• Total revenue up 19% to $23.9 million
• Clinical Trials revenue up 27% to $22.7 million
• Net Clinical Trials sales contracts up 86% to $20.3 million

Cogstate Ltd (ASX:CGS) today provided an update on its financial performance for the half-year ended 31 December 2024 (1H25) based on unaudited results. Total revenue for the period was approximately $23.9 million, representing an increase of 19% over the prior corresponding half-year (1H24 $20.2m) and a half-on-half increase of 3% (2H24 $23.3m). Clinical Trials revenue was approximately $22.7 million, an increase of 27% over the prior corresponding half-year (1H24 $17.9m) and a half-on-half increase of 5% (2H24 $21.5m). Net Clinical Trials sales contracts executed during the half-year totalled $20.3 million, representing 86% growth from the prior corresponding half-year (1H24 $10.9m) and a half-on-half increase of 27% (2H24 $16.0m). The company noted that it bid on an increased number of new sales opportunities during the half-year, some of which are still being pursued into 2025. This reflects the expansion of Cogstate's offering, improved funding environment for US-based biotech firms, and an increased volume of opportunities identified via channel partners. Cogstate also expects Gross-Profit Margin and EBIT Margin percentages to be consistent with 2H24, and that technology investments over the last two years have driven efficiency gains across the business. The number of full-time employees has decreased from 166 at 31-Dec-23 to 154 at 31-Dec-24, despite the increase in revenue. Cash (and cash equivalents) at 31 December 2024 was $34.2 million, up from $30.1 million at 30 June 2024. During the half-year, Cogstate also bought back 1,425,375 ordinary shares for a total cost of A$1,593,156 (approximately US$1.0 million), at an average cost of A$1.118 per share.