Medical Developments International Limited Medical Developments International Limited is an Australia-based specialised healthcare company that develops, manufactures and distributes innovative emergency medical solutions focused on acute pain management and respiratory care. Founded in 1971 and headquartered in Scoresby, Victoria, the company offers Penthrox (methoxyflurane), a fast-acting inhaled analgesic for trauma, procedural and emergency pain relief delivered via its patented green whistle device; an advanced range of Breath-A-Tech spacers and respiratory medication delivery devices compatible with pressurised metered dose inhalers for asthma and chronic obstructive pulmonary disease (COPD) management in hospital and home settings; oxygen delivery systems; carbon dioxide absorbers; portable nebulisers; peak flow meters; and veterinary anaesthetic machines and equipment. Its products are registered in over 40 countries across Australia, Asia, Europe, the United States and other regions, serving healthcare professionals, hospitals, ambulance services, sports medicine providers and veterinary markets with a focus on improving patient outcomes through industry-leading innovation. In recent developments, the company completed distribution transitions in France and Switzerland, including a new partnership agreement with Labatec Pharma SA in 2025 to accelerate commercialisation of pain management products in Switzerland; achieved 43% growth in Australian hospital volumes for Penthrox and 15% underlying demand increase in Europe during fiscal year 2025; gained paediatric indication approval in Ireland with further European approvals pending; reported group revenue of $39.1 million for fiscal 2025, up 18% year-over-year with improved margins and cash flow; and continues US expansion in the respiratory spacer segment while embedding Penthrox as a standard of care through enhanced partner engagement, real-world evidence and health-economic analyses.