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Cogstate Ltd
(OTC:CGS)
Cogstate Ltd (CGS) vs. iShares MSCI Australia ETF (EWA)
Cogstate Ltd Business Overview & Revenue Model
Cogstate Ltd Earnings Call Summary
Cogstate Ltd Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 84.63M | 50.81M | 66.27M | 60.14M | 62.03M | 43.82M |
| Gross Profit | 42.32M | 30.69M | 37.60M | 12.29M | 21.63M | 10.40M |
| EBITDA | 26.58M | 16.93M | 9.90M | 8.46M | 18.07M | 8.21M |
| Net Income | 16.15M | 10.14M | 5.45M | 5.30M | 10.37M | 7.02M |
Balance Sheet | ||||||
| Total Assets | 64.77M | 64.77M | 57.84M | 81.22M | 84.99M | 68.44M |
| Cash, Cash Equivalents and Short-Term Investments | 35.56M | 35.56M | 45.11M | 43.08M | 44.50M | 31.49M |
| Total Debt | 469.92K | 638.90K | 672.72K | 569.21K | 2.05M | 2.32M |
| Total Liabilities | 16.88M | 16.88M | 25.33M | 24.60M | 37.12M | 39.43M |
| Stockholders Equity | 47.90M | 47.90M | 40.92M | 56.62M | 47.88M | 29.02M |
Cash Flow | ||||||
| Free Cash Flow | 18.91M | 8.40M | 7.12M | -1.53M | 8.54M | 17.24M |
| Operating Cash Flow | 19.40M | 11.48M | 10.00M | 1.76M | 13.45M | 21.61M |
| Investing Cash Flow | -4.85M | -2.24M | -1.68M | -3.29M | -4.91M | -3.52M |
| Financing Cash Flow | -5.98M | -3.79M | -4.91M | -1.33M | 1.05M | -246.11K |
Cogstate Ltd Technical Analysis
Cogstate Ltd Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | AU$377.82M | 24.04 | 22.84% | 0.88% | 21.47% | 89.09% | |
62 Neutral | AU$188.01M | 116.67 | 1.89% | ― | 10.06% | ― | |
59 Neutral | AU$22.16M | -4.77 | -27.84% | ― | 6.77% | -8.45% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
43 Neutral | AU$83.20M | -11.67 | ― | ― | ― | ― | |
42 Neutral | AU$55.39M | -6.06 | -8647.54% | ― | 25.98% | 22.10% |
Cogstate Ltd Corporate Events
Cogstate has disclosed a change in director Kim Wenn’s beneficial interest in the company’s shares, relating to a purchase made on 15 December 2025 that was notified to the company later than required due to personal circumstances. The company emphasised that its continuous disclosure and securities trading policies remain robust, outlined the internal process used to prepare and lodge director interest notices within the ASX’s five‑day deadline, and noted that both Cogstate and Ms Wenn have implemented additional safeguards and personal processes to prevent similar administrative oversights and reinforce compliance with ASX listing obligations.
The most recent analyst rating on (AU:CGS) stock is a Buy with a A$3.30 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.
Cogstate Ltd has applied to the ASX for quotation of 110,000 additional ordinary fully paid shares, following the exercise of options or conversion of other securities. The new shares, issued in two tranches in late October 2025, modestly increase the company’s quoted capital base and reflect ongoing utilisation of equity-based instruments by stakeholders, though the announcement does not indicate any material change to operations or strategy.
The most recent analyst rating on (AU:CGS) stock is a Buy with a A$3.30 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.
Cogstate Ltd, an ASX-listed cognitive assessment and healthcare technology provider, focuses on delivering digital tools and services to support clinical research and diagnosis in neurology and related therapeutic areas. The company has notified the market that a total of 17,932 performance rights (ASX code: CGSAAI) have lapsed in October 2025 because the conditions attached to these rights were not met or could no longer be satisfied, resulting in a reduction of potential future share issuance but no immediate cash impact, and signalling that certain performance hurdles under its incentive arrangements were not achieved.
The most recent analyst rating on (AU:CGS) stock is a Buy with a A$3.30 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.
Cogstate Ltd, listed on the ASX under the code CGS, has announced an update to its ongoing on-market share buy-back program for its ordinary fully paid shares. The company is steadily repurchasing stock on a daily basis as part of this capital management initiative.
In its latest notification dated 22 December 2025, Cogstate reported that it had bought back a total of 176,961 shares prior to the previous trading day and a further 3,082 shares on the previous day. The continued execution of the buy-back signals management’s focus on returning capital to shareholders and may support the company’s share price by reducing the number of shares on issue.
The most recent analyst rating on (AU:CGS) stock is a Buy with a A$3.30 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.
Cogstate Ltd, listed on the ASX under the code CGS, has initiated an on‑market buy-back of its ordinary fully paid shares, using its balance sheet to repurchase stock on the exchange. While the announcement provides limited operational details, the daily notification discloses that 176,961 shares were bought back on the previous trading day under a buy-back program first flagged in November 2025, indicating active capital management aimed at potentially enhancing shareholder value and signaling confidence in the company’s equity.
The most recent analyst rating on (AU:CGS) stock is a Buy with a A$3.30 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.
Cogstate Ltd has updated its financial guidance for the half-year ending December 2025, highlighting strong sales contract performance despite timing-related revenue deferrals impacting short-term revenue and profitability. The company expects to execute sales contracts worth $37-$40 million, marking significant growth compared to the previous period. However, revenue recognition is delayed due to late contract signings and a shift in revenue mix, with service fee revenue expected to grow over the trial’s life. Despite reduced revenue expectations for 1H26, Cogstate remains confident in its growth strategy, driven by investments in new offerings and expansion into psychiatry and mood disorders, particularly in the Asia-Pacific region. The company anticipates improved margins in 2H26 as revenue from increased sales contracts is recognized, reinforcing its competitive position and growth potential.
The most recent analyst rating on (AU:CGS) stock is a Buy with a A$3.30 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.
Cogstate Ltd has announced its participation in the Barrenjoey Emerging Growth Conference, highlighting its strategic initiatives and market growth projections. The company anticipates significant growth in its CNS clinical trial solutions segment and the broader eCOA market, driven by advances in decentralized trial methods and digital assessments. Cogstate is expanding into new therapeutic areas and enhancing its global reach through strategic partnerships and innovations in cognitive testing. The integration of AI into its platform aims to improve data quality and provide real-time insights. The recent strategic partnership with Medidata is expected to enhance Cogstate’s eCOA solutions with AI and advanced analytics. The company has reported a substantial increase in sales opportunities, reflecting its expanding customer base and entry into new indications.
The most recent analyst rating on (AU:CGS) stock is a Buy with a A$3.20 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.
Cogstate Ltd has announced an on-market buy-back of its ordinary fully paid securities, as per the notification released on November 11, 2025. This strategic move may impact the company’s stock value and market perception, potentially benefiting shareholders by increasing the value of remaining shares and demonstrating confidence in the company’s financial health.
The most recent analyst rating on (AU:CGS) stock is a Buy with a A$3.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.
Cogstate Ltd has announced an extension of its share buyback program, initially set to conclude on November 10, 2025. This move indicates the company’s ongoing commitment to managing its capital structure and potentially enhancing shareholder value. By extending the buyback, Cogstate may be aiming to bolster its market position and signal confidence in its financial health, which could have positive implications for stakeholders.
The most recent analyst rating on (AU:CGS) stock is a Buy with a A$3.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.
Cogstate Ltd has announced the final notification of its on-market buy-back program, with a total of 5,870,804 ordinary fully paid securities repurchased for a consideration of AUD 7,646,946.04. This buy-back is part of the company’s strategy to optimize its capital structure, potentially enhancing shareholder value and reflecting confidence in its financial position.
The most recent analyst rating on (AU:CGS) stock is a Buy with a A$3.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.
Cogstate Ltd held its inaugural Shareholder Day, highlighting its role as a digital disruptor in CNS disease clinical trials. The event showcased Cogstate’s technology solutions, strategic partnerships, and market growth opportunities. Key announcements included a strategic partnership with Medidata to enhance CNS clinical trials through AI and advanced analytics, and a projected growth of its CNS clinical trial solutions segment to $1.0–$1.3 billion by 2030. Cogstate is also expanding into new therapeutic areas and enhancing its technology and data quality capabilities to remain competitive and responsive to industry needs.
The most recent analyst rating on (AU:CGS) stock is a Buy with a A$3.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.
Cogstate Limited announced a change in the interests of its director, Bradley O’Connor, specifically regarding an increase in performance rights. The director’s performance rights increased by 591,822, valued at approximately $1,047,525.94, as approved by shareholders at the recent AGM. This change reflects the company’s ongoing commitment to aligning executive incentives with shareholder interests, potentially impacting the company’s strategic direction and stakeholder confidence.
The most recent analyst rating on (AU:CGS) stock is a Buy with a A$3.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.
Cogstate Ltd has announced the issuance of unquoted equity securities as part of an employee incentive scheme. This move involves the allocation of performance rights to employees, which are not intended to be quoted on the ASX, potentially impacting the company’s internal operations by aligning employee incentives with company performance.
The most recent analyst rating on (AU:CGS) stock is a Buy with a A$3.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.
Cogstate Limited has announced a change in the director’s interest, specifically for Bradley O’Connor, reflecting a shift in securities holdings. The change involved the sale of 338,429 ordinary shares and the exercise of 399,500 employee options, resulting in a new holding of 5,400,000 ordinary shares and 500,000 employee options. This adjustment in securities is part of the company’s ongoing management of its executive interests and could impact its market positioning and stakeholder perceptions.
The most recent analyst rating on (AU:CGS) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.
Cogstate Ltd has announced the quotation of 399,500 ordinary fully paid securities on the Australian Securities Exchange (ASX), effective from October 17, 2025. This move reflects the company’s ongoing efforts to enhance its capital structure and potentially strengthen its market position, offering stakeholders an opportunity to engage with the company’s growth trajectory.
The most recent analyst rating on (AU:CGS) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.
Cogstate Ltd announced that its CEO, Brad O’Connor, sold 338,429 shares to fund the exercise of 399,500 employee share options and to manage related debts and tax obligations. Following these transactions, Mr. O’Connor’s shareholding increased to 6,400,000 ordinary shares. This strategic move reflects the CEO’s commitment to maintaining a significant stake in the company while managing financial obligations, potentially impacting stakeholder confidence and market perception.
The most recent analyst rating on (AU:CGS) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.
Cogstate Ltd announced that all resolutions were passed at its 2025 Annual General Meeting, including the re-election of directors and the renewal of the Employee Equity Plan. This outcome reflects strong shareholder support and may positively impact the company’s strategic initiatives and governance, reinforcing its position in the neuroscience technology industry.
The most recent analyst rating on (AU:CGS) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.
Cogstate Ltd reported a record-breaking fiscal year 2025, with revenue reaching $53.1 million, a 22% increase, and a net profit before tax of $13.9 million, reflecting nearly 100% growth. The company’s core business in clinical trials generated $50.6 million in revenue, marking a 28% increase, and new contract sales surged by 53% to $41.3 million. The company’s operational rigor and market leadership contributed to a significant expansion in earnings leverage, with EBITDA and EBIT margins rising to 30% and 25%, respectively. These results underscore Cogstate’s strategic progress and growing momentum, positioning the company strongly for the future.
The most recent analyst rating on (AU:CGS) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.
Cogstate Ltd has reported a significant increase in demand for its services, driven by growth in the R&D market for central nervous system diseases and an expansion of its customer base. The company achieved its second-highest quarterly sales contracts in history, with a notable diversification in the indications for these contracts. Despite the increase in operational costs due to growth initiatives, Cogstate expects revenue for the first half of 2026 to improve by 18-20% compared to the previous year. The company is investing in additional resources and technology to support its expansion, although this may slightly impact margins.
The most recent analyst rating on (AU:CGS) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Cogstate Ltd stock, see the AU:CGS Stock Forecast page.