SomnoMed Continues with Sales Growth and New Sales Records in Latest Quarter
FRISCO, Texas, SomnoMed Limited (ASX: SOM) announced today its results for the third quarter to March 2012. Unit sales reached a new record with 7,903 units, 25% higher than in the same quarter in the previous year, when sales reached 6,346 units. Third quarter sales were ahead of Q2 sales with increased sales in all regions (US, APAC andEurope) in Q3. Global unit sales for the nine months are just over 22,000 units.
Revenue numbers for the March quarter of $3.8 million were 26% more than the same period last year. Total revenue growth for the full 9 months is 18% (26% with constant exchange rates).
SomnoMed’s CEO Mr Ralf Barschow commented, “New record sales were achieved in all regions in Q3 and trends are encouraging for the remainder of the financial year.”
All regions generated operating profits well ahead of the corresponding period in the prior year. The ongoing investment in manufacturing, operations and logistics during the year has again allowed SomnoMed to increase the gross margin of the business to 69% from 67% in the March quarter of 2011.”
“The recent announcement that SomnoMed’s MATRx system has now received FDA clearance allows us to put the proof of individual treatment effectiveness in the forefront of our medical drive and strategic positioning in the industry in anticipation of the Sleep Congress 2012 to be held in June in Boston, USA,” commented Mr Barschow.
The cash use for the quarter was $170,000, including cash payments of $371,000 made in connection to the completion of the acquisition of SomnoMed’s share in the Dutch company and associated transaction costs. SomnoMed had a cash balance of$3.1 million at the end of Q3.
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