Cogstate Ltd · ASX:CGS
Cogstate — Investor Presentation (July 2021)
21 slides from Cogstate's investor presentation, Jul 22, 2021
Slide 1: Investor Briefing
Investor Briefing July 2021 PRESENTED BY PRESENTED BY Brad O’Connor Darren Watson CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER © 2021 Cogstate Ltd. All rights reserved.
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Cogstate Limited (‘Cogstate’). The information in this presentation is of a general nature and does not purport to be complete, nor does it contain all the information which would be required in a prospectus prepared in accordance with the requiremen
Slide 3: Positive Developments Impacting Cogstate Opportunity
Positive Developments Impacting Cogstate Opportunity Which Has Changed The Opportunity in The Commercial Market Dynamics are Alzheimer’s Has Changed Opportunity For Also Changing Cogstate First drug approved Eisai license + drug approval Remote (virtual) assessment Digital brain assessments are 1. C
Slide 4: Cogstate Digital Brain Health Strategy
Cogstate Digital Brain Health Strategy Market Dynamics & Cogstate Positioning Offering Approval of first ever Alzheimer’s Software therapy & positive data from other • Scientific & commercial validation Alzheimer’s trials • Proprietary digital assessments Services Large and growing market for digita
Slide 5: Financial Update FY21
Financial Update FY21 All figures in US$ New Clinical Trial Sales Contracts Executed $47.3M New Contracts Executed $47.3M • Up 15% compared to FY20 Up 15% on PCP* • $11.4M contracts in 4Q21, up 51% compared to 4Q20 • 2H21 contracts exceeded 1H21 contracts Contracted Backlog $101.5M • the first time
Slide 6: Financial Update FY21: Contracted Revenue Backlog
Financial Update FY21 All figures in US$ Contracted Revenue Backlog $101.5M New Contracts Executed $47.3M Record high level of contracted future revenue backlog: Up 15% on PCP* • Up 151% on PCP • Clinical Trials revenue backlog of $58.4M Contracted Backlog $101.5M • Healthcare revenue backlog of $43
Slide 7: Financial Update FY21: Clinical Trials revenue backlog coverage
Financial Update FY21 All figures in US$ Clinical Trials revenue backlog coverage New Contracts Executed $47.3M • On average over the last 5 years, revenue backlog at the beginning of each year has has represented 52% of final revenue for that year. Up 15% on PCP* • FY21 Clinical Trials contracted r
Slide 8: Financial Update FY21: Group revenue
Financial Update FY21 All figures in US$ Group revenue $32.7M for FY21 New Contracts Executed $47.3M • FY21: Revenue $32.7M, up 44% compared to PCP Up 15% on PCP* • 2H21: Revenue $18.8M, up 36% from 1H21 ($13.9M) Contracted Backlog $101.5M • Clinical Trials 2H21 $16.1M, up 28% from 1H21 ($12.6M) Up
Slide 9: Financial Update FY21: Profit Before Tax
Financial Update FY21 All figures in US$ Positive Profit Before Tax (PBT) New Contracts Executed $47.3M • PBT estimated to be in the range of $5.2 - $5.7M for FY21 Up 15% on PCP* • PBT includes a one-off $2.4M gain as a result of forgiveness of PPP loan1. Therefore, normalised PBT in the range of $2
Slide 10: Financial Update FY21: Cash flow
Financial Update FY21 All figures in US$ FY21 Operating cash inflow $16.8M, including net New Contracts Executed $47.3M $13.8M received from Eisai Up 15% on PCP* Cogstate Customer Related Total Operations Pass-Through Expenses Contracted Backlog $101.5M US$m US$m US$m Up 151% on FY20 *** Cash at 01
Slide 11: Alzheimer's Opportunity in Clinical Trials
Alzheimer’s Opportunity in Clinical Trials Dementia is one of the major causes of disability and dependency among older people worldwide, representing a significant health crisis. The recent FDA approval of an Alzheimer’s therapy is likely to see Clinical Trials momentum in the space increase furthe
Slide 12: Alzheimer's Opportunity in Healthcare
Alzheimer’s Opportunity in Healthcare A disease modifying therapy will require early detection of cognitive decline in order to intervene and slow progression – creating a significant global market for scalable and sensitive dementia screening. 320 million people over age 65, key markets only USA: 5
Slide 13: Expanded Eisai partnership takes Cogstate a step closer to realizing its vision
Expanded Eisai partnership takes Cogstate a step closer to realizing its vision Global leaders in development and commercialization of total dementia care ecosystem, from identification to intervention Current Opportunity Potential Future Opportunity Enablers using Cogstate Increasing awareness of T
Slide 14: FDA Approval of Aduhelm
FDA Approval of Aduhelm First ever disease modifying treatment of Alzheimer’s to be jointly marketed by Biogen and Eisai • Approved by FDA on 7 June 2021 • Also submitted applications to regulators in: • Europe (Announced Oct 2020) • Japan (Announced Dec 2020) Other late stage potential candidates g
Slide 15: Cogstate Investment Case
Cogstate Investment Case Record revenue pipeline > $100m Significant leverage to an with earnings leverage Alzheimer’s treatment • Momentum in Clinical Trials continues to build • Aduhelm approval crystallises the opportunity (record $58.4m revenue backlog). • Potential treatments from Eisai and Lil
Slide 16: Appendices
Appendices 16
Slide 17: Restatement of prior period revenue
Restatement of prior period revenue • Due to the significance of the Eisai global licensing agreement, the group announced in its 1H21 results that it had reviewed the application of its accounting policy in respect of revenue recognition relating to the grant of licences, provision of supporting se
Slide 18: Reconciliation of new contract signings
Reconciliation of new contract signings • In 2020, Cogstate restated the contracted future revenue backlog to exclude third-party services to better reflect future net revenue that Cogstate is expected to derive under existing contracts. During 2021, the reported new contract signings has excluded t
Slide 19: Contracted Future Revenue > $100M
Contracted Future Revenue All results provided in US$ Contracted Future Revenue > $100M FY22 contracted revenue $28.7M at 01 July 2021 31-Jun-21 31-Mar-21 VARIANCE FAV/(UNFAV) • Clinical Trials contracted revenue US$ US$ US$ % $24.5M Contracted Clinical Trials Revenue 58,424,721 55,673,915 2,750,806
Slide 20: 44% Revenue Growth in FY21
44% Revenue Growth in FY21 • FY21 revenue of $32.7 million is a record result for Cogstate and is up 44% compared to pcp (FY20 $22.8m). • Clinical Trials revenue benefitting from the substantial increase in new sales contracts executed in recent periods. • Healthcare revenue benefitting from recogni
Slide 21: Cogstate
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