$1M Neurology Contract Win Strengthens Global Position
Melbourne, May 7, 2015 AEST (ABN Newswire) - Compumedics Limited (
ASX:CMP) (“Compumedics” and “Company”) is pleased to announce it has secured a new $1.0 million (USD 0.75 million) contract to supply a major US-based hospital group with its Grael(TM) and Neuvo(R) EEG neurology systems.
- Compumedics wins $1.0 million (USD 0.75 million) contract to fully equip major hospital neurology department
- Contract is for Compumedics Grael(TM) and Neuvo(R) EEG systems
- US market for neurology diagnostic and monitoring devices is estimated at approximately USD300M annually. Compumedics currently has a small but growing share of this market
- Compumedics is the Number One premium supplier of sleep diagnostics and neurological research systems in China
This contract win follows the recent announcement made to market, on 21 April, regarding a new neurology distribution arrangement in China and represents the achievement of another milestone towards the Company’s stated goal of becoming the technologically innovative vendor of choice in global neurology diagnostic and monitoring markets.
In commenting on Compumedics’ neurological research and development, Dr David Burton, Chairman and CEO of Compumedics, said: "Compumedics has invested significantly, over many years, developing the current neurology diagnostic and monitoring systems, and it is pleasing to see the recent acceptance of this technology in two key growth markets for the Company, being the US and China.
“As a result, Compumedics is well positioned to continue to deliver growth to the Company by building its position as the technologically innovative vendor of choice in global neurology diagnostic and monitoring markets.”
The contract has been signed with an affiliated hospital group, located in the central eastern region of the US and is important, because it drives decision making in affiliated hospital networks.
Compumedics remains focused on continuing the Company’s initial penetration of the neuro-diagnostic market, with their range of neuro-diagnostic products, including the Neuvo(R) LTEM (long-term EEG-monitoring) system.
About Compumedics Limited
Compumedics Limited (ASX:CMP) is a medical device company involved in the development, manufacture and commercialisation of diagnostics technology for the sleep, brain and ultrasonic blood-flow monitoring applications. The Company owns US based Neuroscan and Germany based DWL Elektronishe GmbH. In conjunction with these two subsidiaries, Compumedics has a broad international reach, including Americas; Australia and Asia Pacific; and Europe and the Middle East.
Executive Chairman, Dr David Burton, founded Compumedics in 1987. In the same year the Company successfully designed and installed the first Australian, fully computerised Sleep Clinic at Epworth Hospital in Melbourne. Following this early success, Compumedics focused on the development of products that sold into the growing international sleep clinic and home monitoring markets. Compumedics listed on the Australian Securities Exchange in 2000. Over the years, Compumedics has received numerous awards and accolades including Australia's exporter of the year and has been recognised as a Top 100 Innovator by both German and Australian Governments.
Follow Compumedics on Twitter at @Compumedics
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