30 June 2020
Cambridge Cognition announces further contract wins in the first half of 2020
Further contract wins in the first half of 2020 takes the Company's order intake to £4.9m for the year to date.
Cambridge Cognition is pleased to announce further contract wins in the first half of 2020, taking the order intake to £4.9m for the year to date, compared with £2.6m for the first half of 2019. To date in 2020, the Company has signed contracts for four large orders of over £500k and ten for between £50k and £500k, as well as taking many smaller orders. The contracted order book for the company is now at £7.5m compared to £5.7m at 31 December 2019.
The Company set out a new strategy last year with a focus on having a diversified portfolio and commercialising the new products developed in recent years. The recent contract wins are in line with that strategy and the four larger orders each included two or three of the following Cambridge Cognition offerings:
- CANTAB™, the world-leading digital assessment for cognition;
- Cambridge Cognition’s new, configurable electronic Clinical Outcomes Assessment solution (eCOA) launched late in 2019, and
- Digital solutions for measuring cognition in virtual and part-virtual clinical trials being conducted outside clinical trial sites.
The forward pipeline of opportunities for the Company continues to be positive. Several of these opportunities are for virtual or part-virtual clinical trials while others are reliant on clinical trial sites opening fully following the COVID-19 lockdown. Unless there is a second wave of the COVID-19 pandemic, it is expected that most, if not all, clinical trial sites will be open during Q3 2020.
Until all clinical trial sites are open again, we remain cautious around the extent to which these increased order levels will have a favourable impact on recognised revenues this year. However, as a number of clients have already indicated that they are now restarting trials that had been paused, the current prospects are encouraging.
"These order wins are pleasing to see and confirm that the strategy we set last year is succeeding.
We are seeing unprecedented demand for the breadth of solutions we are able to offer clients: CANTAB™ cognitive assessments, electronic Clinical Outcomes Assessment solutions, digital solutions and also our new voice-based assessments for cognition. What is particularly pleasing is that many companies are ordering more than one solution, increasing sales per client.
We are looking forward to delivering these new orders in the second half of the year and securing further orders from our strong order pipeline."
Matthew Stork, Chief Executive Officer of Cambridge Cognition