Compumedics FY24 Trading Update

Compumedics Limited (ASX: $CMP) has achieved record revenues of approximately $49m for FY24, with a significant increase in sales orders and revenues. The company also provided updates on its core business, Somfit commercialisation, and MEG installation progress. Compumedics expects to release Appendix 4E to the ASX by 26 August 2024 and will update FY25 guidance at that time.

Executive Commentary on FY24 Performance

The strong sales performance in FY24 has been driven by growth in the Australian sleep and neurodiagnostic businesses, new MEG orders, and increased sales in European sleep and neuro diagnostics. The USA market development has shown promising results, with a 67% growth in sales orders during H2 FY24 compared to H1 FY24. The company is also focusing on the commercialisation of Somfit in the USA following FDA approval and the appointment of Craig Gallivan as National Vice President of Sales - Home Sleep Testing. We are optimistic about the future prospects and are committed to further developing our MEG business.

Summary of FY24 Trading Update and Outlook

Compumedics has reported a remarkable performance in FY24, achieving record sales orders and revenues. The company's focus on the commercialisation of Somfit in the USA and the progress in MEG installation in China are key highlights. With the expectation of releasing Appendix 4E to the ASX by 26 August 2024, Compumedics aims to provide updated guidance for FY25. The company's market strategy targets the existing OSA and HSAT market, the pharmacy-based HSAT market, and the Australian primary care market for sleep screening. The ongoing progress in the USA market and the anticipated completion of MEG installation in Asia position Compumedics for continued growth and success in the upcoming year.