Compumedics Ltd (ASX:CMP) has entered the new year with strong momentum, netting $27 million in sale orders for the first half of financial year 2022, 33% higher than the same period last year.
The company has also secured its second Magnetoencephalography (MEG) sale to Tianjin Normal University (TJNU) in China – home of the Psychology and Behaviour Research Centre.
The 'Orion Lifespan™ MEG' is Compumedics’ brain analysis platform, comprised of multi-modality neurophysiological assessment through EEG, MRI, CT, SPECT, PET scans and more.
The sale to TJNU will earn Compumedics about $4.2 million and is expected to be completed late in calendar year 2022.
Installation of the first MEG sale at the Barrow Neurological Institute has reached the second stage, delayed by the pandemic and subject to ongoing discussions with the Barrow Institute, but expected to be completed in the second half of calendar year 2022.
Similarly, CMP’s Somfit wearable sleep diagnostic device is progressing with various clinical and research trials as part of ongoing initial commercialisation efforts.
Global supply shortage applies pressure
While sale orders are up for CMP, unaudited revenues of $17 million are 7% lower from last year, affected by global supply issues, chip and silicon shortages and delays, and a myriad of other pandemic factors.
The company is making all efforts to mitigate these issues before the second half of financial year 2022, partially aided by an additional 10-year, $4.5-million bank facility secured under the Australian Federal Government Coronavirus SME recovery loan scheme.
Growth in sales for this period was predominantly achieved in Europe and Asia, representing an opportunity for growth in the Australia and US regions which did not experience the same uptick.
About Compumedics
Compumedics Limited is a medical device company involved in the development, manufacture, and commercialisation of diagnostics technology for 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.
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 German and Australian governments.