REG - Cambridge Cognition - Trading Update

Cambridge Cognition HoldingsAnnouncement

30/06/2020 07:02

RNS Number : 4463R
  
Cambridge Cognition Holdings PLC
  
30 June 2020
  
 

30 June 2020



Cambridge Cognition Holdings Plc
("Cambridge Cognition" or the "Company")
 
Trading Update
H1 2020 order intake almost double H1 2019
Cambridge Cognition Holdings plc (AIM: COG), which develops and markets digital solutions to assess brain health, is pleased to announce further contract wins in the first half of 2020, taking the order intake to £4.9m for the year to date, compared with £2.6m for the first half of 2019. To date in 2020, the Company has signed contracts for four large orders of over £500k and ten for between £50k and £500k, as well as taking many smaller orders.  The contracted order book for the company is now at £7.5m compared to £5.7m at 31 December 2019.  
The Company set out a new strategy last year with a focus on having a diversified portfolio and commercialising the new products developed in recent years.  The recent contract wins are in line with that strategy and the four larger orders each included two or three of the following Cambridge Cognition offerings:
·    CANTAB™, the world-leading digital assessment for cognition;
·    Cambridge Cognition's new, configurable electronic Clinical Outcomes Assessment solution (eCOA) launched late in 2019, and
·    Digital solutions for measuring cognition in virtual and part-virtual clinical trials being conducted outside clinical trial sites.
The forward pipeline of opportunities for the Company continues to be positive. Several of these opportunities are for virtual or part-virtual clinical trials while others are reliant on clinical trial sites opening fully following the COVID-19 lockdown.  Unless there is a second wave of the COVID-19 pandemic, it is expected that most, if not all, clinical trial sites will be open during Q3 2020. 
Until all clinical trial sites are open again, we remain cautious around the extent to which these increased order levels will have a favourable impact on recognised revenues this year.  However, as a number of clients have already indicated that they are now restarting trials that had been paused, the current prospects are encouraging.
Notice of Results
The Company will announce its interim results for the six months to 30 June 2020 on 22 September 2020, at which time further guidance on the anticipated outcome for the year will be provided.
Capital Markets Showcase
As previously announced, the Company will be hosting a Capital Markets Showcase via Webex later today, at 10am.  Those not already registered who wish to express interest in attending the event should email zach.cohen@investor-focus.co.uk.
 
Commenting, Matthew Stork, Chief Executive Officer of Cambridge Cognition, said:
"These order wins are pleasing to see and confirm that the strategy we set last year is succeeding. 
"We are seeing unprecedented demand for the breadth of solutions we are able to offer clients: CANTAB™ cognitive assessments, electronic Clinical Outcomes Assessment solutions, digital solutions and also our new voice-based assessments for cognition.  What is particularly pleasing is that many companies are ordering more than one solution, increasing sales per client.
"We are looking forward to delivering these new orders in the second half of the year and securing further orders from our strong order pipeline."  
The information communicated in this announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, contact:



Cambridge Cognition Holdings PLC
Matthew Stork, Chief Executive Officer
Nick Walters, Chief Financial Officer 


Tel: 012 2381 0700
press@camcog.com




finnCap Ltd (NOMAD and Joint Broker)
Geoff Nash / Simon Hicks
Alice Lane / Manasa Patil


Tel: 020 7220 0500
(Corporate Finance)
(Corporate Broking)




Dowgate Capital Limited (Joint Broker)
David Poutney / James Serjeant


Tel: 020 3903 7715
 




IFC Advisory Ltd (Financial PR and IR)
Tim Metcalfe / Graham Herring / Zach Cohen


Tel: 020 3934 6630
 



 
Notes to Editors
About Cambridge Cognition
Cambridge Cognition is a neuroscience technology company developing digital health products to better understand, detect and treat conditions affecting brain health. The company's software products assess cognitive health in patients worldwide to improve clinical trial outcomes, identify and stratify patients early and improve global efficiency in pharmaceutical and healthcare industries.
For further information visit www.cambridgecognition.com
 
 


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