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Cogstate (CGS) investor relations material

Cogstate H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary21 Aug, 2025

Executive summary

  • Achieved record total revenue of $53.1M for FY25, up 22% year-over-year, driven by a 28% increase in clinical trials revenue.

  • Profit before tax rose 96% to $13.9M, and profit after tax increased 86% to $10.1M, reflecting operational leverage and cost discipline.

  • Declared a maiden fully franked dividend of 2 Australian cents per share, targeting a payout ratio of 20–50% of net profit after tax.

  • Strategic partnership with Medidata is building a robust sales pipeline and expanding reach in CNS and psychiatric indications.

  • Expanded into new brain health and neuroscience opportunities, with robust growth in clinical trials partnerships.

Financial highlights

  • Gross margin improved to 61%, EBITDA margin reached 30%, and EBIT margin rose to 25%, all up significantly year-over-year.

  • Operating cash inflow was $11.5M, with a year-end cash balance of $35.6M after $4.8M spent on share buybacks.

  • Clinical trials sales contracts totaled $41.3M, up 53%, with $14.1M executed since July 2025.

  • Software license revenue has grown at a 25% CAGR over four years, supporting higher revenue yields.

  • License fees contributed over 20% of revenue, supporting margin expansion.

Outlook and guidance

  • FY26 expected to benefit from Medidata partnership scaling, AI product launch, and expansion into new CNS indications.

  • $35.9M of FY26 revenue already under contract as of August 2025, with strong pipeline growth expected.

  • Margins may see a small decrease (up to 3 percentage points) in FY26 due to increased engineering spend, but long-term margin upside anticipated as license fees grow.

  • Expanding into psychiatric and mood disorders, with $4M in contracts signed early in FY26.

  • Board to maintain flexibility on share buybacks.

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Frequently asked questions

Cogstate Limited is a cognitive science company, which provides computerized cognitive tests for clinical trials, academic research, healthcare and brain health applications. Cogstate has three internationally accredited test laboratories in Australia, UK, and Italy/France. These non-invasive tests are focused on memory and attention based aspects of cognition and also include specific modules to assess other functions such as reaction time and impulsivity. Cogstate Limited was incorporated in 1999 and is based in Fitzroy, Australia.

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