22nd August 2018, SomnoMed Limited (ASX:SOM) announced today full year group revenues of $63.6 million (unaudited), representing growth of 29% over prior year. SomnoMed core revenues were $52.4 million, up 10% from 2017 and Renew Sleep Solutions (“RSS”) revenues were $11.2 million, and up from $1.6 million in 2017. The Group EBITDA loss (unaudited) for the year is $6.5 million. SomnoMed’s core division contributed a positive $3.9m to this result (+65%), with RSS’s annual loss at $10.4 million.
SomnoMed’s “Direct to Patient” business, RSS, is now nineteen months old and management has learnt a significant amount regarding the key drivers of success for the “Direct to Patient” model. After careful analysis of the performance of the centres opened to date and a better understanding of the key drivers of the business, it has been decided to reduce its operations from 12 metropolitan areas to 8, to provide the business with a stronger platform for near and long term success.
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