A listed MedTech firm focused on brain health is on track to achieve profitability in 2024.
Cambridge Cognition Holdings Plc, which develops and markets digital solutions to assess brain health, has substantially reduced development and operational costs while raising £2.2m in fresh funds to drive profitable growth.
For the six months ended 30th June 2024, it reported revenue of £5.6m – down from £6m in H1 2023 – but adjusted operating loss of just E100,000 compared with £2.1m in the prior period. The firm has a cash balance of £3.4m.
Announced in May, CFO Stephen Symonds will step down at the end of the month. The company is looking to recruit his replacement.
It said investment in research and development is continuing on projects with near-term benefits, while investment has been made to enhance the company’s commercial capability.
Contracts executed during the Period were mostly with existing customers and included clinical trials for CNS disorders, oncology and rare diseases. It was also awarded a contract with a new ‘top 10’ pharmaceutical client.
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“We have worked hard during the first half of the year to successfully reduce costs and increase our commercial capabilities across the business,” said CEO Matthew Stork. “Encouragingly, the company has a healthy forward pipeline of opportunities including multi-contract opportunities with three large customers.
“This gives us confidence that, as trading conditions continue to improve, Cambridge Cognition is very well placed to continue to win market share and remains on track to achieve profitability in 2024.”
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