Compumedics Ltd (ASX:CMP) has delivered record new sales orders of $45.6 million for financial year 2022, growing its sales by 29% from $35.3 million from the previous financial year.
Sales included approximately $4.1 million for the new Magnetoencephalography (MEG) sales order.
In January this year, having reported half-year record sales, CMP secured its second 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.
Excluding MEG, CMP’s sales were 17% higher than FY21.
Revenues affected by pandemic issues
Revenues for FY22 (subject to audit) at $37 million will be 4% higher than the previous financial year.
The low revenue figure is due in part to issues affecting many companies in a supply environment.
As an importer and exporter of product, CMP has been affected by pandemic-related, supply issues, global silicon chip shortages and other COVID-19 logistic-related delays, which contributed to a slower shipping capability than usual for the full financial year.
CMP is now doing the work to resolve these issues in the months ahead.
EBITDA on track
CMP’s EBITDA, subject to finalisation of the results and audit, is expected to be similar or better than FY21, which was $2.6 million. Operating cashflow should also remain positive for FY22, with CMP holding about $9.8 million of cash and unused banking facilities, which includes a record June 30 cash balance of $7.2 million.
Together with positive ongoing operating cashflows, the cash at hand should be sufficient to meet CMP’s current and future financing needs.
Highlights
- Sales orders taken for FY22 were a record $45.6 million, a 29% increase compared to the $35.3 million of new sales orders booked for FY21
- Unaudited revenues are approximately $37 million for FY22, a 4% increase on FY21
- EBITDA is expected to be equal to or greater than FY21, which was $2.6 million
- Cash on hand was strong for June 30, 2022, at $7.2 million, up from $6.8 million on June 30, 2021.
This is all in-line or slightly better than guidance given on May 27, 2022