Compumedics set for record-breaking $46 million FY24 revenue

–News Direct–

Compumedics Ltd (ASX:CMP) CFO and company secretary David Lawson talks to Proactives Jonathan Jackson about the companys record revenues of at least $46 million for FY24, with sales orders exceeding $50 million. The company anticipates a profit for FY24 due to strong sales performance. Compumedics has projected record sales orders and revenues for FY24 driven by strong growth in its Australian sleep and neurodiagnostic businesses. The company has received new MEG orders and has seen increased European sales, particularly boosted by the Okti wireless EEG amplifier. In the USA, sales growth reached 60% in H2 FY24. Compumedics reported an H1 FY24 EBITDA of $2.2 million, though there is uncertainty in meeting the prior guidance of $5 million due to investments in the US sales and marketing team and delays in resuming DWL's China business. In the Somfit commercialisation update, Compumedics expects SaaS revenue to exceed $4 million for FY24, up from $1.7 million in FY23. Sales have commenced in the USA following FDA approval, with initial revenues invoiced in Q4 FY24. Both Somfit and Nexus 360 show significant revenue growth. For MEG, the installation at Tianjin Normal University in China is expected to be completed soon, with two additional MEG sales planned for 2025. These sales represent about $14 million in new orders.