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Cogstate
Cogstate (CGS) investor relations material
Cogstate H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary18 Feb, 2026
Executive summary
Managed 133 clinical trials as of December 31, up 34% year-over-year, with a record 42 new trial starts in the half, reflecting strong portfolio expansion and customer diversification.
Achieved strong revenue growth and operational leverage in 1H26, with record diversified sales contracts and increased market share from competitors.
Channel partners contributed 70% of sales opportunities and 62% of executed contracts in the December quarter, highlighting the success of the partnership strategy.
Net profit before tax for the half-year ended 31 December 2025 was $5.34 million, up 2% from $5.22 million in the prior corresponding period.
Principal activities included digital brain health assessments and quality assurance services in clinical trials.
Financial highlights
First half revenue was AUD 26.9 million, up 12% year-over-year; Clinical Trials revenue grew 13% year-over-year.
EBITDA was AUD 6.5 million (24.3% margin), profit after tax AUD 4.5 million (16.7% margin), and profit before tax AUD 5.3 million (just under 20% margin).
Gross margin was 58.4% on a like-for-like basis, but compressed to 52.8% from 61.4% prior period due to temporary factors and investments.
Operating expenses fell 9% year-over-year, benefiting from cost reallocation.
Cash on hand was AUD 34.1 million, with no debt and positive operating cash flow of AUD 2.4 million.
Outlook and guidance
Management expects margins to improve in the second half, targeting 56%-59% gross margin, with a long-term goal of 60%+.
Revenue contracted for the June half is AUD 21.7 million, up 24% year-over-year, positioning for strong growth.
Total future contract revenue grew 6% year-over-year to $104.9 million, with a clinical trials backlog of $92.3 million, up 9-10%.
Sales pipeline and trial portfolio at record levels, providing multi-year visibility.
Continued investment in technology, expansion into new indications, and channel partnerships are expected to drive medium-term growth.
Clinical Trials direct cost increase drivers
Eisai Global license revenue decline reasons
Impact of software capitalization on operating cash
How does diversification reduce revenue volatility?
How does AI strengthen Cogstate's competitive moat?
Detail H2 gross margin recovery drivers
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Next Cogstate earnings date
H2 202620 Aug, 2026
Cogstate
Next Cogstate earnings date
H2 202620 Aug, 2026
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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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