24th January 2018, SomnoMed Limited (ASX:SOM) announced that its group revenues grew by 45% in the second quarter compared to the prior year reaching $18.5 million for the three months period. Growth was driven by SomnoMed’s “Direct to Patient” US subsidiary Renew Sleep Solutions, Inc. (“RSS”), allowing North American revenues to grow by over 75% in the second quarter year on year. Excellent growth in revenues of 26% was also achieved in SomnoMed’s European operations, whilst APAC revenues remained flat in the second quarter.
The RSS business grew rapidly in Q2 for a number of reasons, including the maturation of the early centres, contributions from newly opened centres, improvements in optimizing marketing and patient flow, as well as the end of the calendar year insurance driven treatment seasonality in the USA. RSS has opened 12 sleep centres in the first 12 months of its operations, with the first four centres completing their first full year of trading during the March 2018 quarter.
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