Business
Interim Results
Interim Results.
About this update from Cambridge Cognition Holdings Plc
[{"type":"text","content":"\n\n22 August 2024\nCambridge Cognition Holdings plc\n(\"Cambridge Cognition\", the \"Company\" or the \"Group\")\nUnaudited Interim Results for the six months ended 30 June 2024\n \nCambridge Cognition Holdings plc (AIM: COG), which develops and markets digital solutions to assess brain health, announces its unaudited interim results for the six-month period ended 30 June 2024 (the \"period\").\n\nFinancial highlights\nRevenue is in line with the same period in 2023, which combined with a material reduction in costs, has reduced the adjusted operating loss significantly to £0.1 million (H1 2023: loss of £2.0 million):\n· Revenue of £5.6m (H1 2023: £6.0m)\n· Gross margin increased to 80.7% (H1 2023: 78.8%)\n· R&D expense decreased 35.2% to £1.4m (H1 2023: £2.2m)\n· Total operating expenditure decreased 35.3% to £5.4m (H1 2023: £8.4m)\n· Adjusted operating loss reduced by £1.9m to £0.1m (H1 2023: loss £2.1m)\n· Raised £2.6m to support the balance sheet and business development\n· Cash balances of £3.4m at 30 June 2024 (31 December 2023 £3.2m)\n\nOperational highlights\nFollowing a challenging end to 2023 and tough trading conditions during the period, we executed two critical actions to strengthen the underlying business:\n· Increased investment in the Group's commercial capability to enable it to exploit the central nervous systems (\"CNS\") clinical trials market through the combination of a clear product focus on cognitive assessments, CNS eCOA, and automated quality assurance solutions, and an expanded commercialisation team with deep sector experience and contacts. The market is already large (estimated at $700 million in 2024) and is forecast to grow at 15% per annum from 2024 to 2029, and\n· A significant reduction of the cost base in H1 2024 has created a more agile business, which is better positioned to deliver sustainable profitability and cashflow as sales orders and revenues accelerate. \n\nCommenting on the results, Matthew Stork, Chief Executive Officer of Cambridge Cognition, said:\n\"I'm pleased with the progress made during the first half as...