$7.5M China Sleep Contract
Melbourne, June 15, 2015 AEST (ABN Newswire) - Compumedics Limited (
ASX:CMP) is pleased to announce that it has secured a new three-year contract, for the distribution of Compumedics' sleep diagnostic and monitoring systems across provinces in North, West and Central China with its long-term distribution partner and shareholder, Beijing Bestmed.
- Compumedics signs new AUD 7.5 million (USD 5.75 million) three-year distribution contract for its sleep diagnostic and monitoring systems with existing distributor, Beijing Bestmed
- Contract covers provinces in North West and Central China and complements Compumedics' recently announced distribution agreement for its neurological diagnostics systems in China.
- New contract represents a 65% increase in business over the next three years, when compared to the last three-year contract period
- Compumedics is the Number One premium supplier of sleep diagnostics and neurological research systems in China
The contract is complementary to Compumedics recently announced arrangements for the distribution of its neurological monitoring range in China.
The deal also provides scope for the Company to introduce its eHealthMedics professional Cloud-based sleep diagnostic services model into the China market.
In commenting on Compumedics' market growth in China, Dr David Burton, Chairman and CEO of Compumedics, said:
"Compumedics has spent more than a decade, with our Chinese partners, building a foundation for future growth in one of the worlds most challenging but highest growth markets. Compumedics is now the number one premium supplier of sleep diagnostic and neurological research systems in China.
"As a result, Compumedics is well positioned to capture growth, not only in sleep diagnostics, but also in neurological monitoring, a relatively new and untapped market for the Company in China and other parts of Asia.
"With only approximately 2,000 beds dedicated sleep diagnosis country-wide, China continues to be a latent and high growth opportunity for sleep diagnostics, and Compumedics will continue to deliver significant growth in this key market over the next three years."
The Company is pleased this new contract builds strongly on a long and very successful relationship by continuing to deliver significant growth in this key market over the next three years.
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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