External broker reports(aggregated public sources), CCZ Statton Equities

CCZ Statton Equities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>CGS provided a Q3’FY23 trading update with group revenue of $10.9m, +18% vs pcp or $30.5m YTD.</li><li>New clinical trial (CT) contract sales have been weaker than in previous quarters, with $3.4m in signings or $30.7m YTD.</li><li>Mgmt. has flagged a slowdown in decision-making and investment from biotechnology companies as a contributing factor in the weaker contract sales.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CGS provided a Q3’FY23 trading update with group revenue of $10.9m, +18% vs pcp or $30.5m YTD.New clinical trial (CT) contract sales have been weaker than in previous quarters, with $3.4m in signings or $30.7m YTD.Mgmt. has flagged a slowdown in decision-making and investment from biotechnology companies as a contributing factor in the weaker contract sales.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cogstate - Eyes on the Prize Despite a Temporary Sales Slowdown

<ul><li>CGS’s result was largely pre-announced with rev of $19.5m and EBIT -$0.2m. Clinical trial segment rev was $17.1m, -18% vs pcp impacted by c.$3.3m rev deferred to FY24+.</li><li>Healthcare segment contributed $2.2m, flat vs pcp, which reflects the minimum contracted rev from the Eisai Global Agreement.</li><li>1H’FY23 result does not reflect the opportunity and growth prospects for CGS.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CGS’s result was largely pre-announced with rev of $19.5m and EBIT -$0.2m. Clinical trial segment rev was $17.1m, -18% vs pcp impacted by c.$3.3m rev deferred to FY24+.Healthcare segment contributed $2.2m, flat vs pcp, which reflects the minimum contracted rev from the Eisai Global Agreement.1H’FY23 result does not reflect the opportunity and growth prospects for CGS.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>CGS provided a business and guidance update ahead of interim results scheduled for 28 Feb-23.</li><li>Delayed clinical trials affected 1H'FY23 revenue, resulting in a -12% decrease to $17.1m, with c.$5m of revenue moved to FY24+.</li><li>Additionally, due to a more significant share of fixed costs, this delay in revenue has affected earnings, with PBT expected to breakeven.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CGS provided a business and guidance update ahead of interim results scheduled for 28 Feb-23.Delayed clinical trials affected 1H'FY23 revenue, resulting in a -12% decrease to $17.1m, with c.$5m of revenue moved to FY24+.Additionally, due to a more significant share of fixed costs, this delay in revenue has affected earnings, with PBT expected to breakeven.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>A commercially successful drug would warrant new funding to expand its applications. Most of the lifetime investment into a drug occurs after first approval.</li><li>These new trials are more frequently phase 3 or 4 studies with larger patient sizes.</li><li>This was the case for multiple sclerosis (MS), with industry experts and management believing this will be no different for Alzheimer's (AD).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

A commercially successful drug would warrant new funding to expand its applications. Most of the lifetime investment into a drug occurs after first approval.These new trials are more frequently phase 3 or 4 studies with larger patient sizes.This was the case for multiple sclerosis (MS), with industry experts and management believing this will be no different for Alzheimer's (AD).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cogstate - Is History About to Repeat Itself?

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<li>The clinical trials backlog is now $110.5m (+26% pcp), driven by another strong quarter of clinical trial sales of $17.9m (-56% pcp).</li>
<li>The backlog from clinical trials has underpinned Q1'FY23 group revenue of $8.9m (-27% pcp).</li>
<li>The clinical trial segment contributed $7.8m of revenue (-30% pcp), and the healthcare segment remained flat with $1.1m. Delays in revenue are not of concern.</li>
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Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.



The clinical trials backlog is now $110.5m (+26% pcp), driven by another strong quarter of clinical trial sales of $17.9m (-56% pcp).
The backlog from clinical trials has underpinned Q1'FY23 group revenue of $8.9m (-27% pcp).
The clinical trial segment contributed $7.8m of revenue (-30% pcp), and the healthcare segment remained flat with $1.1m. Delays in revenue are not of concern.


Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cogstate - Backlog Builds for Alzheimer's Trials, but Revenue Delayed

Australia

CogState Limited manufactures and distributes diagnostic and therapeutic products associated with neurological disorders and the measurement of cognitive functions.

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Cogstate Ltd (CGS AU)

Cogstate - Eyes on the Prize Despite a Temporary Sales Slowdown

CGS provided a Q3’FY23 trading update with group revenue of $10.9m, +18% vs pcp or $30.5m YTD. New clinical trial (CT) contract sales have been...

CCZ Statton Equities

Cogstate - Remembering What Matters

CGS’s result was largely pre-announced with rev of $19.5m and EBIT -$0.2m. Clinical trial segment rev was $17.1m, -18% vs pcp impacted by c.$3.3m...

CCZ Statton Equities

Cogstate - Down but Not Out

Delayed clinical trials affected 1H'FY23 revenue, resulting in a -12% decrease to $17.1m, with c.$5m of revenue moved to FY24+.

CCZ Statton Equities

Cogstate - Is History About to Repeat Itself?

A commercially successful drug would warrant new funding to expand its applications. Most of the lifetime investment into a drug occurs after first...

CCZ Statton Equities

Cogstate - Backlog Builds for Alzheimer's Trials, but Revenue Delayed

The clinical trials backlog is now $110.5m (+26% pcp), driven by another strong quarter of clinical trial sales of $17.9m (-56% pcp).

CCZ Statton Equities

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