ASX Announcement
24 June 2025
FY25 Guidance Upgraded
All figures in US$
Cogstate Ltd (ASX:CGS) today announces an upgrade to its financial guidance for the financial year ending 30 June 2025 (FY25), reflecting strong performance and improved outlook across key financial metrics.
The Company expects revenue for the second half of FY25 to be in the range of $28.1 million to $30.1 million, representing a material improvement on the first half of FY25 (1H25). Full year revenue is anticipated to be between $52 million and $54 million - an improvement of 20% to 24% on the prior year.
Profit before tax for the second half of FY25 is expected to be between $6.8 million and $8.8 million, with full year profit before tax forecast to be in the range of $12.0 million to $14.0 million - an improvement of 69% to 97% on the
prior year.
Cogstate Ltd expects to release its audited financial statements on 22 August 2025.
This announcement was authorised for release by the Board of Cogstate Ltd.
About Cogstate
Cogstate Ltd (ASX:CGS) is the neuroscience technology company optimising brain health assessments to advance the development of new medicines and to enable earlier clinical insights in healthcare. Cogstate technologies provide rapid, reliable and highly sensitive computerised cognitive tests across a growing list of domains and support electronic clinical outcome assessment (eCOA) solutions to replace costly and error-prone paper assessments with real-time data capture. The company's clinical trials solutions include quality assurance services for study endpoints that combine innovative operational approaches, advanced analytics and scientific consulting. For over 20 years, Cogstate has proudly supported the leading-edge research needs of biopharmaceutical companies and academic institutions and the clinical care needs of physicians and patients around the world.
In the Healthcare market, Cogstate seeks to provide primary care physicians and consumers with brief, accurate and scientifically validated digital measures of cognition, with a focus on easy to use, self-administered tests that inform patients and save physician time. For more information, please visit www.cogstate.com.
ASX Announcement
22 August 2025
FY25 Financial Results and Operational Update
All results in US$, unless stated
Cogstate Limited (ASX:CGS), a global leader in clinical trial endpoint data quality and digital cognitive assessments, today releases its Appendix 4E and Annual Report for the year ended 30 June 2025 ("FY25"). The Group has delivered a year of record operational and financial performance highlighting Cogstate's scalable business model, increasing clinical trials demand, and continued innovation in brain health measurement.
Highlights
� Group Revenue of $53.1M, up 22% on previous corresponding period (pcp).
� Net Profit before Tax of $13.9M, up 96% on pcp.
� EBITDA of $16.0M, up 72% and with an EBITDA margin of 30.1%, up 8.7 points.
� Clinical Trials new contract sales of $41.3M, up 53% on pcp.
� Contracted future revenue at 30 June of $90.0M, down 11.4%, but contracted revenue for FY26 of $31.5
million, up 8.4% pcp at 30 June 2025.
� Generated $11.5 million operating cash flow, and $5.4m of total cash flow net of $4.8 million share buy-back.
� Cash balance of $35.6M.
� Maiden fully franked annual dividend of A$0.02 per ordinary share declared post year-end.
� Strong start to FY26 with $14.1M of new sales contracts executed since 01 July 2025, taking revenue under
contract that is expected to be recognised in FY26 to $35.9M.
52 week high
ASX Announcement
16 October 2025
Business Update
All results in US$, unless stated
Cogstate Limited (ASX:CGS), has today released a business update ahead of its Annual General Meeting of
shareholders, which will take place at 11am AEDT today.
Market Conditions
The demand for Cogstate services continues to grow, reflecting both growth in the market for R&D in central nervous
systems diseases as well as growth in market share by Cogstate.
Each of the last four quarters (from 2Q25 to 1Q26) has set a new record for the number of sales opportunities
identified by Cogstate, with those opportunities in the September quarter (1Q26) 72% higher than 1Q25.
The growth in sales opportunities identified reflects an expansion of both the Cogstate customer base and entry into
new indications. Cogstate management continues to carefully monitor win-rate from the associated increase in
proposals volume and is assessing the full impact of new channel partnerships, with further updates to be provided
throughout the course of the year.
Clinical Trials Sales Contracts
For the September quarter (1Q26), Cogstate executed $21.4 million of sales contracts, which is the second highest
quarterly result in Cogstate's history. The quarterly sales contracts represent an increase of 88% compared to the
$11.4 million of sales contracts executed in the previous corresponding quarter (1Q25).
The following table shows the reduced concentration of the value of sales contracts executed in 1Q26, delivering on
Cogstate's growth strategy, compared to the full FY25 year – noting that 1Q26 data will not necessarily be reflective
of the full FY26 year:
Indication
FY25
Sales Contracts
by Value
1Q26
Sales Contracts
by Value
Alzheimer's disease 56% 33%
Rare disease 19% 19%
Narcolepsy 6% 11%
Depression 5% 17%
Parkinson's disease 4% 2%
Schizophrenia 2% 14%
Other 8% 4%
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Financial Outlook 1H26
Subject to sales contracts executed up to 31 December 2025, and 1H26 revenue yield from those, revenue for the
December half year period (1H26) is expected to be:
• Approximately 18% - 20% better than the previous corresponding half (1H25 $23.9m); and
• Closely align with the most recent June half year period (2H25 $29.1m).
In respect of margins for the December half year period, we reconfirm guidance provided with the release of the
FY25 results in August, specifically:
• Continuing to invest for growth: Both direct costs and operating costs will increase from FY25 to FY26 as
Cogstate invests for growth:
o Additional science resources to support expansion into psychiatry and mood disorders;
o Additional resources based in the Asia-Pacific region to support a growing customer base there;
o Continued increase in expenditure related to data engineering to bring more automated data insights
to Cogstate customers; and
o Engineering expenses associated with development of AI tools.
• Potential margin impact of growth initiatives: Subject to revenue growth in FY26, the increase in
expenditure may result in a small decrease in margins (0-3 percentage points).
Due to the volume and value of sales opportunities outstanding presently, it is not possible to provide accurate full
year FY26 guidance at this stage.
This announcement was authorised for release by the Board of Cogstate Ltd.
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Highlights
• Clinical Trials sales contracts executed totalled $41.7 million, up 105% compared to the previous
corresponding period (PCP) and above guidance of $37 - $40 million.
• Total revenue $26.9 million, up 12% compared to PCP and above guidance of $25 - $26 million.
• Guidance in respect of earnings remains unchanged, however given revenue was higher than expected,
earnings are now expected to be towards the top-end of each range provided:
o Gross margin of 50%-52%;
o EBITDA margin of 20%-23%; and
o EBIT margin of 14%-17.5%.
• Total Group contracted future revenue increased to $104.9 million, with $21.7 million expected to be
recognised in 2H26 (vs $17.5 PCP) and $27.0 million expected to be recognised in FY27 (vs $23.8m PCP)
• Cogstate will release its audited 1H26 financial results on Thursday 19th February 2026
Cogstate 3Q26 Business Update
All figures in US$, unless stated
Cogstate Ltd (ASX:CGS), a global leader in clinical trial endpoint data quality and digital cognitive assessments,
today releases a business update for the quarter ended 31 March 2026 ("3Q26").
Cogstate continues to demonstrate strong demand across an expanding range of Central Nervous System (CNS)
indications, consistent with trends outlined with the release of the 1H26 financial results.
Sales contracts executed during 3Q26 totalled $25.4 million, bringing the total value executed over the 9 months to
31 March 2026 to $67.1 million.
Total contracted revenue, as at 31-Mar-26, has increased reflecting the sales contracts executed during the
quarter:
• Contracted revenue for the June 2026 half year (2H26), including revenue recognised during 3Q26, is
$29.1 million, up from $21.7 million under contract at 31-Dec-25.
• This brings full year FY26 revenue under contract (including first half actual of $26.9 million) to $56.0
million (FY25 total revenue was $53.1 million).
• Contracted revenue for next financial year (FY27) is $35.6 million, up from $27.0 million under contract at
31-Dec-25.
This announcement was authorised for release by a sub-committee of the Board of Cogstate Ltd. For further
information contact: investor@cogstate.com