Medical technology company Cogstate (ASX:CGS) is enjoying renewed sales momentum in clinical trials with a significant increase in new contracts signed in the current financial year to date.
As a result, its contracted revenue pipeline for FY2016 is significantly ahead of where it started in FY2015 while sales revenue this year is expected to be well ahead of FY2014.
The company expects to return to profitability in FY2016.
Worth noting is that while clinical trials are the key revenue driver for the company, it is not reliant on their success but rather their volume.
This differentiates the Cogstate from many other companies in this space.
Momentum is expected to be augmented by a new revenue stream through precision recruitment for clinical trials.
This online screening tool is designed to deliver a pool of prequalified participants to clinical trial sites.
In May, it raised $2 million through a placement of 8 million shares priced at $0.25 each.
The company is dedicated to optimising the measurements of cognition in clinical research.
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