The Cogstate Ltd (ASX: CGS) share price is in focus today after the company posted record FY26 revenue of US$60.9 million, up 15%, and a net profit after tax of US$11.9 million, up 17%.
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What did Cogstate report?
- Revenue: US$60.9 million, up 15% on FY25
- Gross profit: US$35.4 million (gross margin 58%)
- Net profit before tax: US$16.1 million, up 16%
- Net profit after tax (NPAT): US$11.9 million, up 17%
- EBITDA: US$18.3 million, margin steady at 30%
- Final dividend: A$0.04 per share, fully franked, up from A$0.03
What else do investors need to know?
Cogstate achieved record-breaking growth this year, diversifying its offering and expanding deeper into new indications like psychiatry and rare diseases. The company kicked off 90 new clinical trials in FY26, supporting a stronger and more resilient revenue base.
The balance sheet is looking healthy with US$34.8 million in cash and no debt. Cogstate has also committed to ongoing capital returns with an increased fully franked dividend and continuation of its share buyback program. Capital expenditure is expected to rise as the company invests in building an AI-powered platform designed to boost future margins.
What did Cogstate management say?
CEO Brad O'Connor said:
Our record FY26 performance is not the destination – it's the foundation for the next phase of growth, supported by increasing CNS trial activity, expanding market reach, stronger revenue visibility and technology-enabled scalability.
What's next for Cogstate?
Cogstate starts FY27 with contracted future revenue of US$48.3 million, up 54% on the prior year and offering the strongest visibility in its history. The company expects to maintain FY26-level EBITDA margins, even as it steps up investment in AI and workflow automation.
Management sees continued market expansion through deeper industry partnerships and a broader clinical project base. With more neurologically-focused and psychiatric trials in the pipeline, Cogstate is aiming for scalable, tech-enabled growth and further margin gains over the medium term.
Cogstate share price snapshot
Over the past 12 months, Cogstate shares have risen 66%, outperforming the All Ordinaries Index (AS:X XAO), which is flat over the same period.
