Australian medical device company Compumedics Ltd (ASX:CMP) has chalked up record sales orders totalling A$43 million for the fiscal year 2023, a 4% increase compared to FY22.
The orders exclude its magnetoencephalography (MEG) brain functional imaging sensing system, which the company is still progressing to sell a second MEG to Tianjin Normal University in China.
The company's revenues for 2023, subject to audit, are projected to reach A$41 million, marking an 11% rise from the previous year's A$37 million.
This increase has been driven by strong performance across most business areas and geographic regions, offset by lower-than-expected revenue from the sleep and neuro business in the US as well as certain timing issues in its DWL business in Asia.
Strong balance sheet
Compumedics expects earnings before interest, taxes, depreciation and amortisation (EBITDA) for FY2023, pending finalisation of results and audit, to be in line with the guidance it provided in February.
The underlying result is anticipated to be a A$2 million profit, excluding the MEG write-downs of A$6.9 million recorded at the end of 2022.
The company currently holds about A$5.0 million in cash and unused banking facilities and foresees positive operating cash flow in the first half of the 2024 fiscal year.
These resources, combined with ongoing positive operating cash flows, are expected to adequately meet the company's current and future financing needs.
Net debt as of June 30 was $3.4 million, compared to $2.4 million on December 31, 2022.
A detailed analysis of the results will be released on or around August 28.
About the company
Established in 1987 by executive chairman Dr David Burton, Compumedics is actively engaged in the development, manufacturing and commercialisation of diagnostic technology for sleep, brain and ultrasonic blood flow monitoring applications.
The company owns Neuroscan in the US and DWL Elektronishe GmbH in Germany.
It has established a strong international presence in the Americas, Australia, Asia Pacific, Europe and the Middle East.
Over the years, Compumedics has garnered several accolades, including Australia's Exporter of the Year award and recognition as a Top 100 Innovator by the German and Australian governments.