Strong start to 2025

This release is a summary of Revenio’s Interim report for January 1- March 31, 2025. The complete report is attached to this release as a PDF file. It is also available on the company website at www.reveniogroup.fi/en/.

January-March 2025

• Net sales totaled 26.1 (EUR 23.6) million, up by 10.5%
• The currency-adjusted increase of net sales in January-March was 12.0%
• Operating profit was EUR 6.6 (5.1) million, or 25.4% of net sales, up by 28.6%
• EBITDA was EUR 7.7 (6.2) million, or 29.6% of net sales, up by 24.3%
• Cash flow from operations totaled EUR 4.7 (4.6) million
• Earnings per share came to EUR 0.157 (0.137)
• The Annual General Meeting was held after the review period on April 10, 2025. Dividend was set at EUR 0.40 (0.38) and paid on April 23, 2025 after the review period.

Key figures

Financial guidance for 2025
Revenio Group’s exchange rate-adjusted net sales are estimated to grow 6-15 percent from the previous year and profitability, excluding non-recurring items, is estimated to remain at a good level

CEO Jouni Toijala comments:

The first quarter of 2025 was very strong for us, and we reached our all-time high sales and profitability for the review period. Imaging and tonometer product lines achieved growth in all regions, and our reported net sales increased by 10.5% year-on-year to EUR 26.1 (23.6) million. Our exchange rate-adjusted net sales increased by 12.0%. Sales were boosted by a few larger one-off orders in both Europe and APAC. Sales grew in Asia – particularly in China and India we reached very strong growth. Sales in Europe and Canada also performed well. We see healthy sales pipeline development in the US.

Profitability at a good level 
Our profitability was at a good level in the first quarter. Operating profit increased by 28.6%, being 25.4% (21.8) of net sales. There were no significant extraordinary items that would have had an impact on profitability during the review period.

Growth and innovation from an eye care pioneer 
Tonometer sales were strong during the review period. Sales were particularly boosted by single-use probes and the iCare IC200 with the Quick Measure feature. Sales of the iCare HOME2 home measurement tonometer also increased strongly. Our iCare TONOVET Pro also performed well.

Our imaging sales reached strong sales growth especially for the iCare DRSplus fundus camera and the iCare EIDON product family. The FDA granted a marketing authorization for the new iCare MAIA microperimeter and the device also received CE marking during the review period. The authorizations are important milestones in our growth and innovation strategy to better meet the diagnostic needs of eye health. Commercial deliveries of our new microperimeter iCare MAIA started as planned after the review period in mid-April 2025. iCare MAIA microperimeter combines retinal imaging and automatic visual field examination in one device, enabling simultaneous viewing of focused retinal sensitivity and monitoring of structural changes. Microperimeters are particularly used for the diagnosis and monitoring of macular degenerative diseases.

The expansion of our iCare Screening Solution into new markets, such as Italy, continued during the first quarter of the year. In March, we launched our AI product iCare RETCAD, which is also part of the iCare ILLUME-based screening solution. iCare RETCAD uses artificial intelligence to screen fundus images for ophthalmological diseases, including diabetic retinopathy, age-related macular degeneration, and glaucoma. The RETCAD software of Thirona Retina, which we acquired in the third quarter of last year, has now been integrated into the iCare brand. iCare RETCAD has already generated more than 30 percent more patient reports during the first quarter of the year compared to the same period last year. The number of iCare ILLUME-based screening sites also increased by nearly 50 percent compared to the end of 2024. In addition, the use of iCare ILLUME Connect, which was introduced in Germany at the end of last year, has been off to a good start. It allows, for example, opticians and diabetes clinics to send AI screening results to a nearby ophthalmologist for evaluation. If AI detects signs of the aforementioned three eye diseases, the ophthalmologist can make a remote decision on referring the patient to further examinations. This direct collaboration mechanism with the clinician clearly distinguishes iCare ILLUME from other screening solutions. We are very pleased with the reception of the iCare Screening Solution from the market. The iCare ILLUME -based screening solution is undergoing the marketing authorization process, including reviewing clinical study alternatives for the authorizations in the United States. We do not expect any significant costs related to the process within the next two quarters.

Strong foundation for the remainder of the year despite challenges in the operating environment 
Our operating environment will likely continue to be challenging. The macroeconomic and geopolitical outlook includes uncertainties that may be reflected in our business. The positive sales development we saw in the first quarter of the year in our main markets is based on our competitive product and solution offering, which, in our view, makes us well-positioned to perform better than the general development of the industry during the remainder of the year.

In particular, we are closely monitoring the recent US trade policy and EUR/USD currency shifts. We are preparing for the impact of US import tariffs with different alternatives. We have already increased the inventory levels of our products in the US before the tariffs were introduced. We are also looking at our range of measures (ie. customer pricing) to mitigate the effects of tariffs and ensure our competitiveness in the US market. Based on the current 10% tariffs level, we estimate that they would impact our earnings during Q2–Q4/2025 by approximately EUR 0.8–1.4 million without price increases. We expect that we can mitigate the impact of the current level of import duties as part of our range of measures.

We are one of the most resilient companies in the market, and our position is strong: we see increasing patient volumes, our profitability is solid, our toolbox is well-equipped and our sales pipeline including iCare MAIA microperimeter in the United States is currently strong. We strongly believe in our activities and our ability to adapt to the changing operating environment, both macroeconomically and geopolitically.

I would like to thank all of our employees, partners, and other stakeholders for their good performance and agile ability to operate during the first quarter of the year.

Financial reporting in 2025
The half-year report H1/2025 will be published on Thursday, August 7, 2025, and the interim report Q3/2025 will be published on Thursday, October 30, 2025.

Audiocast and teleconference
Revenio will hold a live audiocast and teleconference call for analysts, investors, and media in English at 3.00 p.m. (EEST) on April 29, 2025. CEO Jouni Toijala and CFO Robin Pulkkinen will present the Interim report.

The audiocast can be watched live at: https://revenio.events.inderes.com/q1-2025

To ask questions, please join the teleconference by registering using the following link: https://events.inderes.com/revenio/q1-2025/dial-in

Phone numbers and the conference ID to access the conference will be provided after registration. To ask a question, please press #5 on your telephone keypad to enter the queue.

A recording of the webcast will be published on www.reveniogroup.fi/en/ after the event.

For further information, please contact
President and CEO Jouni Toijala: +358 50 484 0085
jouni.toijala@revenio.fi

CFO Robin Pulkkinen, tel. +358 50 505 9932
robin.pulkkinen@revenio.fi

Distribution
Nasdaq Helsinki Oy
Financial Supervisory Authority (FIN-FSA)
Principal media
www.reveniogroup.fi/en/

Revenio Group in brief
Revenio is a global provider of comprehensive eye care diagnostic solutions. The group offers fast, user-friendly, and reliable tools for diagnosing glaucoma, diabetic retinopathy, and macular degeneration (AMD). Revenio’s ophthalmic diagnostic solutions include intraocular pressure (IOP) measurement devices (tonometers), fundus imaging devices, and perimeters as well as software solutions under the iCare brand.

In 2024, the Group’s net sales totaled EUR 103.5 million, with an operating profit of EUR 25.0 million. Revenio Group Corporation is listed on Nasdaq Helsinki with the trading code REG1V.