MedPal AI (AIM:MPAL), the AIM-listed AI-native digital health and pharmacy group, reported further revenue growth in September alongside a notice to shareholders of a general meeting to renew its share issuance authorities.
Group annualised revenue run rate rose to more than £38 million, up from more than £35 million reported on 21 September and approximately £28 million for August, a figure the company calculates by multiplying September revenue by twelve rather than forecasting.
New Health, the group's consumer GLP-1 weight-management brand, generated revenue of more than £2.7 million in September, up approximately 50% on August's £1.8 million, from over 22,600 orders.
The month accelerated as it went on: daily revenue in the final eleven days ran approximately 50% higher than in the first nineteen, finishing well ahead of the pace the company had flagged on 21 September.
More than £1 million of September's revenue came from New Health repeat orders, NHS prescriptions and eMARx subscriptions combined, together representing around a third of group revenue of approximately £3.2 million for the month.
Repeat orders carry no acquisition cost and had an average order value approximately 20% higher than first orders, a mix the board expects to keep improving as recent customers reach their first reorder date.
The group dispensed 58,859 prescription items and orders in September, while New Health has now served more than 33,500 customers since marketing began in July, up from more than 25,000 reported on 21 September.
"New Health grew revenue by approximately 50% in September and finished the month well ahead of the pace we reported two weeks ago," said Jason Drummond, founder and chief executive, adding that repeat and recurring revenue "contributed over £1 million, around a third of the month."
The expanded GLP-1 dispensing line at Sarus Court, funded by the £5 million placing completed on 24 September and set to lift capacity to 14,000 orders a day, remains on track to open by the end of October.
Separately, MedPal is calling a general meeting to renew the directors' authorities to issue equity, having almost exhausted those granted at its AGM on 30 March after six months of share issuance, including stock used as acquisition consideration for eMARx.
The company said faster-than-anticipated sales growth, funded partly by equity raises, has been necessary to meet customer demand, and that as a young business it pays suppliers for medication before delivery while awaiting NHS payment, GLP-1 rebates and VAT reimbursement from HMRC, a gap it is now seeking to close through a working capital facility under discussion with UK clearing banks.
The board's priorities remain capacity expansion, growing repeat business and concluding those working capital facility talks, with October trading due to be reported in early November.