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SomnoMed Announces Core Revenue Growth up 9% in Q3

29th April 2019, SomnoMed Limited (ASX:SOM) announced that its core revenues grew by 9% in the third quarter compared to the prior year, reaching $14.3 million for the three month period. APAC delivered a revenue growth of 21%, while both North America and Europe had experienced lower growth rates for the quarter. Total group revenues decreased by 6% for the quarter, following the closure of the Renew Sleep Solutions (“RSS”) business as at 31st December 2018.

The North American core business revenue third quarter growth was 3%. The results were affected by the closure of the Simple Sleep Services (“S3”) during the quarter. The Company remains optimistic that new sales and marketing approaches will result in an increased growth rate by focusing on these opportunities and channels and customers return to SomnoMed following the closure of RSS.

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