Medical therapy producer SomnoMed (ASX:SOM) has announced a 45 per cent growth in revenue for the second quarter of the financial year, reaching $18.5 million for the quarter.
The company said the growth was driven by SomnoMed’s direct-to-patient US subsidiary Renew Sleep Solutions, which boosted North American revenues by 75 per cent in the second quarter compared to the same time last year.
The Renew Sleep Solutions business lifted on the back of its newly opened centres, after opening 12 new centres in the first year of its operation and with the first four centres completing their first full year of trading during the March 2018 quarter.
The company’s European operations also recorded an increase in revenue, up 26 per cent for the quarter, driven by its core Scandinavian and Benelux business and growth in France.
APAC revenues remained flat in the second quarter, however, with APAC’s share of global revenue now less than 6 per cent, primarily due to the lack of insurance reimbursement, and Canadian sales were negatively impacted in the quarter due to a restructure in its sales organisation.
Shares in SomnoMed (ASX:SOM) are trading 6.39 per cent lower at $3.66.