History & Milestones
Compumedics was established in Melbourne in 1987, when Dr. David Burton, the Executive Chairman, was approached by Dr. Murray Johns of the Epworth Medical Clinic in Melbourne to design and install the first Australian, fully computerized Sleep Clinic.
Following the success of the Epworth Sleep Clinic installation in 1989, Compumedics focused on the development of products that sold into the growing Sleep Clinic market and the home monitoring market. This led to the release in 1991 of Compumedics’ S-Series laboratory sleep system and later the P-Series portable systems.
Compumedics achieved technology endorsement, when in 1995, NASA chose its P-Series for two separate contracts, the first involving Space Shuttle mission preparation, and the second the international space station mission preparation. The P-Series was further endorsed when the Company won the right, against considerable international competition, to supply diagnostic equipment to the largest sleep study in the world, the USA-funded Sleep Heart Health Study (SHHS).
Compumedics obtained its first FDA clearance in 1997 and in 1999 Compumedics established an office in Minneapolis, Minnesota USA.
Compumedics listed on the Australian stock exchange in Dec 2000.
In April 2002, Compumedics purchased Neuroscan, the world’s premier developer of EEG and Evoked Potential systems for neurological research. This purchase firmly secured Compumedics position as a leader in this rapidly growing field of medicine.
In 2004 Compumedics acquired DWL, a German based pioneer in the field of transcranial doppler blood flow analysis.
With these acquisitions consolidated the company experienced a period of strong growth leading up to the global financial crisis of 2008 when world markets and spending on healthcare capital markets collapsed. Following the GFC, Compumedics – then a purely Australian based manufacturer – was confronted with the challenge of a rapidly rising Australian dollar.
Given these very difficult conditions Compumedics board and management made the decision to completely overhaul the business in order to not only survive but thrive in the new environment. A plan was developed for the company to be able to grow revenue, earnings and shareholder wealth despite the Aussie currency trading at parity to the US dollar. It is important to note that despite the difficult operating conditions that persisted during these years, and many of the company’s competitors failing or being acquired at bargain prices, Compumedics never lost its market leading positions and retained its focus on R&D and innovation.
Management, the board and employees spent the next few years implementing the new strategy and in 2013/14 Compumedics successfully returned to operating profitability.
In 2015 with the effects of off-shoring manufacturing and assembly, revitalising the product range through extensive R&D to open up new markets and the Aussie dollar returning to a more normal level Compumedics was able to achieve $2m Net Profit After Tax, more than double the prior year, with the company now in a position to continue to drive earnings growth and further shareholder wealth in the years to come. As a result of this turnaround shareholders have been rewarded with the stock price surpassing decade highs in 2015.
With the full effects of the above strategy yet to flow through to earnings, the company’s push into the exciting and potentially very lucrative e-Health space, strong earnings growth in FY16 and growing investor interest the future looks very bright for Compumedics.
Milestones and Highlights
Compumedics’ Neuroscan Orion LifeSpan™ MEG receives US Food and Drug Administration (FDA) approval in the United States, following installation at Barrow Neurological Institute in Arizona. USA sites can now use the MEG for routine clinical examinations and bill for insurance reimbursement. This is a significant milestone for the company’s MEG sales and marketing efforts.
Compumedics announces successful Orion LifeSpan™ MEG installation at USA’s
Barrow Neurological Institute. This the largest contract in Compumedics’ history, opening a
pathway to the multi-billion dollar brain imaging market.
Compumedics signs a master agreement with leading US-based healthcare provider, Adventist Health System. The agreement is for Compumedics to be an Adventist’s qualified vendor across all 48 of their hospital campuses, for supply of Compumedics suite of sleep, neurological monitoring, and brain research (Neuroscan) systems and consumable/supplies range.
Compumedics signs a distribution agreement with Fukuda Denshi Co., Japan, opening a new market for the Compumedics neuro-diagnostic product range in Japan.
New product released: ONsight A.V.S., ambulatory EEG video solution.
Compumedics partners with Diabetes Australia & Deakin University to tackle Australia’s Sleep & Diabetes epidemic
Compumedics wins major multi-million dollar MEG brain imaging contract with world-renowned USA’s Barrow Neurological Institute
Growth in China – Compumedics confirms strength in China with over $5M in sales
Compumedics wins major neurological monitoring contract with leading European Epilepsy Centre in Bielefeld-Bethel, Germany.
Successful completion of $6.5M capital raising
Major license and technology transfer agreement with Korea Research Institute of Standards and Science for access to state-of-the-art brain imaging MEG technology
Signs $3M neuro-diagnostics contract with Chinese distributor, Bestmed
New patent grant underpins growth opportunities for Compumedics DWL
-new product development based on patent for system of detecting and treating blood vessel stenosis or occlusions
$7.5million sleep diagnostics contract with Beijing Bestmed accelerates Compumedics strength in China
Compumedics receives $600k order to fit out the neurology department at the new Perth Children’s Hospital in Australia
ehealth Business focus in Asia
New contract signed with Bestmed (China) with potential revenue of US$5 million over the next three years growing to US$13.2 million within five years. Company has now secured total contracts for its eHealth platform with potential incremental revenue of US$9.1 million over the next three years.
New Products Released
ProFusion Sleep 4 – World Class PSG diagnostic software
ProFusions EEG5 – World Class EEG Neurology diagnostic software
Beijing Bestmed, Compumedics’ China-based distributor invests $0.5 million, becoming a top 10 shareholder – this injection of funds contributes to Compumedics’ further growth in the China region.
Secured Significant US LTEM site representing a combined US$1 million of new business – further strengthening the future growth in the neurology market
Compumedics celebrates its 25 year Silver Jubilee anniversary
Neuvo LTM – world’s first 512 channel system is released to market – the Ultimate Long-term monitoring system
Compumedics achieves a world’s first in Brain Monitoring – the Yale New Haven medical center has produced brain EEG scans using the new Compumedics Neuvo. This breakthrough represents a major enhancement in diagnostic capabilities for evaluating patients requiring surgical correction for epilepsy.
Grael HD-EEG – high definition EEG is released to market
CURRY Scan 7 Neuroimaging Suite is released – Compumedics Neuroscan released its combined acquisition and signal processing software
Compumedics introduces direct selling in France
Compumedics inaugural attendance at the China Medical Equipment Fair, Shenzhen
Milestone EEG contract to equip the new and internationally acclaimed Royal Children’s Hospital Melbourne with Compumedics Neuvo LTM.
Compumedics Somnilink SPAP receives CE and TGA clearance
Compumedics Grael receives FDA clearance
Compumedics is recognized as one of Australia’s top 100 Health Innovators though its’ world leading devices for sleep diagnostic
Compumedics Home Sleep Testing System selected for use in U.S. National Institute of Health (NIH)-sponsored Multi-Ethnic Study of Atherosclerosis (MESA) Sleep Study
Compumedics releases Grael
Compumedics is named a Finalist at the Australian International Design Awards
Compumedics Grael wins Powerhouse Museum Award
Compumedics releases ProFusion EEG4
Compumedics DWL wins Innovation Grant
Compumedics DWL division received the top 100 German Innovation award
Compumedics and Chairman inducted into Victorian Manufacturing Hall of Fame and Honour Roll
Compumedics is awarded the 2006 Frost and Sullivan European Sleep Diagnostics and Associated Data Management Systems Market Technology Leadership of the Year Award.
Compumedics Somte PSG receives CE Mark and TGA Clearance
Compumedics is awarded the Frost and Sullivan Technology Leadership award for the innovative Somté recorder product
Compumedics establishes Compumedics DWL for blood flow Doppler technology.
Compumedics acquires German based DWL Elektronische Systeme GmbH, global leader in brain blood flow diagnostics.
Compumedics signs the largest distribution deal to date worth AU$10 Million with Draeger Medical (Germany)
Compumedics received notification from the FDA that its Somté System have received 510(k) clearance.
Compumedics received the 2003 Frost and Sullivan Award for Market Expansion Strategy
The Federal Trade Minister, the Hon. Mark Vaile MP officially opened the new purpose built 6000m2 Compumedics Manufacturing facility in Abbotsford.
Compumedics Somté receives approval by the European Union to Market
Compumedics and Dräger Medical Germany signed letter of intent for the supply and development of sleep diagnostic technology.
Compumedics’ First acquisition – Neuroscan.
Compumedics won the 2001 Australian Export Award for Small to Medium Manufacturers.
Compumedics wins the 2001 Governor of Victoria Export Award for Small to Medium Manufacturer and The Governor of Victoria, John Landy, presents the award in person.
Compumedics won the AVCAL (Australian Venture Capital Association Limited) award for Best Early Stage Investment for 2000/2001.
Compumedics received notification from the FDA that its Siesta Systems have received 510(k) clearance.
Compumedics was listed on the Australian Stock Exchange.
Compumedics received notification from the FDA that its E-Series EEG Systems have received 510(k) clearance.
Compumedics’ Siesta Physiological Monitoring System won the Australian Design Award for Software and Electronics Design.
Australia’s National Innovation Summit (Melbourne, February 2000), highlighted and presented Compumedics as one of the Nation’s leading case studies.
Compumedics was named Small Business of the Year at the Telstra and Australian Government Small Business Awards.
The Hon Peter Reith MP, Minister for Workplace Relations and Small Business presented the award in person.
Compumedics won the AusIndustry Innovation Award at the Telstra and Australian Government Small Business Awards.
The Hon Peter Reith MP, Minister for Workplace Relations and Small Business presented the award in person.
Compumedics was a national finalist in the Ansett Australia Business Owner Awards at the Telstra and Australian Government Small Business Awards.
The Hon Peter Reith MP, Minister for Workplace Relations and Small Business presented the award in person.
Compumedics was named Small Business of the Year at the Telstra and Victorian Government Small Business Awards. The Hon. Marsha Thomson MP, the Minister for Small Business, Victoria presented the award in person.
Compumedics won the AusIndustry Innovation Award at the Telstra and Victorian Government Small Business Awards. The Hon. Marsha Thomson MP, the Minister for Small Business, Victoria presented the award in person.
Compumedics won the Ansett Australia Business Owner Awards at the Telstra and Victorian Government Small Business Awards. The Hon. Marsha Thomson MP, the Minister for Small Business, Victoria presented the award in person.
Compumedics won the Victorian Institute of Engineers Engineering Excellence Award, in the Telstra IT & Communications category, for its “Ambulatory Ubiquitous Telemedicine Patient Monitoring System”, which is featured in:
- the forthcoming Siesta Wireless Sleep Monitoring System
- fatigue monitoring in the the new aXcess Hybrid Electric Vehicle
- monitoring of athletes at the Australian Institute of Sport for the Sydney 2000 Olympics.
Compumedics announced its patented Vigilance Monitoring technology, which will be used in the latest Low-emission Concept Car.
Compumedics was awarded the 1999 Business Asia Best Australian Small Medium Business Activity in Asia Award, which was sponsored by Citibank.
Compumedics was named Australian Exporter of the Year. The Minister for Trade, the Hon. Tim Fischer MP of Australia presented the award in person.
His Excellency, the Hon. Sir James Gobbo, A.C., Governor of Victoria, visited Compumedics, formally congratulating the company as the winner of Australia’s prestigious Exporter of the Year title and Victorian Exporter of the Year title.
Compumedics was awarded the Commonwealth Bank Small to Medium Innovative Manufacturer Award.
Compumedics won the Australian Design Award for Software & Electronics Design.
Compumedics was awarded the 1998 Governor of Victoria Award for Victorian Exporter of the Year.
Compumedics was awarded the 1998 Governor of Victoria Export Award for Small to Medium Innovative Manufacturer.
The Hon. Mark Birrell, MP, Minister for Industry, Science & Technology visited Compumedics, announcing Compumedics as the 1998 Victorian Exporter of the Year.
Compumedics was awarded the 1998 AusIndustry Innovation Award.
Compumedics was awarded the 1998 Telstra Innovation Award.
Compumedics was a finalist in the IBM Business Owner Award.
Compumedics was a finalist in the Australian Design Awards for Engineering.
Compumedics was a finalist in the Business Asia Awards for the Best use of Australian Technology in Asia.
Compumedics was a finalist in the Business Asia Awards for the Best Australia-Asia Business Ties.
Compumedics was a finalist in the Business Asia Award for the Best Australian Service Activity in Asia.
Compumedics was a finalist in the Business Asia Award for the Best Australian SME Business Activity in Asia.
Deloitte Touche Tohmatsu and BRW presented Compumedics with an Outstanding Performance Business Award for the top 30 fastest growing private companies – 1998.
Compumedics announced an OEM distribution agreement for the USA market.
It is estimated that 40 million Americans currently suffer from sleep disorders, which is sixteen percent of the population, and that number is expected to reach 51 million by the year 2001.
Price Waterhouse and BRW presented Compumedics with an Outstanding Performance Business Award for the top 50 fastest growing private companies – 1997.
Compumedics won a Highly Commended Award at the Australian Engineering Excellence Awards. It was for the P-Series Portable
Patient Monitoring System.
Compumedics was awarded the 1997 Premier’s Award for Technological Innovation in the Telstra & Victorian Government Small Business Awards.
Compumedics was a finalists in the Manufacturer category of the Telstra & Victorian Government Small Business Awards.
Compumedics received notification from the FDA that its P-Series and S-Series Sleep Systems have received 510(k) clearance.
Compumedics moved from their 3500 square foot factory to a 20,000 square foot factory in Abbotsford, Melbourne. The factory is designed to provide high reliability and low static manufacture of Compumedics’ equipment in accordance with ISO9001 (Total Quality Management for Design, Sales and Installation), IEC 601-1 (Patient Safety Standards), and CE (Good Manufacturing Practice).
Compumedics and Prof CE Sullivan (University of Sydney) established the Asia Sleep Network business program for the promotion of exports of sleep equipment to the Asia Pacific Region.
The Hon. Mark Birrell, MP, Minister for Industry, Science & Technology, awarded Compumedics with a Competitive Export Manager Grant.
Compumedics launched a world first telemedicine link which allowed sleep disorder patients in China to be diagnosed simultaneously by experts in China and Australia. The hook-up allowed real-time transfer of live physiological data and radiology images. Linked together were leading international sleep disorder experts, Australia’s Professor Colin Sullivan and China’s Professor Wang Ting-chu – the Chinese Health Minister, Chen Minzhang, and NSW Health Minister, The Hon Dr Andrew Refshauge, via an international video link-up.
Compumedics were awarded the European CE mark for Quality and Good Manufacturing Processes.
The Hon. Jeff Kennett, MP Premier of Victoria attended Compumedics headquarters as a key speaker and witness to the ceremonial signing of the $15 million USA and Germany export distribution agreement. For the ceremony, Compumedics set-up a real-time telemedicine physiological data link-up between the USA’s Moshe Reitman (founding chairman of the board of Registered Polysomnography Technology) and Compumedics’ headquarters in Australia.
Compumedics won the contract to supply medical hardware for the International Space Station’s Human Research Facility (HRF) under contract to NASA.
Compumedics’ patient monitoring equipment was chosen for the “FAST CAR” television programme on the Discovery Channel. It was used to monitor drivers from the Porsche, Corvette and Ferrari driving teams at the USA Montana racetrack, and was aired in 40 countries to an estimated audience of 50 million. Compumedics equipment was chosen because of its portability and sophistication.
Compumedics conducted its first International Sleep Technology workshop with guests from Thailand, Singapore, Germany and Australia.
Compumedics sponsored its first RITS teleradiology workshop. It was co-hosted with Australian distributors Agfa and All Things X/Ray, two of Australia’s leading medical imaging distributors.
Compumedics restructured under Compumedics Holdings Company: Compumedics Sleep Pty Ltd, Compumedics Telemed Pty Ltd, and Compumedics Neuro Science Pty Ltd.
Nomura/JAFCO invested in Compumedics Sleep, effectively capitalising that company at $30 million. Nomura/JAFCO is a joint venture between the Nomura Securities Company and Japan Associated Finance Company (JAFCO). Nomura Securities is Japan’s largest investment bank with shareholder funds of US $19.6 billion and 63 offices in 25 countries. JAFCO is a Venture Capital Fund Manager
with US $2 billion under management. Nomura/JAFCO represents one of the Asia Pacific Region’s strongest capital investment funds. Nomura/JAFCO’s strategy in Australia is to concentrate on investment activities in value-added manufacturing and in companies that control “leading edge” technology. In particular, Nomura/JAFCO is targeting investment opportunities in industries in which Australian companies have a competitive advantage and are well positioned to capitalise on the anticipated growth in Asia over the next five
years. Compumedics sees the relationship with such a respected and high-profile Asian investor as a positive indication of continued business and support with the Asia region.
Compumedics was granted IEC 601-1 patient safety certification for its S-Series and P-Series products.
Compumedics won the competitive US Government-funded contract to supply the equipment for the world’s largest sleep study (6000 patients). The five year Sleep Heart Health Study (SHHS) was won against a field of 22 competitors, including multi-nationals. Compumedics supplied 40 P-Series Sleep Monitoring Systems along with 9 replay and 6 analysis systems. The equipment selection committee was made up from sleep experts from 11 leading University Hospitals across the USA.
Compumedics entered into co-operative research with UCSD Physiology/NASA Space Laboratory.
NASA chose Compumedics P-Series Portable Sleep Monitoring System for the 1998 Neuro-mission Space Shuttle flight preparations.
Compumedics entered into co-operation with the US$5 billion dollar Japanese conglomerate, Teijin for the development of the Japanese sleep market.
Compumedics equipment was chosen for China’s first sleep workshop at the Peking Union Medical College. Compumedics’ diagnostic systems were demonstrated under the supervision of Professor Huang.
Philips Telecommunications chose to license Compumedics ISDN telecommunication software which was among the first software in the world to offer ISDN services under Microsoft Windows 3.1. Compumedics ISDNWIN software is a product allowing ISDN high-speed file transfers and will allow 20Mb sleep studies to be transferred in approximately 10 minutes.
Compumedics developed its Paperless EEG system in conjunction with world-renowned EEG researchers and technicians including Dr Sam Berkovic and Mr Milosh Vosnansky of the Austin Hospital Neurology Department. This Neurology Department is recognised as a leading epilepsy center in the Southern Hemisphere. Compumedics Neurology technology continues to provide Compumedics Sleep leading EEG monitoring and analysis developments.
Compumedics was awarded a patent for its on-line analysis.
Compumedics established the Compumedics Paediatric Users Development Group.
Professor C.E. Sullivan (University of Sydney) and the NSW Minister for Health The Hon. Ron Philips MP, officially opened the Compumedics-equipped Royal Prince Alfred Hospital Center for Respiratory Failure and Sleep Disorders. This center operates in conjunction with the David Reid Laboratory (University of Sydney) and the New Children’s Hospital – Westmead (formerly the Royal Alexandra Hospital for Children). The opening ceremony featured a live telemedicine link between New Zealand’s Green Lane Hospital and RPAH utilising Compumedics remote real-time physiological monitoring technology.
Compumedics developed an EMG patient monitoring system.
The Industry Research and Development Board awarded Compumedics a Discretionary Grant against strong national competition. It was to assist the company in the development of its P-Series Portable Sleep Monitoring System.
Compumedics was awarded AS3901/ISO9001 Total Quality Management certification by NATA
Compumedics installed New Zealand’s first fully computerised sleep laboratory at Green Lane Hospital.
Agfa-Gevaert chose Compumedics Radiology Imaging Transmission Systems for exclusive distribution across Australia. These telemedicine developments continue to provide Compumedics Sleep with leading-edge telemedicine technology.
Compumedics established the first teleradiology system trials with Agfa-Gevaert.
Compumedics appointed its first export distributor, Fisher & Paykel, for the New Zealand market.
Compumedics was the first company to develop electronic connections between Sleep Disorder Centers both nationally and worldwide. Industry standard Bulletin Board Service (BBS) and Internet services were established.
Compumedics sleep equipment was chosen by the internationally recognised Sleep Disorder Center at the Royal Prince Alfred Hospital, Sydney. This center, under the direction of Prof. CE Sullivan (University of Sydney) was responsible for the breakthrough discovery in the treatment of sleep apnoea with nasal CPAP in 1981.
Compumedics established Australia’s (and one of the world’s, first) user group for computer-based sleep disorder centers.
This group incorporated many of the finest sleep researchers in Australia.
Compumedics announced the release of the P-Series Portable Sleep Monitoring System with features including intelligent CPAP control.
Compumedics released its S-Series optical erasable disk storage sleep systems.
Dr M.W. Johns and David Burton released an abstract: An improved Method for EEG Analysis and Computer-Aided Sleep Scoring. This system is the basis for Compumedics current sleep staging software that is now recognised throughout the world.
The Federal Minister for Science and Technology, the Hon. Mr. Barry Owen Jones, MP, officially opened Compumedics’ first sleep center installation at the Epworth Hospital Sleep Disorders Unit (Melbourne, Victoria) and declared the unit a world breakthrough. Time magazine and the television series Beyond 2000 both featured the Epworth sleep center. The first Compumedics installation blazed a trail for what was to become a flourishing Australian industry. In the ensuing years Compumedics have remained the market leader with over 70% of the market share and currently approaching 50 Compumedics sleep centers throughout Australia alone.
Managing Director David Burton founded Compumedics to design and manufacture medical electronics. He saw a clear need for such equipment in the international sleep disorder diagnosis market. Sleep problems are thought to affect about 10% of the population.
Prior to Compumedics, analysis and diagnosis depended, in large part, upon manual recording methods, which were very time consuming and costly to implement. The sleep monitoring system developed by Compumedics comprises powerful computer-based hardware and sophisticated software programs which eliminate thousands of pages of paper readings and countless hours of work by technicians, freeing them for more productive work.
David Burton, an electronic design engineer with various patents and intellectual property, was contracted to develop a computerised sleep laboratory by the Epworth Hospital, to the requirements of sleep specialist, Dr M.W. Johns.