Just putting my thoughts together on PHX ahead of the FY25 results today, since a bit has happened since their H1 report.

The H1 FY25 numbers were strong. Revenue was up 17%, but the real kicker was the 235% spike in Marketplace orders and 18% increase in Gateway invoice value. Shows the platform is becoming more central to pharmacies and suppliers.

Since that H1 report, they’ve launched two major pieces of tech: the Supplier Portal in April and the Pharmacy Portal in June. They've already got 99% of Aussie pharmacies connected to their Gateway, and these new portals are all about making that connection stickier and driving more trading volume. The Supplier Portal, in particular, dramatically cuts the onboarding time for new suppliers, which should fuel future growth.

The FY25 results, which I see are due out today will hopefully shed some light on the impact of the new portals. The company noted back in June that the financial impacts weren’t yet quantifiable, so it’s all about the numbers in this report.

1) We need to see if that strong H1 growth has carried through to the full year.

  * The most important thing to watch for is any commentary on the early uptake of the new portals. Are more pharmacies and suppliers actively using them for transactions? This is what will really drive the share price.

2) Price Action and Outlook: The market has already priced in a lot of optimism. The share price has jumped from ~$0.075 to ~$0.11 since the first portal announcement in April. A lot of the neutral case value seems to be reflected in the current price. To push into a bull-case range (say, 15c+), the company will need to deliver on two things in this report: sustained top-line growth and hard numbers showing strong adoption of the new portals.