Australia's CogState at over 6-week low on soft outlook

Cogstate

30/08/2022 02:21

** Shares of Australia-based neuroscience tech company
CogState Ltd  CGS.AX  fall as much as 10% to A$1.525, their
lowest since July 18
    ** Expects clinical trial revenue for 1H FY23 to be
consistent with 2H FY22  urn:newsml:reuters.com:*:nASX8dYK0k
    ** Forecasts FY23 EBIT to be at the bottom end of target
range of 20%-24% of revenue
    ** Says phase-3 Alzheimer's trials data could impact short
term sales opportunities in clinical trials business, either
positively or negatively
    ** Says healthcare revenue and segment contribution for FY23
expected to be consistent with FY22
    ** Stock on track for its third consecutive session of
losses; posts its biggest intraday pct fall since June 20
    ** CGS third-biggest loser in the ASX All Ordinaries index
 .AORD 
    ** Down about 30% this year, as of last close

($1 = 1.4489 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com))