Compumedics (ASX: CMP) has delivered a net after tax profit of $2.8 million for the full year ending June 2018 – an increase of 133% on the previous year’s $1.3 million.
Meanwhile, earnings before interest tax depreciation and amortisation grew 55% during 2018 to $4.2 million, compared to $2.7 million in 2017.
This 55% improvement was due to on-going efficiency gains in manufacturing, growth in revenues and improved shipping, including the partial booking of the company’s first MEG system sale, which is currently being installed in the US.
Earnings also improved as a result of increased sales in China, Europe, US and German markets.
Shipped and invoiced sales increased 8% to $37 million in full year 2018, compared to $34.4 million for 2017 period.
Sales orders taken for the year were a record $40 million, up 18% from $34 million in 2017.
Compumedics also announced that its new product platform roll-out will continue in the current financial year.
This platform will include a new range of ambulatory products that will incorporate a home sleep testing device as well as new ambulatory sleep devices and a new range of long term monitoring products for epilepsy.
The company expects revenues to increase into a range of $40 million to $42 million in 2019, excluding any additional MEG sales.
On the basis these revenues are achieved, EBITDA should rise to between $5.5 million and $6.5 million, with net profit after tax to grow to a range of $4 million to $5 million.
This guidance is based on the general economic environment in Australia and the company’s other key offshore markets –US, China, France and Germany – remaining broadly as they are at the timing of the release of these results.
Compumedics creates medical devices for monitoring and diagnosing sleep, brain and blood flow.
The company owns Neuroscan in the US and DWL Elektronishe GmbH in Germany.
By late afternoon trade, Compumedics had gain more than 17% to $0.55.