The Medical Developments International Ltd (ASX: MVP) share price is pushing higher on the day of its annual general meeting.
In afternoon trade the healthcare company's shares are up 2.5% to $5.44.
In case you missed the event, I thought I would summarise three key takeaways from the annual general meeting. Here's what you missed:
Frustration but optimism over FDA delays.
The company's Chairman, David Williams, noted that it has been a wild ride for the Medical Developments share price over the last 12 months. And while it is up around 10% since the time last year, it is trading more than 50% below its 52-week high.
Mr Williams suspects the "market was impatient for a faster roll-out in Europe and for results from the process we are going through with both the FDA and the Chinese regulator." While he acknowledges that this is frustrating, he explained that "this is the nature of the pharmaceutical industry" and he is confident the company is "doing the right things."
New CEO brings a lot of experience.
The company's chairman believes the recent appointment of Brent MacGregor as its CEO is a big positive. Especially given its need to find a new leader that better matched where the company is in its lifecycle. Mr MacGregor was most recently commercial lead at Seqirus for CSL Limited (ASX: CSL).
Mr Williams commented: "The success of Seqirus in three short years was breathtaking and Brent played a big role in that success. It is very exciting to have Brent on board as his achievements in international markets is exactly what MVP needs. Better still he has worked and lived in Australia before so gets our culture and work ethic."
FY 2021 update.
The company stopped short of providing a trading update, but revealed that Penthrox sales continue to grow strongly globally and its respiratory business is performing well.
In respect to the latter, management notes that it delivered its first private label spacer order for Walmart in August, which is being rolled out in approximately 4,600 pharmacies. This means its US footprint now totals in excess of 20,000 pharmacies.
In addition to the US, the company has also commenced the expansion of its footprint into Europe. It believes by continuously improving the quality and efficacy of its devices whilst expanding its geographic footprint, the long-term potential of this business remains very positive.
Finally, management commented on its partnership with CSIRO. It advised that it remains very strong and what started as a successful program for the company, is now showing great potential for advanced manufacturing across many industries. Especially in a new COVID effected world of decentralised manufacturing.
