ANNUAL REPORT
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O V E R T H I R T Y
02 Who is Compumedics?
03 Financial Summary
04 Chairman’s Address
13 Global Markets
14 Core Business
16 Clients and Core Products
17 Strategic Growth Platforms
21 A Focused Strategy in Action
23 Board of Directors
24 Senior Management
Compumedics Limited
ABN 95 006 854 897
Annual General Meeting
Thursday, 19th November, 2020
at 10.30am
To be held at: Compumedics Limited
30-40 Flockhart Street Abbotsford
Victoria 3067 and Virtually
Who is Compumedics?
1
2
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 $660m in revenues since listing of which
over $550m have been export revenues
All $ = A$ unless otherwise specified
FINANCIAL SUMMARY
ALL FIGURES IN A$M UNLESS OTHERWISE STATED
TREND
2020
2019
Revenue for continuing operations
35.1
41.5
Earnings before interest, income tax, depreciation and amortisation (EBITDA) (underlying)
Earnings before interest and income tax (EBIT) (underlying)
Net operating profit after tax (NPAT) (underlying)
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)
2.3
0.5
1.8
11
5.9
5.4
4.0
13
35.5
38.7
21.8
27.3
10.3
11.6
177
177
0.1
0.1
2.3
2.3
• The FY20 net profit after tax (NPAT) (underlying) was down to AUD1.8M compared to AUD4.0M for the FY19. Earnings before interest, tax, depreciation
and amortisation (EBITDA) (underlying) was AUD2.3M compared to AUD5.9M for the FY19.
• Revenues shipped and invoiced decreased by 15.5% to AUD35.1M over the previous financial year. Sales orders taken were down by 13.5% to
AUD35.2M, for the core business compared to the previous financial year. The decrease in revenues primarily reflects the impact of containment
measures around the world in relation to the COVID-19 Pandemic in the second half of FY20.
Dr. David Burton, Ph.D.
Executive Chairman and Chief Executive Officer
Compumedics Limited
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 2020 Annual Report.
Firstly, on behalf of the Board, management and the Compumedics
team I would like to extend our thoughts of care and sympathy to all
those who have suffered or been adversely impacted during this all-
encompassing COVID-19 pandemic.
Secondly, whilst our overall performance has obviously been impacted
by the lockdown and other adverse events impacting us all, we are
also highly conscious and grateful for the continued positive support
of those individuals and organisations who have rallied behind
Compumedics’ continued and relentless drive forward. Moreover, in
the year past, in preparation for a rebound in the years ahead, we
have continued to intensify our focus on not only prevailing through
these current challenges, but also consolidating our position to build
an even stronger growth-oriented business. Compumedics will, as
demonstrated during all past global challenges, navigate through
this pandemic and emerge a stronger, more resilient and valuable
company from both an economic and job creation perspective, but
also in accordance to our originating time-held values for people,
ethics and contribution.
Thirdly, and finally before we review the year in progress and the
journey ahead, I would like to take this opportunity to acknowledge
and thank the ongoing support of our clients, Compumedics people,
the many unsung heroes such as families, partners, colleagues and
friends, our Governments, business partners, suppliers, and of course
our shareholders and other stakeholders, enabling us to prevail
through this extremely challenging COVID-19 pandemic.
The COVID 19 pandemic has led to the company temporarily retracting
its prior financial performance guidance. Revenue declined 15% to
$35.1m for the year ended 30 June 2020, whilst net profit after tax
(NPAT) on an underlying basis was down 55% to $1.8m compared
to $4.0m for FY19. Earnings before interest, tax, depreciation and
amortisation (EBITDA) on an underlying basis were down 61% to $2.3m
compared to $5.9m for FY19. The focus on performance continues,
even whilst maintaining 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 as we move through the impacts of
the COVID-19 pandemic.
Revenues shipped and invoiced decreased 15.5% to $35.1m for
FY20, compared to $41.5m for FY19. Sales orders taken for FY20
were down 13.5% for the core business compared to FY19.
Cash on hand increased to $6.4m for FY20, compared to $4.6m for
FY19. Debt levels also increased to $3.5m compared to $1.6m for
FY19, this was due to the payroll protection scheme in the US where the
company received $0.9m (USD0.6m) which will be forgiven if certain
conditions are met by 31 December 2020. In addition, substantial
ongoing investments in the form of research and development (R&D)
continued in the core neuro and sleep diagnostics business, together
with strong commercial activation advancement across both new
Orion LifeSpan™ MEG and Somfit® sleep-health business divisions.
3
4
KEY PERFORMANCE MEASURES (FY20 Pandemic Impacts and Opportunities)
TM
NEXUS 360
CLOUD CLINIC
SERVICES STRATEGY
TM
SOMFIT
CONSUMER SLEEP DEVICE
COMMERCIALISATION
ACTIVITIES ADVANCE
FIRST MEG
INSTALLATION
PROGRESSING
46 SITES
NEXUS 360
TM
53%
ORDERS TAKEN
(CORE BUSINESS)
$35.2M
Down 13.5%
270 BEDS
NEXUS 360
TM
29%
NET PROFIT AFTER TAX
(UNDERLYING)55%
75,000 STUDIES
NEXUS 360
TM
67%
EBITDA
LY
(UNDER
ING)
61%
$1.8M in FY20 vs $4.0M in FY19
$2.3M in FY20 vs $5.9M in FY19
REVENUE
$35.1M
DOWN FROM $41.5M IN FY19
CORE BUSINESS* EBITDA
$3.6M
$3.6M in FY20 vs $7.4M in FY19
CORE BUSINESS*
NET PROFIT AFTER TAX
$3.7M
$3.7M in FY20 vs $5.9M in FY19
*Excludes Medical Innovation Strategic Investments
Further underscoring the strength of the core business profitability,
over $3.0m 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 2020 (FY20) financial year. In particular, the US
FDA 510(K) market clearance in February 2020 of our Neuroscan
Orion LifeSpan™ MEG system paves the way for further commercial
activation of this product.
Gross margins declined from 57% in FY19 to 51% in FY20, largely
due to the decline in sales volumes, but still positively offset by our
strengthened operational management team and reinvigorated drive
to continue efficiency improvements throughout the organisation.
OPERATIONS
Solid Underlying Financial and Operational Performance.
Compumedics continues to focus on its core strategy and operational
execution, by way of early adaptation and deployment of a range of
new operational productivity and business growth initiatives, designed
to ultimately overcome the temporary pandemic setbacks. Moreover,
the company has continued to maintain its underlying profitability and
prudent cash management, as an essential element to its sustainability
and related global job security, stability and certainty moving forward.
As already noted, we are highly grateful to our Compumedics people,
partners, suppliers, shareholders and other stakeholders, especially
those who have taken the extra time to understand how we are not
only navigating through the current challenges but clearly focussed
on emerging as a stronger company with reinforced and expanded
growth prospects, to further bolster future performance outcomes
from our well established blue-chip customer based core business.
Ongoing Performance and Profitability
Improvements.
Importantly, both immediate refreshing of all sleep and neurodiagnostic
product pipelines has been clearly demonstrated with new cutting-edge
remote monitoring platforms now under regulatory market release
processes. With the heightened use of online remote, telemedicine
systems, Compumedics new range of Okti™ remote neurology and
Falcon HST systems is ideally timed.
Compumedics remains focussed on continued review and potential
improvement programs and initiatives, throughout the organisation.
New operational key performance indicators continue to be deployed
as a means of pre-empting potential or emergent issues, in order to
enhance quality, whilst continuing to strive for reducing waste, and
enhancing productivity and efficiencies. Naturally, these aspects are
designed to translate into greater corporate sustainability, including
enhanced sales margins and profitability. As per prior years, these
programs cover areas such as improving purchasing effectiveness
and efficiencies, strengthening manufacturing, reinforcing our internal
Compumedics manufactured consumable business strength and
growth, and streamlining of logistics. Other programs continue to focus
on continued growth and strengthening of our broad range of recurring
revenue opportunities, enhanced online shopping cart capabilities, and
implementation of global 24-hour help-desk support services.
PRODUCT DEVELOPMENT PIPELINE
The 2020 year in progress was a year of substantial research and
development advancements along with regulatory activities, positioning
Compumedics for a range of blockbuster new product releases and
roll-outs for the 2021 year ahead. In particular, the new products
rollouts play into Compumedics’ greatest ongoing legacy and strengths
and the markets greatest current demands. That being the need for
telemedicine or remote monitoring systems. In terms of Compumedics
ongoing legacy, the company’s first generation of ambulatory systems
(Compumedics P-Series) won some of the world’s most technologically
competitive diagnostic monitoring contracts, including 2 NASA
astronaut monitoring contracts (Space Shuttle and Space Station
Missions). Compumedics was also awarded the contract to equip the
world’s first and largest home sleep study of its kind (USA NIH funded
14000 patient Sleep Heart Health Study SHHS). Novel findings of the
SHHS included increased incidence of heart failure amongst severe
OSA sufferers (Gottlieb DJ et al. 2010) and the SDB association with all-
cause mortality, and specifically coronary artery disease (Quan SF et al.
2009). Compumedics won the highly competitive and prestigious NIH
tender against 21 world leading sleep companies and the study involved
18 USA Medical Institutions/Organisations.
Consequently, to now be in the regulatory process phase in preparation
for the imminent release of both Compumedics’ newly developed
neuro and sleep diagnostic remote/telemedicine systems, comprising
of the Okti ™ and “Falcon” HST ranges, respectively, is extraordinary
positioning for core and emergent market business growth, for the year
ahead, and beyond.
In general, Product R&D, across both core product groups, in
conjunction with 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
rapid emergence from the current pandemic set-back towards strong
ongoing growth across the Compumedics® sleep, neuro-diagnostic,
Neuroscan® research, DWL® (ultrasonic Doppler blood flow) and
consumable businesses.
Compumedics ®
“Falcon”™ HST Solution
Compumedics® CORiSS™ Cortical Stimulator
“Falcon” HST
As noted above Compumedics led the market in diagnostic remote/
telemedicine monitoring and the new “Falcon” home sleep testing
(HST) product range ushers in a new era of affordable premium HST
performance capabilities. These capabilities include 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.
Okti ™
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. After several years in development, the latest generation of
Compumedics amplifiers targeting the electroencephalograph market
is only months away from release. This amplifier combines the best of
the Neuvo and Siesta product lines in a single product. The Okti range
will provide the markets leading solution for both ambulatory, long
term, high density and research applications. With a focus on usability
and size, including features specifically aimed at the increasing focus
on cyber security in medicine, Okti represents a leap forward in both
standard clinical practice and advanced data collection. With a fully
integrated usability solution with a focus on disposable accessories,
the Okti is optimised for the current and future needs of the clinical
and research user.
Compumedics ® Okti™
Clinical and Research
EEG System
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
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. The Coriss product is finished
awaiting final regulatory data collection. While this has been impacted
by COVID-19 we expect its market release within 6 months.
Profusion ™ EEG
Profusion™ EEG is the clinical neurology software solution from
Compumedics. It compliments the Profusion™ PSG, CURRY® and
Nexus™ 360 products in providing a complete solution for Neurology
clinical activities. With the release of version 5 of the EEG software
last year we will be following it up this year with a number of breakout
enhancements focused on the usability with an increasing focus
on advanced algorithms to enhance the automated tools at the
clinicians disposal.
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6
Compumedics ®
Profusion EEG™
Profusion NeXus ™ 360
Compumedics ®
Profusion 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 full native application support as well as full cloud-based solutions
and now with full support for neurology laboratories, Nexus™ 360
continues to be the leading cloud or on-premise solution for efficient,
standards compliant, secure management of patient data.
Having established a strong foundation in the USA sleep diagnostics
markets, significant in-roads have also been made into neuro-
diagnostics and ambulatory EEG monitoring. Both the Compumedics/
cloud-hosted and on-premises deployment models have continued to
expand in functionality and reliability with greater platform adoption in
the Australian sleep and neuro-diagnostic markets whilst also serving
as a platform for the Somfit home-monitoring device.
Leveraging from this success, international adoption of Nexus™
360 has been achieved with installations in France, Thailand and
New Zealand, alongside increased pipeline activity in Europe, South
America and the Middle East. Additional product variants are currently
under consideration for improved performance and greater uptake
in small (1-4 bed facilities) that require a simplified database and
remote accessibility.
DWL® CONTINUED MARKET GEOGRAPHICAL DIVERSITY
AND MARKET EXPANSION DRIVES PERFORMANCE
Despite an extraordinary year of COVID-19 consequences, including a 30%
decrease in DWL China business, DWL’s global expansion initiatives still
paved the way for an overall growth of 4% in the 2020FY. Some of these
special performance highlights included United Kingdom sales growth of
155%, with Japan increasing by 66%, Vietnam up 66% from the prior year
and DWL USA, Inc. was up 16% setting new records with over 1 million
dollars in sales.
These results position DWL well for the year ahead, with some extraordinary
breakout product developments, such as robotic TCD to potentially
transform diagnostic areas such as traumatic brain injury (TBI) and stroke
diagnosis and management. The China market now also appear to be
returning to strong growth following a temporary COVID-19 pause. In fact,
quarter 1 of this year including China demonstrates record business and
COVID-19 rebound.
DWL Continued Innovation and Diversity in TCD application
DWL is focused on expanding markets in intensive care medicine,
stroke management, cardio surgery, anesthesia, neuro monitoring and
neurosurgery.
TCD in use with COVID-19
Research results say that COVID-19 can be particularly dangerous in
patients whose vascular function is already impaired and then leads to
vascular inflammation, heart attack, stroke. TCD can help for early detection
and therapy determination.
DWL in use for Traumatic Brain Injuries (TBI)
The development of robotic ultrasound will further strengthen the role of
DWL in TBI diagnosis in the field of emergency and ICU for sports, battle
fields and ambulances.
The upcoming DWL TBI detection solution will consist a dedicated automatic
software solution and a robotic vessel detector.
DWL® Robotic
Vessel Detector
DWL® TCD in use with COVID-19
TCD in use with Sickle Cell (SC) Anemia
Sickle cell anemia is the result of sickle-shaped blood cell deformations,
which often leads to stroke. DWL TCD is offering the unique opportunity
to measure the vessel sections with the highest blood flow speeds and
developed a special SC report for faster diagnosis. DWL is supplier for
a medicine approval confirmatory study for treatment of SCD patients
involving up to 50 intercontinental study sites and is well on the way to
becoming the golden standard for SC diagnostics.
TCD in use for stroke management
DWL TCD has its unique performance in detecting cerebral micro emboli.
With this therapy can be determined more precisely and stroke patients
can be protected against possible consequential damage with appropriate
measures. In cooperation with European reference centers DWL is
improving its emboli detection algorithm and equip a global multi-center
study with DWL TCD systems.
TCD in use for Neurosurgery
Intraoperative examinations directly on the blood vessels enables
neurosurgeons to control the quality of intra-operative surgery. With the
new EZ-Dop™ system the potential to expand this market is huge.
DWL® EZY-Dop™ System
TCD with Neuromonitoring Analysis (NMA®)
The use of the innovative screening software Neuromonitoring Analysis
(NMA®) allows cardiovascular surgeons, anaesthetists and intensivists
quickly and reliably interpret the TCD signal in complex clinical situations
providing valuable information for further disease assessment and
therapy control.
DWL for patient data management
DWL offers a digital output interface to Philips IntelliVue® Monitors for
clinical monitoring as well as an output interface to Cambridge ICM+®
for brain monitoring.
Dr. David Burton, Compumedics CEO with Mr. Thomas C. Bour, BNI COO.
Compumedics® Neuroscan Orion LifeSpan™ MEG system
ORION LIFESPAN™ MEG INSTALLED AT BNI
the
First-phase delivery of
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 , scheduled for
FY20, was, like many other international projects, interrupted by COVID-19
restrictions on travel. Not sitting idle, we have taken the opportunity to
further improve the design for the second and final stage of installation
which includes the paediatric helmet, now planned for late 2020. This
final stage of installation will of course be contingent upon the lifting of
international travel restrictions.
While the initial post-installation recordings demonstrated the high quality
of the magnetic field measures of brain activity, a number of changes have
been implemented to further improve the signal-to-noise performance of
the system. These include hardware changes to “harden” the systems
resistance to radiated noise as well as software implementation of the
latest algorithms for separating and suppression environmental noise
from the brain’s magnetic field activity. Combined, these changes have
significantly reduced noise levels in the traditional frequency used for
neuro clinical diagnostics. The engineers at Compumedics Neuroscan, in
partnership with our engineering partners at the Korea Research Institute
for Science and Standards, continue to push for a much wider frequency
range of performance, which will allow clinicians to perform their critical
investigation into new frontiers. Fully powered by the CURRY® acquisition
and analysis software, Compumedics/Neuroscan Orion LifeSpan™ MEG
system will continue to expand the functionality for clinical/research MEG
brain signal acquisition and analysis.
ORION LIFESPAN™ MEG CERTIFIED FOR CLINICAL
USE IN THE USA
The Compumedics/Neuroscan Orion LifeSpan™ MEG system was
submitted to the Department of Health and Human Services of the United
States Food and Drug Administration for certification to allow clinical use
of the instrument. After a thorough examination process which included
attestations of safety, effectiveness, signal-to-noise ratio compared
to earlier MEG technology and localization accuracy, the device was
granted a 510(k) number allowing it to be marketed and used clinically.
The granted indications for use state that “the Orion LifeSpan MEG non-
invasively measures the magnetoencephalographic (MEG) (and, optionally,
electroencephalographic (EEG) signals) produced by electrically active
tissue of the brain. These signals are recorded by a computerized data
acquisition system, displayed, and may then be interpreted by trained
physicians to help localize these active areas. The locations may then be
correlated with anatomical information of the brain. MEG is routinely used
to identify the locations of visual, auditory, and somatosensory in the brain
when used in conjunction with evoked response averaging devices. MEG
is also used to non-invasively locate regions of epileptic activity within the
brain. The localization information provided by the device may be used, in
conjunction with other diagnostic data, as an aid in neurosurgical planning. ”
Furthermore, the system installed at the company’s beta site was field-
evaluated by Underwriters Laboratories (UL) and given registration marks.
The Magnetically Shielded Room there was likewise evaluated and
successfully marked.
The Orion LifeSpan™ uses the advanced CURRY® software platform for
both acquisition and analysis of MEG/EEG data. This software was previously
fully FDA certified with a 510(k) number. Via CURRY®, the Compumedics/
Neuroscan Orion LifeSpan™ MEG system exclusively inherits the “gold
standard” functionality for clinical/research MEG brain signal acquisition
and analysis. Likewise, the SynAmps EEG used with the system was also
previously fully FDA certified with a 510(k) number.
These certifications will allow users of the company’s technology to
evaluate clinical epilepsy patients and those about to undergo resective
brain surgery. Furthermore, they 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.
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8
ONGOING ACTIVITIES TO DRIVE GROWTH
A submission to the FDA in June of 2019, culminated in a successful
completion of the FDA 510(K) in February 2020. Following the completion
of this critical 510(k) clearance, other regulatory submissions 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 lying (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.
The ongoing improvements currently being integrated into the Orion design,
coupled with FDA regulatory clearance for clinical use and the exclusive
patented feature of the Compumedics/Neuroscan Orion LifeSpan™ MEG
system will allow Compumedics Neuroscan to vigorously compete for all
new MEG tenders as well as upgrades worldwide.
Enhancements to the Orion LifeSpan™ system include improvements to
the CURRY acquisition/analysis software, environmental noise cancellation
algorithms, along with more comprehensive MEG offerings for both clinical
and research applications with new designs and ergonomics. These
advancements, added to the existing offerings, will allow the company
to address unmet needs in the adult/paediatric cognitive neurosciences
market. These advancements will allow us to vigorously compete for all
new MEG business worldwide.
With the delays imposed by COVID-19 restrictions, Compumedics is taking
the opportunity, along with our beta site colleagues at BNI to further test
all aspects of the Orion MEG/EEG system so that any outstanding issues
and opportunities to further enhance performance of the system can be
incorporated into the final Phase II installation. Compumedics plans to
continue putting in place close working relationships between the company
and the large CURRY® installed base, along with those facilities who will
be using the Orion Lifespan™ MEG. 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.
Neuroscan CURRY ® and STIM™
In the next few months, version 9 of CURRY® will be replaced, once
regulatory documents have been completed. This newest version of
the Compumedics Neuroscan software platform, long recognized as
the industry standard, has a number of new features and modules.
These include a direct communication with PACs servers, the standard
platform for storage of neuroimaging data including, MRI, fMRI, PET,
CT, SPECT, and DTI data, all of which CURRY® can integrate and co-
register. There is also a brand-new spike and seizure module, based on
machine learning algorithms. Based on prior knowledge and training
from data sets marked by epilepsy experts, this module provides precise
capture of inter-ictal epilepsy spikes, with ability to sort spikes into
different groups, and then perform source localization using a number
of dipole or current-density reconstruction options. Seizure detection also
allows the automatic marking of seizure onset and the identification of
the EEG channels associated with this onset. Currently, Compumedics
Neuroscan is working to transfer the functionality of this module from
CURRY®, across to the Profusion™ EEG software, so it is also available
CURRY® Neuroimaging Software
across the entire platform of Compumedics Clinical EEG products. This
module allows Compumedics to compete directly with other vendors in
the market who already provide such functionality. In addition to these
new features, CURRY® now includes full processing of Diffusion Tensor
Imaging or DTI data, with a full 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.
C
CURRY®
D
DTI Fiber-Tracking data
Parallel with the significant changes in version 9 of CURRY®, work is
progressing on developing a fully integrated high-density clinical EEG
system with full capability of measuring brain activity evoked by the
presentation of auditory, visual, tactile, or other forms of sensory stimulus
presentation. Clinically, and for both EEG and MEG, this can be used to
identify eloquent cortex, both from scalp EEG recordings and grid, depth,
and stereotactic EEG recordings. Combined with a large expansion of
functionality in CURRY® version 9 for pre-surgical planning, this platform
offers a new fully integrated functionality for neurology programs that
include neurosurgical treatment for epilepsy.
STIM™2, the experimental design software package has always focused
on a core set of functions with a simple, easy to use programming
interface. In the upcoming year, Compumedics Neuroscan will release
an update to STIM™2 with an even simpler-to-use interface that allows
the user to execute a number of standard auditory, visual, and tactile
stimulation tasks with just a single click. There is no need to enter the
programming interface with this new update. And to further expand
functionality, this new interface allows customization for user-designed
paradigms. As part of the purchase of STIM™2 with a support contract,
users will be able to solicit programming assistance from the Neuroscan
engineering team to develop custom paradigms that can be added to the
one-click user interface.
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 superconducting
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. Currently fewer than 200 MEG
sites are active worldwide, so the opportunity for substantial growth in
the market is enormous.
Magnetoencephalography (MEG) Functional Brain Imaging
The Compumedics Neuroscan Orion LifeSpan™ MEG system is a
breakthrough in MEG technology, being the first to offer adult/paediatric
capability in one instrument. MEG technology highlights include:
• The most accurate 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.
• Completely non-invasive, safe and silent. It has a wide array of
existing and emerging applications in both basic science and
clinical routine.
• Contributes 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 strategically
focused and is continuing to drive progress forward in order
to allow Compumedics to appropriately capitalise on
this growth.
• Fully reimbursed by private and public insurance in the US,
along with other countries.
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).
• Importantly, at the heart of the Orion LifeSpan™ MEG is a unique
integrated vacuum coolant system, enabling continuous helium
recycling, which not only allows 24/7 uptime for the Orion
LifeSpan™ MEG, but also drastically reduces operations expenses
as traditional cyclical replacement of helium for the MEG has
become prohibitive in supply consistency and in cost.
• 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 expand their neurological health services and associated
income base, by supporting a larger patient population, from infants
through to adults.
Compumedics web-based sleep diagnostic platforms
These eHealth developments present significant efficiency gains for
Compumedics’ existing 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’ “plug and play” amplifiers, coupled with the unique
Compumedics single vendor solutions.
Nexus™ 360 enables a fully-integrated sleep web-based 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, along with a comprehensive
range of enhanced reporting tools.
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10
Profusion Nexus™ 360 Web-Based Laboratory Management System
GROWTH OUTLOOK
In accordance to prior explanations, Compumedics is not looking at this
global pandemic situation as a time for excuses but rather focussing
on doubling our efforts to adapt and foster new initiatives applicable to
these times, along with the challenges and opportunities, as we drive
forward. We believe we have compensated for the slight setbacks as
we work out better ways to operate, execute our focussed strategies
and most importantly build our team, talent and reinvigorated focus on
growth, moving forward.
We look forward to sharing with the markets, in due course, our modified
and adapted but sharpened strategies and initiatives designed to make
up for some of the lost traction during recent pandemic lockdowns.
New product platform roll-out to continue in FY21
As noted, and in accordance with Compumedics tradition of world’s
best of class sleep and neuro-diagnostic monitoring systems we are
pleased to be now in the final stages of preparing regulatory approvals
as we prepare to release our new generation of remote monitoring
EEG (Okti™), HST (“Falcon”) and continually updated Cloud services
(Nexus™360) products and services for an exciting year ahead.
Compumedics Falcon™ Home Sleep Testing Device
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
• Japan business growth led by our new partnership with Fukuda
Denshi, a globally respected medical company, continues to build
and grow.
• Our USA team and management, coupled with a number of clients,
including leaders in the area of neuro and sleep diagnostic services,
have helped strengthen and position our USA business for stability
and growth moving forward.
• A number of our leading divisions such as DWL have already
returned to overall growth, even in China, and are now leading the
way in terms of both market and product diversification to already
compensate for the pandemic setbacks.
eHealth business expansion with continued commercial
activation of its flag-ship platform, Nexus™ 360
• Having established a strong foundation with our eHealth platforms
based on NeXus 360 market penetration in the USA and Australia,
Compumedics is poised for international expansion in both the
sleep and neurodiagnostic eHealth markets with recent installations
in France, Thailand and New Zealand.
• Compumedics has continually expanded the NeXus 360 installation
base with over 45 sites (> 270 beds) in both the USA and Australia.
• The NeXus 360 platform generated $1.13m revenue in FY20, with
total signed contract value exceeding A$1.5m in annual subscription
fees.
• The number of patients recorded on the platform now exceeds
80,000, 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. DWL produced the proof of concept for this
exciting new system in the year in progress and are now rapidly
moving to a clinically deployable system, expected in the year
or years ahead. Compumedics are already seeking expressions
of interest for collaborative partners and most importantly
first-movers with DWL the original and current day founder
and leader in clinically and research science deployed TCD systems.
These “first-mover” reference sites include discussions with leading
defence health innovators wishing to consider deployment of the
new generation traumatic brain injury (TBI) and stroke diagnostic
capabilities of these DWL PLL/robotic TCD systems to help save
lives amongst the military personnel, ambulance service groups,
emergency departments, and even leading athlete performance
and health management groups, focussed and aware of ongoing TBI
prevention and management.
DWL® Neuro-Monitoring-Analysis (NMA)
SUMMARY AND FINANCIAL OUTLOOK
Compumedics remains well positioned, based on the solid overall
FY20 performance, to reinvigorate growth, and indeed divisions such
as DWL have already returned to growth with both new geographical
market expansion, as well as existing major market growth in countries
including USA and China.
Moreover, the existent core business, coupled with an array of new
upcoming product releases, and the continued commercialisation
progress across breakout divisions such as Orion LifeSpan™ MEG
and Somfit® provide a promising outlook. In particular the Orion
LifeSpan™ MEG FDA market clearance, earlier this year, is a milestone
commercialisation achievement, further underscoring this exciting new
breakout divisions outlook.
Despite margins being adversely impacted by a reduction in sales,
during the temporary pandemic setbacks, the underlying profitability
and efficiency measures continue in a positive direction.
Return to overall growth is expected, based on Compumedics existent
distribution network coupled with the excellent ongoing performance
from all divisions and star examples such as DWL® prevailing and
growing amidst the pandemic by way of key markets such as USA
and China swiftly returning back to growth, as well as product and
geographical distribution expansion initiatives.
Notably, FY21 will see a number of major new product platform releases.
These releases cover highly emergent growth demand for remote and
telemedicine monitoring systems. Given Compumedics’ history with
winning medical equipment supplier contracts, including multiple NASA
monitoring contracts as well as the words largest of its kind sleep
heart health study (SHHS), the company is now ideally positioned with
its new generation of cutting-edge remote/telemedicine products and
services. These products and services include its neuro (Okti ™), home
sleep testing (HST’ “Falcon”) and continually upgraded Cloud services
(Nexus360).
Nexus™ 360 has cemented its foundation as a proven platform for
sleep diagnostics and neuro-monitoring lab management with some
significant clients on-boarded in routine, long-term and ambulatory
centres.
Established as a sustainable pay-as-you-go annuity (SaaS) model,
Nexus™ 360 will be further augmented in FY21 and beyond with
tailored feature-sets for the ambulatory (OnSight™ and Somfit®)
markets.
In terms of FY21 outlook guidance, the company is demonstrating
strong signs, as noted, and looks forward to sharing a number of
positive announcements in the year ahead.
As a quick wrap-up, the FY20 was a year of staying the course and
prudent management, to ensure the value of our company and our
people’s jobs remained in focus throughout the temporary COVID-19
setbacks. FY21 will be a year to build on many of the new 2020 and
2021 initiatives to double our efforts on growth focus and make up for
the temporary COVID-19 setbacks.
However, as also mentioned we do not see the FY21 year ahead as a
time for excuses, but rather a time to consolidate and strengthen our
position based on very early adaptation, deployment of new initiatives
of these new times of today and ahead, as well as preparing to intensify
our focus and efforts towards future growth, as the restrictions of this
period ease off.
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All of our core business divisions have progressed and stayed the
course, whilst the commercialisation progress our Orion LifeSpan™
MEG and Somfit® breakout divisions have also progressed significantly.
The aforementioned upcoming new product releases, together with
demands for diagnosis and health management of neuro and sleep
diagnostics will continue to underpin Compumedics growth amongst its
well-established direct offices and distribution partner networks for the
2021 financial year, and many years ahead.
We would like to thank you all for your continued support and we
look forward to driving on-going developments and associated
announcements throughout the year ahead.
Yours sincerely,
Dr. David Burton, Ph.D.
Executive Chairman and Chief Executive Officer
Compumedics Limited
Compumedics Okti™ ambulatory EEG paediatric back-pack
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:
• Highly skilled R&D team with over 25 years of experience
• Diversity in TCD applications
• Specific solutions for specialised applications in the use of TCD
• Perfecting methods to become golden standard in TCD applications
• Record number of most relevant scientific reference publications
1
1
1
1
Competitive Advantages:
1 Excellent signal and image quality
2 World best Signal to Noise Ratio
3 Product variety for monitoring application
4 Neuro-Monitoring Analysis (NMA®)
5 Emboli detection and differentiation
6 Customized Sickle Cell Disease diagnosis
7 Built in CO2 module
8 Standard, Advanced Reports and Structured
Reporting (DICOM)
9 Digital interfaces
10 German quality engineering tradition
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. CURRY® 9 releasing in FY 21.
We have >23,000 systems installed worldwide. Strong reputation and brand name.
Customers like buying from Compumedics.
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14
Earnings initiatives to continue to flow through in FY21 – FY22. New range of ambulatory
products for Sleep and Neurology releasing FY21.
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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16
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
17
18
• 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 FY21 – Complete installation of first sale to
Barrow Neurological Institute in Phoenix, AZ, USA
(COVID-19 delayed)
• FY21 – Secure second sale
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.
19
20
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 DWL
awarded membership
to Germany’s top 100
innovative companies.
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 -
2008
2009
1987
1991
1995
1998-
1999
2000
2002-
2005
Compumedics’ ASX listing
Compumedics listed on the
Australian Stock Exchange.
Compumedics’ completes
first acquisition
– Neuroscan.
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.
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.
$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.
E-Series
EEG/PSG system
DWL division established
for blood-flow Doppler
technology.
technology.
Grael® PSG/EEG
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Compumedics introduces
direct selling in Germany.
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.
region.
Compumedics recognised
as one of Australia’s top 100
Health Innovators through
its world leading devices for
eep diagnostics.
sleep diagnostics.
Somnilink SPAP®
Somnilink SPAP receives CE and
TGA clearance.
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.
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.
CURRY® SCAN 7
Neuroimaging Suite is
released
Compumedics introduces
direct selling in France.
®
Neuvo® LTM
512 Channel EEG
$7.5 Million Sleep Diagnostic
Systems Contract with
Beijing Bestmed Accelerates
Compumedics Strength
in China.
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.
2010 -
2011
2012
2013
2015
2017
2019
2014
2016
2018
2020
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
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 -
(cid:54)(cid:82)(cid:80)(cid:192)(cid:87)® Night
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
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”!
New products released -
CURRY® 9 -
Compumedics Neuroscan releases
the latest in the CURRY®
Neuroimaging Suite.
ProFusion Sleep 5 & EEG 6
Latest generation ProFusion
Software suite for PSG and EEG
updated with even more user-
friendly features and functionality.
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
Your World of Sleep and Neuroscience
World-Class
Sleep
Software
Web-based
From Clinical to Research
World-Class
Neurology &
Brain Research
Software
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26
www.compumedics.com
O V E R T H I R T Y
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