SomnoMed (ASX:SOM) announced financial results for the full-year ended 30 June 2022.
FY22 revenue of $72.6 million, up +16% on FY21 (+17% in constant currency) and above guidance of +15% growth for FY22.
Stable product gross margin of 70%.
EBITDA of $1.3 million, above guidance.
Net cash outflow for the period of $4.5 million (FY21: outflow of $8.5 million) as the Company purposefully invested in Rest Assure and other growth initiatives.
SomnoMed had available cash of $15.6 million as at 30 June 2022.
Subsequent to 30 June 2022, SomnoMed secured new debt funding of $16 million (net $11 million), which along with cash at bank delivers sufficient capital to support the ongoing growth within the core business and to complete the development of the Rest Assure technology.
Following the announcement the company?s share price fell 3.007%.