MedPal AI (MPAL) said September trading delivered further strong growth, taking its annualised revenue run rate to more than £38 million, while repeat orders and recurring business generated over £1 million during the month.
New Health revenue rose to more than £2.7 million in September from £1.8 million in August, representing growth of about 50%, with more than 22,600 orders processed. Trading accelerated towards the end of the month, with daily revenue during the final 11 days about 50% higher than in the first 19 days.
The group's annualised revenue run rate increased to more than £38 million from over £35 million reported on 21 September and about £28 million for August. The figure is based on September revenue multiplied by 12 and is not a forecast.
More than £1 million of September revenue came from New Health repeat orders, NHS prescriptions and eMARx subscriptions, accounting for around one third of group revenue of ~£3.2 million. Repeat orders carry no acquisition cost and had an average order value about 20% higher than first orders.
MedPal dispensed 58,859 prescription items and orders during September. 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.
Meanwhile, the expanded GLP-1 line at Sarus Court remains on track to open by the end of October. The expansion, funded by the £5 million placing completed on 24 September, is expected to increase capacity to 14,000 orders a day.
The company's priorities remain expanding capacity, increasing repeat business and concluding discussions around the working capital facility announced last month. MedPal also announced the publication of a circular to shareholders and a general meeting.
MedPal AI's Founder and Chief Executive Officer Jason Drummond said: “New Health grew revenue by approximately 50 per cent. in September and finished the month well ahead of the pace we reported two weeks ago. Across the Group, repeat orders and recurring revenue contributed over £1 million, around a third of the month, and we expect that share will grow as more customers reach their first reorder date. Our expanded GLP-1 line opens this month, giving us capacity for 14,000 orders a day. We believe that there is more growth to come.”
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September's growth shows New Health continuing to scale rapidly, while the rising contribution from repeat orders and recurring revenue could improve the quality of the group's revenue mix. The planned capacity expansion should also give MedPal room to support further growth as customer numbers increase.