No one likes to hear of a revenue downgrade and shareholders of sleep and brain disorder medical device manufacturer Compumedics (ASX:CMP) are no different.

While the company’s earnings guidance for the full year was still $6.5m-$7.5m, unaudited revenues for the first half of this financial year were forecast to be $17.7m.

Compumedics’ revenue came in $1m lower than the prior corresponding period.

The company blamed delayed sales orders and stood by its previous guidance for the full year. It promised final numbers would come with its half-yearly report on February 25.

Compumedics reminded shareholders it had been a strong few months, with the company making its first sale to Japan. It also noted installation of its brain scanner (MEG) to the Barrow Neurological Institute was progressing well.

It is named MEG after its Magnetoencephalography therapy. This records electrical activity in the brain through measuring magnetic fields.

A six-year-old in the paediatric helmet of the Compumedics Orion LifeSpan™ MEG at Barrow Neurological Institute. Pic: Compumedics

After a stellar 2019 where shares more than doubled, this morning’s announcement sent them tumbling nearly 22 per cent.


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In other ASX corporate news today:

Apollo Tourism and Leisure (ASX:ATL),meanwhile, fell nearly 14 per cent after an update on the impact of the bushfire situation. While the majority of its guests were in unaffected areas, the company established geo-fencing around affected regions. But Apollo has witnessed a drop in last minute bookings and believes forward bookings will be hit.

Performance management software provider Integrated Research (ASX:IRI) expects a half-yearly profit between $11.5m and $12m.

Engage:BDR (ASX:EN1) reported December was the strongest revenue month since ASX listing. Revenue reached $2.45m — 372 per cent higher than December 2018. It also reported strong revenue growth for the entire quarter — up 143 per cent from the September quarter of 2019 and 302 per cent better than the December quarter of 2018.