MedPal AI PLC (AIM: MPAL) shares rose 19% after the AI-powered digital health company reported a record July, with all three of its recurring revenue streams contributing to growth for the first time.
The company said its annualised recurring revenue run rate has exceeded £8.6 million, representing growth of more than 70% in just two months and rising from zero revenue only nine months ago when its dispensing operations launched.
NHS prescription dispensing reached a new monthly record of 47,223 prescription items in July, an increase of 11.8% on the previous record set in May. The NHS pharmacy business is now operating at an annualised revenue run rate of more than £5.5 million.
The group’s recently launched New Health GLP-1 weight management clinic generated more than £180,000 of private prescription revenue during July after only three weeks of marketing, equating to an annualised run rate above £2.2 million.
Meanwhile, software-as-a-service revenue from eMARx, acquired in July, is contributing an annualised £843,000 of recurring subscription income at an 82% gross margin.
MedPal highlighted that all three revenue streams are recurring in nature, comprising repeat NHS prescriptions, ongoing private treatment plans and software subscriptions.
The company also plans to accelerate growth by cross-selling NHS pharmacy services to private healthcare customers while expanding uptake of additional products including at-home blood testing, the MedPal Health OS platform and its AI health assistant, Juno.
Chief executive Jason Drummond said the business had grown from zero to £8.6 million of annualised recurring revenue in just nine months, adding that the group was “just getting started” as it expands cross-selling and customer monetisation opportunities.
