MedPal AI plc (AIM: MPAL; FRA: Z1N) reported another sharp increase in trading during September, with Group revenue reaching £3.2 million.
That takes the Group’s annualised revenue run rate to more than £38 million, compared with more than £35 million reported on 21 September and £28 million based on August trading.
Importantly, MedPal stressed that the £38 million figure is simply September revenue multiplied by twelve and is not a forecast of future revenue.
New Health led growth, generating more than £2.7 million in revenue from over 22,600 orders in September.
That represents an increase of approximately 50% from £1.8 million in August.
Trading also accelerated materially towards the end of the month, with daily New Health revenue during the final 11 days of September around 50% higher than during the first 19 days.
New Health has now served more than 33,500 customers since marketing began in July 2026, up from more than 25,000 customers reported on 21 September.
A particularly important development for the economics of the business was the growing contribution from existing customers and recurring activity.
More than £1 million of September Group revenue came from New Health repeat orders, NHS prescriptions and eMARx subscriptions, representing around one-third of total Group revenue for the month.
MedPal said New Health repeat orders incur no customer acquisition cost and produced an average order value approximately 20% higher than first orders.
The Board expects the proportion of repeat and recurring revenue to increase as customers acquired during the rapid expansion since July reach their first reorder dates.
Across the Group, MedPal dispensed 58,859 prescription items and orders during September.
The expanded GLP-1 production line at Sarus Court remains scheduled to open by the end of October, increasing capacity to as many as 14,000 orders per day.
The expansion was funded from MedPal’s £5 million placing completed on 24 September 2026.
Management said its immediate priorities are expanding capacity, increasing the proportion of repeat business and completing the working-capital facility discussions announced on 21 September.
The company expects to provide its next trading update covering October in early November 2026.
For investors, September provides further evidence that MedPal’s customer-acquisition strategy is translating into rapid top-line growth, while the emerging repeat-order contribution could materially improve unit economics because those sales do not carry the same acquisition cost as first orders.
The major operational catalyst is the Sarus Court expansion to 14,000 orders per day, which should remove an important capacity constraint if demand continues growing at the current pace.
However, investors should distinguish the current £38 million-plus annualised run rate from a full-year forecast, particularly given how recently New Health launched and the exceptionally rapid sequential growth being recorded.
The other key issue remains funding: despite September’s strong revenue growth and the recent £5 million placing, the company is still seeking to conclude additional working-capital financing.
The next important tests will therefore be successful commissioning of the expanded GLP-1 line, continued growth in repeat orders, completion of the working-capital facility and October’s trading performance.
Investor takeaway: MedPal AI generated approximately £3.2 million of Group revenue in September, lifting its annualised revenue run rate above £38 million. New Health revenue jumped around 50% month-on-month to more than £2.7 million, while repeat orders and recurring revenues exceeded £1 million. Growth is accelerating, but the £38 million figure is an annualised September run rate rather than a forecast, and discussions over an additional working-capital facility remain ongoing.
