Compumedics scores major US health contract

Written on the 21 March 2019 by Business News Australia

Compumedics scores major US health contract

Neurological device developers Compumedics (ASX: CMP) have signed an agreement with a major US health organisation which will see its technology deployed in 48 hospitals.

Compumedics has contracted with Adventist Health System to allow Compumedics to supply 48 hospitals with its suite of sleep, neurological monitoring and brain research systems.

The initial cost for this contract is $1.4 million, further validating Compumedic's mission.

Adventist, a faith-based health care organisation, will receive Compumedic's high-tech products including the Grael product platform, as well as the Nexus360 and Neuvo systems.

Compumedics has also shipped 19 epilepsy-monitoring systems to an Adventist hospital in Tampa, Florida.

This initial $1.4 million sale is hopefully the first of many for Compumedics to Adventist according to executive chairman and founder of Compumedics Dr David Burton.

"We are very pleased to announce this awarded Master Agreement to become a key vendor for the Adventist Health System for our complete range of sleep, neurological monitoring and Neuroscan systems," says Dr Burton.

"In particular we are very pleased to receive the initial and significant order from Tampa, Florida for Compumedics' current generation of neurological monitoring technology, including the current and recently expanded Grael product platform and importantly our new cloud-based diagnostic and centre management platform, Nexus360."

"Compumedics was able to achieve this win against robust local and international competition in the US, so now the systems are installed this will be a significant reference site and network for the Company in the critical US market. Compumedics will look to continue to expand its sleep and neurological diagnostic and monitoring businesses in this market as a result of this order."

Founded in 1987 by Dr Burton Compumedics has had a successful history. The company successfully designed and installed the first Australian sleep clinic at Epworth Hospital, Melbourne.

The company then focused on developing sleep clinics and sleep products for the hospital and home monitoring markets.

Shares in Compumedics are up 10.61 per cent to $0.36 per share at 10.40am AEDT.

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