Cogstate (ASX:CGS) delivers 40% revenue growth in 2Q22

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Cogstate (ASX:CGS) delivers 40% revenue growth in 2Q22

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Cogstate, Alzheimer disease, Clinical Trials, revenues, Eisai, Japanese market, clinical trials sales Contracts
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Highlights

  • Cogstate shared its business update and 2Q22 Quarterly Cash Flow statement on Friday.
  • Cogstate reported 40% jump in profit in 2Q22, as compared to the last corresponding period.
  • 1H22 revenue is up 67%, the company stated.

ASX-listed company which manufactures and distributes diagnostic and therapeutic products associated with neurological disorders Cogstate Limited (ASX:CGS) shared a business update and Quarterly Cash Flow statement for the quarter ended 31 December 2021.

Compared to the previous corresponding period, the company has delivered impressive revenue growth of 40% at US$10.8 million for 2Q22.  

  • 1H22 revenue stands at US$23.1 million, a record half for Cogstate, up 67% on pcp (1H21 US$13.9 million).
  • 2Q22 clinical trials sales Contracts of US$13.7 million, taking the first half of FY22 to a record US$54.5 million.
  • Total Contracted future revenue increased to US$132.9 million as of 31 December 2021 against US$74.8 million in pcp.
  • Net cash, excluding amounts on behalf of customers for payment of pass-through expenses, increased by US$1.2 million during the quarter to US$24.6 million.
  • Cash receipts from customers totalled US$10.7 million for the quarter, down from US$22.3 million in the prior corresponding period.

The company’s clinical trials revenue benefitted from the ongoing strength in new Clinical Trials Sales contracts executed in recent periods, with quarterly new contract sales exceeding quarterly Clinical Trials revenue for ten consecutive quarters. 

On 26 October 2020, Cogstate announced an exclusive global licensing agreement with pharmaceutical company Eisai (earlier just Japan). Eisai will market Cogstate technology as digital cognitive assessment tool in the Japanese markets. According to the company, the partnership with Eisai continues to grow well with its product launched in Taiwan and Hong Kong and launch in the US and several other Asian countries in the pipeline.  

Meanwhile, the stock CGS closed the trade 15.949% lower at AU$1.950 per share on Friday.

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