Control Bionics business update for 1H FY25

Control Bionics (ASX:CBL) has released a business update for the first half of fiscal year 2025. It reports significant growth in the US market, with a projected revenue increase of over 15% compared to the previous year. This growth is fueled by increased demand for their NeuroNode technology and new sales enabled by HCPCS codes.

Key takeaways from Control Bionics' latest update

Control Bionics Limited has announced substantial growth in its US market for 1H FY25, with revenues expected to surpass the previous year's figures by over 15%. The second half of 2024 is projected to see a 30% revenue increase compared to the first half. Despite inconsistent NDIS funding in Australia, the company expects revenue growth of over 20% in the second half of 2024. Operational cost reductions in the US are expected to yield an annualized benefit of about A$700,000 by the second half of FY25. The company is also focusing on expanding its product offerings with the launch of DROVE, an autonomous wheelchair module, and the NeuroStrip®, entering new markets. Control Bionics is working towards FDA approval for DROVE in the US, with plans for a mid-2025 application submission. The company continues its mission to assist communication-impaired patients across multiple regions, including North America, Australia, Singapore, and Japan.

Executive insights on Control Bionics' performance

A significant new customer, a US university, has contributed to this growth, and December is anticipated to be a strong month generating positive EBITDA for the US market.