Good morning. It is my pleasure to welcome you all to the MedAdvisor Annual General Meeting for 2024. My name is Linda Jenkinson, and I Chair, MedAdvisor Limited. Before we begin, I would like to acknowledge the Aboriginal and Torres Strait Islander peoples as the traditional custodians of the land on which we live and work, and pay my respects to lders past and present. Thank you for attending today's meeting. Today we are holding a hybrid meeting, so we have several shareholders with us in person in Melbourne, and we are also broadcasting the meeting virtually. The virtual component of the meeting has been designed in a way that allows shareholders joining remotely the same opportunity to participate today as you would if you were here in person at the physical meeting.
This includes being able to ask questions and vote using the online platform, which I'll touch on shortly. In the unlikely event we experience technical issues that impact the meeting, we will assess the circumstances and may proceed with the AGM in light of any technical issues experienced. It is now 11:00 A.M., and I am now informed by our company secretary that, in accordance with our company's constitution, a quorum is present, and I now declare this meeting formally open. Before I give my address, I'd like to cover a little on the administration of the meeting and the online platform. Voting on the resolutions will be conducted by way of poll. To lodge your vote online, click on your response to each question in the voting tab on your screen.
Shareholders in attendance that have already submitted a vote by proxy should note that your votes will already be counted towards the poll. You do not need to lodge another vote unless you wish to change your proxy instruction. I now declare the meeting open on all items of business. Regarding questions, shareholders can submit written questions during the meeting by clicking on the Q&A tab on your screen. To ensure questions reach us in time, please submit questions as soon as possible, including any questions about any of the resolutions. When you do submit a question online, please select the resolution from the drop-down box that your question relates to so that it can be addressed at the appropriate time. Again, any general shareholder questions submitted online during the meeting will be addressed after the formal business is completed.
For questions in the room, we'll ask you to step to the box there so that everyone can hear your questions. To ask a verbal question during the meeting, if you are virtual, please call the phone number that is shown below the broadcast window of the online platform. If you have any questions on using the portal when voting during the meeting, please call +61 394154024. Once again, that's +61 394154024. I would now like to quickly run through the agenda for today's meeting in the order of events for today. Firstly, I will provide the Chair's address. This will be followed by an address from the company CEO, Rick Ratliff, and after that, we'll continue to the formal matters to be considered today at today's AGM, and we have five resolutions today. We will then open for general shareholder questions before I close the meeting.
I'd like now to continue to my address. As I mentioned, my name is Linda Jenkinson, and I am the Chair of MedAdvisor Limited. On behalf of the board and executive team, I welcome you to our 2024 AGM. MedAdvisor's vision is to transform the pharmacy industry into a patient-centered, digitally integrated, and trusted health advisor, a goal that we are achieving through proprietary technology and strong partnerships across the healthcare sector. Our focused strategic planning, combined with our global team's dedication, has driven our performance by expanding operations, diversifying offerings, and investing in omnichannel engagement and AI platforms to build sustainable, profitable growth. These achievements were reflected in our financial year 2024 results, which marked a pivotal period for MedAdvisor as we celebrated significant milestones by exceeding AUD 100 million in revenue and achieving our pathway to profitability.
I would like to acknowledge the efforts of the MedAdvisor team in delivering these achievements. Looking ahead, the board of management developed and commenced implementing a five-year growth plan that, together with our Transformation 360 initiative, lays the groundwork for the next phase of growth. In parallel with our operational initiatives, we have made important progress in strengthening governance and leadership at MedAdvisor. An independent third-party review of the board's effectiveness this year helped ensure we have the expertise and governance structures necessary to drive MedAdvisor forward. During the year, the board undertook a detailed review of our remuneration policy to ensure that the company's structure aligned with industry benchmarks to attract and retain top talent. Moving forward, we will continue to focus on remuneration policies that reward strong executive performance while promoting our desired standards and culture.
We will continually work to align management with the interests and expectations of shareholders and other key stakeholders. Moving to the board composition, I would like to extend the team's heartfelt thanks to our outgoing directors, Brett Magun , Anthony Tassone, and Sandra Hook, for their invaluable support and contributions. Their commitment has been instrumental in fostering a highly engaged board well-equipped to support management in achieving our long-term goals. I would like to acknowledge Brett for his contribution in supporting our U.S. team and building our payer strategy. Also, Anthony, who joined the board in 2022, coinciding with the company's acquisition of GuildLink. During Anthony's tenure, we have expanded the delivery of our cloud-based MedAdvisor for pharmacy workflow solution to over 95% of the pharmacies in Australia. In addition, we have delivered almost 90,000 expanded healthcare services to more than 84,000 patients across seven states and territories.
We look forward to continuing to work with the Guild to improve access to healthcare in Australia through expanded scope of practice programs. Thank you, Anthony. Similarly, Sandra, thank you for your immense contribution over the last eight years. I am particularly thankful for Sandra's support as Chair of the Rem and Nom Committee and her earlier work as Chair of the Audit Committee. In line with the board's refresh process conducted in 2023, we believe we have now right-sized the board to align with the company's market cap and industry benchmarks. Our CEO, Rick Ratliff, will soon discuss how we achieved our 2024 performance and share our strategy for continued growth. This includes driving operational efficiencies through our shared services model, scaling global operations, and prioritizing innovation and new market opportunities.
He will also elaborate on today's announcement of a formal review to evaluate strategic options to maximize shareholder value, as the board believes the current valuation does not fully reflect the combined strength of our Australian and U.S. business units. In closing, I extend my deepest gratitude to our board, executive leadership, and the entire MedAdvisor team for their dedication and commitment. Together, we have laid a strong foundation for future growth, and I look forward to the continual journey as we unlock new opportunities and deliver value to all stakeholders. Thank you. I'd now like to spend time introducing the board, who are participating from various locations, and members of our leadership team.
Together with me in person today is CEO and Managing Director Rick Ratliff, Global CFO and Company Secretary Ancila Desai, Jim Xenos, Sandra Hook, Chair of People, Rem and Nom, and Kate Hill, Chair of our Audit and Risk Committee. Joining us virtually today are Non-Executive Directors Lucas Merrow and Kevin Hutchinson. We are also joined by representatives from our auditors, RSM Australia Partners, and our share registrar and online meeting provider, Computershare. Jane Lowe, our investor relations consultant , will read out any questions submitted by shareholders during the meeting. I would now like to hand over to Rick Ratliff to take you through his update and share our results in more detail. Rick.
Very good. Thanks, Linda, and good morning. As Linda said, my name is Rick Ratliff, and I'm the CEO of MedAdvisor Solutions, and I want to thank everyone for joining us today. In FY24, we delivered on our commitment to pathway to profitability. Along the way, we expanded our patient engagement solutions, enabled expanded scope of practice, and initiated the use of AI to power our solutions. Our focus going forward is on accelerating the transformation of our business to drive sustained and profitable growth. If we'll move to slide nine, before we get started, I want to introduce members of our executive management team. These are a few new faces. First of all, you've met Ancila Desai, our Chief Financial Officer and Company Secretary. Vinod Subramanian is our Chief Operating Officer.
Vinod's primary focus over the next 12 - 24 months will be to execute on our Transformation 360 initiative. Brian Peterson is President of our U.S. business. He was promoted from Chief Strategy Officer of our U.S. operations earlier this year. Brian's focus is on leading the growth of our U.S. business. Wayne Marinoff, who is in the room with us today, his primary focus, similar to Brian's, is on leading the growth of our ANZ business. And then finally, Sarah Sweeney, who recently joined us as Senior Vice President of Marketing and Communication, leads our marketing communications and branding initiatives across ANZ in the United States. We'll go to the next slide, and as Linda alluded, we really achieved two key financial milestones in FY24.
Our revenue exceeded AUD 100 million for the first time in the company's history, and we achieved our inaugural profit, which lays the foundation for sustained profitable growth. I was very pleased to see momentum remain across both ANZ and the U.S., we achieved several key milestones related to product innovation, and we completed the planning for Transformation 360, which is now underway following the selection of our technology partner, Mindsprint. In addition, we recently announced our five-year plan with a goal of doubling FY24 revenue to AUD 250 million by 2028. We expect that successfully executing on our FY25 priorities will deliver another year of robust growth. With that said, we announced this morning, as Linda just suggested, that we are launching a process to assess strategic options to maximize shareholder value.
So over the next 15 minutes, I'm going to touch on each of these items in a bit more detail, but let's get started with our journey. For those of you that are new to the story, the MedAdvisor journey began in Australia in 2012 with a clear vision to empower pharmacies to engage, support, and guide patients to managing their medications more easily. Through data-driven personalized communications, we've aimed to improve patient outcomes and elevate the standard of care. Since then, we've grown into a global patient engagement company, expanding our presence both locally and in the United States through strategic acquisitions, developing cutting-edge digital communication solutions, and earning a reputation as a trusted industry partner. Looking ahead, our focus is on building upon the success. We plan to deepen existing relationships while entering new markets.
Our initiatives will support pharmacies in offering a broader range of services, including health consultations through full scope of practice, telehealth solutions, home delivery, and expanded health programs targeting chronic and specialty medications. With the launch of Transformation 360, we're setting a path for scalable and sustainable growth, ensuring we're well-equipped to meet future healthcare demands. Slide 12 provides an outline of our core business. In the U.S., we work closely with the top 20 pharmaceutical companies, and we reach over 34,000 pharmacy locations, including nine of the top 10 chains. Through these partnerships, our solutions can touch almost 2/3 of the U.S. population. In Australia, our solutions are used by 97% of pharmacies nationwide, including the top five pharmacy groups. As a strong endorsement of our platform, we've been appointed as a preferred partner for expanded scope of practice across many areas of Australia.
As a part of our strategy in the U.K., we acquired a small holding in a pharmacy technology services provider in the U.K. called Charac. This allowed us to maintain a connection in the U.K. market and to gain access to innovative solutions that we will introduce into other parts of our business over time. Our solutions help individuals maintain their medications more easily, empower pharmacies to streamline patient medication workflows, and support various stakeholders in enhancing patient engagement through targeted medication adherence and awareness programs. Again, I'm very proud of our team and the work they've done to deliver on our pathway to profitability commitments, and we did this by driving top-line revenue growth by 25% with strong performances across both ANZ and the United States. Our gross profit was up 25% to AUD 74.2 million.
Our EBITDA grew from a loss of AUD 3 million to a profit of AUD 7 million, and we have a strong foundation for growth with AUD 15.6 million in cash as of June 30th of this year. It's also worth mentioning that since year-end, we rolled over and expanded our debt facility at more favorable rates going out to 2027. Moving to slide 14, taking a quick look at the geographic regions, ANZ reported robust revenue growth of 19% from what is generally perceived to be a very mature market. Gross profit was up 24%, and gross margin was up 3 percentage points. In the U.S., the strong adoption of our health programs across new and existing customers and brands resulted in 26% growth in revenue and similar growth in gross profit.
Margins were flat, but as we've explained previously, margins will move around, subject to program mix between traditional and omnichannel health programs. Moving to slide 15, the MedAdvisor team accomplished a great deal in FY24 that helped us to meet our commitments to the pathway to profitability. They also introduced new capabilities that will power future growth. On the product front, we launched a new vision, I'm sorry, a new version of our mobile app, driving a significant increase of new registrations and utilization. We also unveiled an early AI-powered virtual medication advisor, fostering two-way conversations about medications and vaccines. Additionally, we were chosen as the preferred software provider for expanded scope of our full scope of practice, actually, in Queensland, and delivered new clinical software in support of this initiative on MedAdvisor for Pharmacy.
We restructured our operations to enhance efficiency and strategically align key capabilities and leadership for future enhancements in technology and operations. In ANZ, we introduced new fee structures to better align delivery with the value provided. While in the U.S., we initiated updates to current customer rate cards and older contracts. In the U.K., we refined our approach by partnering with Charac, enabling us to maintain a tie into the market and also accelerate cost-effective innovation in Australia. We are committed to building a platform that enables pharmacists to meaningfully engage patients in medication management and simplify the medication journey. We finalized the movement of the U.S. data platform completely to the cloud. In Australia, we launched the movement of Plus One to our new MedAdvisor for Pharmacy cloud-based platform. This migration is expected to be completed, for the most part, by the end of the calendar year.
In addition, we have focused on an API-first strategy for data acquisition capabilities in the U.S. and innovative third-party pharmacy services integration in our mobile app in Australia and New Zealand. Finally, we initiated the development of new advanced analytics services such as Vaccine 360 and Patient 360 in the United States. So now, if we'll move to slide 16, I want to spend a few minutes on two examples of how we're making a difference for our customers and their patients, and in doing so, delivering revenue streams for MedAdvisor. Expanded scope of practice, as we've discussed a number of times, is enabling pharmacies to provide improved access to specific services for all Australians. Over the past few years, MedAdvisor has been the preferred software provider for regional pilots and programs across seven states and territories.
As Linda suggested, over 3,600 pharmacies have delivered nearly 89,000 individual services as of October of this year. In FY24, MedAdvisor was selected by Queensland pharmacy and healthcare stakeholders to deliver the software to support the next level of these programs, now called Full Scope of Practice services. We developed the software that supported the launch of full scope of practice pilot in North Queensland, allowing pharmacists to practice at the top of their licenses. This pilot has now been expanded to all of Queensland, and other states and territories such as New South Wales and Northern Territory have recently announced that they will follow the Queensland pilot but go directly into production for certain services.
It's important to note that pharmacists' participation in full scope of practice requires a commitment of time and dollars in order to certify for the delivery of services across 23 categories that have been defined by the government. However, there are a subset of services such as hormonal contraceptives and dermatology that require less training. Given recent announcements, we believe that the expanded and Full Scope of Practice services we have been delivering in a pilot mode will start to move toward production in the latter part of FY25. Moving to slide 17, our THRiV patient platform supported significant growth in the vaccine sector in the United States. Since the COVID-19 pandemic, the demand for vaccines has increased significantly, and we've responded by doubling our vaccine programs across manufacturers, brands, and categories. This has led to remarkable outcomes.
We've sent nearly 90 million patient vaccine messages, achieving a 40% lift in conversion rates for COVID vaccines alone. With an average ROI of 2.5-5.1, our year-over-year growth stands at 31% for this sector of the business. These results truly highlight the strength of THRiV in delivering improved health outcomes for patients. Moving to slide 18. As we wrapped up FY24, we outlined our Transformation 360 initiative, a self-funded program aimed at enhancing patient engagement and laying the groundwork for sustainable, profitable growth. The focus of the initiative is on the development of a cloud-based patient engagement platform built on a modern technology stack and secure data management services. New AI capabilities will be incorporated in order to support advanced content development and management, as well as to drive new levels of personalization across patient engagement and other workflow solutions.
You may recall that our initial estimate was for an AUD 10 million-AUD 15 million investment over two years. We've now refined the project and completed a fixed-price, fixed-duration agreement with our technology partner, MindSprint. As a result, we now expect the project investment to be AUD 8.3 million. As you can see from the table on the slide, while the project has started, the majority of the investment will fall into FY26 and FY27, with net cash savings over the next five years of AUD 10.2 million, generating a return on investment over the five years of 124%. We go to the next slide. As we outline in our FY24 results, we have developed a strategic pathway to achieving AUD 250 million in revenue by 2028 through a combination of organic and inorganic growth initiatives. We expect product innovation to drive expansion and growth of our core businesses.
We will drive innovation in pharmacists' workflow and the services necessary to support expanded scope of practice. We're also focused on delivering advanced next-generation AI omnichannel patient engagement solutions to further simplify people's medication management journey. We believe that improved integration of offshore capabilities will improve operations excellence and support accelerated business growth at a lower cost. In addition, we will continue to expand sales and customer success capabilities in order to support product and market diversification. As Transformation 360 milestones enable a robust data platform, our data-powered solutions and interactive reporting will require expanded data science and analytics capabilities. And so finally, it will be important to continue to align resources to maximize our growth ambitions. We will continue to strengthen our pharmacy network and expand relationships with pharmaceutical companies and brands. We are analyzing options to enter into the health insurance market, as well as specialty medications.
And we are assessing opportunities to leverage our technology solutions to help customers as their direct-to-patient and NIP strategies evolve. Transformation 360 will deliver a platform that will support the revenue growth related to our core solutions and markets at an expected rate of 10%-15% per year. Targeted acquisitions will accelerate our annual growth rate to 20%-25% over the next five years. As we move to slide 20, I want to focus on our priorities for the year ahead. First, we have a clear plan to execute Transformation 360, and we are committed to this path while ensuring minimal disruption to our current operations. This initiative will enhance our capabilities without compromising our ongoing business. Second, we see multiple opportunities to expand the number of pharmaceutical manufacturers and brands using our platform in both the U.S. and Australia.
Our sales team is actively working on converting this pipeline, helping to drive growth and diversify our customer base. Regarding the expanded scope of practice, we are exceptionally well-positioned for its continued rollout across Australia and are dedicated to maintaining our leadership in this area with an expectation that we will start to generate revenue in late FY25. Fourth, our THRiV platform has played a crucial role in the adoption of omnichannel solutions. However, we're only at the beginning. We see additional market opportunities, particularly in specialty medications, where we intend to enhance engagement and drive behavior change. And in ANZ, we're excited by ongoing growth opportunities through expanded services, including telehealth consultations and e-commerce. We look forward to rolling out even more services over the next several years.
Together, these initiatives underline our commitment to sustainable growth, widening our reach, and delivering exceptional support to both patients and pharmacy partners as we aim for another strong year ahead. Moving to slide 21. Before I turn this back over to Linda, I want to emphasize that we are very pleased with our FY24 results. We are focused on the right priorities, as I've mentioned, and we are confident that the fundamentals of our business are in place to support solid growth in FY25. With that in mind, we do need to make sure that we are continually evaluating options to maximize shareholder value. So this morning, in line with our ongoing planning, we announced the launch of a formal review process to evaluate strategic options for our business. The board believes that our current market valuation does not accurately reflect the true value of our underlying business units.
This process will focus on evaluating options that will unlock value for shareholders and drive speed to value for the market. We've engaged the financial and legal advisors to assist in this process. However, there can be no assurance that the review process will result in any transaction or any other change or outcome for MedAdvisor. The process is expected to take up to three months. During this process, our focus remains on business as usual, advancing our immediate FY25 priorities, executing on our five-year strategic plan, as well as Transformation 360 with minimal disruption. And finally, we do not intend to make any acquisition or undertake an associated capital raise while the review process is undertaken. So we will update the market if and when we have more to say. But I want to thank everybody for their time today.
This concludes my presentation, and I'll now hand it back to Linda for the formal part of today's meeting.
Thank you, Rick. We will now move to the formal part of the meeting, after which we'll answer any general shareholder questions. The notice of meeting was sent to all shareholders on the 9th of October, 2024. A copy of the notice of meeting, the annual report, and the company's constitution are available at the online meeting site for this meeting should any member wish to refer to them. I propose that the notice of meeting be taken as read. Voting on all resolutions at the meeting will be conducted by poll. For the purposes of the poll, I appoint Chris Dietrich of Computershare to act as returning officer and to conduct the poll. Computershare had prepared the summary of all proxy votes received prior to the proxy cutoff time.
Votes will be counted after the end of the meeting and the results published on the ASX. Again, I'd like to remind shareholders in attendance today that have already submitted a vote by proxy prior to the meeting that your votes will already be counted towards the poll. You do not need to lodge another vote unless you wish to change your proxy instruction. Shareholders in attendance that have not submitted a vote by proxy and wish to vote on the resolutions being put to the meeting today can do so by completing the voting card handed to you on arrival for those here in person, or by following the instructions provided in the notice of meeting for those attending online. For those attending online to lodge your vote, click on your response under each resolution.
Please note that the online voting portal is open and will remain open until the poll is declared closed. Your votes must have been submitted prior to the poll being closed for them to count, and I will provide you with ample warning before the poll is closed. I will now pause for a moment to see if there are any questions in relation to the voting process .
No questions at this time. Thanks, Linda.
Thank you. Proxies have been inspected, and all those validly lodged have been accepted. These proxy votes will be set out on the slideshow and against each resolution. Proxies have been received representing 379,640,782 shares, or 68.86% of the issued capital of the company. All undirected proxies or open votes that have nominated the Chair of the meeting as their proxy will be cast in favor of each resolution in the notice of meeting.
Annual accounts. I refer to the first item of business on the notice of meeting and table the annual report, including the financial statements for the year to 30th of June 2024, and the reports of the Directors and A uditors thereon for consideration by members. Members should note that the financial statements and reports are not tabled for approval, but simply discussion. A representative from our auditors, RSM Australia Partners, is in attendance to answer any questions relevant to the conduct of the audit and the preparation and content of the independent auditor's reports. Are there any questions on the financial statements or the reports of the directors and auditors?
No questions online. Thanks, Linda.
Let's move to Resolution One, the adoption of the remuneration report.
I refer to Resolution One of the notice of meeting and propose as a non-binding ordinary resolution that for the purposes of Section 250R(2) of the Corporations Act and for all other purposes, approval is given for the adoption of the remuneration report as contained in the company's annual report for the financial year ended 30th of June 2024. Are there any questions on the resolution?
No questions online. Thanks, Linda.
The proxies received in relation to Resolution One are detailed on the screen. I now put the resolution to the meeting. Shareholders can vote via the online portal on the vote tab or by completing the voting card if here in person. At the end of the formal business of the meeting, we will conclude voting via poll on all resolutions and advise the outcomes of the votes as soon as possible thereafter.
Resolution Two, the re-election of Director Ms. Linda Jenkinson. I would like, given that this relates to my re-election, I appoint Kate Hill to be Chair to read Resolution Two.
Thanks, Linda. I refer you to Resolution Two of the notice of meeting and propose by ordinary resolution that for the purposes of Clause 14.2 of the Constitution, ASX Listing Rule 14.4, and for all other purposes, that Ms. Linda Jenkinson, a Director, retires by rotation and being eligible, is re-elected as a Director. Before I take questions on this item of business, I invite Linda to speak to the meeting.
Thank you, Kate. I'm honored to be considered for re-election. I've been on the board of MedAdvisor for just about three years. I've got more than 10 years of experience on ASX and NZX listed companies, more than 25 in the U.S.
I've had more than 30 years supporting the either leading or supporting growth companies. I'm very proud of the accomplishments of MedAdvisor and my term as Chair, which include a board refresh, management refresh, the acquisition of GuildLink, the development of a new five-year strategic plan, and the delivery of our first major milestone, Pathway to Profitability. I'm committed to support MDR in achieving our future growth and look forward to continue serving. Thank you very much.
Thanks, Linda. Are there any questions on this resolution?
No questions online. Thanks, Kate.
Thank you. The proxies received in relation to Resolution Two are detailed on the screen. I therefore put the resolution to the meeting. So I'll now hand the Chair back to Linda for the remainder of the meeting.
Thank you, Kate. We'll now turn to Resolution Three, the re-election of Director Mr. Jim Xenos.
I refer to Resolution Three of the notice of meeting and propose by ordinary resolution that for the purpose of Clause 14.2 of the Constitution, ASX Listing Rule 14.4, and for all other purposes, Mr. Jim Xenos, a director, retires by rotation and being eligible, is re-elected as a Director. Before I take questions on this item of business, I'd like to invite Jim to speak to the meeting.
Thank you, Linda. I feel very privileged to be considered for re-election. I'm a significant shareholder, and I have a deep industry understanding and knowledge and relationships over the last 30 years that I look forward to continuing to bring to the board to complement the attributes of our other board members and to fulfill the strategic goals and financial goals of the company. So I look forward to serving or continuing to serve if I'm re-elected.
Thank you, Jim.
Are there any questions on the resolution?
No questions through the online platform. Thanks.
The proxies received in relation to Resolution Three are detailed on the screen. I therefore put the resolution to the meeting. Resolution Four, the issue of employee incentive options to Mr. Richard Ratliff, CEO and Managing Director. I refer to Resolution Five of the notice of meeting and propose by ordinary resolution that for the purpose of Listing Rule 10.14 and for all other purposes, approval is given for the issue of 334,791 options exercisable at nil on or before the 30th of July 2034, tranche one options, and 425,268 options exercisable at AUD 0.54 on and before the 30th of July 2034, tranche two options. These options are issued under the company's long-term incentive plan to Mr. Ratliff on the terms set out in the explanatory statement. Are there any questions on the resolution?
No questions online. Thanks, Linda.
The proxies received in relation to Resolution Four are detailed on the screen. I now put the resolution to the meeting. Resolution Five, the renewal of proportional takeover bid approval. I refer to Resolution Five of the notice of meeting and propose by ordinary resolution that the company renews its proportional takeover provisions rule as set out in Rule 36 of the company's constitution for three years from the date of the 2024 annual general meeting. Are there any questions on the resolution?
No questions online.
The proxies received in relation to Resolution Five are detailed on the screen. I now put the resolution to the meeting. That concludes the resolutions to be voted on today. As noted, we are conducting a poll on all resolutions. I note the poll is already open.
Can all shareholders voting online please now ensure that they have submitted their votes. I will allow another minute before the poll is closed. If you have any questions in relation to the submission of online votes, please send them through the Q&A function now. I will also ask those shareholders present and voting at the meeting to complete your voting cards and provide them to the representative from Computershare. I'll now wait one minute for that to occur. Okay. Jane, have there any questions been lodged?
Yes, I have a couple here relating to general business, so perhaps Rick might like to respond to these. The first is one Q revenue was.
Sorry, Jane, just before that, we're just around the conducting of the poll, and in one minute I'll ask you general Q&A.
Oh, sorry. No questions relating to the poll. Apologies.
Okay. That's okay.
So there being no further questions on the resolutions, I declare the poll closed, and that concludes the formal part of the business for the meeting today. Computershare will now process the poll, and the results will be announced to the ASX once they are available. We will now move to general Q&A, and we will take the opportunity to open for general questions regarding the company. So, Jane, back to you now on our questions.
Okay, thank you very much. So the first question is, I would suggest for Rick, one Q revenue was surprisingly flat. What is the outlook for revenue growth going forward, and can you provide some color?
Sure. Thanks, Jane. First quarter revenue was up slightly over first quarter of FY24, and we had a few reported operational issues. Absent those operational issues, revenue growth would have actually been closer to 10% or higher.
As a result, that would have been somewhat in line with the expectations on growth for the quarter. So actually, the quarter itself was in line with what we expected it to finish, absent, again, the operational issues. The operational issues we've identified, and we've actually addressed both the concerns in the United States as well as Australia, and we don't expect any recurrence of those particular issues going forward. Some of the revenue not recognized in the first quarter will carry over into the second quarter. And I guess in relation to revenue growth, as we look at our business as a whole, particularly and we pull back and look at the United States business specifically, the United States business as a whole is actually more of a seasonal business, as most know. And we do expect to see some quarter-to-quarter movement on an ongoing basis.
However, we look at the overall performance in relation to the year, and our current view on FY25 is that our finish for the year should be somewhat in line with the consensus on analysts that are reporting on the business and the market.
Thanks, Rick. So the other question here was related to outlook for forward contracted revenue. So I think you've probably covered that in those comments.
Okay. Thank you.
Okay.
Any other questions, Jane?
No, I think we're good at this time. Thanks, Linda.
Any questions? At this time, we have no further questions, but if there are any questions shareholders would like to ask after this meeting, you may email those through to us at corporate@medadvisor.com.au. It is now time to close the MedAdvisor's 2024 annual meeting.
As there is no other business that can be properly brought before this meeting, I now formally declare the meeting closed. As advised earlier, the results of the.