SomnoMed racks highest sales of SomnoDent® devices to date
SomnoMed (ASX: SOM) continues to break its own records, delivering a 16% increase in sales of its SomnoDent® devices in the final quarter of the 2012 financial year, compared to the same period last year, with total revenues coming in at 37% higher at over A$4.5 million.
The company provides diagnostic and treatment solutions for sleep-related breathing disorders including obstructive sleep apnea and snoring.
The 8,518 units sold marks the highest number of SomnoDent® devices sold so far by SomnoMed in any quarter.
The solid result was driven by record sales in all regions. The Asia Pacific and European regions both grew 28% over the same period last year, with Japan posting a 73% increase albeit from a small base.
Asia Pacific, Europe and North America posted record months in the fourth quarter of the 2012 financial year, as well as record quarter sales.
Importantly, SomnoMed expects to build on these records with the introduction of its new flagship SomnoDent® G2 product, which was approved by the U.S. Food and Drug Administration in June this year.
The product is expected to be a significant contributor towards sales targets set for the current year and beyond.
SomnoMed’s overall group gross margin has improved to 70% in the June quarter of 2012 from 68% in the same period of 2011 – a further record gross margin growth for the company.
Last month SomnoMed delivered its 100,000th device, marking a major milestone for the company.
The company is entering the next stage in its development, which will see SomnoMed establishing itself in the mainstream of the medical device industry treating patients with sleep related-breathing disorders.
Following substantial growth in the past five years, SomnoMed believes this next stage of development will allow the company to continue to substantially increase its growth over the next five years.