Earnings release
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Medical Developments International Limited ABN 14 106 340 667 4 Caribbean Drive Scoresby Victoria 3179 Australia Postal Address PO Box 9004 Scoresby Victoria 3179 Australia Telephone +61 3 9547 1888 Fax +61 3 9547 0262 Web www.medicaldev.com 30 January 2026 ASX ANNOUNCEMENT QUARTERLY ACTIVITY REPORT AND APPENDIX 4C FOR Q2 FY261 • Positive cashflow from operating activities for FY26 half year. • Penthrox revenue up $2.3 million2. • Penthrox volume growth of 26% in the Australian hospital segment. • Penthrox PBS Prescriber Bag eligibility extended to Nurse Practitioners in Australia. • European in-market Penthrox volume growth of 10%. • MAGPIE paediatric study published in Injury. • Approvals for the Penthrox paediatric label in Europe progressing to plan. • Cash balance at 31 December 2025 of $16.9 million. 1 Financial information in the Quarterly Activity Report and Appendix 4C is unaudited. 2 H1 FY26 versus prior corresponding period. All growth numbers are against this benchmark unless otherwise stated. Medical Developments International (ASX: MVP) today released its Appendix 4C and Quarterly Activity Report for the quarter ended 31 December 2025 (Q2 FY26). FINANCIAL UPDATE Group revenue for Q2 FY26 was $10.7 million, $0.2 million lower than the prior corresponding period (pcp). Revenue for the first half of FY26 (H1 FY26) was $21.6 million, $1.6 million higher than the pcp. Pain Management revenue was $7.4 million for the quarter, up $0.4 million on the pcp. Revenue for H1 FY26 was $2.3 million higher than the pcp. Half year volume was stronger in Australia, driven by growth in the Australian hospital segment and timing of sales into the ambulance segment. European volumes were stronger, due to growth in underlying demand and inventory stocking in France following transition of supply to a partner from 1 July 2025. Shipments to other international partners were also stronger in the period. Pricing in Australia was higher, and as expected, transfer prices into France were lower, following the transition to partner supply. Respiratory revenue was $3.2 million for the quarter, down $0.6 million on the pcp. The benefit of higher pricing in the US, reflecting pass through of tariff costs incurred to date, was offset by lower volumes. Demand in the US continued to demonstrate softness. The Group generated $1.1 million cash from operating activities during Q2 FY26. Receipts from customers were $10.5 million, $0.5 million improved on the pc p, reflecting growth in Penthrox volumes.
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Medical Developments International Limited ABN 14 106 340 667 4 Caribbean Drive Scoresby Victoria 3179 Australia Postal Address PO Box 9004 Scoresby Victoria 3179 Australia Telephone +61 3 9547 1888 Fax +61 3 9547 0262 Web www.medicaldev.com Payments to suppliers and employees in the quarter were $9.4 million, an increase of $1.3 million on the pcp due mainly to higher Penthrox volumes. Cash from operating activities for H1 FY26 was $0.3 million, improved on the $0.8 million used in the pcp. Cash used in investing activities during the quarter was $0.2 million, and cash used in financing activities was $0.1 million. Cash at 31 December 2025 was $16.9 million. MVP’s CEO Brent MacGregor said, “We are pleased to report positive operating cashflow in our first half. We have continued to make good progress in growing our lead product, Penthrox, while maintaining strong cost discipline. While demand in our Respiratory segment was soft, and US tariffs drove input costs in this segment higher, pricing initiatives have helped mitigate the impact to cashflows in the period.” FY26 OUTLOOK In FY26 the Group will: • Increase investment in growth initiatives to embed Penthrox as a standard of care. • Continue to engage with and support new and existing partners to increase Penthrox penetration and leverage the new paediatric label in select markets, following approval. • Continue momentum in work already underway in commercialising Penthrox in Australia. The investment in growth initiatives and the change in Penthrox distribution in France and Switzerland will likely result in softer Underlying EBIT in FY26 versus the prior year. These initiatives are expected to deliver stronger financial performance over the long-term. UPDATE ON FY26 STRATEGIC PRIORITIES Accelerate penetration of Penthrox in Australia The Group continued to implement several medical and commercial initiatives that are strengthening clinical engagement and supporting increased adoption in the hospital segment. Penthrox is increasingly becoming a recognised treatment option here. First half volume in the Australian hospital segment was up 26% on the pcp. In October 2025, the PBS added Nurse Practitioners to the Prescriber Bag criteria for Penthrox – an important healthcare professional group who now have expanded access to Penthrox. Grow Penthrox in Europe European in-market demand for Penthrox for the first half was up 10% versus the pcp. Approvals for the extension of the indication for Penthrox to include children ages 6 years and older (from the current indication of 18 years and older) are progressing to plan. In August 2025, Health Products Regulatory Agency (HPRA), as the Reference Body (Ireland) for the EU Decentralised Procedure (DCP), approved the extension of the indication for Penthrox. All
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Medical Developments International Limited ABN 14 106 340 667 4 Caribbean Drive Scoresby Victoria 3179 Australia Postal Address PO Box 9004 Scoresby Victoria 3179 Australia Telephone +61 3 9547 1888 Fax +61 3 9547 0262 Web www.medicaldev.com member states, except the UK, Czechia, and Slovakia, have subsequently granted medicines approval. The device approval is expected by the end of February 2026. All remaining regulatory approvals are expected by August 2026. Extension of the indication will broaden the addressable market for Penthrox. During the period the MAGPIE paediatric study was published in Injury. Enhance margins and deliver operational efficiencies The Group increased Penthrox pricing in Australia to customers that had not received a price increase in FY25 (around 25% of volume) in July 2025. This is expected to improve margins by ~$1 million in FY26. Operating costs continue to be well-controlled. ~END~ Authorised for release by the Board of Directors. Enquiries Anita James Chief Financial Officer +61 (3) 9547 1888 About Medical Developments International Ltd MVP is an Australian company delivering emergency medical solutions, including pain relief and respiratory products, and is dedicated to improving patient outcomes . The Company manufactures Penthrox®, a non-opioid trauma & emergency pain relief product. It is approved in Australia for pain relief in settings such as hospitals, ambulance services, and short procedures, in accordance with the approved Product Information. Forward looking statements This announcement contains certain ‘forward looking statements’ within the meaning of the securities law of applicable jurisdictions. Forward looking statements can generally be identified by the use of forward-looking words such as ‘may’, ‘should’, ‘expect’, ‘anticipate’, ‘estimate’, ‘scheduled’ or ‘continue’ or the negative version of them or comparable terminology. Any forecasts or other forward-looking statements contained in this announcement are subject to known and unknown risks and uncertainties and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and these differences may be material. The Company does not give any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur and you are cautioned not to place undue reliance on forward looking statements.
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Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B Name of entity Medical Developments International Limited ABN Quarter ended (“current quarter”) 14 106 340 667 31 December 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 1. Cash flows from operating activities 10,484 21,697 1.1 Receipts from customers 1.2 Payments for (164) (265) (a) research and development (b) product manufacturing and operating costs (3,512) (8,775) (c) advertising and marketing (628) (1,453) (d) leased assets - - (e) staff costs (3,602) (7,858) (f) administration and corporate costs (1,552) (3,228) 1.3 Dividends received (see note 3) - - 1.4 Interest received 72 198 1.5 Interest and other costs of finance paid (17) (34) 1.6 Income taxes paid - 2 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities 1,081 284 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) businesses - - (c) property, plant and equipment (92) (222) (d) investments - - (e) intellectual property (51) (91)
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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 (f) other non-current assets (8) (13) 2.2 Proceeds from disposal of: - - (a) entities (b) businesses - - (c) property, plant and equipment - - (d) investments - - (e) intellectual property - - (f) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (151) (326) 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings (lease liabilities) (80) (157) 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (payment of shares acquired by Employee Trust) (13) (479) 3.10 Net cash from / (used in) financing activities (93) (636) 4. Net increase / (decrease) in cash and cash equivalents for the period 16,143 17,837 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 1,081 284
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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 4.3 Net cash from / (used in) investing activities (item 2.6 above) (151) (326) 4.4 Net cash from / (used in) financing activities (item 3.10 above) (93) (636) 4.5 Effect of movement in exchange rates on cash held (103) (282) 4.6 Cash and cash equivalents at end of period 16,877 16,877 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 16,877 16,143 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 16,877 16,143 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 - 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.
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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) 1,081 8.2 Cash and cash equivalents at quarter end (item 4.6) 16,877 8.3 Unused finance facilities available at quarter end (item 7.5) - 8.4 Total available funding (item 8.2 + item 8.3) 16,877 8.5 Estimated quarters of funding available (item 8.4 divided by item 8.1) N/A Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5. 8.6 If item 8.5 is less than 2 quarters, please provide answers to the following questions: 8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered.
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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 January 2026................................................................................... Authorised by: Board of Directors.................................................................................. (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity , and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.