CogState lifts Q1 revenue 36%

Computerised cognition testing company CogState (ASX:CGS) has reported strong gains in Q1 revenue, and added two more contracts to its sales pipeline

Computerised cognition testing company CogState (ASX:CGS) has revealed it grew its revenue for the first quarter of FY12 by 36.3 per cent to $2.2 million.

The company, which provides its technology for clinical drug trials and the sport concussion management market, said it now has contracts on hand expected to bring in around $US6.4 million ($6.4 million) during the full year.

CogState also announced it had signed two new clinical trial contracts worth a collective $US1.66 million.

This brings the total value of contracts signed since the start of the financial year to $US3.9 million, compared to the $US1.9 million in contracts signed in the corresponding period last year.

In FY11, Cogstate reported total revenue of $8.2 million — down from $9.5 million in FY10. The company also swung to a $846,000 loss, from a $1.6 million profit.

The company in August bought its former US joint venture partners out of online concussion evaluation management company Axon Sports, giving it 100 per cent ownership.

CGS shares stayed flat on Thursday at $0.160.

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