Report: Compumedics Business Update H1 FY19 Results
Compumedics (ASX: CMP) Continues to Deliver Solid Profitability, Growth & Efficiency
Compumedics Limited (ASX: CMP) (“Compumedics” or “Company”) wishes to announce its financial results for the half-year ended 31 December 2018 (H1 FY19).
PERFORMANCE HIGHLIGHTS H1 FY19
- Shipped and invoiced sales increase 16% over H1 FY18 from $16.1m to $18.7m (12% on a constant currency basis)
- Asia-based sales increase 37% over H1 FY18 sales (24% on a constant currency basis) and USA-based sales increase 19% over H1 FY18 sales (11% on a constant currency basis)
- Germany-based DWL experienced a 51% lift in sales compared to H1 FY18 (35% on a constant currency basis)
- Profitability (EBITDA) improves to $1.5m for the six months to 31 December 2018 compared to $1.1m for H1 FY18, driven by sales growth at a constant gross margin of 58%
- Sales orders taken were $18.7m for the six months to 31 December 2018 resulting in sales orders on-hand at 31 December 2018 of $7.3m compared to $6.9m at 30 June 2018
- Core business:
- Profitability grows, with growing sales in key markets in Asia, USA and Europe
- Selective investment has been undertaken to grow the sales and marketing capability of the Company
- Continued product innovation and development
- Orion MEG:
- Compumedics/Neuroscan continues to build its new Orion MEG system, with KRISS, its Korean partner, for expected installation at USA-based Barrow Neurological Institute in H2 FY19
- The Company continues to pursue other near-term identified Orion MEG opportunities
- Nexus 360: sites continue to be added
- Somfit® consumer sleep device: discussions continue with a number of third parties
- Full-year guidance:
- Remains as: Sales $40m-$42m, EBITDA $5.5m-$6.5m, NPAT $4.0m-$5.0m
During the period H1 FY19, Compumedics generated revenues of $18.7m, representing a 16% increase over the previous corresponding period (pcp) of $16.1m, primarily due to organic growth in the Company’s key markets in Asia, the USA and Europe.
The improvement in the profitability of the Company compared to the pcp was primarily as a result of the growth in revenues across the key markets the Company operates in, whilst maintaining margins constant at 58%. The profitability improvement was partially offset by ongoing investments in sales and marketing, the ongoing investment in the development of new and innovative products for the core sleep and neuro diagnostic and monitoring business, once-off costs associated with the Health 100 negotiations and foreign currency movements.
Compumedics’ full Business Update and H1 FY19 financial results can be accessed here.
For further information please contact:
Rod North, Managing Director,
Bourse Communications Pty Ltd
T: +61 3 9510 8309, M: 0408 670 706
E: [email protected]
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.