CogState lifts Q1 revenue 36%

CogState lifts Q1 revenue 36%

Computerised cognition testing company CogState (ASX:CGS) has revealed it grew its revenue for the first quarter of FY12 by 36.3% 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 US$6.4 million ($6.4 million) during the full year.

CogState also announced it had signed two new clinical trial contracts worth a collective US$1.66 million.

This brings the total value of contracts signed since the start of the financial year to US$3.9 million, compared to the US$1.9 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% ownership.

CGS shares stayed flat on Thursday at $0.160.

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Tags Biotechbusiness dealsCogStateGuidanceASX:CGS

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