• Record 1H25 revenue of $23.9M, up 19% vs PCP
• Clinical Trials revenue up 27% vs PCP
• Significant increase in new sales contracts executed, up 147% vs PCP

Cogstate Ltd (ASX:CGS) has today released its Appendix 4D, half year report for the six months ended 31 December 2024 (1H25). The company reported record 1H25 revenue of $23.9M, up 19% compared to the prior corresponding period (PCP). Clinical Trials revenue, which accounts for the majority of Cogstate's business, was $22.7M, up 27% compared to the PCP. The company also saw a significant increase in new sales contracts executed during the period, totaling $20.3M, up 147% compared to the PCP. This strong sales performance contributed to a total contracted future revenue backlog of $99.1M at 31 December 2024. On the profitability front, Cogstate reported EBIT of $4.8M, up 167% compared to the PCP, and net profit before tax of $5.2M, a 150% increase. The company's cash position also improved, with $34.2M in cash at the end of the period. In the Healthcare division, revenue declined 44% compared to the PCP, primarily due to the amendment of the Eisai agreement in April 2024. Looking ahead, Cogstate expects 2H25 Clinical Trials revenue to be consistent with 1H25, based on the contracted revenue position and high probability sales prospects. Margins and operating cash flow are also expected to be consistent with the first half. Overall, Cogstate has delivered a strong financial performance in the first half of fiscal 2025, driven by robust growth in its core Clinical Trials business.

2H25 Clinical Trials revenue is expected to be consistent with 1H25 revenue, based on the contracted revenue position at 01 January 2025 ($16.3M expected to be recognised in 2H25 vs $14.5M in the prior corresponding period) and high probability sales prospects. Margins and operating cash flow for 2H25 are also expected to be consistent with 1H25.