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FY26 HALF YEAR RESULTS 19 February 2026 ASX:MVP
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Important notice and disclaimer This presentation contains summary information about Medical Developments International Limited (ACN 108340667) and its related bodies corporate (together, MVP) and MVP’s activities as at the date of this presentation. It is information given in summary form only and does not purport to be complete. It should be read in conjunction with MVP’s other periodic corporate reports and continuous disclosure announcements filed with the Australian Securities Exchange (ASX), available at www.asx.com.au. This presentation is for information purposes only and is not a prospectus or product disclosure statement, financial product or investment advice or a recommendation to acquire MVP shares or other securities. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of MVP or its directors, employees or agents, nor any other person, accepts liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability from fault or negligence on the part of MVP or its directors, employees, contractors or agents. This presentation contains forward-looking statements in relation to MVP, including statements regarding MVP’s intent, belief, goals, objectives, initiatives, commitments or current expectations with respect to MVP’s business and operations, market conditions, results of operations and financial conditions, products in research and risk management practices. Forward-looking statements can generally be identified by the use of words such as “forecast”, “estimate”, “plan”, “will”, “anticipate”, “may”, “believe”, “should”, “expect”, “project,” “intend”, “outlook”, “target”, “assume” and “guidance” and other similar expressions. The forward-looking statements are based on MVP’s good faith assumptions as to the financial, market, risk, regulatory and other relevant environments that will exist and affect MVP’s business and operations in the future. MVP does not give any assurance that the assumptions will prove to be correct. The forward-looking statements involve known and unknown risks, uncertainties and assumptions and other important factors, many of which are beyond the control of MVP, that could cause the actual results, performances or achievements of MVP to be materially different to future results, performances or achievements expressed or implied by the statements. Factors that could cause actual results to differ materially include: • the success of research and development activities (including clinical trials); • decisions by regulatory authorities regarding approval of our products as well as their decisions regarding label claims; • competitive developments affecting our products; • the ability to successfully market new and existing products; • difficulties or delays in manufacturing; • trade buying patterns and fluctuations in interest and currency exchange rates / general market conditions; • legislation or regulations, particularly that affect product production, distribution, pricing, reimbursement, access or tax; • litigation or government investigations; and • MVP’s ability to protect its patents and other intellectual property. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as at the date of the presentation. Except as required by applicable laws or regulations, MVP does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in assumptions on which any such statement is based. For marketed products discussed in this presentation, please see full prescribing information on our website at www.medicaldev.com 2
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3 FY26 first half results1 Positive operating cashflow delivered • Group revenue of $21.6m (+8%) with strong growth in Pain Management (+18%) mitigating soft demand in Respiratory (-10%) • Disciplined cost management • EBIT of $0.3m loss. Excluding impacts from foreign exchange rate movements, EBIT improved by $0.6m • Operating cashflow improved by $1.0m at $0.3m • Cash at 31 December 2025 of $16.9m FY26 strategic priorities Good progress in strategic priorities to grow Penthrox • Penthrox® volume growth of 26% in Australian hospital segment • Underlying demand for Penthrox® in Europe up 10% • MAGPIE paediatric study published in Injury, strengthening the clinical evidence and supporting paediatric positioning where approved • Approvals for the Penthrox paediatric label in Europe progressing to plan • Health economic study completed demonstrating that Penthrox use in hospital emergency departments enables whole of department cost and operational savings FY26 Outlook Accelerating volume growth is the key priority • Expect to finalise approvals for paediatric indication in Europe and support new label launch • Continue to execute targeted medical and commercial initiatives to expand formulary access, support protocol inclusion, and strengthen clinical engagement across the hospital segment Seasonally softer demand conditions in the Respiratory segment are expected to result in earnings that are lower in the second half of FY26 compared to the first half. Key messages Growth in Penthrox volumes, positive operating cashflow, good progress on strategy 1. Versus prior corresponding period. All growth numbers are against this benchmark unless otherwise stated.
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4 Revenue $21.6m +8% EBIT $0.3m loss (pcp $0.2m profit) Pain Management revenue $15.4m +18% Reported NPAT $0.2m loss (pcp $0.3m profit) Respiratory revenue $6.2m -10% Operating cashflow $0.3m +$1.0m FY26 Half Year Results
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5 Accelerate penetration of Penthrox® 1. Local and international knowledge exchange • Strong partner engagement • Support launch of paediatric label in priority European markets (following national approvals) • Publish MAGPIE study results, partnering with paediatric emergency specialist groups to expand clinical awareness 2. Evidence generation • Publish health economic analyses demonstrating the clinical and economic value of Penthrox® in emergency care, supporting differentiation from stan- dard of care • Generate additional real-world evidence to drive clinical adoption 3. Expand commercial and medical investment • Increase investment to accelerate growth in the Australian hospital segment • Increase medical engagement to strengthen scientific exchange Enhance margins and deliver operational efficiencies • Continue to improve commercial terms to reflect the value proposition of Penthrox® • Implement pricing strategies that enable pass through of at least inflationary movements • Maintain disciplined cost management and deliver operational efficiencies Drive continued growth in Respiratory • Continue expansion into pharmacy banner groups / wholesalers and GPOs (Group Purchasing Organisations) in the US • Navigate US tariff regime FY26 priorities Accelerating volume growth is the key priority
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Accelerate penetration of Penthrox® Paediatric label to be launched in select European countries by the end of FY26 6 Local and international knowledge exchange Medical and commercial investmentEvidence generation FY26 progress • MAGPIE paediatric study published in Injury, strengthening the clinical evidence and supporting paediatric positioning where approved • Product launch plans for paediatric label in Europe well advanced, anticipating final approvals by August 2026 • Health economic study completed demonstrating that Penthrox use in hospital emergency departments enables whole of department cost and operational savings (to be published by end of FY26) • Real-world evidence generation, to drive clinical adoption, is progressing. While generated in Australia, this will support growth in global markets • Targeted medical and commercial initiatives to expand formulary access, support protocol inclusion, and strengthen clinical engagement across the hospital segment • Penthrox® PBS (Pharmaceutical Benefits Scheme) Prescriber Bag eligibility extended to Nurse Practitioners in Australia
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Enhance margins and deliver operational efficiency New capital light partner distribution arrangements in France and Switzerland performing well 7 Pricing Cost and operating leverage Capital efficiency FY26 progress • Penthrox® pricing in Australia increased for customers that did not receive a price increase in FY25 (approximately 25% of volume) • Tariff pressures in the US respiratory market mitigated through pricing initiatives • Strong cost discipline maintained • Operating leverage being realized as Penthrox volumes grow • Transition to capital light partner distribution in France and Switzerland operating effectively
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RESULTS
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9 • Group revenue up 8% • Pain Management revenue up 18% driven by higher volume and higher average prices in Australia • Successful transition to partner supply in France and Switzerland • Respiratory revenue down 10%, with softer demand in the US • Strong cost control • Change in earnings of $1.1 million from movements in foreign exchange rates • Excluding impacts from exchange rate movements, EBIT improved by $0.6 million Commentary $million 1H25 1H26 Change $m Revenue 20.0 21.6 1.6 EBITDA 1.8 1.0 (0.8) EBIT 0.2 (0.3) (0.5) NPAT 0.3 (0.2) (0.5) Pain Management 15.4 13.1 Respiratory 6.26.9 1H25 1H261H25 1H26 Segment revenue ($million) Results summary 1H26 half year results
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10 1. European volumes reflect “in-market” sales units, which may differ from units sold to distribution partners in the period (and recognised in revenue). The Company believes this measure improves the transparency of underlying demand. Europe • Revenue in line with pcp, with benefit of higher volumes offset by lower average transfer prices • Underlying demand up 10%, including growth in the UK and Ireland of 8%, growth in France of 10% and growth in the Nordic region of 16%. • Lower average transfer prices driven by transition to capital light partner supply (formerly direct supply) in France and Switzerland Australia • Volume up 9%, with good demand from ambulance and continued growth in hospital segment (up 26%) • Higher average selling prices, up 9% Rest of World (ROW) • Revenue up 88% due mainly to order timing Commentary Penthrox® Units (000s) Europe1 166 183 Australia 172 158 ROW 54 109 1H25 1H26 $million 1H25 1H26 Change % Europe 4.6 4.6 - Australia 7.3 8.6 18% Rest of World 1.1 2.1 88% Product revenue 13.0 15.3 18% Milestone and other revenue 0.1 0.1 - Pain Management 13.1 15.4 18% Pain Management segment revenue Revenue up 18%, higher volumes in all regions
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11 Australia • Steady demand conditions USA • Soft demand conditions throughout the period • Higher average pricing from July reflecting partial pass through of tariff costs Europe and ROW • Change in revenue due to timing Commentary Revenue ($million) Australia 0.7 0.1 USA 1.91.9 Europe 4.0 3.4 ROW 0.3 0.8 1H25 1H26 $million 1H25 1H26 Change % Australia 1.9 1.9 (3%) USA 4.0 3.4 (16%) Europe 0.7 0.1 (79%) Rest of World 0.3 0.8 175% Respiratory 6.9 6.2 10% Respiratory segment revenue Revenue down 10%, soft demand conditions in the US
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12 Volumes • Stronger Penthrox volumes in all regions • Lower Respiratory volumes in the US Pricing and European transition • Higher pricing in Pain Management, particularly in Australia • Lower average transfer prices in Europe following transition to capital light partner supply in France and Switzerland Other changes • Higher spend on medical and commercial activities to accelerate Penthrox penetration • Inflationary impacts • Net change in foreign exchange gains and losses Commentary 0.2 1.0 1H25 EBIT Volume Pricing European Transition Foreign exchange movements 1H26 EBITOther changes 0.7 (0.6) (0.5) (1.1) (0.3) EBIT bridge Stronger Penthrox volume and pricing Underlying EBIT ($million)
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13 • Positive operating cashflow • Disciplined working capital management • Free cashflow improved by $1.0 million • Closing cash balance of $16.9 million Commentary Cashflow Free cashflow improved $1.0 million, positive operating cashflow $million 1H25 1H26 Change Operating cash flow (0.8) 0.3 1.0 Capital expenditure (0.5) (0.3) 0.2 Free cashflow1 (1.7) (0.7) 1.0 1. Free cash flow is a financial measure which is calculated as Operating cash flow less capital expenditure less Repayment of lease liabilities $0.1 million (pcp $0.1 million) less Payment for shares acquired by the employee trust $0.5 million (pcp $0.3 million)
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14 1H26 Progress Good momentum in strategy • Stronger Penthrox volumes • Positive operating cashflow • Free cashflow improved by $1.0 million • Good momentum in strategy • Strong balance sheet, with cash of $16.9 million FY26 Outlook Accelerating volume growth is the key priority • Expect to finalise approvals for paediatric indication in Europe and support new label launch • Continue to execute targeted medical and commercial initiatives to expand formulary access, support protocol inclusion, and strengthen clinical engagement across the hospital segment Seasonally softer demand conditions in the Respiratory segment are expected to result in earnings that are lower in the second half of FY26 com- pared to the first half. Closing remarks and outlook
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APPENDICES
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16 Pain Management Respiratory Description Manufactures Penthrox®, an inhaled, needle-free, non-opioid analgesic Supplies pharmacies, medical clinics and hospitals with a range of respiratory devices which are designed to assist patients to manage asthma and COPD1 1H26 revenue $15.4m (~70% of total revenue) $6.2m (~30% of total revenue) 1H26 revenue breakdown by geography Australia Europe Rest of World 30% 56%14% Australia USA Europe Rest of World 30% 54% 2% 14% Appendices Business overview The Pain Management segment delivers more than 70% of Group revenue, driven by demand for Penthrox® in Australia and global markets 1. Chronic Obstructive Pulmonary Disease
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• Inhaled needle-free analgesic1 • Non-opioid1 • Portable, self administered device1 • Effective pain relief within 6–10 breaths1-4 • Established safety profile with over 11 million uses • Well tolerated, with the majority of adverse events mild and transient1,2 • Approved for use in children in Australia1 • Efficiency benefits of Penthrox in hospital emergency departments illustrated in British study5 The iconic Green Whistle Over 9 million used worldwide 17 Appendices Penthrox® overview Efficacy, safety and administration benefits of Penthrox® 1. Penthrox® (methoxyflurane) Approved Product Information 06 October 2023. 2. Coffey F, et al. STOP!: a randomised, double-blind, placebo-controlled study of the efficacy and safety of methoxyflurane for the treatment of acute pain. Emerg Med J 2014;31:613-618. 3. Grindlay J & Babl FE. Review article: Efficacy and safety of methoxyflurane analgesia in the emergency department and prehospital setting. Emerg Med Australasia 2009;21:4-11. 4. Penthrox® (methoxyflurane) Consumer Medicine Information August 2023. 5. Young L, et al. Service Evaluation of Methoxyflurane Versus Standard Care for Overall Management of Patients with Pain Due to Injury. Adv Ther (2020) 37:2520–2527