Compumedics Raises A$1.9M To Advance Home Sleep Test Solution

Compumedics Ltd (ASX:CMP) is raising A$1.9 million to underpin the execution of its global Home Sleep Test (HST) Software as a Service (SaaS) strategy.

The company has secured binding commitments for a placement of shares to professional and sophisticated investors at an issue price of A$0.28 per share.

HST SaaS strategy

The company’s HST SaaS strategy is driven by Somfit, a wearable device for collecting patients’ physiological data.

Somfit is primarily used in assisting medical professionals diagnose sleep disorders.

Compumedics will use the new funds to hire up to six additional sales staff in the USA in six months.

These staff will report directly to the newly appointed Vice President of Sales – Home Sleep Testing, for the development of the Somfit home sleep test business.

Stronger balance sheet

The new funds will also provide additional working capital to support the increased sales to be generated by the new sales staff, including ramp-up in the volume of Somfit devices manufactured.

Compumedics Executive Chairman Dr David Burton said: “This placement strengthens our balance sheet, providing greater flexibility to pursue our global Somfit, home sleep testing (HST) strategy & rollout, with the particular focus on the USA, where we recently announced the appointment of Craig Gallivan as National Vice President of Sales – Home Sleep Testing.”

FY24 revenue guidance of A$46M+

Compumedics was founded in 1987 and manufactures diagnostic technology for sleep, brain, and ultrasonic blood flow monitoring.

The company gained attention by selling its sleep diagnostic technology to NASA as part of the space shuttle program.

It generated A$42 million in revenues in FY23 and has a market cap of about A$42 million.

FY24 revenue guidance is A$46+ million and importantly, the company is expected to turn a profit in FY24 on the back of strong sales performance.

 

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