Compumedics posts record FY26 revenue of $60.3M, up 18%. SaaS recurring revenue jumps ~70% to $10.2M. MEG delays temper guidance; FY27 targets double-digit growth with faster EBITDA expansion.
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Compumedics (ASX: CMP) posted record shipped and invoiced revenue of roughly $60.3 million for FY26, up 18% from the prior year. Sales orders hit about $62.7 million, the company said, with demand spread across sleep, neurology, magnetoencephalography (MEG), and its connected platform businesses.
The number that shifts the investment case is the SaaS line. Somfit and Nexus 360 recurring revenue reached about $10.2 million, up from $6 million in FY25 and $4.3 million in FY24. That is roughly 70% growth in a single year, even with the Somfit D device still awaiting US commercial release. The SaaS segment also booked $10.6 million in sales orders, a 58% year-on-year increase.
MEG capital equipment revenue contributed $9.7 million in FY26 after recording nothing in the segment the year before. That recovery was partial. The company had guided shipped and invoiced revenue in a range of $62 million to $65 million back in April. The miss to the low end of that range came from further delays in MEG shipment and invoicing, tied to helium availability and pricing disruption linked to conflict in the Middle East. The company framed it as a timing issue, not a demand problem.
Compumedics expects FY26 EBITDA to rise on the back of the higher revenue, cost discipline, and the growing recurring base. For FY27, management targets double-digit revenue growth again, with EBITDA growing faster than revenue. The drivers are order book conversion, ongoing MEG activity, connected SaaS expansion, and the planned US release of Somfit D.
Non-executive director Christopher Barys resigned from the board effective June 30 after a nine-month tenure. CEO Dr David Burton thanked Barys for his contribution to US growth and investor engagement. Barys said he remains impressed by the company's vision and looks forward to following its global success.
The SaaS ramp is the structural change here. A 70% recurring revenue growth rate, even off a small base, shifts the margin profile over time if it sustains. The MEG delays are the offset – helium supply is not a problem Compumedics controls, and the guidance miss, however explained, is a miss. The FY27 target of double-digit growth with faster EBITDA expansion is the number to track against quarterly updates.
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