MedPal AI (AIM:MPAL) revealed it delivered £1.6m of revenue in the six months to 28 February, marking the company's transition from pre-revenue to commercial trading.
Gross profit for the period was £368,550, and monthly gross margins strengthened through the period, exceeding 34% by March 2026, with the firm's pharmacy operation running at an annualised revenue run rate of over £5m (based on more than 41,000 items dispensed in March).
Administrative costs were £3.36m, and the company reported a loss after tax of £3.27m, which the board says reflects planned investment in pharmacy build-out, clinical staffing, marketing and continued MedPal app and Health OS development.
Cash and cash equivalents at the period end were £4.189 million after the Group raised £2.53 million (gross) during the period, and subsequently secured a further £4 million of equity post period end.
Strategic execution during the period included the acquisition of Universal Pharmacy for approximately £70,000, delivering NHS contractor registration and a Distance Selling Pharmacy licence, a Care UK care-home supply contract coming online, and direct supply agreements with Eli Lilly and Novo Nordisk for Mounjaro and Wegovy, respectively.
The MedPal app remains the consumer interface for the Group's MedPal Health OS, aggregating data from more than 100 wearables and health apps and running clinical-grade AI triage on Google's Vertex AI to route users into prescriptions or care pathways.
"The first six months as a listed company have moved MedPal AI from start-up to scale-up," Jason Drummond, Founder and Chief Executive Officer, said.
The board says it expects continued growth in NHS dispensing volumes, accelerating private GLP-1 revenues via MedPal.clinic, deeper care-home penetration and increasing engagement with the Health OS as the platform scales.
