SomnoMed
(ASX:SOM) has announced total revenue growth of 18.8 per cent for the September quarter to $13 million compared to the prior corresponding period.
The company said this performance is due to revenue growth in Europe, improvements in APAC, and increased income from its Renew Sleep Solutions (RSS) product, offsetting negative revenue growth of 6 per cent in its North American core operation.
The Renew Sleep Solutions (RSS) direct-to-patient sleep centre model opened a further three centres during the quarter in the US, bringing the total of centres now opening since December 2016 to ten.
Revenue growth was 24 per cent in Europe year on year during the first quarter, with the share of global unit sales increased to 44 per cent.
Sales enquiries driven by direct marketing efforts have more than trebled between August and October.
Shares in SomnoMed
(ASX:SOM) are trading 2.63 per cent lower to $3.70.
