Somnomed Limited (AU:SOM) has released an update.
SomnoMed Limited has reported a successful fiscal year, with an unaudited FY24 revenue of $91.7 million, marking a 9.6% increase from the previous year and surpassing revised forecasts. The company has completed its planned cost reductions, leading to restructuring costs of $3 million, but anticipates annualized savings of $5 million from Q1 FY25. Additionally, key appointments were made with Mr Jonathan Vowels and Ms Mary Kennell taking on senior roles, and the company fully repaid its debt facility, projecting interest cost savings of $1.7 million in FY25.
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