion strategy.
- MedAdvisor recently appointed Dr David Chatterton as CTO who was previously CTO of Aconex (ASX:ACX) to help assist the business prepare for growth in new markets.
MedAdvisor closed the June 2017 quarter with $4.83 million cash and is targeting an expected cash flow breakeven in 2H CY2018.
ABOUT MEDADVISOR
MedAdvisor was established with a clear objective – develop and deliver the world’s most effective software for personal medication management, to help people make the best possible use of medication.
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