In its FY26 full year results for the year ended June 2026, Medical Developments International (ASX:MVP) recorded group revenue of $42.6m, up 9% on the prior corresponding period. The medical device company, best known for its flagship Penthrox® analgesic, delivered EBIT of $0.2m (up $0.3m), NPAT of $0.6m (up $0.5m), and returned to positive free cashflow of $4.2m, a $5.8m improvement.
Reported on 20 August 2026, the result was underpinned by Penthrox® volume growth across all regions and an expanded addressable market following approval of a paediatric indication in Europe.
| Metric | FY25 | FY26 | Change |
|---|---|---|---|
| Revenue | $39.1m | $42.6m | +9% |
| EBITDA | $3.2m | $2.9m | -$0.3m |
| EBIT | $0.0m | $0.2m | +$0.3m |
| NPAT | $0.1m | $0.6m | +$0.5m |
| Free cashflow | -$1.6m | $4.2m | +$5.8m |
Penthrox® volume growth powers the Pain Management engine
The Pain Management segment drove the group’s performance in FY26, with revenue up 21% to $31.6m and EBIT climbing 49% to $9.4m. Underlying demand growth was the key driver, with in-market volumes rising 18% in Europe and 28% in the Australian hospital segment.
By region, product revenue grew across the board. Europe rose 12% to $9.0m, Australia increased 16% to $17.9m, and Rest of World advanced 66% to $4.1m. The Australian result benefited from higher average selling prices, up 7%.
Penthrox® in-market demand highlights included:
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UK and Ireland: +20%
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France: +11%
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Nordic region: +19%
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Australian hospital segment: +28%
Pain Management revenue included a timing benefit of approximately $2m from increased partner stock holdings, in part reflecting the transition to partner supply in France and Switzerland. The company expects this benefit will not recur in FY27.
The European result also absorbed lower average transfer prices, an impact of around $1.4m, following the transition to a capital light operating model with partners in France and Switzerland.
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Addressable market expands: paediatric approval opens new patient population
A central strategic milestone in FY26 was the expansion of the Penthrox® indication from 18 years and over to 6 years and over, approved and launched across the UK and European markets. The change broadens the eligible patient population and supports broader clinician adoption and protocol inclusion.
For investors newer to the company, Penthrox® is an inhaled, needle-free, non-opioid analgesic, the iconic “Green Whistle”. It is designed to deliver effective pain relief within 6 to 10 breaths and carries an established safety profile across over 11 million uses worldwide.
The paediatric label was supported by growing clinical evidence. The MAGPIE paediatric study was published in the journal Injury, strengthening the clinical positioning for younger patients. A separate health economic study demonstrated that Penthrox® use in hospital emergency departments enables “whole of department cost and operational savings compared with standard of care”.
In Australia, Penthrox® PBS Prescriber Bag eligibility was extended to Nurse Practitioners, widening the range of clinicians able to access the product.
Respiratory segment holds earnings despite softer demand
The Respiratory segment, which supplies devices to help patients manage asthma and COPD, saw revenue fall 15% to $10.9m on softer demand. Despite the top-line decline, segment EBIT rose 63% to $0.7m.
The earnings improvement reflected reduced US commercial investment and a US tariff refund covering both FY26 and FY25. Investment in US growth initiatives was paused against near-term weak and uncertain demand conditions. Respiratory accounted for around 26% of group revenue.
Regional revenue was as follows:
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Australia: $3.0m (-13%)
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USA: $6.1m (-16%)
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Europe: $0.6m (-52%)
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Rest of World: $1.2m (+32%)
Balance sheet strength and a $21.4m cash position
Operating cash flow rose to $5.8m, up from break-even in the prior year, while free cashflow reached $4.2m, an improvement of $5.8m. The main driver was a $5.2m reduction in working capital, reflecting lower Respiratory inventory on softer demand and lower receivables due to the timing of sales.
The company ended the period with a closing cash balance of $21.4m, inclusive of short-term deposits. Medical Developments International noted it continues to assess a range of capital management alternatives to maximise long-term shareholder value.
Looking ahead, the company flagged FY27 capital expenditure of approximately $1.5m and amortisation of around $1m related to capitalised registration costs for the European paediatric indication.
FY26 review
“Strong balance sheet provides financial flexibility.”
Priorities for FY27: unlocking value from the paediatric indication
Management framed FY27 around unlocking value from the paediatric indication and accelerating Penthrox® expansion into new markets and segments. Three strategic priorities were outlined:
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Accelerate Penthrox® penetration — unlock value from the paediatric indication in Europe, use health economics analyses to drive hospital adoption across all geographies, generate additional real-world evidence, and strengthen partner engagement.
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Grow Penthrox® in new markets and segments — progress targeted entry into select new markets, evaluate procedural indication expansion in Europe (such as gynaecology, dentistry, and urology), and leverage the EU Decentralised Procedure framework.
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Enhance margins and operational efficiencies — continue to improve commercial terms reflecting the value proposition of Penthrox®, and maintain disciplined cost management.
For FY27, the company expects higher in-market Penthrox® demand, supported by the paediatric indication in Europe and the recently published health economic data, alongside stable demand in the Respiratory segment. It also anticipates the non-recurrence of the FY26 inventory stocking benefits and an amortisation expense of approximately $1m related to the European paediatric registration costs.
The company noted that the impact to earnings of Middle East supply chain disruption and US tariffs remains uncertain and continues to be monitored.
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