IQ Medical

A passion for progress

How MGI helped with a global expansion of operations and development of a comprehensive and competitive product.

The client

IQ Medical is an Australian owned and operated specialist ophthalmic company founded by Michael Scobie in August 2002. The business scours the globe to locate the best products for ophthalmologic purposes.

Medical supply and distribution have long been a highly competitive industry, but Michael’s business philosophy focuses not only on building a comprehensive range of equipment, but also ensuring product precision and consistency. The products are often designed specifically to IQ Medical’s own specifications, and it is this direct link to the manufacturing process that sets IQ Medical apart from global competitors.

The challenge

As is often the case for supply and demand business models, one of Michael’s biggest challenges has been the ability to forecast his finances. IQ Medical must ensure it always has a full range of products and equipment on hand, to effectively meet the needs of the hospitals. This requires a lot of careful planning and forward investing on IQ Medical’s end, with results and returns often not immediately realised.

MGI Adelaide has been there to help every step of the way.

How we helped

MGI Adelaide has been Michael’s accountant for 33 years, right from Michael’s first annual tax return. MGI’s work with IQ Medical includes cash flow planning, inventory planning, and staffing management.

Together, MGI and Michael have developed a business-modelling workbook that integrates the budgeting, cash flow, expenditure, and inventory programs, providing Michael with a clear idea of how IQ Medical is tracking.

“Our business growth goals are on track and we have a great team who really believe they’re making a difference.”

– Michael Scobie

The outcome

IQ Medical now employees 25 people across Australia with the head office located in Adelaide. The business brings in new products online whilst expanding its national teams to welcome new and passionate staff.

MGI has helped Michael’s business transform from the initial idea in 2002, through acquisitions, investor and shareholder transitions and business growth, to the enterprise it is today.

More client stories


How MGI helped Gluttony pivot with the challenges and moving parts of running an event in a COVID-19 environment.

Learn more