Medical Developments International (ASX:MVP) announced financial results for the full-year ended 30 June 2022.
Encouraging results delivers in a COVIS impaired environment.
Strong growth in Penthrox revenue, up 29% driven by higher volumes.
Respiratory revenue up 53%, reflecting a rebound in demand and market share growth in the US.
Business portfolio simplified with strategic focus narrowed to growth segments of Pain Management and Respiratory.
Senior leadership team transformed with new appointments bringing strong international and industry experience providing a deeper focus on commercial execution.
European regional team established, and in-market sales team fully deployed in France.
Australian commercial capability enhanced, in-market sales team to be deployed in 1H23.
Distribution agreement signed with Paladin Labs in Canada, supply to commerce in FY23.
Clinical hold lifted unconditionally in the US by FDA, Phase III study can begin.
Balance sheet strengthened with successful $30 million capital raise in August 2022, proforma cash reserves of ~$49 million.
Following the announcement the company?s share price fell 4.968%.