Cogstate (CGS) H2 2026 earnings summary

Executive summary

• FY26 achieved record financial and commercial performance, driven by diversification, expansion of offerings, and strong demand across a diversified CNS clinical trials portfolio, with significant business scale-up and successful execution of expansion strategies.

• Technology and AI-enabled scale remained a strategic focus, supporting operational efficiency, scalable growth, and margin expansion.

• Strategic partnerships and channel partners, including Medidata, enhanced sales opportunities and market reach.

Financial highlights

• FY26 revenue was $60.9 million, up 15% year-over-year, with gross profit of $35.4 million and a 58% margin.

• Profit before tax reached $16.1 million (up 16%); net profit after tax was $11.9 million (up 17%).

• EBIT margin was 25% for FY26, rising to 30% in the second half; EBITDA margin was 30% for the year, 35% in 2H26.

• Record $89.0 million in sales contracts signed, up 116% year-over-year.

• Cash position at year-end was nearly $35 million, with no debt.

Outlook and guidance

• Entering FY27 with record contracted future revenue of $118.5 million, including $48.3 million expected to be recognized in FY27 (up 54%).

• Management expects to maintain FY26 EBITDA margins in FY27, despite increased technology investments.

• Revenue growth in FY27 will depend on contract execution, with a likely second-half bias.

• Multiple avenues for growth identified, including new indications, expanded offerings, and channel partnerships.