Australia's MedAdvisor gains on improved earnings estimate for FY23

Adheris Health

22/06/2023 01:43

** Shares of medication technology co MedAdvisor Ltd
 MDR.AX  rise as much as 4.35% to A$0.24 
    ** Co forecasts FY23 EBITDA loss to be in the range of A$3.5
mln to A$3.0 mln ($2.38 mln-$2.04 mln), compared with a loss of
A$11.3 mln in FY22
    ** Sees FY23 revenue in the range of A$95 mln to A$97 mln,
compared with A$67.8 mln in FY22
    ** Co plans to reduce its Australian headcount by about 20%
by the end of June; headcount reduction underpins annual cost
savings of about A$2 mln
    ** Stock had fallen 11.5% this year, as of last close
    
($1 = 1.4706 Australian dollars)

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))