Compumedics Receives Two New MEG Orders Totalling AUD 9.3M

Following the magnetoencephalography (MEG) system sale to China’s Tianjin Normal University (TJNU), currently being installed, Compumedics has received two further MEG sales orders from China.

Highlights:

• Two new sales orders to Tsinghua and Tianjin Universities
• Combined value of new sales orders is over USD6M (AUD9.3M)
• Installations will total three Compumedics MEG labs in China
• Compumedics expects to ship and install the new MEG systems in FY25

Compumedics Limited (ASX: CMP) (“Compumedics” or “Company”) is pleased to announce the confirmation of two new MEG contracts in Asia to Tsinghua and Tianjin Universities in China. These sales are via Compumedics’ long-term Chinese distributor for the Company’s brain research technology. The MEG systems, along with a host of peripherals including simultaneous EEG, stimulators, computers, and CURRY neuroimaging software, will ship to both Tsinghua and Tianjin Universities in FY25, due to the lead times associated with production of the MEG systems. One order is for two single-helmet MEG systems, and the other is for a dual-helmet MEG system. Both will be configured for hyperscanning (measurement of two subjects simultaneously to study their interaction). Compumedics expects to receive deposits this week securing the two new orders, with funds tied to shipment and installation due later in FY24 and then through FY25.

The new MEG contracts further establish Compumedics in the large and fast-growing Chinese neurosciences marketplace. Both universities’ selection of Compumedics was the result of a thorough technical review of all available MEG systems from multiple vendors.

Compumedics continues to achieve significant milestones in its continual development of the Orion LifeSpan™ MEG. These include high-quality paediatric recordings, simulated hyperscanning from both MEG sensor arrays and powerful analysis capability via the newly released CURRY 9.

Mr. Gordon Haid, Compumedics Global Neuro-Imaging Business Director, said:

“We are delighted to announce these new contracts following the ongoing installation of the first Orion LifeSpan™ MEG system in China. We continue to view China as an important and large source of opportunities for MEG scientific research which is currently underutilised in the country. The endorsement of now three universities serves as another significant step forward on our shared mission to advance understanding of the human brain. The universities highlighted hyperscanning capability, optimised simultaneous MEG/EEG and the flexible sensor helmet/subject position options as significant benefits of the Orion MEG design.”

Compumedics Executive Chairman, David Burton said:

“We are very pleased to receive these two additional MEG orders from China, which we regard as very important early adopters of our unique MEG technology offering. Whilst the business opportunity has taken longer than expected, we are now firmly on the path to commercialisation of our innovative MEG offering over the foreseeable future.”

About Compumedics Neuroscan Orion LifeSpan™ MEG

MEG is a functional neuroimaging technique for mapping brain activity by recording magnetic fields produced by electrical currents occurring naturally in the brain using very sensitive detectors. Compumedics has revolutionized MEG with the Orion LifeSpan™’s increased precision coupled with fully integrated CURRY brain analysis software. Over a 30-year period Compumedics has established the gold standard in neurophysiological multi-modality (including MEG, EEG, MRI, CT, SPECT, PET) brain analysis software. In parallel, over a 30-year period our technology partner, the KRISS MEG team led by Dr. Yong-Ho Lee, have produced the most advanced MEG brain imaging scanner.

At the heart of the Orion LifeSpan™ are MEG sensors based on Double Relaxation Oscillation Superconducting Quantum Interference Devices (DROS SQUIDs), which are patented and exclusive. They are significantly more accurate than conventional MEG sensors.

Additionally, a unique dual-helmet Dewar enables accurate measurements from adult and paediatric populations, along with hyperscanning. This includes a sensors-in-vacuum cooling system for more sensitive measurements. The dewar is coupled to a virtual 100% coolant recycling system with continuous operation. No refilling of helium is required and 24/7 operation is possible.

About Compumedics Limited

Compumedics Limited [ASX: CMP] is a medical device company involved in the development, manufacture, and commercialisation of diagnostics technology for sleep, brain, and ultrasonic blood flow monitoring applications. The Company owns US based Neuroscan, and Germany based DWL Elektronishe GmbH. In conjunction with these two subsidiaries, Compumedics has a broad international reach, including the Americas, Australia and Asia Pacific, Europe, and the Middle East.

Executive Chairman Dr. David Burton founded Compumedics in 1987. In the same year the Company successfully designed and installed the first Australian, fully computerised sleep clinic at Epworth Hospital in Melbourne. Following this early success, Compumedics focused on the development of products that sold into the growing international sleep clinic and home monitoring markets.

Compumedics listed on the Australian Securities Exchange in 2000. Over the years, Compumedics has received numerous awards, including Australia’s Exporter of the Year, and has been recognised as a Top 100 Innovator by both German and Australian Governments.

For further information please contact:

Dr David Burton
Executive Chairman, CEO Executive Director
Compumedics Limited
Phone: + 61 3 8420 7300
Fax: +61 3 8420 7399

David Lawson
Director, Chief Financial Officer
Compumedics Limited
Phone: + 61 3 8420 7300
Fax: +61 3 8420 7399

Authorised for lodgement by Compumedics Limited’s Board of Directors