SomnoMed Limited announced FY22 results and FY23 guidance

SomnoMed Limited (ASX: SOM) announced its FY22 results for the period ended 30 June 2022 and FY23 guidance:

• In FY22, the company reported a revenue of AU$72.6 million, a 16% increase from the previous corresponding period and above guidance of +15% growth for FY22.
• It has reported a Stable product gross margin of 70% and EBITDA of AU$1.3 million, which is more than the guidance.
• SomnoMed’s net cash outflow in FY22 of AU$4.5 million compared to AU$8.5 million of cash outflow in FY21, as it had invested in Rest Assure and other growth initiatives.
• For FY23, the company anticipates revenue growth of at least 20%, EBITDA of at least AU$2 million, and CAPEX investment approx. AU$7 million, of which technology innovation spend is likely to be AU$3 million.

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