Medical diagnostics tech company Compumedics (ASX: CMP) has seen a surge in sales with its unaudited sales data showing $49 million in revenue for FY24 which would be a new record for the Company.
Sales were driven by Compumedics’ Australian sleep and neurodiagnostic businesses which experienced significant growth, bolstered by two major Magnetoencephalography (MEG) orders valued at $9.2 million received in December 2023.
Additionally, the European market showed strong performance, particularly in sleep and neurodiagnostics. The introduction of Okti, the world’s first wireless EEG amplifier also played a pivotal role in securing significant sites in Germany.
EEG amplifiers are devices used in neurodiagnostics, designed to measure and record the electrical activity of the brain. They detect the tiny electrical signals generated by neurons and amplify them to a level that can be easily recorded and analysed. This data is essential for diagnosing neurological conditions such as epilepsy, sleep disorders, and brain injuries.
The United States also emerged as a critical market for Compumedics, with sales orders growing by 67% in H2 FY24 compared to H1.
Following FDA approval in December 2023, Compumedics is now focusing on launching Somfit in the USA, with Craig Gallivan appointed as the National Vice President of Sales – Home Sleep Testing. The sales strategy for Somfit revolves around three primary areas: the existing Obstructive Sleep Apnoea (OSA) and Home Sleep Apnoea Testing (HSAT) markets, the growing pharmacy-based HSAT market, and the Australian primary care market for sleep screening and diagnosis of insomnia and circadian rhythm disorders.
In FY24, sales orders for Somfit surged by 133% to $2.1 million, compared to $0.9 million in FY23. The combined SaaS revenues from Somfit and Nexus 360, the company’s lab management software, amounted to $4.2 million, a 140% increase over FY23.
While Compumedics aims to build on its H1 FY24 EBITDA of $2.2 million, the Company has flagged that it will not meet its prior guidance of approximately $5.0 million for FY24. This shortfall is due to ongoing investments in the US sales and marketing team and the prolonged recovery of their China business.
With their presence in China on the mend, Compumedics is set to complete the installation of its second MEG sale and its first MEG contract in Asia at Tianjin Normal University (TJNU) in Tianjin, China. The installation is nearing completion, with customer acceptance expected in August 2024. The Company secured two additional MEG sales orders in China in December 2023, bringing the total incremental and new revenue to about $14 million over the next 12 months. These orders are slated for shipment and installation during CY25.
Emily Maxwell is a business writer at The Sentiment with interest in the tech, fintech and retail industries.
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