Medinotec Inc

medinotecinc.com

What Do They Do?

Designs and manufactures medical devices for cardiology and airway procedures, and distributes cardiology and renal dialysis products for healthcare providers and distributors.

How Do They Make Money?

Healthcare providers and distributors pay for the company’s self-manufactured medical devices and third-party products it distributes. Products are billed and shipped per order, with payment tied to each shipment.

revenue

Segment	Share	How money arrives
Outside U S A Internally Designed Manufactured Sales Sold outright	10% FY2023: 98%	Sold outright
Outside U S A Distribution Agreement Sales Sold outright	84%	Sold outright
Inside U S A Internally Designed Manufactured Sales Sold outright	6.3% FY2023: 2.2%	Sold outright

Who Are Their Customers?

Hospitals, clinics, healthcare providers, distributors and institutions buy the company’s products. Sales go through distributors and sub-distributors, as well as through a direct sales force in some cases.

Customers above 10% of revenue, FY2026

of revenue from one customer

FY2025: 88% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 8 cents of every revenue dollar as net income in FY2026 and turned 9 cents into free cash flow.

Operating income, FY2026

11% of revenue

▼ −66% vs FY2025 ($3.2M, 35%)

Net income, FY2026

8% of revenue

▼ −63% vs FY2025 ($2.2M, 24%)

Free cash flow, FY2026

9% of revenue

▲ +15% vs FY2025 ($788.8K, 9%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q2 FY2027, the three months to Aug 31, 2026

Revenue: ▼ −1%; vs $3.2M in Q2 FY2026
Net income: ▼ −88%; vs $346.6K in Q2 FY2026

Outside U S A Distribution Agreement Sales share of revenue vs 86.3% in Q2 FY2026

Export sales management The older report says the company brought export activities in-house after ending its sales relationship with Minoan Medical. The latest report says exports are managed directly from South Africa by the company’s export manager.

U.S. commercialization The older report described plans to begin U.S. sales and build an export network there. The latest report describes U.S. sales activity and says the company facilitates U.S. sales through Medinotec Inc.

Revenue over time

Outside U S A Internally Designed Manufactured Sales Outside U S A Distribution Agreement Sales Inside U S A Internally Designed Manufactured Sales

$10M$5M$0

FY2023 FY2024 FY2025 FY2026

Who Do They Compete With?

Competes with Johnson & Johnson, Boston Scientific, Cook Medical, Cordis, B. Braun, Teleflex, Medtronic, Merit Medical, Endotec, Conmed, and Cadence

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