Why we think Somnomed Limited shares can soar higher?
Strong Q4 growth across geographies: SomnoMed Limited (ASX: SOM) reported strong sales in the US during the quarter (+24% over prior year), combined with ongoing strong Q4 growth in Europe (+20.6%), resulted in record total group unit quarterly sales of 19,859 units (+24.2%). Total device sales for the FY17 stood at 68,100 units. Unaudited quarterly group revenues grew by 22% yoy to $14.3 million (+22%) and total group revenues grew by 12% yoy to $49.3 million. Renew Sleep Solutions (RSS) opened its seventh center during the month of June, to end its first 7 months of trading with an exceptional operational performance. With the latest center in Phoenix, SOM continues its commitment to expand network of treatment outlets across the US. Moreover, the company remain confident that “Direct to Patient” initiative will continue to build in line with or above current expectations in terms of patient inquiries, appointments and treatments. Notably, SomnoMed’s sales in North America, which had seen the impact of a reaction to a perceived channel conflict linked to the establishment of RSS, reported its best quarterly results in the quarter for FY17. US sales grew by 24% and the North American region, including Canada, grew by 31.8% in Q4.
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