Full Year 2024 Medical Developments International Ltd Earnings Call Transcript
Key Points
- Improved margins by 5 percentage points and underlying EBIT by $7 million.
- Free cash flow improved by $10 million, resulting in a strong balance sheet with $19 million in cash.
- Penthrox volumes grew in key markets, with over 30% growth in the Australian hospital market.
- Respiratory revenues in the US increased by 37%, marking the third consecutive year of strong growth.
- Successful clinical outcome of the MAGPIE study in children, potentially expanding the addressable market.
- Group revenue only increased by 3%, which was below expectations.
- Net loss after tax was $41 million, reflecting underlying adjustments and tax loss de-recognition.
- US market entry and next-generation device development have been paused, delaying potential growth.
- Behavioral change in hospital EDs has been slower than anticipated, impacting Penthrox adoption.
- Lower revenues in rest of world markets, particularly due to prior year inventory stocking in Canada.
Thank you and good morning, everyone, and welcome to today's investor briefing for our FY24 full year results. I am Brent MacGregor. I'm the CEO and I'm joined today by Anita James, our Chief Financial Officer.
So today, I'm going to share with you an overview of our results and the company's key achievements in the year and take you through some drivers of our future growth. And after I've done that, Anita will speak to the financials in more detail before I make some closing remarks.
Today's release is in line with the results we shared with the market at the end of July and at the time of announcing a $10 million capital raise. As mentioned, there'll be plenty of time for questions at the end of the presentation. So let's skip past the disclaimer slides. We'll move straight to slide 4. These are our key messages for the presentation today.
So our financial results for FY24 are encouraging. We've delivered strongly improved margins, earnings, and cash flow. Our group revenue was up 3%. We're
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