Medical Developments International Limited (AU:MVP) has released an update.
Medical Developments International Limited anticipates non-cash asset write-downs totaling about $31 million for FY24, impacting after-tax earnings by $26 million, but maintains a strong outlook with improved underlying EBIT compared to FY23. The write-downs, pending audit, are mainly due to paused US expansion plans and include development costs, redundant assets, and de-recognized deferred tax assets. Despite this, the company remains positive with expected higher Penthrox prices and reduced costs driving growth and aims for positive operating cashflows by FY25.
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