• Clinuvel’s shares jump after reporting a $35.6 million profit for FY24
  • The company hits its eighth consecutive profitable year
  • MedAdvisor turns a profit for the first time

 

A couple of health stocks announced their FY24 earnings this morning, with both seeing an uptick in their share prices following the reports.

 

Clinuvel’s profits surge

Clinuvel Pharma (ASX:CUV) jumped 10% after announcing an annual profit of $35.6 million for FY24, marking a 16% increase from the previous year.

This was largely driven by the growing demand for the company’s drug, Scenesse (afamelanotide 16mg), which led to a 15% rise in total revenues, reaching $95.3 million for FY24.

Clinuvel’s Scenesse is a drug primarily used for the treatment of a rare genetic condition called erythropoietic protoporphyria (EPP). EPP is a photosensitive disorder that causes painful skin reactions when exposed to sunlight.

Scenesse works by increasing the skin’s natural protection against UV light through its mechanism of action as a melanocortin receptor agonist, which stimulates the production of melanin, the pigment responsible for skin colour.

According to Clinuvel’s Chief Financial Officer, Peter Vaughan, the company has remained focused on its expansion strategy throughout the financial year.

The commitment to delivering Scenesse treatment to more patients has been a central part of this success.

The company has now achieved eight consecutive years of profitability, thanks to strong annual revenue growth and effective expense management.

Clinuvel has also made significant strides by bringing essential operational functions in-house –  including commercial distribution, regulatory compliance, and R&D, with a five-year investment plan of $175 million through to 30 June 2025.

By the end of the fourth year, $125.2 million of this plan had already been invested.

With positive cash flow from operations, Clinuvel’s cash reserves grew by 17% to $183.9 million, up from $156.8 million in FY23.

This cash position will support the company’s diversification plans and provides a buffer against economic uncertainties, it said.

The Clinuvel Board has declared its seventh consecutive annual dividend of $0.05 per share.

 

Medadvisor reports first ever profit

MedAdvisor Solutions (ASX:MDR) rose 3% after revealing that it has achieved its first annual profit, with a net profit after tax of $0.8 million and an EBITDA of $7.0 million, marking a significant turnaround from previous losses.

Revenue grew by 24.6% to $122.1 million, driven by solid performance in both the United States and Australia/New Zealand.

In the US, revenue surged to $98.4 million, up 26% from the previous year, thanks to the expansion of vaccine programs and increased adoption of MedAdvisor’s THRiV platform – a digital health tool designed to improve patient engagement and adherence to medication.

In Australia and New Zealand, revenue rose by 19.1% to $23.7 million.

MedAdvisor also improved its cash reserves to $15.6 million and has a solid pipeline, with 60% of budgeted US revenue already contracted.

Looking ahead, the company is set to launch its ‘Transformation 360°’ initiative, a five-year growth strategy.

This plan targets a revenue growth of 20-25% annually, aiming for approximately $250 million in revenue and EBITDA margins exceeding 20% by FY28.

 

 

 

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