Australia's CogState slumps most in four years on bleak outlook

Cogstate

24/02/2023 24:24

** Shares of CogState Ltd  CGS.AX  fall as much as 30.2% to
A$1.135 in their biggest intraday pct drop since Feb. 27, 2019
    ** Neuroscience tech firm expects FY23 revenue to be 6%-9%
below $45 mln logged in FY22
    ** Cuts FY23 EBITDA outlook range to 12%-15% of revenue from
prior guidance of 27%-29%
    ** Says expects to report break-even profit before tax for
1H23
    ** Cuts outlook as rate of enrolment not seen tracking
initial projections
    ** CGS stock hits its lowest since June 7, 2021; down for a
third straight session
    ** CGS top loser in the ASX All Ordinaries index  .AORD  
    ** Down 17.1% this year, as of last close, vs a 3.8%
increase in the ASX All Ordinaries index 
 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))