Cambridge Cognition Holdings PLC on Wednesday said it had a ‘transformative’ 2022, as revenue climbed 25% against the previous year.

The Cambridge, England-based digital health products technology developer said revenue in 2022 rose to £12.6 million, up 25% from £10.1 million a year earlier. Services revenue grew by 16% in 2022 to £6.5 million, whilst Software revenue climbed 39% to £5.0 million.

However, the company swung to a pretax loss of £600,000 from a pretax profit of £300,000 year-on-year. It also swung to a loss per share of 1.3 pence, from an earnings per share of 1.4 pence.

The financial results for the year were tempered by a slightly slower-than-expected final quarter, as the company experienced delays and scope reduction associated with large orders, Cambridge Cognition explained. It added that market forecasts suggest that this is not representative of a long-term trend.

The company ended 2022 with a contracted order book of £17.6 million, which increased further to £19.1 million in January, following the acquisition of Winterlight Labs.

Cambridge Cognition bought Winterlight Labs for £7.0 million back in January.

Looking ahead, Cambridge Cognition said that its strong contracted order book provides ‘excellent’ revenue visibility through 2023.

‘2022 was a transformational year for Cambridge Cognition, marked by significant multi-year orders, sustained revenue growth, and the expansion of our core product set,’ said Chief Executive Officer Matthew Stork.

‘Looking ahead, we remain committed to our objectives of driving revenue and profit growth by increasing our market share through offering the most innovative technology, supported by outstanding scientific evidence and a very experienced team, in the high-value market for CNS drug development.’

Shares in Cambridge Cognition closed down 4.6% to 93.00 pence each.

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