This morning Cogstate Limited (ASX: HSN) reported its half-year results for the period ending December 31 2018. Below is a summary of the results with comparisons to the prior corresponding half year.
- Net loss before tax of $2.8m
- Net loss of $1.6m before non-recurring restructuring costs
- Revenue of $11.1m, compared to $13.4m
- EBITDA loss of $2.6m, down 1,049%
- For second half of fiscal 2019 forecasting net loss between $1.5m to $2m
- Cash balance of $4.1m
- Has entered into a $2m debt facility that with cash balance is expected to meet forecast cash requirements of business
The CogState share price is down 26% to 35 cents on the back of what is a poor looking report with the human cognition testing and clinical trials services business facing a long road back to win investor confidence.
The poor result was blamed on a number of factors including the unexpected cancelling of clinical trials, and lower than forecast new sales contracts.
CogState will need to turn around performance reasonably quickly as a net debt position is unlikely to impress either investors or its bankers for too long.
