COMPUMEDICS FURTHER STRENGTHENS GLOBAL GROWTH STRATEGY WITH LARGE NEURO-DIAGNOSTIC ORDER IN QATAR
- Compumedics has secured a USD 300K order from Qatar for its recently released Neuvo®, a long-term EEG monitoring (LTEM) system for use with epilepsy and other EEG-measurable indications
- The order confirms the appeal & market-leading edge of Neuvo® technology and further strengthens the Company’s global footprint in this key growth market
- Compumedics has now shipped approximately $27 million of the approximately $34 million in sales-orders on-hand for the year ended 30 June 2013. The Company will use its recently expanded financing capacity to ship the majority of the remaining $7 million of sales-orders on-hand through the end of the first quarter of FY2014
- Compumedics expects to return to profitability in the current financial year
Compumedics Limited (ASX: CMP) is pleased to announce that it has secured a USD 300K sales-order to supply its technologically advanced Neuvo® LTEM system in Qatar. The awarding of this latest LTEM deal for the Company is further evidence of the advanced features of the Neuvo® LTEM system compared to their competitors. Through this additional milestone achievement, the Company continues to build its global presence in this key growth market sector. The global neuro-diagnostic market including LTEM is estimated to be about $500 million per annum. Compumedics’ share of this market may be relatively small at this stage but it is evidence of the significant growth potential the Company has to increase its current position.
New Sales Orders on hand for $7.0 million
Compumedics can also announce that it has now shipped sales of approximately $27 million, compared to $27.9 million for the previous corresponding year, despite the working capital constraints that existed for most of the financial year to 30th June 2013. Whilst the Company will report a loss for the FY2013, it is expected that this loss will be significantly less than the previous year. Importantly, the Company expects to return to profitability during the first half of FY2014 as it not only ships the majority of the $7 million back-log sales orders and new orders received during the first half of FY2014.
In commenting on these significant company developments, Dr. David Burton, Chairman and CEO of Compumedics said:
“It is very pleasing to see the Company continuing to expand its global footprint in the neuro-diagnostic market. This area will continue to be a major growth focus for the Company and validates the Company’s on-going product development activities for this key growth market. The Company has now established initial footholds for these products in the key US and German medical devices markets, as well as in Australia. We will continue to build on this opportunity in Qatar and further tap the many opportunities available in Europe.
The Company is also very pleased to have achieved shipped sales of $27 million for the year ended 30th June 2013 given that for a large part of last financial year the Company was operating in a very restricted working capital environment. With this issue now largely resolved as recently announced to market, the Company can focus on shipping the remaining back-log of orders, restoring profitability and continuing to grow the Company profitably into the future.”