MedPal AI (AIM:MPAL) on Wednesday said its group annualised revenue run rate reached £49 million based on October trading, up from more than £38 million in September.
The London-listed, AIM-quoted digital health and pharmacy group,reported group revenue of approximately £4.1 million in October, up from approximately £3.2 million in September.
It noted that New Health clinic has driven much of this year's growth, vis in GLP-1 weight-management prescriptions.
Repeat order revenue at New Health more than doubled in October to £1.34 million, representing 37% of New Health revenue, up from £0.63 million and 23% in September, and more than thirteen-fold higher than the roughly £0.1 million recorded in August, New Health's first full month of trading.
New Health generated £3.63 million in October, up 33% on September's £2.73 million, from more than 29,400 orders, and has now served more than 53,000 customers since marketing began in July, with almost 20,000 new customers added in October alone.
Revenue from repeat orders and recurring subscriptions, combining New Health repeat orders, NHS prescriptions and eMARx subscriptions, totalled approximately £1.8 million, 45% of group October revenue, up from approximately 33% in September.
MedPal has expanded New Health customer services and prescribing to seven days a week, with pharmacy dispensing now running six days a week and Sunday delivery added to support the growth in repeat ordering.
Jason Drummond, founder and chief executive, said repeat orders "are now the fastest growing part of our business" and that the group's revenue run rate is "now approaching £50 million a year from a standing start twelve months ago."
Cash, receivables and stock together stood at approximately £6.2 million at 31 October, down from approximately £6.4 million at 6 October, with cash balances of approximately £2.0 million, VAT recoverable from HMRC of approximately £2.5 million and medication stock at cost of approximately £0.75 million.
Read more about MedPal AI
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The company said NHS prescription income of approximately £0.4 million for October and estimated manufacturer rebates of approximately £0.5 million are both expected during the second week of November.
MedPal reiterated that discussions on a working capital facility, first announced on 21 September and 8 October, are continuing, with indicative term sheets received from several lenders.
The expanded GLP-1 dispensing line at Sarus Court, which the company has been building out to lift capacity to 14,000 orders a day, is now expected to open in late November rather than by end-October as previously stated.
