SomnoMed's North America Q 1 revenue growth leads the way.

PLANO, Texas: SomnoMed Limited (ASX "SOM", or the Company), a leading company in the provision of oral appliance treatment solutions for sleep-related breathing disorders and obstructive sleep apnea ('OSA'), is pleased to provide its quarterly activities report for the period ended 30 September 2022 (Q1 FY23).

Financial Highlights

Q1 FY23 revenue of $18.5 million, up +19% (+21% in constant currency) versus the previous corresponding period (pcp)

North America Q1 FY23 revenue of $7.3 million, up +44% (+33% in constant currency) versus pcp, demonstrates strong sales momentum in the region driven by best-in-class products and service

The strong group quarterly performance versus pcp reflects the impact of the sales and marketing initiatives in all regions and the trend of growing patient and medical clinician adoption of Continuous Open Airway Therapy ("COAT") for the treatment of OSA

SomnoMed's FY23 guidance, including +20% revenue growth, remains unchanged

Available cash of $12 million as at 30 September 2022, sufficient to fund growth opportunities and the development of Rest Assure(r) with a further $6 million of the new debt funding arrangement to be drawn down towards the end of Q2 FY23

Operational Highlights

The Company hosted the second annual SOM Summit which brought together the leading Sleep Medicine practitioners from North America and globally to drive awareness and education of COATfor the treatment of OSA

Total patients treated worldwide now exceeds 740,000

Development of Rest Assure(r), the Company's first ever in-built technology-enabled oral appliance, remains on schedule with the focus on the preparation of documentation required for regulatory submissions

The Company continues to proactively deliver on a range of initiatives to secure our supply chain with the aim of limiting any negative impact of inflation pressure on margins

Commenting on the results, SomnoMed's Managing Director, Mr Neil Verdal-Austin said: "The September quarter saw the Company deliver financial growth in line with guidance, increase the awareness of COAT for the treatment of OSA and progress the development of our technology-enabled oral appliance, Rest Assure(r)."

"Whilst the Northern Hemisphere summer represents a seasonally lower revenue quarter in Q1, total group revenue was up 19% year on year. Our strong sales results and growing level of patients treated validates our Medical Initiativestrategy and confirms that the exceptional 'first time fit'...