How Are SOM, CMP and EMV Positioned for FY2027?

Sonal Goyal

14 September 2026 05:50 PM AEST

How Are SOM, CMP and EMV Positioned for FY2027?

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SomnoMed Limited (ASX:SOM), Compumedics Limited (ASX:CMP) and EMVision Medical Devices Limited (ASX:EMV) operate across different areas of medical technology. SomnoMed manufactures oral appliances for obstructive sleep apnoea, Compumedics supplies sleep and neurodiagnostic systems, while EMVision is developing portable brain-imaging technology for stroke assessment.

Their financial profiles are at different stages. SomnoMed generates more than AUD 100 million of annual Revenue and positive EBITDA, Compumedics returned to statutory profitability in FY2026, while EMVision remains pre-revenue and is funding pivotal clinical and regulatory work from existing cash and grant support.

2026 Medical Device Context

Commercial medical-device companies need to balance product adoption, reimbursement and operating costs. Even after regulatory clearance, revenue growth often depends on clinician uptake, hospital procurement and distribution execution.

For smaller ASX-listed healthcare companies, cash generation also remains important. Businesses that can convert revenue growth into positive EBITDA and Operating Cash Flow may reduce reliance on additional capital, while pre-commercial developers remain dependent on existing funding until products reach market.

SomnoMed Limited (ASX:SOM)

Company Profile

SomnoMed manufactures custom oral appliances for the treatment of obstructive sleep apnoea. Its SomnoDent products are supplied through dental practices across Europe, North America and Asia-Pacific.

The company is also developing connected-care functionality and expanding its range of oral-appliance products.

FY2026 Financial Performance

SomnoMed reported FY2026 revenue of AUD 114.5 million.

EBITDA reached AUD 10.9 million, producing an EBITDA Margin of 9.6%.

Europe remained the largest region with revenue of AUD 61.9 million, while North America generated AUD 45.8 million. Asia-Pacific contributed AUD 6.8 million.

Cash at 30 June 2026 was AUD 17.2 million, with net cash of AUD 16.8 million.

Operating cash flow after leases was AUD 5.2 million, while Capital expenditure reached AUD 5.7 million, leaving free cash flow slightly negative.

Outlook and Risks

SomnoMed expects FY2027 revenue growth in the high-single-digit range, with EBITDA margins broadly consistent with FY2026.

North America is expected to remain an important growth region, while European Demand and reimbursement conditions remain key variables.

The company may also continue progressing newer products and connected-care initiatives, although their commercial contribution is still developing.

Compumedics Limited (ASX:CMP)

Company Profile

Compumedics develops and sells sleep diagnostic, EEG and neurodiagnostic equipment, along with software and subscription-based platforms.

Its portfolio includes sleep-laboratory systems, home sleep-testing products, neurodiagnostic technology and magnetoencephalography equipment.

The company is increasingly building recurring software and subscription revenue alongside its traditional equipment business.

FY2026 Financial Performance

Compumedics reported FY2026 revenue of AUD 60.3 million.

EBITDA reached AUD 5.4 million, while statutory net profit after tax was AUD 0.2 million.

Subscription and software-related revenue from Somfit and Nexus 360 reached approximately AUD 10.2 million.

Operating cash flow was AUD 6.6 million.

The company ended FY2026 with net cash of AUD 5.6 million.

Sales orders totalled AUD 62.7 million during FY2026, while open orders stood at AUD 28.3 million in August 2026, including AUD 13.1 million relating to MEG systems.

FY2027 Outlook

Compumedics has guided to double-digit revenue growth in FY2027, with EBITDA expected to expand faster than revenue.

Conversion of the existing order book will be important, particularly for larger neurodiagnostic equipment orders.

Recurring software and subscription revenue may also help reduce some of the Volatility associated with large equipment installations.

Risks

Compumedics remains exposed to timing differences around equipment delivery and installation.

Large MEG orders can shift between reporting periods depending on customer readiness, Supply conditions and installation requirements.

Execution against FY2027 guidance and continued cash generation will therefore remain important.

EMVision Medical Devices Limited (ASX:EMV)

Company Profile

EMVision is developing portable brain-imaging devices using electromagnetic imaging technology.

Its lead product, emu, is intended to support stroke assessment at the bedside, while a smaller First Responder device is being developed for use in ambulances and other mobile-care settings.

The company remains in clinical development and does not yet generate commercial product revenue.

Financial Position

EMVision reported cash of AUD 17.1 million at 30 June 2026.

The company also had access to approximately AUD 4.6 million of remaining non-dilutive grant funding.

Net operating cash outflow for the June quarter was AUD 1.27 million.

Current income is primarily derived from grants, research incentives and collaboration arrangements rather than product sales.

Development Outlook

EMVision is progressing a pivotal clinical trial intended to support a future US regulatory submission for its emu device.

Full enrolment is expected around late 2026 or early 2027.

The company is also continuing development of its First Responder platform, although commercialisation remains dependent on successful clinical and regulatory outcomes.

Risks

EMVision remains pre-revenue and therefore continues to rely on existing cash and external funding to support development.

The pivotal trial remains the most important near-term clinical milestone.

Even if regulatory clearance is achieved, further expenditure would likely be required for manufacturing, reimbursement and commercial rollout.

Risks to Watch

SomnoMed faces regional demand and reimbursement risk, particularly in Europe, while maintaining relatively modest operating margins.

Compumedics faces order-conversion and installation-timing risk across its capital-equipment business, although recurring software revenue provides some diversification.

EMVision carries the highest clinical and funding risk because it remains pre-commercial and dependent on successful pivotal development.

Outlook Through the Rest of 2026

SomnoMed enters FY2027 with AUD 114.5 million of FY2026 revenue, AUD 10.9 million of EBITDA and AUD 17.2 million of cash.

Compumedics enters FY2027 after reporting AUD 60.3 million of revenue, AUD 5.4 million of EBITDA and a return to statutory profitability, supported by an open order book of AUD 28.3 million.

EMVision enters the next development phase with AUD 17.1 million of cash and additional grant funding while progressing its pivotal stroke-imaging study.

The three companies therefore enter FY2027 with different priorities: SomnoMed is focused on maintaining revenue growth and margins, Compumedics on converting orders and expanding recurring revenue, and EMVision on completing clinical development before commercialisation.

FAQs

Q: What did SomnoMed report for FY2026?

A:SomnoMed reported revenue of AUD 114.5 million and EBITDA of AUD 10.9 million. Cash at 30 June 2026 was AUD 17.2 million.

Q: What were Compumedics’ key FY2026 figures?

A:Compumedics reported revenue of AUD 60.3 million, EBITDA of AUD 5.4 million and statutory net profit after tax of AUD 0.2 million. It ended the year with net cash of AUD 5.6 million.

Q: What was EMVision’s cash position at 30 June 2026?

A:EMVision reported cash of AUD 17.1 million and had access to approximately AUD 4.6 million of additional non-dilutive grant funding.

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