SomnoMed Posts New Record in Q3

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SomnoMed (ASX:SOM) Unit sales reached a new record, 30% higher than in the same quarter in the previous year.

29th April 2011, Sydney: SomnoMed Limited (ASX: SOM) SomnoMed Limited announced today its results for the third quarter to March 2011. Unit sales reached a new record with 6,346 units, 30% higher than in the same quarter in the previous year, when sales reached 4,872 units. Third quarter sales edged ahead of Q2 sales, due to higher US sales in the month of March after the snow storm affected February low. European sales set new records with over 1,700 units for the quarter, 100% up on last year. Global unit sales for the nine months are just under 17,800 units.

Revenue numbers were affected by the strengthening Australian Dollar, resulting in March quarter dollar sales growing by 15% over the same period last year. Total revenue growth for the full 9 months is 18% (29% with constant exchange rates).

Total revenues for SomnoMed in the third quarter were just over $3 million, compared to $2.6 million in the same period in the previous year. SomnoMed’s CEO Mr Ralf Barschow commented, “The results achieved in this quarter reaffirm our ability to continue to grow the unit sales and revenues of the business, particularly in Europe and the US within the Sleep Disordered Breathing industry. New sales records achieved in the March quarter for both regions are very encouraging for the remainder of the financial year.”

“SomnoMed controls direct operations in three global regions, with Japan and Asia still at the development stage but still offering significant long term potential. The US and parts of Europe are regions in “take off” mode,” said Mr. Barschow.

The ongoing investment in manufacturing, operations and logistics has again allowed SomnoMed to increase the gross margin of the business. SomnoMed’s group gross margin has improved from 58% in the March quarter of 2010 to 67% in the same period for 2011 - a further record gross margin for the company. All regions continued to be operationally profitable, generating results well ahead of the corresponding period in the prior year.

SomnoMed Limited had $3.638 million in cash available at 31st March 2011.

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Anthony White
SomnoMed
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