Cognitive test company CogState (ASX CGS) has posted a 44% improvement to $7.72 million in revenue from sales of its three business units for the year to 31 December 2014.
The operating cash outflow for the half was $1.6 million following the $1.4 million operating cash outflow for the quarter ended 30 September 2014.
CogState said it expects to record a loss before tax of $2.75 million for the half year to 31 December 2014. This compares to a loss before tax of $2.91 million for the previous corresponding half year to 31 December 2013.
As at 31 December 2014, CogState had $7.6 million of cash & debtors including cash holdings of $5.1 million and trade receivables of $2.5 million. The result is in line with previous guidance.
CogState reiterated it is confident of an improved bottom line result in the January – June 2015 half year.
The company is developing and commercialising rapid, computerised tests of cognition (brain function).
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