US sales orders continue to grow, up more than 200% from the same time last year, driven primarily by sleep, Somfit home sleep testing, and brain research business.
Summary: Compumedics Ltd, an Australian medical device company, announced sales orders exceeding $31 million AUD for the first half of fiscal year 2025, driven by significant growth in its US sleep business and initial sales of its Somfit device in Europe. The US market saw a 200% increase in sales orders compared to the previous year, with Somfit gaining traction among independent diagnostic testing facilities (IDTFs) and sleep service providers. The company is also working with global CPAP manufacturers and expanding its presence in Europe.
Key Takeaways:
- Strong US Market Growth: Compumedics’ US sales orders for H1 FY25 increased by 200%, led by the adoption of the Somfit device in sleep diagnostics and partnerships with IDTFs.
- Global Expansion of Somfit: Initial Somfit sales in Europe, including a $200,000 order, signal growing international demand and progress in key global markets.
- Momentum in Sleep Diagnostics: The company’s total sales orders for H1 FY25 exceeded $31 million AUD, reflecting strong growth in sleep and neurological diagnostic markets.
Compumedics Ltd, a medical device company headquartered in Melbourne, Australia, that develops, manufactures, and commercializes diagnostic technology for sleep, brain, and ultrasonic blood flow monitoring, announced that the company’s sales orders taken for the first half of fiscal year 2025 will be more than $31 million AUD.
In the US-based business, sales orders for H1 FY25 will be 200% higher than the same time last year, with the sleep business leading the growth and with Somfit sales now building toward $1 million (USD 0.7 million) in this market. Somfit quoted business in the USA at $6.3 million (USD $4.2 million).
Somfit received US Food and Drug Administration 510(k) clearance in November 2023 and had previously received regulatory clearance in Australia, New Zealand, and the European Union. The adhesive device is worn on a patient’s forehead to collect physiological data, used primarily to assist in diagnosing sleep disorders.
“Sales momentum is continuing to build, and with new sales resources coming on board, in line with our stated USA strategy, we are well placed to accelerate that growth over the remainder of FY25,” reads a release from the company. “The USA business is already in or progressing trials and demonstrations with three large IDTFs (independent diagnostic testing facilities), with one IDTF using the Somfit device for part of their HST business.”
Further, the company has taken an initial Somfit order from a global CPAP player and continues to work with other sleep service providers in Australia and other key markets globally. This includes an initial $200,000 (EUR $120,000) Somfit sale in Europe, representing the initial market activity in the next large market opportunity for Somfit.
This Somfit sale into the European market helps underpin the growth in this market driven by sales into the traditional sleep diagnostic market and the neurological monitoring market, according to the company.
Photo caption: Somfit
File photo
