Mayne Pharma Group (MYX) H2 2024 earnings summary

Executive summary

• Achieved 100% of key operating goals for FY 2024, including all key operating metrics and positive direct contribution in all three segments, marking a significant turnaround from FY 2023 and the past eight years.

• Strong revenue growth, positive underlying EBITDA, and positive operating cash flow, with free cash flow positive in 2H FY 2024 for the first time in years.

• Revenue grew 112% year-over-year to AUD 388 million, driven by Women's Health and Dermatology.

• Cost containment and business simplification led to significant margin and EBITDA improvements.

• All three business segments—Women's Health, Dermatology, and International—delivered positive direct contributions.

Financial highlights

• Revenue increased 112% year-over-year to AUD 388 million, with gross margin expanding to 56.3%, a 24% improvement year-over-year.

• Underlying EBITDA was AUD 22.9 million, up AUD 118.2 million from a loss of AUD 95.3 million in FY 2023.

• Positive operating cash flow from continuing operations of AUD 8.1 million, a AUD 59.6 million improvement year-over-year.

• Cash and marketable securities at June 30, 2024, were AUD 149.3 million, down from AUD 220.1 million in FY23.

• Net loss after tax reduced by 47% to $(168.6)m from $(317.4)m in FY23.

Outlook and guidance

• Expects continued growth in underlying EBITDA in FY 2025 through revenue growth and cost leverage, with all three segments anticipated to make positive direct contributions.

• Focus on maximizing profit potential in Women's Health, expanding channel strategy in Dermatology, and completing facility modernization in International.