Cogstate (CGS) AGM 2025 summary

Opening remarks and agenda

• The meeting began with a welcome, acknowledgment of traditional custodians, confirmation of constitution and quorum, and outlined Board introductions, Chairman's address, CEO update, and formal business with resolutions and voting by poll.

• Shareholders could participate and ask questions both in-person and online, with clear instructions for engagement.

Financial performance review

• FY 2025 revenue reached $53.1 million, up 22%, with clinical trials revenue up 28% to $50.6 million and new contract sales up 53% to $41.3 million.

• Net profit before tax was $13.9 million, nearly doubling year-on-year, and NPAT increased 86% to $10.1 million.

• EBITDA margin expanded to 30% (from 21%), EBIT margin to 25% (from 15%), and gross margin was 61%.

• Operating cash flow was $11.5 million, with a cash balance of $35.6 million after a $4.8 million share buy-back.

• FY 2026 began strongly with $21.4 million in sales contracts in Q1.

Strategic initiatives and plans

• Diversification into psychiatric, rare, and sleep disorders, with $6.9 million in new psychiatric work in Q1 FY 2026.

• Expanded network of 360+ consulting clinicians in 51 languages, enabling global reach and centralized assessments.

• AI-powered products to be launched, enhancing data quality and training for clinical trials.

• Partnerships with Medidata, Clinical Inc., THREAD, aparito, and umotif® are driving increased proposal volume and market expansion.

• Continued investment in technology and direct costs to support growth and quality delivery, with margin impact of up to 3 percentage points expected in FY26.