COG Cambridge Cognition Holdings Plc

TIDMCOG

RNS Number : 7590Z

Cambridge Cognition Holdings PLC

27 January 2022

27 January 2022

Cambridge Cognition Holdings plc

("Cambridge Cognition", the "Company" or the "Group")

Trading Update

Strong orders and revenue growth on adoption of virtual clinical trials and broader product offering

Cambridge Cognition Holdings plc (AIM: COG), which develops and markets digital solutions to assess brain health, is pleased to announce a positive trading update for the year ended 31 December 2021.

Unaudited highlights for the year ended 31 December 2021

   --         Growth in revenues of 50% to GBP10.1 million (2020: GBP6.7 million) 

-- Increase in contracted order backlog of 51% to GBP17.0 million (31 December 2020: GBP11.2 million)

   --         Profit after tax for the year of GBP0.5 million (2020: GBP0.4 million loss) 
   --         Cash balance of GBP6.8 million at 31 December 2021 (31 December 2020: GBP3.0 million) 

The Company made excellent progress in 2021, delivering strong growth in orders and revenues, together with moving into profitability with earnings ahead of market expectations. Order intake for the year closed at GBP15.7 million, up 25% on the previous year's order intake of GBP12.7 million. Order growth continued to be driven by commercial execution, a broader product offering and demand for virtual clinical trials. The contracted order book at the end of 2021 was GBP17.0 million (GBP11.2 million at 31 December 2020) of which at least GBP7.5 million is expected to be recognised as revenue in 2022, subject to customer delivery schedules.

The pandemic has provided a catalyst for the growth in adoption of virtual clinical trials as pharmaceutical companies shift to measuring patients at home more(1) , which has been of benefit to the Company, but this has been offset to a certain extent by some delays to trials(2) , mostly due to more cautious, slower patient recruitment. These trends are expected to continue in 2022.

The underlying market for the measurement of electronic outcomes in clinical trials was reported to be growing at 17%(3) in 2021. The Company results were ahead of this underlying market growth. The 2021 performance provides a strong platform for further growth as the Company continues to develop and commercialise its innovative digital assessments, primarily for clinical trials.

The Company expects to announce its preliminary results in March 2022.

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

References.

   1.     McKinsey & Company. (2021). https://www.mckinsey.com/industries/life-sciences/our-insights/no-place-like-home-stepping-up-the-decentralization-of-clinical-trials 

2. John Z. Xue et al., "Clinical trial recovery from COVID-19 disruption," Nature Reviews Drug Discovery, September 2020, Volume 19, pp. 662-3, nature.com. Monthly trial starts declined 50% from January 2020 to April 2020, and 60% of investigators reported a significant reduction in trial activities in May 2020.

   3.     GrandView Research 2018 eCOA Report indicates a CAGR of 17% 2018-20225 

Enquiries:

 
 Cambridge Cognition Holdings plc               Tel: 01223 810 700 
 Matthew Stork, Chief Executive Officer           press@camcog.com 
 Steven Powell, Chairman 
 
 finnCap Ltd (Nomad and Joint Broker)           Tel: 020 7220 0500 
 Geoff Nash/ Simon Hicks                       (Corporate Finance) 
 Alice Lane/ Charlotte Sutcliffe               (Corporate Broking) 
 
 Dowgate Capital Limited (Joint Broker)         Tel: 020 3903 7715 
 David Poutney/ James Serjeant 
 
 IFC Advisory Ltd (Financial PR and             Tel: 020 3934 6630 
  IR) 
 Tim Metcalfe/ Graham Herring/ Zach       COG@investor-focus.co.uk 
  Cohen 
 

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January 27, 2022 01:59 ET (06:59 GMT)

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