Cambridge Cognition (LON:COG), which develops and markets digital solutions to assess brain health, has announced its preliminary audited results for the year ended 31 December 2022.
2022 performance
Cambridge Cognition had a transformative year in 2022, recording 25% revenue growth and a profit before acquisition-related costs, continuing to commercialise and develop new solutions, and making two bolt-on acquisitions (including one completed post period end), as it enhances its position as a leading digital health tech provider for CNS clinical trials.
Corporate and operational highlights
· 25% revenue growth year-on-year and underlying profitability.
· Innovative new product development and acquisitions that added to the technology offering and expanded the addressable market.
· Leading market position with unique digital technology solutions and full commercial coverage of the clinical trial market for cognitive assessments.
· Major contract wins, including two over £2m for sizeable clinical trials.
· Sales order intake of £13.1m, up 8% on like-for-like prior year (2021: £12.1m excluding £3.6m of large one-off orders).
· Contracted order book increased to £19.1m following the acquisition of Winterlight Labs on 10 January 2023.
Financial highlights
· Revenue up 25% to £12.6m (2021: £10.1m).
· Gross profit up 21% to £9.3m (2021: £7.7m).
· Profit for the year, adjusted for acquisition-related expenses of £0.5m, of £0.1m (2021: £0.5m).
· Loss per share 1.3 pence (2021: 1.4 pence earnings per share).
· Cash generative with cash balance of £8.3m at 31 December 2022 (31 December 2021: £6.8m).
Commenting on the results, Matthew Stork, Cambridge Cognition Chief Executive Officer, said:
“2022 was a transformational year for Cambridge Cognition, marked by significant multi-year orders, sustained revenue growth, and the expansion of our core product set. We also successfully concluded an acquisition in 2022 with another right at the start of 2023. These have strengthened our technology portfolio and enable us to provide a full offering for CNS clinical trials. Looking ahead, we remain committed to our objectives of driving revenue and profit growth by increasing our market share through offering the most innovative technology, supported by outstanding scientific evidence and a very experienced team, in the high-value market for CNS drug development.”
Investor webinar
Cambridge Cognition’s management will be hosting an online presentation and Q&A session at 5.30 p.m. BST on Wednesday 3 May 2023. This session is open to all existing and prospective shareholders. Those wishing to attend should email [email protected] and they will be provided with log in details.
Participants will have the opportunity to submit questions during the session, but questions are welcomed in advance and may be submitted to: [email protected].
