logo-loader

Cambridge Cognition moves into profit after above-market growth

Published: 02:43 12 Apr 2022 EDT

Cambridge Cognition Holdings PLC -
Uptake of cognitive assessments increased during the COVID-19 pandemic with a step-up in virtual clinical trials and at-home measurements that the company expects to continue

Cambridge Cognition Holdings PLC (AIM:COG), the brain health assessment company, moved into profit in 2021 on the back of sharply increased revenues.

Revenue rose 50% to £10.1mln in 2021 from £6.7mln, with the company enjoying a record sales order intake of £15.7mln (2020: £12.7mln), of which at least £7.5 million is expected to be recognised as revenue in 2022, subject to customer delivery schedules.

Services revenue grew by 51% as more implementation and bespoke development work was carried out. Software revenue improved by 33% but, given the time lag between contract signature and software usage, the company expects this will grow further in 2022.

Profit before tax was £253,000, compared to a loss of £649,000 the year before.

The company ended the year with a positive cash balance of £6.8mln, up from £3.0mln at the end of 2020.

Cambridge Cognition, which develops and markets patient-focused solutions to better assess brain health, expects the dynamic market for clinical trial outcomes assessments to continue to evolve rapidly and is seeing several favourable trends that could continue well into the future.

The company has set its stall out to increase its market share and sales of cognitive assessments (including online assessments), develop new intellectual property to serve the evolving demands of the industry for digital assessments and biomarkers and is pursuing opportunities for inorganic growth through corporate development activities, such as partnership and licensing-in software and/or services.

The strong order book provides the company with confidence for the future, but it cautioned that there does remain some uncertainty due to COVID-19 and the wider impact of the war in Ukraine, though these are considered limited at this time.

“We are delighted to have delivered above-market growth and a profitable year of trading. The demand for digital outcomes assessments for clinical trials is forecast to continue to grow. With these tailwinds, we have evolved our strategy and plan further investment in developing digital biomarkers and corporate business development, as well as continuing with a focus on commercial execution. We believe we are well placed for more success in 2022 and beyond,” said Matthew Stork, the chief executive officer of Cambridge Cognition.

ARway.ai announces multiple new SaaS developer contracts in both the United...

ARway.ai (CSE:ARWY, OTCQB:ARWYF) Chief Executive Officer Evan Gappelberg joined Steve Darling from Proactive to announce multiple new SaaS developer sign-ups for its augmented reality experience platform, focusing on AR indoor navigation. These partnerships represent significant milestones in...

5 minutes ago