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Brad O'Connor from Cogstate outlines a bullish outlook for the neuroscience technology group, pointing to accelerating demand for digital cognitive testing in Alzheimer’s disease, psychiatry and broader central nervous system trials. O'Connor states that ageing demographics and recent approvals of disease‑modifying Alzheimer’s drugs are driving a structural increase in R&D spend, with pharmaceutical companies needing accurate, scalable tools to measure brain function in large global studies.
Cogstate’s technology is deployed in 133 clinical trials worldwide, including prevention studies in at‑risk but asymptomatic 50‑79 year olds. O'Connor highlights rapidly rising clinical trial sales contracts, with US dollar contract wins of $41.3 million in FY25 and $41.7 million in the first half of FY26 alone, supporting revenue growth, expanding margins and a contracted future revenue pipeline O'Connor describes as increasingly visible and diversified.
Partnerships with major platforms such as Medidata, part of Dassault Systèmes, are viewed as key growth channels, broadening Cogstate’s reach into psychiatric disorders, sleep and rare diseases. O'Connor targets sustainable gross margins around 60%, with scope to lift this to the mid‑60% range by FY28 through AI‑enabled efficiency gains, improved operating leverage and potential revenue expansion towards US$100 million while maintaining EBITDA margins near 30%.
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