Cambridge Cognition Holdings plc (LON:COG), the neuroscience digital health company specialising in improving brain health by developing & marketing near-patient cognitive testing technologies for pharmaceutical and healthcare industries worldwide, today announced its audited preliminary results for the year ended 31 December 2017. Dr Steven Powell talks to DirectorsTalk the update. Steven talks us through the results, with revenues improving will the trend continue, R&D expenditure, how the company strategy looks for the next 12 months, how the neuroscience market developing and is the company positioned well for further growth this year?
Financial summary
· Total revenues of £6.73m (2016: £6.88m)
· Gross profit increased to £6.11m (2016: £5.89m)
· Adjusted* loss before tax of £0.07m (2016: profit of £0.20m)
· Loss before tax of £0.28m (2016: profit of £0.11m)
· Loss per share of 1.3 pence per share (2016: earnings of 1.4 pence per share)
· Cash balance of £1.86m (2016: £2.38m)
*Adjusted for share-based payments charge
Operational highlights
· Revenues excluding hardware up 5% at £6.62m (2016: £6.32m)
· Service revenues up 33% at £3.30m, representing 49% of group revenue
· Core business sales orders increased by 18%
· Increased number of pharmaceutical partnerships for near patient technologies centred on CANTAB Recruit and Cognition Kit
· Further investment in R&D and enhanced commercial infrastructure
· Continued investment in technology innovation underpinned by grant funding
· Launch of web based testing and CANTAB Prime ‘white label’ solutions
· Established new US office in Boston, MA
Commenting on the results Steven Powell, Cambridge Cognition Holdings plc Chief Executive Officer, said: “While revenue was broadly flat on the prior year, the growth of service revenues and the revenue generated from new products reflects the business plan implemented over the last two years. The growth in sales orders received also demonstrates that we continue to broaden our customer base.
We have increased our investment in research and development activity in the year. This has yielded significant advances in both our neuroscience programmes and our technology platforms. Our progress in both of these areas opens the possibilities of a wider range of commercial relationships than previously available to us.
With recently launched products and an exciting innovation pipeline, we expect to further develop existing partnerships and forge new ones to drive profitable revenue growth for the future.”