Medical Developments International Limited (AU:MVP) has released an update.
Medical Developments International Limited reported strong quarterly sales for its pain management product Penthrox in Australian hospitals and robust demand in Europe, notably with record demand in the Nordic region. The company’s strategic focus on business efficiency and pricing initiatives has realized annualized benefits of $3.1 million, and they expect a significant improvement in FY24 underlying EBIT compared to FY23. Despite pausing their US market entry and next-generation device development, they maintain a healthy cash balance and are on track for positive operating cash flows by end of FY25.
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