Medtech company, MedAdvisor Limited (ASX: MDR) has provided a positive trading update, with expected FY23 revenue in the range of $95 million to $97 million, reflecting an increase of 40% to 43% compared to FY22 ($67.8 million).
Additionally, the company anticipates significant improvement in EBITDA, with expected results ranging from a loss of $3.5 million to $3 million. This marks an improvement of $7.8 million to $8.3 million compared to FY22’s loss of $11.3 million.
The numbers highlight MedAdvisor’s strong growth trajectory and demonstrate the effectiveness of its initiatives to drive revenue growth and enhance profitability.
According to CEO Rick Ratliff, the company’s investment in modernising its technology in the United States has improved operational agility and ability to scale while lowering operational expenses.
“We are pleased to provide revenue guidance for FY23, expecting it to be at least 40% up, in the range of $95 million to $97 million.”
The company has also completed a strategic review of the Australian operations following the successful completion of the GuildLink integration. The review identified significant operational cost savings including 20 per cent reduction in headcount, which will deliver $2 million of annualised savings from FY24.
Through our strategic review, we have identified significant operational cost savings that will allow us to streamline operations and focus on our core businesses. These measures, along with the reduction in headcount and successful acquisition and integration progress, position us for near-term profitability and long-term success,” said Ratliff.