SomnoMed announces revenue up by 22% but earnings down

Company News

by Anna Napoli

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Last Updated: 17/02/2020 10:56 AM

Diagnostic treatments company, SomnoMed (ASX:SOM) has announced its revenues for Quarter 4 2018 were $17.4 million, representing growth of 22 per cent on the same time last year.

Group earnings for the 2018 year are down, with loss expected to fall at the lower end of the range of $6.6 to $7.4 million.

The company’s North American operations saw a decline in revenue of 9 per cent on a year on year basis.

SomnoMed says the decline is due to difficult environment conditions including Medicare re-imbursement rules as well as the increase in high deductible plans resulting in consumers delaying purchases.

Shares in SomnoMed (ASX:SOM) are trading 3.29 per cent higher to $2.20

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.