MedAdvisor guides 1H FY23 revenues up to 60% higher year on year

MedAdvisor (ASX:MDR) on Wednesday is joining market constituents enjoying the first green day on the ASX this week.

The company has provided strong guidance for its revenues in the first six months of the 2023 financial year. 

MedAdvisor outlines 1H FY23 revenues are set to reach between $58m and $61m. 

That upper forecast reflects a 60% improvement Year on Year (YoY), with 1H FY22 revenues lower at $38.7m. 

Considering recent market history, the guidance indicates MedAdvisor has better navigated a rougher year for world markets than it did a roaring 2021.

Shareholders are liking the news, with the MedAdvisor price up 11% in early afternoon trades. 

US activities a tailwind 

MedAdvisor on Wednesday highlighted its US digital strategy as a strong driver of its performance between June and December. 

“The MedAdvisor US team has accelerated focus on the digitisation of the US pharmacy network and increasing support by major manufacturers,” the company wrote. 

MedAdvisor specialises in software-based solutions for medication management, a product with which it has penetrated the US market. 

Mobile and web apps allow patients and carers to monitor and organise complicated medication schedules with integration for issuing pharmacies. 

In short, both patients and drugstores are buying MedAdvisor’s software. The company also oversees Covid-19 health comms awareness programs in the US.

Promising trends to continue

“The success of our expanded US COVID-19 programs has continued the trend we saw at the end of Q1, and with additional pharmacies participating through inMotion, we are seeing a significant growth in revenue,” MedAdvisor chief Rick Ratliff said. 

“MedAdvisor is seeing an increase in the use of inMotion thanks to the number of community pharmacies enabling digital access to 60 million individuals combined with MedAdvisor’s ability to service this growth at scale through our technology platform.”

MedAdvisor’s inMotion product is, in short, a direct-to-customer medical appointment and medication dosage alert scheduler. 

The company today highlighted a likely moderation of performance in 2H FY23 due to “typical seasonal peaks the US business experiences.” 

A look at MedAdvisor's six month charts