MedAdvisor breaks revenue record

MedAdvisor ordinary revenue for the 6-month period ending 31 December 2018 is up 19 per cent on the corresponding period at $3.88 million.

The latest six month report released this week shows total revenue was $3.96m and the company continues to operate at a high gross margin of 87.6 per cent.

MedAdvisor said the strong revenue growth compared to the prior period has been driven by significant pharmacy network growth. Currently MedAdvisor has about 3,200 pharmacies connected to their platform and the growth has resulted from more SaaS revenue and growth in Patient Engagement Programs.

Highlights in the report include:

  • MedAdvisor achieved a record H1 FY19 operating revenue of $3.88m and for the first time recorded more than $2m revenue in a quarter.
  • Total Revenue for H1 FY19 of $3.96m also a record for the Company.
  • Services recorded in PlusOne by MedAdvisor grew strongly at 280% over the corresponding period.
  • MedAdvisor ended the six months more than 1.1m patients connected to its platform.
  • Continuous growth in Patient Engagement Programs (PEP) with 17 major pharma companies with programs over the period.
  • MedAdvisor is now ISO27001 compliant and has aligned their compliance program to address the US HIPAA (Health Insurance Probability and Accountability Act) regulations.
  • MedAdvisor entered into a MOU with Zuellig Pharma for a Joint Venture in South East Asia.
  • MedAdvisor partnered with Thrivor, an emerging SaaS platform assisting patients and their support networks when dealing with a serious illness, such as cancer or a chronic disease for 5% equity in Thrivor.

 

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