ASX Announcement
only24 February 2022
Financial Results - Half-year Ended 31 December 2021
Attached are the following documents relating to Cogstate Limited's results for the half-year ended 31 December 2021:
- Appendix 4D
- Half-YearReport
useAuthorised for release by the Board of Directors of Cogstate Ltd.
personalForAbout Cogstate
Cogstate Ltd (ASX:CGS) is the neuroscience technology company optimising brain health assessments to advance the development of new medicines and to enable earlier clinical insights in healthcare. Cogstate technologies provide rapid, reliable and highly sensitive computerised cognitive tests across a growing list of domains and support electronic clinical outcome assessment (eCOA) solutions to replace costly and error-prone paper assessments with real-time data capture. The company's clinical trials solutions include quality assurance services for study endpoints that combine innovative operational approaches, advanced analytics and scientific consulting. For 20 years, Cogstate has proudly supported the leading-edge research needs of biopharmaceutical companies and academic institutions and the clinical care needs of physicians and patients around the world. In the Healthcare market, in August 2019 Cogstate entered into an exclusive licensing agreement with the pharmaceutical company Eisai, under which Eisai will market Cogstate technologies as digital cognitive assessment tools in Japanese markets. In October 2020, Cogstate extended its agreement with Eisai to the Rest of the World. The product, branded as NouKNOW, launched in Japan on 31 March 2020 (nouknow.jp). For more information, please visit www.cogstate.com.
For further information contact:
Brad O'Connor, Chief Executive Officer, boconnor@cogstate.com
Cogstate Limited
ABN 80 090 975 723
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Appendix 4D
Condensed consolidated financial statements for the half-year ended 31 December 2021 as required by ASX listing rule 4.2A
Results for announcement to the market
(All comparisons to the half-year ended 31 December 2020)
MOVEMENT | ||||
31 December 2021 | 31 December 2020 | |||
US$ | US$ | US$ | % | |
Revenue from ordinary activities | 23,075,459 | 13,856,762 | 9,218,697 | 66.5 |
Clinical Trials revenue | 20,846,863 | 12,577,589 | 8,269,274 | 65.7 |
Healthcare revenue | 2,215,228 | 1,149,883 | 1,065,345 | 92.6 |
Research revenue | 13,368 | 129,290 | (115,922) | (89.7) |
Profit/(loss) before interest & taxation (EBIT) | 6,126,493 | (356,576) | 6,483,069 | 1,818.1 |
Profit/(loss) before interest, taxation, depreciation and | 7,253,042 | 712,012 | 6,541,030 | 918.7 |
amortisation (EBITDA) | ||||
Depreciation and amortisation | (1,126,549) | (1,068,588) | 57,961 | 5.4 |
Interest expense | (22,676) | (36,040) | (13,364) | (37.1) |
Interest income | 11,747 | 94 | 11,653 | 12,396.8 |
Net profit/(loss) before tax (from ordinary activities) | 6,115,564 | (392,522) | 6,508,086 | 1,658.0 |
Net profit/(loss) after tax (from ordinary activities) for the | 4,083,202 | (448,085) | 4,531,287 | 1,011.3 |
period attributable to members | ||||
Dividend information
No dividend was declared in the prior corresponding period. Cogstate has determined not to pay a dividend in respect of the half year period ended 31 December 2021.
31 December 2021 | 31 December 2020 | |
US$ | US$ | |
Net tangible asset backing (per share) | 0.086 | (0.002) |
Earnings per share | 0.024 | (0.003) |
This information should be read in conjunction with the 2021 Annual Report.
Additional information supporting the Appendix 4D disclosure requirements can be found in the Directors' Report and the condensed consolidated financial statements for the half-year ended 31 December 2021.
This report is based on the condensed consolidated financial statements for the half-year ended 31 December 2021 which have been reviewed by Pitcher Partners.
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HALF-YEAR REPORT
31 December 2021 Cogstate Limited ABN 80 090 975 723
#BrainHealthForAll
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Inside this report
Directors' report | 3 |
Auditor's independence declaration | 8 |
Financial report for the half-year ended 31 December 2021 | 9 |
Condensed consolidated statement of profit or loss and other comprehensive income | 9 |
Condensed consolidated statement of financial position | 10 |
Condensed consolidated statement of changes in equity | 11 |
Condensed consolidated statement of cash flows | 12 |
Notes to the condensed consolidated financial statements | 13 |
Directors' declaration | 20 |
Independent auditor's review report | 21 |
Corporate directory | 23 |
This half-year financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2021 and any public announcements made by Cogstate Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.
These half-year financial statements are the condensed consolidated interim financial statements of the consolidated entity consisting of Cogstate Limited and its subsidiaries. The half-year financial statements are presented in United States dollars.
Cogstate Limited is a company limited by shares, incorporated and domiciled in Australia.
Its registered office is:
Cogstate Limited
Suite 117, 425 Smith Street
Fitzroy, Victoria 3065, Australia
Cogstate Ltd Financial report for the half-year ended 31 December 2021 | 2 |
Directors' report
only
Your directors present their report together with the condensed financial report of the consolidated entity (referred to hereafter as the Group) consisting of Cogstate Limited and the entities it controlled at the end of, or during, the half-year ended 31 December 2021 and the independent review report thereon. The financial report has been prepared in accordance with Australian Accounting Standards.
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Directors
The Directors of Cogstate in office during the half-year and at the date of this report (unless otherwise stated) were as follows:
- Martyn Myer (Chairman)
- Brad O'Connor (CEO)
- David Dolby
- Richard Mohs
- Ingrid Player
- Richard van den Broek
- Kim Wenn
Results of operations
The Group's net profit before tax for the half-year ended 31 December 2021 (1H22) is $6.1 million, a substantial improvement on the prior comparative period's (PCP) net loss before tax of $0.4 million.
Net profit after tax for the half-year ended 31 December 2021 is $4.1 million, an improvement of $4.5 million on the PCP. A summary income statement in line with the Group's segment note is reflected in the table below.
Earnings per share (EPS) was 2.4 cents, as compared to (0.3) cents in the PCP.
Principal activities
During the year, the principal activities of the Group consisted of:
- Creation, validation and commercialisation of digital brain health assessments; and
- Design and provision of quality assurance services in clinical trials, focused on the administration, scoring and recording of conventional brain health assessments.
Commercial segments
Clinical trials segment
Cogstate collaborates with leading biopharmaceutical companies to tackle vital research questions around cognition. Our global team is dedicated to ensuring higher quality outcomes in clinical trials.
Cogstate's clinical trial services, coupled with innovative operational approaches, advanced analytics and scientific consulting, help research teams draw conclusions from study data faster and with more accuracy.
Cogstate provides clinical trial teams with rapid, reliable and highly sensitive computerized cognitive tests to measure cognitive function and impairment. We also support a suite of quality assurance solutions for paper- and-pencil neuropsychological assessments, including scale licensing and translations, rater training and monitoring and electronic clinical outcome assessments (eCOAs) to ensure data is collected and captured effectively and accurately.
With our technology and expertise, Cogstate helps clinical trial teams gather data to make decisions on important research questions, such as drug safety, drug efficacy, and assessment of potential patients for inclusion in trials.
Cogstate supports cognitive, behavioral, developmental and symptom severity assessments for a wide range of study objectives in more than 60 indications, including:
- Alzheimer's disease
- Rare diseases
- Major depressive disorder
- Oncology
- Parkinson's disease
- Schizophrenia
- Epilepsy
- Glioblastoma
- HIV
- Multiple Sclerosis
- Mild Cognitive Impairment
- Insomnia
- ADHD
- Bipolar disorder
- Autism spectrum disorder
Healthcare segment
Outside of the Clinical Trials segment, Cogstate has developed tools specifically designed to aid healthcare professionals with objective assessments of cognition in patients. The system, branded as Cognigram™, allows for regular and standardised testing to assist in the early detection of cognitive decline that could be related to a range of factors including head injury, neurodegenerative disease or side effects following pharmacological treatments. There are additional applications in areas such as pre- and post-operative care - especially critical in vulnerable or aging
Cogstate Ltd Financial report for the half-year ended 31 December 2021 | 3 |
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CogState Ltd. published this content on 23 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 February 2022 21:27:11 UTC.