Medical Disposables to open in Cayman, targets increased regional sales

 

 Medical Disposables and Supplies Limited (MDS) indicates that the company has entered a joint venture involving the formation of an entity in Cayman to for the distribution of pharmaceutical and medical products to hospitals, clinics and other healthcare related facilities both in Cayman and the wider Caribbean region.


Company formation, MDS said, began in October 2024 and is expected to be completed prior to financial year end March 31st, 2025. MDS Cayman will function as an associate company to MDS Jamaica that holds a 30 per cent stake.

MDS disclosed meanwhile that the Company has been appointed as a distributor of True Pet Food, developed for dogs in the Caribbean by the Caribbean Broilers Group, adding to its portfolio of hospital and medical supplies and beauty products.

The new Caribbean island targeted by MDS is among the world’s wealthiest. The Gross Domestic Product per capita in Cayman Islands was last recorded at 82, 929.30 US dollars in 2022.

The GDP per Capita in Cayman Islands is equivalent to 657 percent of the world's average. GDP per Capita in Cayman Islands averaged 82,041.90 USD from 2006 until 2022, reaching an all-time high of 96280.25 USD in 2007 and a record low of 76,617.54 USD according to UN Data.

MDS was founded in 2000 by Myrtis Boothe , operating from the trunk of a blue Volvo 850 - and later housed in a small room of a building at 18 Westminster Road in Jamaica. The company is now listed on the Junior Market of the Jamaica Stock Exchange and owns its own operating centres.

Having started out with medical disposables while focusing on pharmaceuticals, it has since expanded to fast moving consumer products including beauty items.

In March 2021 MDS bought a 60 per cent stake in St James-based Cornwall Medical and Dental Supplies for $275 million, renamed Cornwall Enterprises with MDS thereby adding three pharmacies and entering, by that means, the retail space.

CEO Kirk Boothe indicates in the most recent report for the second quarter ended September 30, 2024, that MDS Group achieved total sales of $907.74 million representing growth of 4.70 per cent or $40.79 million when compared with the corresponding period of 2023/2024.

This growth, he said, was driven by increased revenue from the medical division through the stabilization of the supply chain for key products in the portfolio, the introduction of new products as well as the onboarding of new customers.

For the six month period ended September the group had total sales of $1.88 billion, representing represents growth in sales of $87.97 million or 4.91 per cent over the comparative period of the prior year, due to higher sales of $152 million or 73 per cent increase in sales through the medical division.

Boothe outlined that sales for the pharmaceutical and consumer divisions were severely affected by supply chain challenges during Q2 and diluted the overall sales performance for the first half of the financial year.

The performances of the pharmaceutical division, consumer division and subsidiary Cornwall Enterprises Ltd were below the results for the comparative period in the prior year. This was due to the unavailability of some key products in these portfolios and the effects of the recovery efforts from hurricane Beryl.

Photo: CEO of Medical Disposables Kirk Boothe.

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