CogState Ltd
ASX:CGS
CogState Ltd
Cogstate Ltd. is a global cognitive science company. The firm provides computerized cognitive tests across various domains and support electronic clinical outcome assessment (eCOA) solutions. The firm's segment includes Clinical trials, Healthcare and Research. In the Clinical trials segment, the Company's technology and associated services are used to quantify the effect of disease and of drugs, devices or other interventions on human subjects participating in clinical trials primarily conducted by pharmaceutical and biotechnology companies. In the Healthcare segment, the technology and associated services are being developed as a tool for primary care physicians to assess cognitive decline. Research segment offers various research studies and academic collaborations across various indication of diseases.
Cogstate Ltd. is a global cognitive science company. The firm provides computerized cognitive tests across various domains and support electronic clinical outcome assessment (eCOA) solutions. The firm's segment includes Clinical trials, Healthcare and Research. In the Clinical trials segment, the Company's technology and associated services are used to quantify the effect of disease and of drugs, devices or other interventions on human subjects participating in clinical trials primarily conducted by pharmaceutical and biotechnology companies. In the Healthcare segment, the technology and associated services are being developed as a tool for primary care physicians to assess cognitive decline. Research segment offers various research studies and academic collaborations across various indication of diseases.
Record Sales Contracts: Cogstate signed $41.7 million in first-half sales contracts, more than doubling the prior period and marking its second-best half ever.
Diversification: Strong expansion into new indications like mood, sleep, and other neurological disorders, with nearly half of contracts now outside core Alzheimer’s work.
Revenue: First-half revenue was $26.9 million, up 12% year-over-year and slightly ahead of guidance.
Profitability: EBITDA rose 5% to $6.5 million with a 24.3% margin, and profit after tax was $4.5 million at a 16.7% margin.
Margins & Costs: Gross margin fell due to investment in resources and some one-off costs, but management expects margins to recover to 56%–59% in the second half.
Future Revenue Visibility: Contracted revenue for the second half is $21.7 million (up 24% YoY), and $27 million is already contracted for FY '27.
Technology & AI: Major investment in AI-powered monitoring and rater training, positioning Cogstate for differentiation and future growth.
Strong Outlook: Management expects continued revenue growth and margin improvement, supported by a record sales pipeline and further investment in people and technology.
