Compumedics Ltd (ASX:CMP), a medical device company, has revealed its financial results for the full year ending June 30, 2021, highlighting an improvement in revenue performance over FY2021 compared to FY2020.
Revenue from shipped and invoiced sales was $35.7 million for FY2021, up 2% from $35.1 million in FY2020.
The company’s net profit after tax (NPAT) increased in FY2021 to $1.0 million in comparison to a loss of $5.8 million in FY2020 because of the non-cash write-down of intangible assets by $7.7 million.
Notably, the increase in revenue reflects the benefits of the company’s diversified revenue base, both geographically and on a product line basis.
Financials
Compumedics’ EBITDA improved to $2.6 million for FY2021, compared to a $5.4 million loss for FY2020.
In addition, core business sales orders taken of $35.3 million in FY2021 were the same as FY2020, on a constant currency basis, they were 8% higher in FY2021 compared to FY2020.
Furthermore, cash on hand increased to $6.8 million at the end of this June quarter compared to $6.4 million in the previous corresponding quarter.
Table highlighting Compumedics’ key financial performance measures.
Operations
Compumedics’ core Diagnostic Medical Devices business encompasses the technology and products sold globally for the diagnosis and/or monitoring of sleep disorders and neurological disorders, and the monitoring of blood flow through the brain.
The company’s Medical Innovation business primarily includes technologies and products for the consumer monitoring of sleep and subsequent treatment of sleep disorders.
Table highlighting the earnings profile between Diagnostic Medical Devices and Medical Innovation businesses.
Growth focus and opportunities
Compumedics is focused on several initiatives to underpin current and future growth, including:
- New product platform roll-out to continue in FY2022;
- Neuroscan expansion into a much larger MEG brain analysis imaging market;
- Growth in international sales with expansion plans in US, Germany, France and China markets;
- The company is continuing to commercialise its cloud-based sleep diagnostics platform, Nexus 360, for both professional and consumer applications in the eHealth segment; and
- Expansion opportunities with the newly granted breakthrough auto-scan TCD patent to be pursued in DWL doppler sonography.
The company continues to actively pursue ongoing step-out commercial growth opportunities for the MEG and Somfit technology platforms.
Compumedics expects the identified key growth opportunities to deliver an increase in revenues and earnings in FY22, subject to the ongoing effects of the COVID-19 pandemic on the company.
- Ephrems Joseph