ASX announcement: revenue and EBITDA out-performs in FY19

Highlights

• Revenues up 12% to $31.1 million, $0.6 million ahead of Prospectus Forecast

• Pro-Forma Gross Margins of 63.2%, 144bps ahead of Prospectus Forecast

• Pro-Forma EBITDA of $(11.0) million ahead of Prospectus Forecast by $0.9 million

• Annualised Recurring Revenue (ARR) at $31.5 million, in line with Prospectus Forecast

• Pro-Forma NPAT improvement of $0.8 million to $(13.3) million compared to prospectus forecast period loss of $(14.1) million

• Strong balance sheet, with net cash balances of $26.8 million

• The outlook for FY20 continues to be in line with our Prospectus

Outlook

• Revenue is forecast to grow to $37.8 million

• Continued cash investment in product research and development to total $8.4 million

• Pro-Forma EBITDA is expected to improve to $(9.4) million