Medical Developments International (ASX:MVP) used its 2025 AGM to draw a clear line under its rebuild and set out a confident growth agenda.
Management described a step-change year with group revenue rising 18 per cent to $39.1 million, $4 million margin uplift, a $4 million reduction in costs from operating efficiencies, and a sharp improvement in underlying earnings and free cash flow. The balance sheet also ended stronger, with $17.8 million in cash at 30 June.
The company's Penthrox is a fast-acting, inhaled, non-opioid pain reliever (methoxyflurane) delivered via a small handheld 'green whistle' inhaler. Patients self-administer it for short-term relief of moderate to severe acute pain, commonly in ambulance and emergency settings for fractures, dislocations, burns, or painful procedures.
Australian hospital volumes grew 43 per cent, underlying demand in Europe was up 15 per cent, and distribution transitions in France and Switzerland are complete, positioning experienced partners to scale. A paediatric indication gained Irish approval, with UK and broader European national approvals expected within 12 months. In respiratory, the company said it continued to gain share in the US spacer segment.
The company said that the financial year 2026 is about accelerating volume growth and embedding Penthrox as standard of care in emergency settings. The plan combines deeper partner engagement and knowledge exchange, publication of MAGPIE paediatric data, new health-economic analyses, and real-world evidence to support clinical adoption. It said investment in the commercial and medical fields will increase, particularly in Australia. At the same time, US respiratory expansion continues. Pricing discipline and operational efficiencies remain active levers.
Management flagged that the heavier growth investment and the distribution reset in France and Switzerland may soften underlying earnings in the current financial year, framing it as a deliberate trade to deliver stronger long-term performance.
Current chair Gordon Naylor also confirmed that Mark Fladrich will succeed him on 1 December. Naylor, who has overseen the company's governance and operational reset, steps aside as he moves to a new role as chair of the new CSL Seqirus. Fladrich brings deep global pain-market and commercial experience, with the board framing the transition as a continuation of discipline, focusing more sharply on scaling Penthrox and accelerating international execution.