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MDR - MEDADVISOR LIMITED


nipper
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MDR, formerly Exalt Resources Limited; been around for 3+ years,

MedAdvisor Limited (MDR) is Australian software systems developer focused on addressing gaps in personal medication adherence.

 

MedAdvisor's free app connects to pharmacy dispensing systems to automatically retrieve medication records and drive an intelligent training, information and reminder system to ensure correct and reliable medication use.

 

MedAdvisor delivers a connected health system that empowers patients. MedAdvisor's free app connects to pharmacy dispensing systems to automatically retrieve medication records and drive an intelligent training, information and reminder system to ensure correct and reliable medication use

- is this "just another App"?

- a 'global opportunity with a high margin, recurring revenue SaaS business"

- in Australia, it has +1.1m connected users and +55% of the Australian pharmacy market as customers. (most chains except Chemist Warehouse?!)

- in the past weeks MedAdvisor has announced its international expansion with Co-Marketing and Licence Agreements. US and in Asia.... obviously the holy grail, but there would most likely be other similar competitors out there.

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Key Highlights:

 

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ Operating revenue from continuing operations up 25% on FY18 to $8.2m

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ Total revenue including R&D tax concession and interest up 24% on FY18 to $9.2m

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ High gross margin, stable at 88%, creating significant operating leverage as the business scales

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ Health Program revenue experienced significant growth up 48% from FY18, to $1.0m

 

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ FY19 was a landmark year for MedAdvisorâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s international expansion. MedAdvisor has executed a lower cost, faster market entry and a shorter path to revenue through key partnerships

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ Continuing market share growth in Australia and international execution providing a significant and ongoing revenue growth opportunity for MedAdvisor leading into FY20.

- easy gains have been made
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Accretive

MDR launched a capital raise seeking $15.0m via a Placement which, with strong demand, was significantly oversubscribed resulting in the company raising A$17.0 million at an issue price of $0.05

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ US healthcare solution provider HMS Holdings Corp (NASDAQ:HMSY) was a cornerstone investor in the Placement, investing $11 million

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ The Issue Price of $0.05 represents an 11% premium to the last close price of $0.045

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ Following completion of the Placement, HMS will become the largest shareholder, with a ~13% holding

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ MedAdvisor also welcomes new institutional and sophisticated investors as shareholders through the Placement

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ Funds raised will accelerate international expansion through MedAdvisorâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s synergistic partnering strategies in the US, South East Asia and the UK, as well as driving domestic growth through sales, marketing and technology developmenttaking the business towards cash break even

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ HMS has a significant US national footprint, providing technology and analytics solutions to healthcare funders including more than 325 health plans, government agencies and other healthcare organisations, including patient engagement programs

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ MedAdvisor to become HMSâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s preferred partner for the distribution of digital health programs in the US and Australia

- up 20% and above issue price

Upon the completion of the transaction, HMS will be the largest shareholder in MedAdvisor with ~13% of the ordinary shares on issue, strengthening the register, joining existing strategic investors, EBOS Group and Sigma.

 

About HMS

HMS is a leader in healthcare payment accuracy and population health solutions with a significant US national footprint, including services to US federal government agencies, 40+ Medicaid agencies, 325 health plans, and more than 150 employer health programs.

 

HMS is actively working in the Australian market as the lead US partner of the Digital Health Co-operative Research Centre, the largest digital health research co-operative in the world, with funding from government, universities and businesses totalling over $200m (including funding from the Australian Government to cover a seven-year period from 2018).

 

HMS is using its extensive patient engagement expertise to address several global healthcare behavioural challenges. MedAdvisorâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s existing Australian business, capabilities and platform are well positioned to help support HMSâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢ goals of delivering innovative solutions that help healthcare organisations reduce cost, improve health outcomes and enhance patient satisfaction.

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MedAdvisor Limited (ASX: MDR) ...has recommended to shareholders that the Company undertakes a consolidation of the Companyâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s issued capital on the basis of one (1) new share for every seven (7) shares currently on issue.

 

The Board believes the proposed consolidation is an important step towards achieving MedAdvisorâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s aim of expanding the business internationally. The recent capital raising has strengthened the Companyâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s balance sheet enabling it to accelerate the business in the US, UK and Asian markets as well being better positioned to seek strategic opportunities to grow the business.

 

The Consolidation is proposed by the Company in order to better position the business internationally by increasing the share price via the share consolidation. A higher share price will make the Company more attractive to international investors as well as to potential customers. The Boards believes that having less shares on issue and therefore a higher share price better positions the business internationally.

Is that how it works? Why so many issued prior?

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Key Highlights:

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ Sigma Healthcare (ASX:SIG) which owns the Amcal, Discount Drug Stores (DDS), Guardian, PharmaSave, Chemist King and WholeLife pharmacy brands, has signed a 2-year Sigma-wide group agreement with MedAdvisor

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ Sigma will support the use of branded versions of MedAdvisor by their 600+ pharmacy member network, further driving consumer loyalty to Sigma pharmacy brands

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ Following the success of existing white labelled MedAdvisor mobile apps enjoyed by DDS, PharmaSave and Chemist King, this agreement will add new branded version apps for Amcal, Guardian and WholeLife pharmacies

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ Potential for MedAdvisor to add around 200 Sigma group pharmacies not currently subscribed

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ Under the agreement, total revenue contribution from the Sigma network of brands will increase and is expected to exceed $1 million per year

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ MedAdvisor now has long term contracts with three of the four major pharmacy groups being the Sigma network of brands, TerryWhite Chemmart and Chemist Warehouse

Up 18% ... becoming the industry standard

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Assuming customers have mobile phones, ..

MedAdvisor's free app connects to pharmacy dispensing systems to automatically retrieve medication records and drive an intelligent training, information and reminder system to ensure correct and reliable medication use.
.

Sort of an electronic Webster Pack V2.0

 

- for the pharmacy chains, I guess it would create 'sticky' customers?!

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  • 1 year later...

Quarterly .... Key highlights

 

● Purchased Adheris, LLC ​creating immediate scale in the USA

● Full year CY20 pro-forma revenue of AUD$56m up 484%​ on CY19 (AUD:USD $0.70)

● MedAdvisor US (incorporating Adheris) achieved USD$19.3m pro-forma in sales for the December half-year ​(up 85% on the prior corresponding period (p.c.p) and +40% on the Company’s initial forecast of USD$13.8m pro-forma for the half-year)

● Signed contracts to deliver 50%+ of CY21 Adheris earnout revenue ​hurdle ​of USD$32.5m (~AUD$40m) and pipeline is strong

● Recognised revenue of AUD$12.8m for the half-year to 31 December, up AUD$8.3m on the p.c.p. (+188%), and AUD$10.3m for the quarter, including the 6 weeks following the Adheris acquisition on 17 November 2020

 

 

Vaccine product was the highest revenue product for CY20,indicating the significant opportunity for MedAdvisor in this space, as programs drive awareness and dose series completion, critical to ensure patients are adequately vaccinated

● Increased operating cash inflows to AUD$14.2m for the half-year to 31 December, up 196% on the p.c.p.

● MedAdvisor (excl. USA) total revenue of AUD$2.7m for the quarter, up 15.4% on p.c.p

 

● Raised AUD$42.2m equity from a number of existing shareholders, including HMS, and new institutional investors

● Funded to execute integration and growth plans with AUD$21.2m cash

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Quarterly

• Operating cash out flow inclusive of lease payments of ($1.7 million) for FY22, an improvement from ($13.5 million) FY21 and ($8.9million) FY20
• Cash receipts from customers were up 93% on pcp to $75.9m, benefiting from resolution of payment terms in Q1 from a key debtor by $5.1million
• Payments to suppliers and employees only up 47% on pcp to $76.1 million as a result of strict working capital management processes
• Cash at 30 June 2022 of $7.6million

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