BUSINESS UPDATE – FY 2023
Compumedics Boosts Sales with $4.3m in Orders from China & First Okti® Sale.
Company on Track to Deliver $40m + Revenue for FY23
CORE BUSINESS HIGHLIGHTS
- Compumedics has now received sales order commitments from China that it had not booked at the half year, amounting to $4.3m (USD2.9m)
- Compumedics has also booked a $0.7m sales order to supply, amongst other items, its new Okti® neurological monitoring system to the Royal Children’s Hospital in Melbourne
- Compumedics re-affirms existing revenue guidance of more than $40m for FY23, with H2 FY23 EBITDA of about $2m and FY23 underlying EBITDA of about $1.0m, excluding MEG re-set costs from H1 FY23 of $6.9m
MEG and Somfit® Update
- Somfit commercialisation continues to progress in Australia and the USA towards initial product and SaaS contracts
- Compumedics continues to work towards the delivery of its second MEG sale to Tianjin Normal University (TJNU), China
Compumedics Limited (ASX: CMP) wishes to advise that, as noted in its Business Update at the financial half-year, the Company has now received new sales orders from China. These sales orders amount to AUD 4.3m (USD2.9m) and underpin ongoing revenues from China at pre-pandemic levels.
The Company is also pleased to announce its first significant Australia-based sale of Okti®, its new neurological monitoring platform, to the Royal Children’s Hospital in Melbourne. The Company is currently progressing other Okti® sales in Australia. Further, given FDA clearance in the USA, as announced on 8 March 2023, marketing and sales demonstration activities are underway in this key market for the Okti® technology. The Company has also made initial sales of Okti® in France, all of which points to this new neurological monitoring technology being favorably received by key markets around the world.
As a result, the Company re-affirms its existing revenue guidance of more than $40m for FY23, with H2 FY23 EBITDA of about $2m and FY23 underlying EBITDA about $1.0m, excluding MEG re-set costs from H1 FY23 of $6.9m.
Commercial opportunities and current activities for the Somfit consumer sleep device continue, including:
- Somfit® services and product have also been purchased for two large Insomnia studies currently underway in Australia, which will allow Compumedics to gather data to develop a deep learning algorithm for use in a future Insomnia related product
- Somfit® services and product have been purchased for evaluation in Occupational Health and Safety (OH&S) management in remote mining sites
- Somfit® services and product have been purchased for evaluation in pre-screening cardiac surgery patients
- Somfit® services and product have been purchased for evaluation as a patient monitor in the ICU (intensive care unit) setting
- Somfit® services and product are currently in pre-FDA evaluation discussions and assessments in the US
Compumedics continues to work assiduously towards delivery of its second MEG sale and its first MEG contract in Asia to Tianjin Normal University (TJNU) in Tianjin, China. As noted at the half-year, the Company is currently reviewing its MEG strategy with its partners in Korea, China & USA and will provide a further update to the market in due course.
About Compumedics Limited
Compumedics Limited [ASX: CMP] is a medical device company involved in the development, manufacture and commercialisation of diagnostics technology for the 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
Phone: + 61 3 8420 7300
Fax: +61 3 8420 7399
Phone: + 61 3 8420 7300
Fax: +61 3 8420 7399
Authorised for lodgement by Compumedics Limited’s Board of Directors