Compumedics Limited (asx:cmp)business Update:sustainable, Profitable Performance

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27th August 2010, 11:44am - Views: 478
Compumedics Limited
Business Update Delivering Sustainable, Profitable Performance

Leading Australia-based medical device company, Compumedics Limited (ASX: CMP), is pleased to announce a net profit after tax of $0.5 million on revenues of $32.4 million for the year ended 30 June, 2010. The Company is also pleased to report its eight consecutive six month positive operating cash outcome, with operating cash of $1.0m for the year ended 30 June 2010.

CURRENT PERFORMANCE
* 8th consecutive profitable six-month report, operating cash positive, balance sheet remains strong
* Results impacted by continuing difficult US market conditions and compounded by high Australian dollar
* Other geographic territories stable or improving

GROWTH OUTLOOK
* Key product and territory expansion opportunities remain the focus to underpin FY2011 and beyond, as GFC conditions abate

HIGHLIGHTS AND ACHIEVEMENTS FOR THE YEAR ENDED 30 JUNE, 2010
* Net profit after tax (NPAT) was a solid $0.5m and was the eighth consecutive profitable six-month report
* Revenues, impacted by difficult market conditions in the US and a high Australian dollar, were $32.4m for the year ended 30 June 2010 or 15.6% lower than the prior year. In constant currency terms sales were down only 3.6% on the prior year. The declines in US revenues were partially offset by growth in Germany
* The Company was holding a record number of orders-on-hand at 30 June 2010 of $3.0m
* The Company's German business has performed well in its key markets
* The Company closed the year ended 30 June 2010 selling with the rollout commencement of its next-generation sleep diagnostic device Grael PSG into all of its key global markets
* The Company has posted the first sales of its new long-term EEG monitoring (LTM) device, Neuvo and is currently short-listed for several opportunities in the US
* The Company is shipping its new sleep-treatment device SomniLink SPAP to Italy
* The US market remains challenging but the Company is taking the necessary steps to regain growth in this critical market
* Cost reductions of $0.5m on an annualised basis have been achieved in the US business, with a further $0.5m in cost reductions on an annualised basis currently being implemented at a Group level
* Key growth opportunities will underpin core business growth in FY2011 and beyond as market conditions allow.

For Further information, please contact Rod North, Bourse Communications, (03) 9510 8309 or 0408 670 706.

SOURCE: Compumedics Limited (ASX:CMP)

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