Additional $1M China Sleep Contract
Melbourne, Sep 21, 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 and around Shanghai with one of its long-term distribution partners in China, ZhiNuo.
Highlights:
- Compumedics signs new AUD 1.0 million (USD 0.7 million) three-year distribution contract for its sleep diagnostic and monitoring systems with existing Shanghai-based distributor
- Contract covers provinces in and around Shanghai and complements Compumedics' distribution agreement for its sleep and neurological diagnostics systems in other provinces in China
- Locks in at least 10% growth per annum, over the three-year contract period
- New contract re-enforces Compumedics strategy to expand its core business in major global medical device markets
- Compumedics continues to be the Number One premium supplier of sleep diagnostics and neurological research systems in China
This contract is complementary to Compumedics' arrangements for the distribution of its sleep and neurological monitoring range in other provinces in China, which the Company announced on 15 June 2015.
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 to 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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