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S L E E P
D I AG N O S T I C S
& T R E AT M E N T
M E D I C A L
I N N O VAT I O N S
B R A I N
R E S E A R C H
U LT R A S O N I C
B LO O D F LO W
M O N I TO R I N G
02 Who is Compumedics?
03 Financial Summary
04 Chairman’s Address
11 Global Markets
12 Core Business
14 Clients and Core Products
15 Strategic Growth Platforms
19 A Focused Strategy in Action
21 Board of Directors
22 Senior Management
Compumedics Limited
ABN 95 006 854 897
Annual General Meeting
Thursday, 7th November 2019
at 10.30am
To be held at: Compumedics Limited
30-40 Flockhart Street Abbotsford
Victoria 3067
Who is Compumedics?
Compumedics is a leading global, innovative developer
A leading global, innovative developer
and manufacturer of medical devices for:
and manufacturer of medical devices for:
Diagnosing
sleep disorders
Monitoring
neurological
disorders including
long-term epilepsy
monitoring (LTEM)
Highly sophisticated
brain research
Ultrasonic monitoring
of blood flow
through the brain
(Transcranial
Doppler [TCD])
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2
Compumedics is a technological leader
A technological leader in its chosen markets:
in its chosen markets:
#1
Australian
sleep & neuro
diagnostics
device supplier
#1
Japan
sleep diagnostics
device supplier
#1
#3
China
sleep diagnostics
device supplier
to premier facilities
&
#1 TCD
device supplier
USA
sleep diagnostics
device supplier
and emerging
#3 supplier for
neurological
monitoring devices
Since 1987 Compumedics has grown into a company:
with 130 employees across seven locations, Melbourne, Australia (Home Office),
Charlotte, NC, USA, Hamburg, Dresden and Singen, Germany, Paris, France
and Daejeon, South Korea.
which listed on the ASX on Dec 21, 2000.
that has generated more than $620m in revenues since listing of which
over $520m have been export revenues
All $ = A$ unless otherwise specified
FINANCIAL SUMMARY
ALL FIGURES IN A$M UNLESS OTHERWISE STATED
TREND
2019
2018
Revenue for continuing operations
41.5
37.0
Earnings before interest, income tax, depreciation and amortisation (EBITDA)
Earnings before interest and income tax (EBIT)
Net operating profit after tax (NPAT)
Research and development costs as a percentage of operating revenue
Total assets
Shareholders funds
Net tangible assets per share (cents)
Weighted average number of shares (million)
Earnings per share (basic) (cents)
Earnings per share based on earnings before interest, tax, depreciation and amortisation (cents)
5.9
5.3
4.0
13
4.2
3.7
2.8
14
38.7
34.7
27.3
23.2
11.6
10.8
177
177
2.3
3.3
1.6
2.4
• The FY19 net profit after tax (NPAT) was up to AUD4.0M compared to AUD2.8M for the FY18. Earnings before interest, tax, depreciation and
amortisation (EBITDA) was AUD5.9M compared to AUD4.2M for the FY18. These results reflected an ongoing focus on performance, and both quality
and efficiency improvements across all operational areas.
• Revenues shipped and invoiced increased 12% to AUD41.5M over the previous financial year, whilst sales orders taken, were up by 7.5% to a record
AUD40.5M, for the core business compared to the previous financial year.
Dear Compumedics investors,
colleagues and business partners,
On behalf of the Board, management and the Compumedics team, I
present to you the following highlights in the results contained within
the Compumedics 2019 Annual Report. In accordance with continued
revenue growth, 30 June 2019 net profit after tax (NPAT) was up 43%
to $4.0m compared to $2.8m for FY18. Earnings before interest,
tax, depreciation and amortisation (EBITDA) were up 40% to $5.9m
compared to $4.2m for FY18. The focus on performance continues,
even amidst a strong investment on key breakout growth opportunities
including Orion LifeSpan™ MEG system and Somfit® sleep-health
platform. Additionally, a strong ongoing focus on quality and efficiency
improvements across all operational areas of the business continues
to be a priority.
Revenues shipped and invoiced increased 12% to $41.5m for FY19,
compared to $37.0m for FY18. Sales orders taken for FY19 were up
7.5% for the core business compared to FY18.
Cash on hand increased to $4.6m for FY19, compared to $3.9m for
FY18. Debt levels also improved to $1.6m compared to $1.9m for
FY18, despite substantial ongoing investments in core neuro and sleep
diagnostics business research and development (R&D), together with
strong commercial activation advancement across both new Orion
LifeSpan™ MEG and Somfit® sleep-health business divisions.
KEY PERFORMANCE ACHIEVEMENTS FY19
Further underscoring the strength of the core business profitability,
over $5.0m was invested in next-generation growth platforms
(medical innovations) including the new magnetoencephalography
(MEG) neuroimaging business, eHealth (professional) sleep cloud-
services (Nexus 360), and Somfit® sleep-health platform, positioning
Compumedics for ongoing growth coupled with significant upcoming
business realisation opportunities.
A number of key milestones and positive outcomes were achieved
during the 30 June 2019 (FY19) financial year. In particular, the
first stage of the MEG sale to Barrow Neurological Institute (BNI) in
Phoenix, Arizona was completed successfully. Moreover, the MEG FDA
submission for USA market clearance has now been submitted and is
progressing well.
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4
Gross margins improved from 57% in FY18 to 60% in FY19,
corresponding to our strengthened operational management team and
reinvigorated drive to continue efficiency improvements throughout
the organisation. Profitability improved in conjunction with growth
across key global core markets, including China, Europe and the
U.S. In particular, China business grew by 26% compared to FY18
and DWL business grew by 17% compared to FY18. DWL division
achieved record overall sales, including record sales for the USA. The
MEG business pipe-line, buoyed by the recent success of the first
stage of the BNI MEG installation, continues to lay the foundation for
a strengthened business outlook. The Orion LifeSpan™ MEG FDA
regulatory submission and the BNI installation were all important MEG
business milestones.
FIRST
MEG
FIRST PHASE OF
INSTALLATION
COMPLETE
RECORD ORDERS
(CORE BUSINESS)
$40.5M
Up 7.5%
REVENUE
$41.5M
TM
SOMFIT
CONSUMER SLEEP DEVICE
COMMERCIALISATION
ACTIVITIES ADVANCE
TM
NEXUS 360
30 SITES, 210 BEDS,
45,000 STUDIES
NET PROFIT AFTER TAX
EBITDA
43%
40%
$4.0M in FY19 vs $2.8M in FY18
$5.9M in FY19 vs $4.2M in FY18
CORE BUSINESS*
EBITDA
CORE BUSINESS*
NET PROFIT AFTER TAX
$7.4M
$5.9M
$5.9M in FY19 vs $4.5M in FY18
UP FROM $37.0M IN FY18
$7.4M in FY19 vs $5.6M in FY18
*Excludes Medical Innovation Strategic Investments
OPERATIONS
Okti ™
Strong Underlying Financial and Operational Performance.
Compumedics continues to focus on generating profits from its blue-
chip-client-based core business, whilst maintaining continued strong
investment in R&D (13% of revenue). Maintaining sound profitability has
been achieved in the face of extraordinary ongoing investment in the
core business growth, as well as continued commercial activation of
next-generation growth platforms.
Ongoing Performance and Profitability
Improvements.
Compumedics remains focused on operational programs designed to
drive improved efficiencies, capable of enhancing sales margins and
product quality. These programs cover the streamlining of logistics,
along with the outsourcing of non-key functions such as larger scale
production. Additional programs cover the continued growth and
strengthening of recurring revenue streams, enhanced online shopping
cart capabilities, and implementation of global 24-hour help-desk
support services.
PRODUCT DEVELOPMENT PIPELINE
Product R&D, across both core product groups as well as breakout
business divisions, was maintained across all the Company’s divisions
with a range of product updates, new product releases, and refreshed
product pipelines. This underpins strong ongoing growth across the
Compumedics® sleep, neuro-diagnostic, Neuroscan® research,
DWL® (ultrasonic Doppler blood flow) and consumable businesses.
Home Sleep Testing
The new range of Home Sleep Testing (HST) devices are designed to
target the growing market for screening at home for sleep apnoea.
Compumedics led the market in HST products with its introduction of
the Somté range and are now finalising a new generation of products
to provide premium HST performance capabilities with a streamlined
user-friendly interface, fully integrated with the Nexus 360 platform. The
product represents a leap forward in HST usability with a focus on the
ability for the patient to attach the device without reliance on technician
intervention. Coupled with advanced communications technology and a
raft of convenience features the new HST range will change the way our
customers approach the HST market.
Compumedics Home Sleep Testing Device
Compumedics has led the way in high density clinical systems
for advanced epilepsy recordings as well as ambulatory portable
acquisition. The Neuvo® and Siesta® products are still best in class in
their segments. Compumedics is now preparing to release the next
generation of neurology amplifier, that combines the best of the Neuvo®
and Siesta® product lines in a single product. The Okti™ range will
provide the market-leading solutions for ambulatory, long term, high
density and research applications. With a focus on usability and size,
including features specifically aimed at enhanced cyber security in
medicine capabilities, Okti™ represents a leap forward in both standard
clinical practice and advanced data collection.
CORiSS ™
Cortical stimulation is an increasing requirement for high end epilepsy
surgery programs. The need for a fully integrated cortical stimulator
and switch matrix to allow neurologists and neurosurgeons to map
out functional areas of the brain is becoming increasingly important,
particularly as surgery emerges as the leading treatment for epilepsy.
The CORiSS™ cortical stimulator from Compumedics is designed
to address this need and seamlessly integrate into the family of
Compumedics products to provide a complete end to end solution.
Compumedics Profusion™ EEG Version 6 Software
Profusion ™ EEG
Profusion™ EEG is the clinical neurology software solution from
Compumedics. It complements the Profusion™ PSG , CURRY® and
Nexus™ 360 products in providing a complete solution for Neurology
clinical activities. Profusion™ EEG v6 is the latest major release of the
Profusion™ EEG software suite and represents a major improvement
in the clinical productivity and reliability of routine and other neurology
focused EEG acquisition and analysis.
DWL Neuromonitoring Analysis (NMA™)
Profusion ™ PSG
Profusion™ PSG is the clinical sleep software solution from
Compumedics. For over 30 years Profusion™ PSG has been the
leading tool of choice for sleep professionals. Profusion™ PSG v5
is the latest release of the Profusion™ PSG software, which offers
revolutionary productivity savings as well as providing the most
advanced and fully American Academy of Sleep Medicine (AASM)
compliant software available.
NeXus ™ 360
Nexus™ 360 continues to deliver the only full HTML 5 based
laboratory management solution on the market. Now established
as a leading solution with an expanding installed base, it continues
to grow in capabilities and features. The addition of total native
application support as well as full cloud-based solutions, coupled
with comprehensive support for neurology laboratories, Nexus™
360 continues to be the leading cloud or on-premise solution
for efficient, standards compliant and secure management of
patient data.
DWL Ezi-Dop™ and Multi-Dop ® T Digital
In addition to the recent market launch of the EZ-Dop™, the
smallest and most powerful TCD system in the world, DWL division
of Compumedics is focused on opening up new markets in
neurosurgery, intensive care medicine and neuro-monitoring.
DWL recently released a new TCD analysis software, called
Neuromonitoring Analysis (NMA™). This new TCD analysis
software for cardiovascular physiology, enables the differentiation
of pathological and non-pathological findings with the aid of the
NMA™ Doppler parameters. NMA™ can be used, among other
things, in surgery, anaesthesia and intensive care.
The use of this innovative screening software allows physicians and
healthcare professionals to efficiently and reliably interpret the TCD
signal in complex clinical situations, providing valuable information
for further disease assessment and therapy control.
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6
For example, NMA™ analytic capabilities enable enhanced
diagnostic functions applicable to:
• Age-related changes in the vascular flow area
• Changes in perfusion during therapeutic interventions, e.g.
monitoring during medicinal treatment
• Pre-, peri- and post-operative examination
(before / after evaluation)
Further, in the field of neuro-monitoring, DWL systems will be
connected to the ICM+ software developed by the University of
Cambridge, UK.
ICM+ is a pioneering clinical research software solution that offers
high-resolution data collection and real time analysis from multiple
bedside monitoring sources, facilitating personalised medicine.
Encapsulating over 25 years of clinical research in intracranial
dynamics and intensive care of traumatic brain injury, ICM+ has
become a hub for a worldwide scientific network in brain monitoring.
Another milestone in DWL’s continued expansion into promising
markets is the upcoming release of the DWL interface to Philips N.V.
patient monitoring systems (IntelliVue). This new interface enables
the linkage between all DWL Doppler digital systems and Philips
bedside monitoring systems.
Other DWL growth opportunities include mobile health applications
for DWL’s world-leading TCD systems, i.e. mobile phone user
interface for Traumatic Brain Injuries (TBI) detection for sports and
battle fields as well as ambulances, emergency and ICU. This and
the granting of the patent for servo-controlled robotic ultrasound will
further strengthen the role of DWL in TBI diagnosis.
DWL Ezi-Dop™
Barrow Neurological Institute (BNI)
Orion LifeSpan™ MEG System at BNI
CURRY® Neuroscan’s Brain Analysis Platform Suite
ORION LIFESPAN™ MEG INSTALLED AT BNI
First-phase delivery of the initial Compumedics/Neuroscan Orion
LifeSpan™ MEG system to USA-based Barrow Neurological Institute
(BNI) at St. Joseph’s Hospital and Medical Center, located in Phoenix,
Arizona, was completed at the start of the second quarter of 2019. This
first phase focused on delivery of a system specifically designed for the
evaluation of adult patients with unprecedented accuracy. The second
and final phase of delivery, scheduled for the first quarter of FY20, will
add the custom sensor helmet for paediatric patients.
Initial post-installation recordings demonstrated the high quality of
the magnetic field measures of brain activity. Fully powered by the
CURRY® acquisition and analysis software, Compumedics/Neuroscan
Orion LifeSpan™ MEG system exclusively inherits the “gold standard”
functionality for clinical/research MEG brain signal acquisition and
analysis. On-site calibrations of the system during the summer of 2019
further improved data quality through the identification and suppression
of extraneous interference.
ONGOING ACTIVITIES TO DRIVE GROWTH
A submission to the FDA in June of 2019, with expected approval in
the third quarter of 2019, will allow BNI to begin evaluation of clinical
epilepsy patients. Furthermore, FDA 510(K) approval will open the door
for Compumedics to the larger mainstream clinical market within the
USA. Other regulatory submissions, for example to Health Canada and
the European CE Mark are now underway.
On the R&D front, further development continues on more comprehensive
MEG offerings for both clinical and research applications with new
MEG designs. These will accommodate both sitting and laying (supine)
positions. These advancements, added to the existing two-helmet,
supine-only design, will allow the company to address unmet needs in
the adult/paediatric cognitive neurosciences market. This is in addition
to features which allow the simultaneous testing of two patients or
subjects simultaneously, which is of great interest in the emerging field
of cognitive social science.
High-quality sample data from BNI, regulatory approvals for clinical use
and the exclusive patented feature of the Compumedics/Neuroscan
Orion LifeSpan™ MEG system will allow us to vigorously compete for
all new MEG tenders as well as upgrades worldwide.
Compumedics is putting in place close working relationships
between the company and facilities using the Orion Lifespan™ MEG,
starting with BNI. This includes validation studies supporting new
applications for MEG; cognitive function and dysfunction research;
protocol development, especially those that will directly lead to
clinical biomarkers; validation and verification studies; improved/
expanded funding for MEG, including research grants and especially
clinical reimbursements (both public and private); etc. The company
has a strong interest in expanding the role of MEG in detecting and
diagnosing epilepsy, autism, dementia, Parkinson’s disease and other
brain/nervous system disorders.
Staff at BNI with the Compumedics team.
Neuroscan CURRY® and STIM™
CURRY8, Neuroscan’s latest brain analysis platform suite, continues to
drive both organic growth as well as development across new, lucrative
break-out market sectors, such as the new Orion LifeSpan™ MEG brain
scanning division. CURRY9, the next major upgrade, will be released
early in 2020. One especially important highlight of this release will be
an epilepsy spike and seizure detection module. This module allows
Compumedics to compete directly with other vendors in the market who
already provide such functionality. In addition, CURRY9 will include a brain
white matter tractography module. Tractography, extracted from diffusion
tensor imaging MRI data, provides a detailed view of the “wiring” of the
brain. While the grey matter of the brain is the origin of all cognitive
function, the white matter axonal fibre tracts provide the backbone of
communication between different areas of the brain. Combined with
an ongoing project to present CURRY® in a virtual-reality environment,
this integration of functional and structural views of the human brain
will provide an unparalleled capacity to visualize brain process of both
clinical and scientific interest, at both the individual and group level.
This development in CURRY9 is coupled with a further integration
of the STIM2 software. Currently under beta testing, an interface
device known as a STIMLink will insure the most precise timing
possible between the presentation of auditory, visual or tactile events,
along with synchronisation to the EEG and MEG data streams. The
development of two-way communication between CURRY® and STIM
will allow the development of closed loop paradigms in which stimulus
presentation is directly controlled by brain activity, rather than manually
by the experimenter or clinician. For example, Trans-cranial Magnetic
Stimulation (TMS) is now an FDA clinically approved method for treating
depression. The activation of TMS stimulation will soon be directly
controlled by patterns of brain activity measured in near-real time from
CURRY®. A further application of this approach with clinical research
may allow epileptic spike events detected in CURRY® to trigger TMS
targeted at the region of the brain producing the abnormal activity.
While this treatment method is currently in the clinical research phase,
this closed feedback functionality may offer another option for epilepsy
treatment in the future.
NEXT-GENERATION GROWTH
PLATFORM COMMERCIALISATION
The Company remains focused on a number of substantial opportunities
based on key next-generation growth platforms, applicable to imminent
or ongoing commercial activation.
These new generation growth platforms include online health
initiatives, comprising of professional and consumer-based Nexus 360
eHealth services, Somfit® sleep-health platform, ongoing sales and
developments within the new Orion LifeSpan™ MEG brain scanner
division, sleep-treatment developments, new-horizon driver-vigilance
monitoring systems and the newly patented CMP/DWL servo-controlled
robotic ultrasound systems, including patented traumatic brain injury
developments.
Compumedics/Neuroscan Fast-Emerging Orion Lifespan™
MEG Brain Scanner Division
Magnetoencephalography (MEG) is the most sensitive and precise
functional brain imaging technique currently available. It measures
and localises signals using helmet-shaped arrays of sensors in real-
time at a millisecond rate with millimetre accuracy. It is completely
non-invasive, safe and silent. It has applications in both neuroscience
and clinical diagnostics.
Magnetoencephalography (MEG) Functional Brain Imaging
The Compumedics/Neuroscan Orion LifeSpan™ MEG system and
is a breakthrough in MEG technology, being the first to offer adult/
paediatric capability in one instrument. MEG scanner highlights
include:
• The most sensitive and precise functional brain imaging
technique currently available. It measures and localises signals
using helmet-shaped arrays of super-conducting sensors
in real-time at a millisecond rate with millimetre accuracy.
It is completely non-invasive, safe and silent. It has applications in
both neuroscience and clinical diagnostics.
• High temporal and spatial resolution of brain activity.
These measures contribute to improved diagnostic outcomes.
Data recorded from Compumedics/Neuroscan Orion LifeSpan™
MEG systems allow greater confidence in identifying areas of
the brain generating epilepsy activity. This, in turn,increases
confidence in surgical remediation and lead to better patient
outcomes.
• Increasing clinical adoption and a wide variety of research
applications. These factors point to a market that will grow
exponentially in the coming years. The company is putting
the pieces in place to capitalise on this growth.
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CURRY® MEG Software Data
Compumedics/Neuroscan Orion LifeSpan™ MEG
The Orion LifeSpan™ MEG is the culmination of decades of
experience in the field:
• An ongoing technology transfer program executed in 2016 with the
Korea Research Institute of Standards and Science (KRISS), offers
the field an advanced, completely integrated and significantly more
cost-efficient MEG platform for both research and clinical medicine.
KRISS has been developing MEG technology since the 1990s.
• At the core of the new Orion LifeSpan™ MEG is the latest
generation of MEG brain sensors, comprising of the patented DROS
SQUID (Double Relaxation Oscillation Superconducting Quantum
Interference Device).
• This expertise, combined with the established SynAmps amplifier
and CURRY® software capabilities of Compumedics, has resulted in
the world’s most advanced MEG device.
• The unique Orion LifeSpan™ MEG system consists of a patent
pending, rotating dual-helmet dewar for adult and paediatric
patients (adult/adult, paediatric/paediatric options are available).
With this, two MEG systems can be contained in a single
magnetically shielded room (MSR), cutting in half the cost of having
two MSRs with conventional MEG systems, one for a paediatrics
and one for adults. The dual-helmet design also allows a single
medical centre to derive greater income from capturing a larger
patient population, from infants through to adults.
Nexus™ 360 Web-Based Diagnostic Platform
Compumedics web-based sleep diagnostic platforms
These eHealth developments present significant efficiency gains
for Compumedics’ existent and new customers, along with a highly
scalable and effective business model for Compumedics and
clients, alike. Customers appreciate the industry-leading quality and
sophistication of Compumedics’ internet “plug and play” amplifiers
coupled with the unique Compumedics single vendor solutions.
Nexus 360 enables a fully-integrated sleep cloud-services platform,
incorporating the first of its kind “end-to-end” clinical enterprise
solution for unsurpassed simplicity and efficiency, providing an
effective user clinical work flow and user experience.
GROWTH OUTLOOK
Compumedics remains focused on a number of new initiatives designed
to underpin both current and future organic and breakout growth,
including:
New product platform roll-out to continue in FY20
• Okti™, a new generation of premium neuro and sleep diagnostic
remote or ambulatory portable monitoring will commence roll-out
this year.
• The home sleep testing (HST) range of devices and Nexus 360
cloud platform represents the next level range of products will pave
the way for Compumedics expanded presence in this growing
market sector.
• The HST range of devices and Okti™ usher in the next generation
of connectivity, remote and portable monitoring with significant
advancements such as comprehensive plug and play Cloud
deployment options (including sleep and EEG Nexus 360), enhanced
cyber security, premium signal quality, increased processing power
and extended battery life, stream lined user-friendly applications
that cover clinical, research, diagnostic services, remote monitoring
of sleep, EEG or ECG, and a range of more specific applications
including the next generation long-term remote epilepsy monitoring.
• The upcoming cortical stimulator (CORiSS™) release will present
a new standard in fully integrated solutions for top-tier neurological
epilepsy and neurosurgical centres.
Compumedics/Neuroscan expansion into much larger MEG brain
analysis imaging market
• The Company continues to successfully pursue further
opportunities in this field during FY20 and is actively working
known opportunities.
Growth in international markets with active sales expansion
plans for China, Japan, Germany and USA
• The Company will continue to expand its USA sales team, to
grow market share in both sleep and neurological diagnostic
and monitoring markets.
• This year Compumedics successfully achieved with its new,
highly respected Fukuda Denshi partners, neurology Japanese
regulatory approvals, clearing the way for a FY20 major product
roll out, establishment of a strong and long-term partnership with
Fukuda Denshi Co., one of Japan’s and the world’s finest
medical companies.
eHealth business expansion with continued commercial
activation of its cloud-based neuro and sleep diagnostics
platform, Nexus™ 360, for both professional and consumer
applications
• Having established a strong foundation with our eHealth platforms
based on NeXus 360 market penetration in the USA and Australia
and continued development of the Somfit® plug-and-play
technologies, Compumedics is poised for strong growth in both the
sleep and neurodiagnostic eHealth markets.
• Compumedics has now doubled the NeXus 360 installation base
with over 30 sites (> 210 beds) in both the USA and Australia. The
NeXus 360 platform generated $600K revenue in FY19, with total
signed contract value exceeding A$1m in annual subscription fees.
The number of patients recorded on the platform now exceeds
45,000, servicing large clients in both sleep and neurodiagnostic
applications.
DWL business expansion opportunities following the granting of
a servo-controlled robotic ultrasound patent, along with its new
generation of EZ-Dop technology, along with colour ultrasonic
and TCD advancements
• Compumedics/DWL patent, enabling a servo-controlled robotic
ultrasound system. This development is being designed to
incorporate traumatic brain injury (TBI) diagnostic capabilities
for deployment across a range of remote applications including
sports-fields, battle-fields, ambulance vehicles and other
emergency or routine deployment opportunities.
• The Company continues to develop its technologies around the 3D
Transcranial Colour Doppler (3D TCCD)/Duplex imaging, whilst
refining the best way to fully exploit this commercial opportunity.
SUMMARY AND FINANCIAL OUTLOOK
Compumedics remains well positioned, based on the solid FY19
performance, continued core business growth, coupled with ongoing
commercialisation progress relating to Orion LifeSpan™ MEG and
Somfit® new breakout business divisions.
Improved gross margins (FY19 60% versus FY18 57%), the
installation of a new generation Customer Relationship Management
(CRM) and business enterprise systems, together with a number of new
initiatives still in progress, strongly positions the Company to maintain
ongoing growth by reinforcing operational performance and associated
disciplines throughout FY20 and beyond.
Continued core business growth
is expected, based on
Compumedics existent distribution network coupled with the excellent
ongoing performance from the DWL® ultrasonic Doppler blood
flow division. Additionally, existent growth markets such as USA and
China, along with new growth markets including Compumedics
French business, and the new Japan Fukuda Denshi neuro diagnostic
distribution, will further bolster growth, moving forward.
Notably, FY20 will see regulatory approvals and releases of
completely new generation platforms and product ranges across
all Compumedics divisions. The home sleep testing (HST) range of
devices and Okti™, a new generation of premium neuro and sleep
diagnostic remote or ambulatory portable monitoring setting new
standards in remote or portable monitoring. These products all fully
integrate to the Nexus 360 cloud platform for unsurpassed connectivity .
Additionally, as it relates to enhancing access to major accounts, the
new cortical stimulator (CORiSS™) will enable fully integrated solutions
for top-tier neurological epilepsy and neurosurgical centres. The
regulatory approval focus for FY20 includes a new generation range of
Orion LifeSpan™ MEG systems and Somfit®.
Importantly, the successful first phase of Nexus™ 360 roll-out
continues, contributing to both improved quality and efficiencies in
sleep healthcare, with a more sustainable pay as you go annuity model,
together with corresponding strengthening of Compumedics business
model. Nexus 360 sleep and remote cloud services growth will be
further augmented in FY20 and beyond with Nexus 360 neurology and
a range of other more specific remote cloud applications. Despite the
significant investment in these new products and services, coupled
with Orion LifeSpan™ MEG and Somfit® breakout businesses,
Compumedics continues to maintain its fiscal disciplines and growth-
drivers, applicable to FY20 and many years ahead.
In terms of FY20 outlook guidance, ongoing growth and profitability
are expected. FY20 revenues are expected to be in the range of $42m
to $44m, with a corresponding EBITDA of about $6.5m to $7.5m,
and NPAT of about $4.0m to $5.0m. This guidance is based on the
general economic environment in Australia and the Company’s other
key offshore markets including the US, China, France and Germany
remaining broadly as they are at the timing of the release of these
results.
As a quick wrap-up FY19 achieved guidance whilst at the same time
undertaking substantial investment in medium-term breakout growth
platforms including strong commercial activation of the new Orion
LifeSpan™ MEG and Somfit® sleep-health businesses. Additionally,
in terms of establishing ongoing growth demand for the immediate
FY20, geographical market expansion initiatives activated in FY19
which include expansion of France and Japan businesses. In terms of
new platform breakout achievements Nexus 360 (clinic in the Cloud)
continues with record growth, and strong ongoing demand is expected
for FY20 and beyond. FY19 achievements across the core and the new
breakout businesses’ financial, commercial activation, technological and
regulatory functions, position Compumedics well for a strong outlook in
FY20, and beyond.
We would like to thank you all for your continued support and we look
forward to driving on-going advancements throughout the year ahead.
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Yours sincerely,
Dr. David Burton, Ph.D.
Executive Chairman and Chief Executive Officer
Compumedics Limited
Somfit® Home Sleep Monitoring Device
GLOBAL MARKETS
Global
Neurodiagnostics
market
AUS
Current Market position:
1
3
1
Competitive Advantages:
1 Complete range from clinical to research
technologies
2 Uncompromised system design
3 Highest industry quality standards
4 Best in class brain analytics
Current Market Share:
1%
less than
Key drivers:
The key drivers for achieving growth in this market are to have
technologically superior products that differentiate Compumedics
from existing competition. This will be achieved with the
revolutionary upgrade to the Compumedics EEG range that
includes new class-leading hardware, user-intuitive software
platforms matched with a new range of disposable consumables.
Compumedics is also tapping into new EEG clinical segments
such as the Home video ambulatory EEG monitoring
and cortical stimulation.
Current Market position:
Current Market Share:
AUS
1
3
1
Competitive Advantages:
1 Innovative strength
2 Active involvement in sleep science
globally
3 Market placement and momentum
4 Best in class sleep analytics
6%
Key drivers:
To logically continue to expand our US and
European sales and support infrastructure and
to evolve the business to provide complete
sleep medical solutions.
Current Market position:
Current Market Share:
Description of the market:
Global Neurodiagnostics is the study of electrical
activity in the brain, spinal cord, nerves and
muscles for the diagnosis and monitoring of
neurological based diseases. Tests may be
performed in hospital outpatient departments,
neurophysiology labs, operating theatres, intensive
care units and private practice.
Global Sleep
Diagnostics market
Description of the market:
The global Sleep Diagnostics industry is
comprised of diagnostic and therapeutic
technologies and medicines. Compumedics’
core business lies in the design and manufacture
of technologies for the diagnosis of sleep
disorders – a market estimated to be worth
AUD$250 million worldwide and growing.
Global Brain
Research market
Description of the market:
Global Brain Research is the study of the
brain’s functionality, using Quantitative EEG
(QEEG) methods to supplement traditional EEG
findings. With the advent of high speed digital
information processing and statistical analysis,
QEEGs extract and quantify brain electrical
activity to address aspects of EEGs that cannot
be appreciated visually.
1
1
1
Competitive Advantages:
1 Superior patented technology
2 Uncompromised system design
3 Unmatched innovation
4 Best in class brain analytics
30%
Key drivers:
The key driver for growth in brain research will be to maintain
Neuroscan’s preeminent technological lead and to back this
by expanding the sales and support infrastructure to harness
this expanding market opportunity. Expansion into markets
including animal (non-human) EEG and pharmaceutical
product development will be actively pursued worldwide.
Global Doppler
Ultrasound market
Description of the market:
The Doppler Sonography technique utilises sound
frequencies to measure the blood flow conditions in
vessels and evaluate haemodynamics by using high-
quality diagnostic and monitoring systems.
DWL Doppler systems are used in a wide range of
specialist branches of medicine including neurology,
neurosurgery, cardio- and vascular surgery,
anesthesia, intensive treatment, internal medicine,
angiology and radiology.
The products are purchased by private practices and
clinics, hospitals (both public and private), and by
major universities, national research institutes and
corporate research laboratories around the world.
Current Market position:
Current Market Share:
less than
35%
Key drivers:
• Digital Doppler Technology
• New application areas for the use of TCD
• Expanding market opportunities by new Health
Care Regulations for the use of TCD
• Expanding Sales and Support Infrastructure
1
1
1
1
Competitive Advantages:
1 Full Digital Doppler Technology
2 Bilateral Doppler
3 Multi-Range Doppler Technology
4 Physiological Tests
5 Emboli Differentiation & Multi-Frequency probes
6 Highest Doppler sensitivity
7 Best signal to noise ratio
8 Reference gates
9 High and low temperature endurance systems
10 Space endurance systems
CORE BUSINESS - GROWTH DRIVERS
Compumedics will continue to grow its core sleep, neuro, brain research and blood flow monitoring businesses by:
Compumedics / Neuroscan LTEM innovative brain analysis software (CURRY® 9 close to release) and high
performance amplifiers are unrivalled world class technology. New ambulatory range to release in 2020.
We have >23,000 systems installed worldwide. Strong reputation and brand name.
Customers like buying from Compumedics.
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Earnings initiatives to continue to flow through in FY20 – FY22. Lower cost base enables addition
of mid-tier plus new ambulatory range of products releasing FY20 and further manufacturing and
operational efficiency gains.
USA based business growing with further modifications and enhancements to the team being
implemented to support stronger growth across the entire business there.
Continued expansion into untapped German market, and ongoing growth in France.
Continuing growth from China in sleep diagnostics with a stronger emphasis on the neurodiagnostic
monitoring market there.
Ideally positioned to accelerate organic growth and value realisation.
CORE BUSINESS
Premium Focus now expanding to whole market.
Compumedics has traditionally sold its products into the premium end of each of the markets it sells into. The company has recently launched, and
commenced shipping, a new range of devices that have been specifically designed to be priced competitively for the majority of customers in the
markets Compumedics sells into. Compumedics will use its branding and reputation in the premium end of the market to drive market expansion
in the whole market, increasing the addressable market available to Compumedics by two to three times.
CLIENTS AND CORE PRODUCTS
Key Clients
Compumedics has over 30 years of operations and in that time has worked with and established a client list of key opinion leaders,
world wide which include:
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Core Products
Sleep Diagnostics
Compumedics Grael® - 4K HD
Compumedics Grael® PSG
Compumedics Siesta®
Compumedics Somté® PSG
Compumedics ProfusionTM
Sleep Software
Compumedics ProfusionTM
NeXus Software
Neuro Diagnostics (including Brain Research)
Ultrasonic Blood Flow
Monitoring
Compumedics
Grael LT®- HD EEG
Compumedics ProfusionTM
EEG Software
Compumedics CURRY®
Neuroimaging Suite
Multi-Dop® T digital
Compumedics Neuvo®
512 Channel
Compumedics Grael EEG®
Neuroimaging Suite - 4K HD
ONsightTM A.V.S.
Ambulatory EEG Video Solution
Compumedics
Orion LifeSpanTM MEG
Quik-Cap® EEG
Electrode Arrays
Doppler-BoxTM X
FINANCIAL SUMMARY
STRATEGIC GROWTH PLATFORMS
The Company is focused on a number of substantial opportunities based on next-generation growth
platforms applicable to DWL, Neuroscan brain imaging, and medical innovation projects such as eHealth,
sleep treatment, and driver vigilance.
The MEG opportunity is highlighted here.
THE NEW ORION LIFESPAN™ MEG
- AN EXCITING INNOVATION FROM COMPUMEDICS
What is MEG? How Does it Work?
Key Features
Developed by David Cohen at Massachusetts Institute of Technology in
the 1970s, MEG technology can record the magnetic fields associated
with electric currents generated by synchronously active populations of
neurons in the brain.
MEG is based on the use of highly sensitive detectors called SQUIDs,
or super-conducting quantum interference devices.
These superconducting magnetic field detectors can accurately measure
the occurrence of spontaneous brain activity called spikes, which can be
signatures of the existence and location of onset for epilepsy activity in the
brain such as dementia, autism and epilepsy can be detected.
The development and integration of a zero-loss helium recycling system
(used to cool the SQUIDs into the operational superconducting state),
reduces system operating costs by as much as $100,000
USD annually.
• 186/138 adult/pediatric radial gradiometers
( > Spatial Density than Elekta)
• Simultaneous hyperscanning of two patients/subjects
• SQUID: Double relaxation oscillation SQUID (DROS)
• Average sensitivity: Better than 3.0 fTrms/ Hz (@ 10 Hz)
• Integrated Zero-Loss Closed-Loop Helium Recycling
• Sample Freq 10 kHz Max Option, Resolution: 16/24 bits
• 32/64/128 Channel Integrated EEG
• Active MSR Shielding (medium strength)
• CURRY® fully integrated / STIM2 / Video Integration
- Real Time Dipole Averaging and Clustering
- Real Time Event Averaging
- 3 CURRY® WorkStations: 1 Acquisition, 2 Analysis
- multiple system configurations are under development
including sitting only and combine sitting/supine options
to satisfy clinicials and researcher alike.
Orion LifeSpan™
key advantages
Patented dual helmet rotating
adult/pediatric dewar
Patented Sensing System
Integrated zero-loss
Helium recycling
Vibration-free continuous
operation Helium reliquification
system integrated into the
Orion LifeSpan™ MEG system for
reduced running costs
Neuroscan MEG Neuroimaging
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• The CURRY® Neuroimaging platform and MEG have a history
stretching back over 30 years. CURRY was first conceived as a
product in the early 1990’s when Philips Electronics investigated
the feasibility of developing its own MEG hardware platform.
Ultimately, the hardware platform did not survive, but the software,
along with its core engineering architects, Dr. Manfred Fuchs and
Dr. Michael Wagner, continued on.
• The benefits associated with CURRY’s ability to integrate MEG
with EEG and co-register both kinds of high-temporal resolution
functional imaging data with the structural neuroimaging data
including MRI, CT, DTI, as well as PET, SPECT and fMRI accelerated
the adoption of the software by both the research and clinical
communities. Early clinical adopters, such as Dr. John Ebersole,
supported and championed the benefits of source localization tools
such as CURRY, contributing to the development of specific source
analysis billing codes for EEG and MEG. For a long time, CURRY has
been the de-facto software platform for clinical MEG community,
particularly those assessing epilepsy. This has culminated in
the adoption of CURRY as the standard analysis platform by the
European Epilepsy Consortium.
Market & Competition
• The MEG market was previously estimated at about 20 systems a
year at an average selling price of USD4.0m each = US$80m/pa.
The current market, anticipating the BNI instillation has adopted a
wait and see state.
• This is expected to grow about 10% a year, excluding China.
• It is estimated that China could double the existing market size to
about 70 units a year.
• The dominant existing player is Elekta, based out of Sweden,
but now owned by private equity, followed by Yokogawa
(Japanese market not owned by Ricoh) and CTF MEG (a much
smaller player).
Plan
• H2 FY20 – Complete installation of first sale to
Barrow Neurological Institute in Phoenix, AZ, USA
• FY20 – Secure second sale
• FY20 – Obtain FDA clearance
for 1st system in USA.
STRATEGIC GROWTH PLATFORMS
Compumedics’ cloud based sleep diagnostic platform includes a professional application, NeXus 360, and
a consumer application, Somfit.® NeXus 360 has grown to over 30 sites in the USA and Australia.
Laboratory Management System
TM
A Revolution in Laboratory Management
Introducing Compumedics Profusion neXus 360, the next generation
of Profusion neXus. Built on the proven Profusion neXus platform
with more than 15 years of customer use and thousands of users,
Profusion neXus 360 offers the full functionality of Profusion neXus
and more, in a fully web-based interface.
Profusion NeXus 360 Features:
Platform and Browser Independent
• Simple, browser/internet-based access via HTML5
• Two-factor Authentication Access
• Digitally secure study “sign-off”
• User-defined, group-based access privileges
• Template/Document Integration
• Non-editable audit-log
• Multi-language Support (English, French, Chinese, Spanish)
• Fully managed Cloud Service, simple installation, reliable
system backups and easy system updating
• In-lab acquisition and real-time uploading to the web
PC / Computer
Tablet
Phone
Quality Sleep is Essential
“Every aspect of who you are as a human, every capability is degraded, impaired, when
you lose sleep. What does that mean? Your decision-making, reaction time, situational
awareness, memory, communication, and those things go down by 20 to 50 percent.”
(Mark Rosekind, member of the National Transportation Safety Board in Sleepless in America – National Geographic
Channel Documentary December 2014)
30-40%
of the population
1 in 5 people
Why use Gold Standard Sleep Technology?
The technology in Somfit® is medically validated and the data collected
is Gold standard – meaning that it is the accepted methodology to
accurately measure and detect REM, and the data can be used for
medical consultations with your GP if and when the need arises.
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What is Sleep Fitness?
Coaching
Sleep fitness is getting the right type or stages of sleep and the right
amount of sleep.
There are five stages of sleep, each characterized by different brain activity.
The most important sleep stages are REM (dream sleep) that enables
brain restoration for learning and memory and deep sleep for body
recovery.
The body also needs alignment of our internal circadian clock with
the sleep/wake cycle - otherwise sleep quantity suffers (ie the “jet lag
effect”) and sleep fitness is degraded.
Are you getting quality sleep (how do you know)?
Movement detection is not clinically accepted as a true measure of
sleep-wake.
The American Academy of Sleep Medicine (AASM) recommends that
to clinically and scientifically distinguish between various sleep stages to
determine sleep quality or fitness - sleep scientists measure brain waves
(electroencephalography or EEG), eye movements and muscle tone.
This is the Gold Standard for a sleep test.
The Somfit®
For the first time, a fitness tracker with gold standard sleep technology.
At night, the Somfit® will track your sleep collecting medical grade
data to provide true sleep insights - understand your night’s sleep
architecture - accurately measure the quality of your sleep through
accurate measurements of durations you spend in REM, deep sleep
or light sleep.
Empower yourself with accurate sleep data and with Compumedics’
strong ties with the sleep professional community and extensive
experience in sleep monitoring, you can take intelligent action to
improve your wellbeing and performance.
Who is it for ?
• Athletes - managing and
enhancing performance
• Diabetics
• Medical professionals
- to assist treatments of
insomnia or depression
• Anyone who wants to truly
understand their sleep habits
for well being.
The power inside
START STUD Y
Somfit® coaching APP
Powered with technologies from Compumedics, the company with over
30 years experience in professional sleep diagnostics and equipping
leading sleep laboratories around the world with advanced sleep
monitoring systems.
Compumedics offers expertise in medical product design, but
significantly provides the advanced diagnostic-grade signal processing
power for more accurate sleep staging and analysis in the Somfit.®
A FOCUSED STRATEGY IN ACTION
For over 30 years, Compumedics’ focus in Sleep
and associated medical disorders has established
a solid platform for growth.
Used by NASA
and SHHS.
S-Series –
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digital sleep
system in
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P-Series and
S-Series released
Compumedics announced
the release of the P-Series
Portable Sleep Monitoring
System with features
including intelligent CPAP
control.
Compumedics
established
Dr. David Burton
founded Compumedics
to design and
manufacture medical
electronics. Prior
to Compumedics,
analysis and diagnosis
depended, in large
part, upon manual
recording methods,
which were very time
consuming and costly
to implement.
NASA contracts won for
International Space Station
and Space Shuttle flight
preparation
NASA chose Compumedics’
P-Series Portable Sleep
Monitoring System for the
1998 Neuro-mission Space
Shuttle flight preparations.
Compumedics won the
contract to supply medical
hardware for the International
Space Station’s Human
Research Facility (HRF) under
contract to NASA.
Compumedics recognised
Compumedics was
named Australian Exporter
of the Year.
Compumedics was awarded
the 1998 Governor of Victoria
Award for Victorian Exporter
of the Year.
Compumedics was awarded
the 1998 AusIndustry
Innovation Award.
Compumedics was awarded
the 1998 Telstra
Innovation Award.
Compumedics awarded
the 2006 Frost & Sullivan
Technology Leadership
Award.
Compumedics and
chairman inducted
into the Victorian
Manufacturing Hall
of Fame.
Somté® PSG is released -
the simplest and most
convenient way to meet
requirements for recording
full PSG, in both attended
and unattended settings.
Siesta 802™ World
Siesta 802™ – World
leading wireless system
for sleep and EEG
- receives FDA clearance.
Somté® PSG - Full PSG
absolutely anywhere.
1988
1993
1994
2001
2006 -
2007
2008
1987
1991
1995
1998-
1999
2000
2002-
2005
Epworth installs first
Sleep Disorders Unit
Compumedics’ first sleep
system was installed
at the Epworth Hospital
Sleep Disorders Unit
(Melbourne, Victoria).
TIME magazine and the
television series ‘Beyond
2000’ both featured the
Epworth sleep center.
Sales revenue
$1.7M
Sales split
Domestic $1.5m
Export $0.2m
Chosen for world’s
largest sleep study
Compumedics won the
competitive US Government-
funded contract to supply the
equipment for the world’s largest
sleep study (6000 patients).
The five year Sleep Heart Health
Study (SHHS) was won against a
field of 22 competitors, including
multinationals. Compumedics
supplied 40 P-Series Sleep
Monitoring Systems along
with 9 replay and 6 analysis
systems. The equipment selection
committee was made up of sleep
experts from 11 leading University
Hospitals across the USA.
Compumedics was granted IEC
601-1 patient safety certification
for its S-Series and P-Series
products.
Compumedics’ ASX listing
Compumedics listed on the
Australian Stock Exchange.
Compumedics’ completes
first acquisition
– Neuroscan.
Compumedics DWL
awarded membership
to Germany’s top 100
innovative companies.
E-Series
EEG/PSG system
DWL division established
for blood-flow Doppler
technology.
technology.
CURRY® 6 -
Multi-modal Neuroimaging
software is released.
Globally read TIME
magazine cover and
article brings the
“Trouble with Sleep”
to the world.
Sales revenue
$20.2M
Beijing Bestmed,
Compumedics’ China-
based distributor invests
$0.5M, becoming a top 10
shareholder - this injection
of funds contributes to
Compumedics further
growth in the China region.
New Patent Grant Underpins
Growth Opportunities for
Compumedics’ DWL.
- New product development
based on patent for system of
detecting and treating blood
vessel stenosis or occlusions.
Grael® is released -
Compumedics released the
world’s first High Definition
and premier PSG/EEG, Grael.®
Grael® wins Powerhouse
Museum Award & finalist
at the Australian International
Design Award.
Compumedics Announces
Successful MEG Installation at
BARROW NEUROLOGICAL INSTITUTE
Compumedics wins major
multi-million dollar MEG
brain imaging contract.
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New products released -
NEW Neuroscan Quik-Caps
Now in Gel-based Electrode Arrays
in Neoprene and Silicone and
Liquid-Electrolyte Hydro Net Arrays.
Grael® PSG/EEG
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Compumedics introduces
direct selling in Germany.
CURRY® SCAN 7
Neuroimaging Suite is
released -
Compumedics Neuroscan
releases it’s combined
acquisition and signal
processing software.
Compumedics introduces
direct selling in France.
®
Neuvo® LTM
512 Channel EEG
Growth in China -
Compumedics confirms
strength in China with over
$5M in sales in 2017.
New product released -
Profusion NeXus 360 -
A Revolution in Laboratory
Management.
$7.5 Million Sleep Diagnostic
Systems Contract with
Beijing Bestmed Accelerates
Compumedics Strength
in China.
2009
2010
2011
2012
2013
2015
2017
2014
2016
2019
2018
Compumedics recognised
as one of Australia’s top 100
Health Innovators through its
world leading devices for sleep
diagnostics.
®
Somnilink SPAP®
Somnilink SPAP receives CE and
TGA clearance.
ehealth Business
focus in Asia.
New contract signed with
Bestmed (China) with potential
revenue of US$5 million over
the next three years growing to
US$13.2 million within five years.
Company has now secured total
contracts for its eHealth platform
with potential incremental revenue
of US$9.1 million over the
next three years.
New products released -
Profusion EEG5 -
World class EEG
diagnostic software.
Profusion Sleep4 -
World class PSG
diagnostic software.
25 YEARS
OF DIAGNOSTICS
EXCELLENCE
Compumedics celebrates its 25
Year Silver Jubilee Anniversary.
Neuvo® LTM, world’s first 512
channel wall system is released
to market - the Ultimate
Long-term Monitoring System.
Grael®-HD EEG -
High-Definition EEG
is released to market.
Grael®-HD EEG
Compumedics Signs
$3.6 Million Distribution
Agreement with
Fukuda Denshi Co., Japan
Fukuda Denshi Co. becomes
Compumedics’ new neuro
diagnostic distributor in Japan.
The deal further underpins
Compumedics’ on-going growth
in Asia and opens a new market
for Compumedics existing product
range – neuro-diagnostic and
monitoring products – in Japan.
New product released -
ONsight™ A.V.S
Ambulatory
Video EEG Solution
Monitor your
patient’s home
ambulatory studies
with CONFIDENCE!
EEG with Video
recording in
“Real Time”!
Grael® PSG
Grael® LT EEG
New Grael® Range released for
market - Grael® PSG, Grael® LT and
updates to Grael® and Grael® EEG
New e-Health Somfit® consumer
product is developed -
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Compumedics and KRISS (Korea
Research Institute of Standards
and Science) officiates technology
transfer agreement and MOU
for new advanced MEG.
Successful completion of $6.5M
capital raising
BOARD OF DIRECTORS
Compumedics is committed to developing a world class working environment that rewards individuals for the
contributions they, and their teams, make to the business each year. Compumedics is proud of the diversity
of its people, and continues to develop its people infrastructure under the guidance of the
Senior Management Team and the Board.
Dr. David Burton, Ph.D.
Executive Chairman, CEO
Dr. David Burton, Ph.D., is the founder, Chairman and CEO of Compumedics. After establishment of Compumedics
the company was listed on the ASX in 2000, and has been awarded 24 awards for design, innovation, business
and exports including the Australian Exporter of the Year in 1998 and Small Business of the Year in 1999.
Dr. Burton started his career at the Bureau of Meteorology, where he studied radar techniques and electronic equipment.
He founded Linear Transfer Pty Ltd, which designed, manufactured and marketed high fidelity recording and sound equipment.
He was awarded an Associate Diploma in Engineering (Electronics) by the Royal Melbourne Institute of Technology and a
Ph.D. (Eng. Sc.) by Monash University, Melbourne (Australia). Dr. Burton’s engineering background includes the design and
project management of Compumedics’ first sleep laboratory and portable sleep systems. Dr. Burton has authored 150
patents or patent applications across more than 20 families of patents that form part of Compumedics’ intellectual property.
Dr. Burton has served as an advisor for the Victorian Government as a member of the Council for Knowledge, Innovation, Science and Engineering (KISE), being the Victorian
Government’s key advisory body on issues and policies focusing on science and innovation.
Dr. Burton was presented the Clunies Ross National Science and Technology Award in 2002 for his development of innovative sleep monitoring technology. He was awarded
the 2003 Centenary Medal by the Prime Minister and Governor General of Australia for outstanding contribution to science and technology, particularly public science policy.
In 2003 Dr. Burton was awarded the Ernst & Young Victorian Entrepreneur of the year award for technology, communications, E-commerce and life sciences. In 2007
Dr. Burton was inducted into the Victorian Manufacturing Hall of Fame in recognition of manufacturing achievements and world-wide medical device exports.
Dr. Burton served as a Victorian Government adviser as a Board member of the Design Victoria (2008-2011), was appointed to the Academy of Technological Science
and Engineering (ATSE) committee in 2012 and in recognition of his outstanding contribution to the profession of Biomedical Engineering and was awarded the 2012
David Dewhurst Award by Engineers Australia, College of Biomedical Engineers.
Mr. David Lawson
Executive Director
Mr. Tucson Dunn
Non-Executive Director
Mr Lawson has been Chief Financial Office and the Company Secretary of
the Company for over nineteen years. In that time, Mr Lawson has been
extensively involved in the development of the Company including the
Initial Public Offering of shares in the Company, the subsequent offshore
acquisitions in the US and Germany, private equity placements and the
recent refinancing of the Company. Mr Lawson also has been involved in the
operational turn around of the Company and brings a significant amount of
experience and knowledge to the Board.
Currently working with JLM Investment, (USA) as CEO of Healthcare
where he is responsible for healthcare ventures.
Prior to joining JLM, Mr. Dunn served as Managing Director of Fosun
Healthcare Holdings in Shanghai China. Mr. Dunn has over 25 years of
international healthcare leadership experience developing and managing
hospitals, clinics and related business throughout Asia, Middle East,
Europe and USA.
SENIOR MANAGEMENT
Dr. David Burton, Ph.D.
Executive Chairman, CEO
David Lawson
Executive Director,
Chief Financial Officer
& Company Secretary
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Warwick Freeman
Chief Technology Officer
Christoph Witte
General Managing Director
DWL Compumedics Germany GmbH
w w w.compumedics.com
O V E R T H I R T Y
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