Compumedics reports record $52M in sales orders for FY24 [Video]

Compumedics Ltd (ASX: CMP), managing director David Burton joins Jonathan Jackson in the Proactive studio to discuss the company’s objectives and strong sales over the June quarter.
CMP is a global medical device company specialising in diagnostic technology for sleep, brain, and ultrasonic blood flow monitoring. The company reported record sales orders of approximately $52 million and shipped revenues of approximately $49 million for FY24, subject to audit.
CMP achieved significant growth in its Australian sleep and neurodiagnostic businesses, with two new MEG orders totalling $9.2 million received in December 2023, and increased sales in European sleep and neurodiagnostics.
Notably, significant sites in Germany adopted Okti, the world’s first wireless EEG the US, market development yielded a 67% increase in sales orders in H2 FY24 compared to H1 FY24.
Despite ongoing investments in the US sales and marketing team and the gradual recovery of DWL’s China business, which is progressing slower than expected, Compumedics expects to surpass its H1 FY24 EBITDA of $2.2 million, though it may fall short of the prior guidance of approximately $5 million.
Sales orders for the Somfit sleep device improved by 133% in FY24, reaching $2.1 million, compared to $0.9 million in FY23. Revenues from Somfit increased by over 20 times to $2.1 million in FY24 from $0.1 million in FY23.
Including Nexus 360 lab management SaaS revenue, total SaaS revenues for FY24 were $4.2 million, up 140% from $1.7 million in FY23. Following FDA approval announced on 4 December 2023, the USA launch of Somfit is now a primary focus for the company.
Compumedics continues to emphasise point-of-care testing for Somfit, shifting its focus from Australia to the US post-FDA approval.
The outlook for the next 12 months remains positive, with expectations of continued financial improvement driven by the successful rollout of new products like Somfit and increased market penetration across key regions.
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