Been meaning to take a look at Medical Developments International (MVP) for some time now. I did mention this to @acarbone1 and @Arena42 at our recent catch up.

Well, they released their quarterly report (find it here) today, safe to say it must have been good with it being up ~25% at time of accessing this from Commsec and now up ~43% at time of posting.

So what's good?

• Strongly improved operating cashflow - with Group revenue for Q2 FY25 coming in at $10.9 million which is $1.8 up on Q1
• H1 FY25 was $20 million was nearly $5 million higher than pcp.
• Continued growth for Penthrox in Australian hospital segment.
• Cash balance at 31 December 2024 of $17.6 million.
• Positive operating cashflow expected by the end of FY25.

A few ticks in the win column there.

Further, here's some outlook statements:

FY25 OUTLOOK: The Group expects underlying EBIT in FY25 to be strongly improved on FY24, driven by higher average Penthrox prices and operational efficiencies of ~$4 million.

CEO Brent MacGregor said, “We have delivered a pleasing improvement to earnings and cashflow in the first half through enhanced pricing and cost efficiencies. We remain on track to deliver positive operating cashflows by the end of FY25.”

They list 3 strategic priorities for FY25:

1. Improve Margins through pricing and efficiency: The Group's new pricing initiatives are expected to improve annualized margins by ~$3.5 million, with higher pricing in Australia, the UK, and Ireland. Additionally, efficiency measures have reduced operating costs by ~$4 million for the first half of FY25 compared to the previous period.
2. Accelerate penetration of Penthrox in Australia: significantly advanced its strategy to grow Penthrox in hospital emergency departments, achieving a 52% increase in demand in the first half of FY25 and implementing initiatives to accelerate its adoption as a standard of care.
3. Grow Penthrox in Europe: European in-market demand for Penthrox in 1H FY25 increased by 22%, and the Group has submitted an application to broaden its use to children as young as 6 years old, with positive initial feedback from the regulatory agency. Partner negotiations for distribution in France and the transfer of distribution in Switzerland to Labatec are progressing well, with the latter expected to complete in Q4 FY25.

Well, that appears to address the SP pop.

For those who have been watching this one for some time (insert me) - they butchered their China rollout plan and incinerated capital, and their US roll-out has also been a furry-dragon-riding-never-ending story of "it's gonna happen". It's reassuring to see that neither China or the US mentioned - TBH if China was mentioned I'd frisbee my laptop out the window after they did announce full withdrawal of this plan years ago. But was also good not to be reminded of their US hopes and dreams.

This announcement does seem different and more considered, it appears management have woken up to the need to push further in where they do have more control (Aus and UK), with Europe also being a potential further driver of growth.

I'm going to need to take a closer look at them (again), but I recall that I always seem to walk over the end of a rake when I get to the management section of my screen/review. There is a serious lack of insider ownership (from my last check), and they simply never passed my pub-test.

But this announcement does give me hope, and it appears to give the market hope... I'll be back for a closer look.

Hoping some other SM gurus can take a look to help me out with this.