MedAdvisor Highlights for Quarterly Report with comments from the CEO

MedAdvisor Limited (ASX: MDR), Australia’s leading digital medication management company, has released its report for the three-month period to 31 March 2017 and is pleased to provide a review of progress from this period.

KEY TAKEAWAYS:

• Operating cash receipts for the quarter increased by 17% on December 2016 and 427% on pcp to $1.55 million, with total cash receipts totalling $2.04 million which included a $493k R&D tax fund
• Revenue of $1.27 million recognised during the quarter, an increase of 21% on the December 2016 quarter
• Revenue growth driven by increasing user-based revenue, up 41% on December 2016 quarter and accounting for -50% of revenue base vs 50% in subscription revenue in the quarter
• Operational performance across key metrics remained strong
  • Now over 700, 000 users on the MedAdvisor platform, an increase of 12% on the prior quarter
• Completion of OzDocsOnline delivered new services to MedAdvisor’s offering and bought relationships with +100 new clinics and +300 GP’s
• The company is fully funded and closed the quarter with $5.75 million cash at bank to continue to invest in its growth initiatives focused on driving users and revenue growth.

MedAdvisor continues to grow revenue and head towards a cash flow breakeven position in H2 CY2018. The focus of the Company in the coming quarters will be accelerating both patient and revenue growth. Technical integration of Healthnotes and OzDocsOnline platforms is progressing well and is said to be finalised by June and August respectively.

During this quarter, MedAdvisor has continued to expand its partnerships with not-for-profit and disease state groups with the addition of the Stroke Foundation, Parkinson’s Australia and Epilepsy Action Australia. These groups attempt to impact the lives of the 6.5 million Australians who are living with these diseases.

The Company will also soon be launching a national marketing program aimed at further raising the profile of the MedAdvisor app and growing the user-base, which is directly linked to increasing user-based revenue, that is a key growth target for MedAdvisor.

The CEO of MedAdvisor, Robert Read commented:

“This has been another strong quarter for the Company, with the revenue growth remaining strong and our key metrics continuing to grow. I am delighted that the increased operational cash inflows, together with the R&D tax refund has resulted in MedAdvisor having positive cash receipts for the quarter. The coming quarter will see us invest in the growth of the business as we focus on driving the user-based revenue stream and launch a number of marketing and growth initiatives to achieve this target.”

MedAdvisor is a world class medication management platform focused on addressing the gap and burden of medication adherence.

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