Mental health monitoring and support SaaS platform Total Brain (ASX:TTB) has reported H1 FY22 revenues of $5.41m, its best-ever half-year result and an increase of 171% on the previous corresponding period:The result included $3m in one-time payments from its precision medicine segment following key licensing deals with Johnson & Johnson's Janssen Research and Alto Neuroscience, but even excluding these, this was TTB's best-ever interim revenue result;Revenue across all segments was ahead of our forecasts and H1 FY21;COGs increased to $0.59m for the half, up from $0.14m a year ago, resulting in a GP margin of 89% which was ahead of our forecasts; employee costs and operating costs were just ahead of our forecasts;We have upgraded our FY22 revenue forecasts to reflect the additional H1 FY22 revenues and have kept in focus the company's recent cost-reduction programme which should benefit H2 FY22 and FY23. Our DCF base case valuation has increased to $0.86/share (previously $0.77/share) against a reference price of $0.12/share.
TTB Price at posting:
11.5¢ Sentiment: Hold Disclosure: Held
