$2m Korean contract
Melbourne, Sep 14, 2015 AEST (ABN Newswire) - Compumedics Limited (
ASX:CMP) ("Compumedics" and "Company") is pleased to announce that it has secured a new three-year contract, for the distribution of Compumedics' Neuroscan Brain Research and neurology systems in South Korea with the Company's long-term distribution partner, Kwangwon.
Highlights:
- Compumedics signs new AUD 2.0 million (USD 1.4 million) South Korean distribution contract for its Neuroscan brain research and neurology monitoring
- 10% growth locked in per annum, over the three-year contract period
- Re-enforces Compumedics strategy to expand its core business in major global medical device markets.
- Compumedics Neuroscan brain research business includes the world's leading brain source localisation software - CURRY(R)
This contract builds Company's already established relationship with Kwangwon in Korea.
The deal also provides scope for the Company to expand and introduce its eHealthMedics professional Cloud-based sleep diagnostic services model into the Korean market.
In commenting on the new agreement, Dr David Burton, Chairman and CEO of Compumedics, said: "Compumedics has spent more than a decade, with many of our Asian distributors, building a foundation for future growth in one of the world's most challenging but highest growth regions.
"Compumedics is now the number one premium supplier of sleep diagnostic and neurological research systems in China and has been the preeminent supplier of brain research equipment into Korea over the same time period.
"As a result, Compumedics is well positioned to capture growth not only in brain research across Asia, but also in sleep diagnostics and in neurological monitoring, a relatively new and untapped market for the Company in Asia.
"Compumedics has built a very strong installed base for it brain research systems in China with some 650 sites and more to come.
"This renewed contract in Korea will complement our growth in the region as Asia tackles finding new ways to identify and treat neurological disorders with the same intently as the US and Europe."
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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