CONTROL BIONICS LIMITED — Capital/Financing Update 2023

Jun 12, 2023

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13 June 2023

Revenue Update for FY2023

Control Bionics Limited is delighted to announce a record month of sales in May 2023. The group invoiced a total of A$692,000 of sales for the month (unaudited), the highest month of invoices for FY23.

The record result in May 2023 provides confirmation that the revenue for the year ended 30 June 2023 is expected to be approximately $5.3 million, a more than 20% increase in the revenue of $4.4 million for the year ended 30 June 2022.

CEO Jeremy Steele said ‘The results in May are reflective of the consistent build in our pipeline over the last quarter. Both Australia and the US performed well and importantly continue to have strong pipelines for the next 3 months. With the strong performance in May and outlook for the balance of June, we reaffirm our revenue guidance for FY23 to be in excess of A$5m for the group’.

Mr Steele also said ‘Given our recent performance, we today have announced we have extended the closing date of the rights issue to 30 June to allow all shareholders an opportunity to participate’.

This announcement is authorised by CBL’s CEO, Jeremy Steele.

About Control Bionics:

Control Bionics is a medical device company assisting patients whose ability to communicate verbally or via text and social media is compromised by illnesses such as Motor Neurone Disease/ Amyotrophic Lateral Sclerosis, Spinal Cord Injury, Traumatic Brain Injury and Cerebral Palsy among others. Our core patented NeuroNode technology is a wireless wearable device that detects minute signals sent from the brain to any skeletal muscle and is captured as Electromyography ( EMG ) signals which are processed on personal computers, smartphones and tablets to generate text, text to speech, email and other computer-controlled functions. Our technology is integrated with eye gaze technology whereby the eye gaze enables a cursor to be moved about a computer screen, driven much like a mouse, and the NeuroNode acts as like the mouse button. Control Bionics produces the only system to harness three modalities – touch, eye movement and EMG control – which combined yield unique benefits in terms of the ability of patients to express themselves with significantly faster speed and less fatigue.

Control Bionics recently extended its offering to mobility with the launch of DROVE – the autonomous wheelchair module. DROVE allows powered users the independence to operate their wheelchairs in their own homes for the first time.

Control Bionics operates in North America, Australia, Singapore and Japan.

Control Bionics Limited Registered Office: Level 5, Suite 5.01, 697 Burke Road, Camberwell, Vic., 3124 T: +61 3 9897 3576 W: www.controlbionics.com

ABN: 45 115 465 462