Cambridge Cognition Holdings plc, (LON:COG), The neuroscience digital health company which develops and markets software products to improve brain health, announced today its unaudited Interim Results for the six months ended 30 June 2017.
Investment in commercial team reaps rewards with record sales pipeline
These results demonstrate growth in software and service revenues and continued advances in innovative products and technologies in line with the plans presented to shareholders in April 2016.
Financial Highlights
· Total revenue £3.21m (H1 2016: £3.26m)
· Gross profit increased by 7.4% to £2.90m (H1 2016: £2.70m)
· Loss before tax of £0.39m (H1 2016: £0.15m loss)
· Adjusted* loss before tax of £0.29m (H1 2016: £0.11m loss)
· Loss per share of 1.8p (H1 2016: 0.6p loss per share)
· Cash balance of £1.82m at 30 June 2017 (H1 2016: £1.38m)
*Adjusted for share-based payments charge
Operational Highlights
· Quality of earnings and revenue mix improved: revenues excluding hardware up 5% at £3.14m (H1 2016: £2.99m) Service revenues up 57% at £1.79m (H1 2016: £1.14m)
· Sales order pipeline increased by 65% to record levels
· As expected, administrative expenses increased by £0.38m, including investment in sales infrastructure and science and development costs
· CANTAB data used in landmark EBBINGHAUS study presented by Amgen
· Cognition Kit joint venture successfully advanced from pilot to phase 1 study
· New intellectual property using automatic speech recognition technology
Commenting on the results Steven Powell, Chief Executive Officer of Cambridge Cognition Holdings Plc, said: “These results demonstrate that our strategic shift to providing value added services, either alongside our core products or on a standalone basis, is gaining momentum. Over the last two years we have renewed our commitment to invest in our science and technology base and the resulting innovations will meet the ever increasing demand for near patient health solutions and drive future business growth.”
