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COGSTATE LTD — Interim / Quarterly Report 2014
Oct 22, 2013
64644_rns_2013-10-22_7d5ef7df-59d8-4920-b6af-eaabfaadadac.pdf
Interim / Quarterly Report
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ASX Announcement
Melbourne, 23rd October 2013
Quarterly Business Update and Cashflow – 30 September 2013
Cogstate (ASX.CGS) has today released its Appendix 4C – Quarterly Cash Flow statement for the quarter ended 30 September 2013.
During the quarter, Cogstate recognised sales revenue of $2.7 million compared to $2 million for the September 2013 quarter, an increase of 35%. This revenue is largely derived from milestone payments relating to clinical trials contracts that are currently underway or completed during the period.
Total cash receipts from customers were $3.7 million, an increase of 76% compared to the September 2013 quarter ($2 million). The Clinical Trials business continues to underpin revenue contributing 94%.
Cogstate’s Clinical Trials business had $7.7 million of contracted revenue to be recognised in future periods (prior year: $11.7 million).
The company recorded net operating cash outflow of $0.5 million, recognising continued investment in both COGNIGRAM™ and Axon Sports, and finished the period with cash reserves of $3.2 million.
Cogstate continues to invest in the rapid expansion of its COGNIGRAM™ test in the Canadian market. COGNIGRAM™ is a computerised tool that enables accurate detection of early cognitive impairment, commonly associated with Alzheimer’s disease, at the point of care and was launched by Merck in March 2013.
Financial Results Summary
| Qtr Ended30 Sep 13 | Qtr Ended30 Sep 12 | YTD% Changeimprovement | |
|---|---|---|---|
| Recognised Sales Revenue | $2,686,057 | $2,046,595 | 31% |
| Cash Receipts from Customers | $3,684,204 | $2,140,581 | 72% |
| Cash Payments to Employees | ($3,005,549) | ($2,274,456) | 32% |
| Cash Payments to Suppliers | ($1,676,601) | ($939,569) | 78% |
| Cash Receipts – non trading | $455,758 | $57,803 | 688% |
| Net Operating CashIn/(Out)flows | ($542,188) | ($1,015,641) | (47%) |
| Net Investing CashIn/(Out)flows | ($53,950) | ($31,635) | 71% |
| Net Financing CashIn/(Out)flows | $285,344 | $188,476 | 51% |
| Net Increase/(Decrease) inCash held (net of foreignexchange movements) | ($239,510) | ($783,871) | (69%) |
Please refer to the AGM address lodged today for further information and guidance on financial result for H1 2013-2014 financial year.
For further information contact:
Rebecca Wilson Brad O’Connor Buchan Consulting Cogstate Chief Executive Officer +61 3 9866 4722 or 0417 382 391 +61 3 9664 1300 or 0411 888 347 [email protected] [email protected]
About Cogstate
Cogstate Ltd (ASX: CGS) is a multi-faceted cognitive assessment and training company, focused on the development and commercialisation of rapid, computerised tests of cognition (brain function). It has three distinct business units:
Clinical Trials: In the clinical drug trial market, Cogstate technology and associated services are used by pharmaceutical and biotechnology companies to quantify the effect of drugs or other interventions on human subjects participating in clinical trials. Since sales into the clinical trials market began in 2004, Cogstate has secured agreements with top pharmaceutical companies including Pfizer, AstraZeneca, Bristol-Myers Squibb, GlaxoSmithKline, Johnson & Johnson, Novartis, Lundbeck, Dainippon Sumitomo, Targacept, Otsuka, and Servier.
Axon Sports: The mission of Axon Sports is to “protect and train the athletic brain”. Axon’s focus is to research, develop and deliver cutting edge tools to assess, monitor and improve the athletic brain.
Axon has been developing sport specific training products, initially focussed on American football and baseball, and the resulting technologies have now been launched within a small number of elite US college programs. In addition, the first of Axon’s consumer iPad apps was launched in 2012.
In the area of sports related concussion, Cogstate’s technology has been used by a number of highly regarded institutions and sporting organisations around the world for almost 10 years. That technology is now marketed to consumers as Axon Sports. Current users of Cogstate/Axon Sports in Australia include the AFL and NRL, whilst in the USA elite programs such as the NBA, WNBA, NHL as well as college programs such as University of Notre Dame, University of Michigan and University of Connecticut all use the Axon Sports system.
Healthcare: In the primary care or general practice setting, the Cogstate’s COGNIGRAM ™ assesses cognition in patients and the reports generated on the basis of this assessment can allow physicians to identify subtle changes that could be indicative of the early stage of a neurodegenerative disease, such as Alzheimer’s disease. Cogstate intends to develop COGNIGRAM ™ to monitor changes in cognitive function following concussion or after treatment with drugs or other types of interventions. In June 2012, Cogstate entered into an agreement with Merck Canada Inc. providing it with the exclusive right to market and promote COGNIGRAM ™ in Canada.