CHAIRMAN’S AND CEO’S REPORT
CONTINUING GROWTH AND RECORD PROFIT
Medical Developments International Limited. (“MDI”) (ASX:MVP) delivered a Record Net Profit After Tax of $2,704,024 for the year ended 30 June 2012, which represents a 55% increase on FY2011 ($1,743,270). MDI finished the year with $3.5 million of cash reserves after paying $2.7 million on clinical trials and two 3 cent fully-franked dividends during the year. The Board has declared a further 3 cent dividend for FY13.
The financial result represents:
- 52% increase in Earnings Before Interest and Tax
- 50% increase in Earnings Per Share
- 40% improvement in Net Profit margin
- 24% growth in Asthma Medical Devices sales
- 247% growth in International Asthma Device sales
- 20% growth in International Penthrox® business
- 11% growth in sales for the full year
- 19% growth in sales for the second half year
- MDI paid fully-franked dividends totaling 6 cents per share.
- In August 2012 completed enrolment of 300 patients in MDI’s Phase III Clinical Trial in Europe.
- Post balance date completed enrolment of a 250 patient colonoscopy study at Royal Adelaide Hospital. Good progress of other pivotal clinical trials in Iran and Brisbane.
- Signed exclusive Licence Agreement with Nippon Zoki to register and sell Penthrox® in Japan.
- Launched a new range of Asthma space chambers nationally and internationally.
- Signed exclusive distribution agreement with R Cegla GmbH & Co. in Germany to supply MDI’s range of space chambers in Germany.
- Won international tender to exclusively supply New Zealand Government for three years with MDI’s range of space chambers.
- Completed independent trial at University of Western Australia on MDI’s new space chambers confirming “best practice”.
- Lodged a 510(k)application to allow the sale of MDI asthma spacers in the US.
- Penthrox® sales grew by 6% and launched new Penthrox® Inhaler.
- Appointed new distributors and restructured our Penthrox® in “Doctor’s Bag” business which grew 38%.
- Signed agreement with CSIRO to develop an improved Methoxyflurane production process.
- Ongoing success and focus on improvements in manufacturing efficiency with 6% improvement in operating costs to sales.
- Established first European officewith Asthma Business Development executive.
The Board of Directors is pleased to declare a Final Dividend of 3 cents per share fully-franked.
MDI intends to make its Dividend Reinvestment Plan available for shareholders to use the proceeds from the Final Dividend to purchase MDI shares at a fixed price of $1.10 per share.
The timetable for the Final Dividend for the year ended 30 June 2012 is:
|22 August 2012||Declaration of Final Dividend.|
|5 September 2012||Record Date for eligible shareholders to receive dividend|
|26 September 2012||Date for shareholders to elect to participate in Dividend Reinvestment Plan|
|10 October 2012||Payment Date|