May 10 (Reuters) - CogState Ltd (CGS) :
- ANNOUNCED A RESTRUCTURE THAT WILL SEE APPROXIMATELY 13% OF COMPANY'S FULLTIME WORKFORCE EXIT CO
- ONE-OFF RESTRUCTURE COSTS OF A$0.6 MILLION WILL BE INCURRED IN CURRENT JUNE 2023 QUARTER
- MOST OF HEADCOUNT REDUCTIONS COME FROM CLINICAL TRIALS BUSINESS UNIT
- RESTRUCTURE REDUCING ANNUAL COSTS BY APPROXIMATELY A$2.6 MILLION ONCE RESTRUCTURE IS FULLY IMPLEMENTED
- FY23 REVENUE IS EXPECTED TO BE IN RANGE OF A$39M - A$41M
- EXPECT COST REDUCTIONS WILL HELP US TO RESTORE CLINICAL TRIALS OPERATING MARGINS, AND TO DELIVER PROFIT GROWTH, IN 2024 FY
- RESTRUCTURE WILL BE FULLY IMPLEMENTED, AND ALL RESTRUCTURE COSTS WILL BE FULLY ABSORBED, PRIOR TO 30 JUNE
- FY23 EBITDA, FROM NORMAL OPERATIONS, EXPECTED TO BE IN RANGE OF A$3.5M - A$4.5M
- OPERATING CASHFLOW FOR 2H23 IS EXPECTED TO BE IN RANGE OF LOSS OF A$1.0M - PROFIT OF A$1.0M
- SEES FY NET PROFIT BEFORE TAX, INCLUDING RESTRUCTURE COSTS AND INTEREST REVENUE, IN RANGE OF A$0.6M - A$1.6M
News: CGS CogState Announces Restructure That Will See About 13% Of Fulltime Workforce Exit Co
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