Medical Developments International (MVP) AGM 2024 summary

Opening remarks and agenda

• The Chair welcomed attendees to the third hybrid AGM, highlighting the benefits of engaging both in-person and online shareholders.

• Housekeeping matters were addressed, including meeting protocols, emergency procedures, and technical contingencies for the hybrid format.

• The agenda included two presentations and six formal resolutions, with voting conducted by poll.

Board and executive committee updates

• Directors and key executives were introduced, with both the Chair and another director standing for re-election.

• The CEO is Brent MacGregor, and the board comprises a Chair and five Independent Non-Executive Directors.

• The CEO, CFO, Company Secretary, and auditor were present, with the CEO providing a business update.

Financial performance review

• Group revenue reached $33.2m, up 3%, with improved results in Pain Management and Respiratory segments.

• Gross margin expanded by 5 percentage points to 74%.

• Operating costs reduced by $5m, driving improved EBIT and cashflow.

• Underlying EBIT loss improved by $6.6m and free cash flow improved by $10.2m.

• $10m capital raise in August 2024 to fund growth initiatives.