Melbourne, Feb 11, 2009 AEST (ABN Newswire) - Leading Australian-based medical diagnostic devices company, Compumedics Limited (ASX:CMP)(PINK:CUPDF), updates the market on its recent activities in the following letter from its Chairman, Mr David Burton.
"Dear Compumedics stakeholders, The primary purpose of this communique is to provide an update of Compumedics' operational and strategic progress, together with the outlook moving forward. While Compumedics is not impervious to the current global financial crisis, our diagnostic business remains strong. Based on the financial data and the Company's substantial new-product pipeline the business continues to demonstrate sound financial performance and an encouraging outlook. Moreover, the Company was profitable again for the 2008 December half-year-period.
This marks our 5th consecutive profitable reporting period to market. Details of the December-end 2008 half-year results will be released in the last week of February. Over the past two years the Company's earnings have improved by AUD 5M, debt reduced from AUD 6.5M to AUD 1.9M, manufacturing gross margins have improved by 7%, and costs have reduced by AUD 5.0M. The Company has also consistently generated positive cash over this period (see attached data).
However, the Company is not complacent and based on the current economic and financial conditions the Company's efforts will be increased as we continue to focus on our principal strategic and operational goals. Firstly, our core business will be strengthened with the roll-out of two comprehensive and advanced new technological platforms designed to rejuvenate our core sleep diagnostic and EEG businesses. Secondly, the Company's distribution, sales, and marketing teams, bolstered by our new product offerings, continue to drive harder and achieve higher levels of revenue, market share, and competitiveness across all core business units.
Thirdly, we are continuing to focus on strategic investor opportunities and programs and the strengthening of Compumedics' Board. Finally, the Company's growing annuity-type revenues, coupled with these financial and product pipe-line factors, demonstrate that Compumedics' financial position, trends and business model are sound. Whilst this year will undoubtedly test our mettle, we look forward to sharing with you the attached financial snapshot overview, and the series of positive forthcoming announcements as we continue to strengthen your company and move forward in 2009.
Table 1. Compumedics Performance Summary Past 4 Financial Years.
--------------------------------------------------------- FY2005 FY2006 FY2007 FY2008---------------------------------------------------------Revenue($ m) 38.2 37.7 36.7 38.5Margins(%) 53 52 58 58Other income($m) 0.3 1.3 0.1 0.4Operating Expenses 24.3 22.1 19.5 20.3EBITDA (2.6) (0.5) 1.3 1.9NPAT (4.7) (1.6) 0.1 0.8Exchange Rate AUD/USD 0.76 0.73 0.84 0.96---------------------------------------------------------
About Compumedics Limited
Compumedics Limited (ASX:CMP) is a medical device company involved in the development, manufacture and commercialisation of diagnostics technology for the sleep, brain and ultrasonic blood-flow monitoring applications. The Company owns US based Neuroscan and Germany based DWL Elektronishe GmbH. In conjunction with these two subsidiaries, Compumedics has a broad international reach, including Americas; Australia and Asia Pacific; and Europe and the Middle East.
Executive Chairman, Dr David Burton, founded Compumedics in 1987. In the same year the Company successfully designed and installed the first Australian, fully computerised Sleep Clinic at Epworth Hospital in Melbourne. Following this early success, Compumedics focused on the development of products that sold into the growing international sleep clinic and home monitoring markets. Compumedics listed on the Australian Securities Exchange in 2000. Over the years, Compumedics has received numerous awards and accolades including Australia's exporter of the year and has been recognised as a Top 100 Innovator by both German and Australian Governments.
Follow Compumedics on Twitter at @Compumedics
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