COMPUMEDICS LIMITED BUSINESS UPDATE: APPENDIX 4E RELEASE
Download Appendix 4E here (PDF)
Business Update: Appendix 4E Release
Current Performance Highlights:
- NPAT returns to profitability at $0.9m compared to a loss of $(1.5m) for the year ended 30 June 2013. EBITDA substantially higher at $3.0m compared to $0.3m for the year ending 30 June 2013.
- Revenues shipped and invoiced increased 13.6% to $30.8m, compared to $27.2m for the previous year.
- The US, Asia (including China), Middle East and the DWL business all posted growth in shipped and invoiced sales, with growth of 19%, 8%, 4% and 26% respectively. Australia and Europe were consistent with prior years.
- $6.0m sales orders on-hand, despite improved shipping performance, highlights continuing solid new sales order flow into the Company. The sales orders on hand will be further reduced during first half of FY2015.
- Cash on hand and debt levels were stable during the period, with cash and debt at $1.1m and $2.0m respectively, compared to $1.2m and $2.3m in FY2013.
- Company currently reviewing on-going financing needs to better meet business requirements and to look to reduce financing costs.
- The Company’s previously articulated expansion strategy focused on a greater footprint in sleep diagnostics, expansion into the neuro-monitoring and Long-Term EEG Monitoring (LTEM) market and entry into the sleep-treatment market, remains on track, and will be accelerated with the strengthening of the Company’s financial position now that profitability has been restored.
Leading Australia-based medical device company, Compumedics Limited (ASX: CMP), is pleased to announce restoration of full year profitability for the year ending 30 June 2014, following the profitable first half year results. Comparable shipped and invoiced sales were $30.8m compared to $27.2m in the previous year. Importantly, the Company returned to profitability at $0.9m compared to a loss of $(1.5m) in FY2013 and increased profitability at EBITDA, generating a $3.0m profit compared to $0.3m in the previous year. The Company took new orders in the year of $28.2m, resulting in $6.0m of sales orders on hand at 30 June 2014.
The Company should continue to reduce its carry forward sales orders given the improved financial performance of the business and also its continuing activities to seek and secure financial facilities that will continue to meet the needs of the Company at a cost competitive rate.