Cogstate FY26 slides: record contracts, AI investment amid revenue miss
Cogstate Limited (ASX:CGS) reported its FY 2026 full-year results on August 18, 2026, revealing a year marked by strategic diversification and expansion despite a revenue shortfall. Contract sales reached a record $89.0 million, a 116% increase year-over-year, while reported revenue fell 50% short of Wall Street's forecast at $21.85 million.
The stock price closed at $2.71, down 2.87% from the previous close. Despite the revenue miss, the neuroscience technology company maintained a strong operational performance, with profit before tax rising 16% to $16.1 million and EBIT margins expanding to 30%. The company's diversified trial portfolio grew significantly, with 90 new trials initiated compared to 35 in the previous year, expanding into mood, sleep, and rare diseases.
Clinical trials reached a record 171, with substantial growth in Phase 2 and Phase 3 trials. Contracted revenue for FY27 increased by 54% to $118.5 million, reflecting the company's strengthened revenue pipeline. Strategic partnerships with industry leaders like Medidata contributed to new sales contract value, driving growth and diversification beyond traditional Alzheimer's disease focus.
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