The MedAdvisor Ltd (ASX: MDR) share price is on the rise today after the company announced a US business update.
The medication management platform provider's shares are currently up 12% to 32.5 cents.
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Why did the MedAdvisor share price push higher?
MedAdvisor has provided a business update 6 months after its acquisition of US-based patient management solutions platform, Adheris.
In today's statement, MedAdvisor advised that its revenue had growth 40% on a like-for-like basis for the 9 months year-to-date for FY21.
MedAdvisor is leveraging Adheris' extensive network of approximately 25,000 pharmacies and 2.2 billion scripts annual to bring additional scale to its digital capabilities.
The rollout of MedAdvisor's digital solutions through the Adheris network is well underway. In June, 17% of the Adheris pharmacy network was scheduled to be digital, and a further 13% is expected in the September quarter.
Pleasingly, this will bring the company's profile of digitally contactable patients in the US to approximately 42 million, or 20 times its present digital reach in Australia.
Additionally, MedAdvisor has rolled out 7 digital programs for pharmaceutical companies in the US. The company says that on average, patients who join the digital program demonstrate an improved adherence of up to 30%, leading to 1–2 extra script fills per year. The company says this results in improved health outcomes for the patients and more consistent revenue for the pharmacy.
Management commentary
MedAdvisor US President, John Ciccio comments on the company's achievements in the US:
We've invested in providing the sales and marketing team with the resources required to go deeper with existing clients and expand our customer base. We've added new customers and brands to our network in the past 6 months and we're selling more multi-tactic programs that include digital.
By expanding its digital offering, MedAdvisor is able to significantly boost the attractiveness of its product suite to its client base. As an example, one top ten pharmaceutical client who has averaged USD$125k p.a. with Adheris over the last 2 years has now signed a multi-channel deal for USD$1 million for CY21.
