• New 5-year contract with Philips for Somfit sleep testing devices
• Contract underpins $3m in SaaS revenues over the contract period
• Somfit is the number one choice for pharmacy-based sleep testing in Australia

Compumedics Limited, a global medical device company, has signed a new 5-year contract with Philips to supply the Somfit device to Philips' pharmacy-based sleep program in Australia. The contract underpins approximately $3 million in SaaS revenues for Compumedics over the contract period through to 2028. Compumedics currently supplies the Somfit device to Philips, and this new contract secures Somfit as the number one choice for pharmacy-based sleep testing in Australia. Pharmacy-based sleep testing is the fastest growing segment of the Australian sleep diagnostic market, and Somfit is ideal for this environment as it requires simple and reliable equipment with minimal user expertise. Compumedics has worked with Philips since August 2023, with Philips acting as the distributor for Somfit devices and electrodes to these pharmacies. In the US market, Somfit sales have reached $1 million (USD 0.7 million) in the past 12 months, and Compumedics is well-placed to accelerate this growth with new sales resources. The addressable home sleep apnea test (HST) market in the US is estimated to be between 3 million and 4 million HST's per year, representing a market opportunity of $150 million (USD 100 million) to $300 million (USD 200 million) for Compumedics.

Compumedics delivered $4.2 million in SaaS revenue for FY24 from Somfit and Nexus 360 sales, up from $1.7 million in FY23, and has booked $2.9 million of SaaS revenues in H1 FY25.

The new 5-year Somfit contract with Philips will continue to underpin the growth in Compumedics' SaaS revenue base, as the company continues to focus on the US market and other key markets around the world, along with its home market in Australia.