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Beskrivning

LandFinland
ListaSmall Cap Helsinki
SektorHälsovård
IndustriMedicinteknik
Optomed är verksamt inom medicinteknik. Bolaget bedriver forskning och utveckling av specialiserade ögonkameror. Utveckling sker av både hård- och mjukvara som vidaresäljs under olika varumärken. Verksamhet innehas på global nivå, med störst närvaro inom den nordiska marknaden. Kunderna består av forskningsinstitut samt sjukhus. Huvudkontoret ligger i Oulu.
2022-05-05 08:00:00

Optomed Plc Stock Exchange Release 5 May 2022 at 9.00, Helsinki

Optomed Plc: Interim Report, January - March 2022

January - March 2022
  • Revenue decreased by 18.5 percent to EUR 3.2 (3.9) million
  • Devices segment revenue decreased by 26.5 % to EUR 1.1 (1.4) million
  • Software segment revenue decreased by 13.9 % to EUR 2.2 (2.5) million against the strong comparison period
  • EBITDA amounted to EUR -937 (-315) thousand corresponding to -29.2 (-8.0) percent of revenue
  • In the Devices segment, the revenue from China declined over 90% whereas the rest of the world grew over 50%. The key driver for the decline in China was the changes communicated in February
  • Optomed announced the results from the prospective, multi-center clinical trial intended to assess its handheld fundus camera Aurora together with AEYE Health's AI for autonomous detection of more than mild diabetic retinopathy

Key figures

EUR, thousand Q1/2022 Q1/2021 Change, % 2021
Revenue 3,214 3,944 -18.5% 14,850
Gross profit * 2,190 2,577 -15.0% 10,558
Gross margin % * 68.1% 65.3% 71.1%
EBITDA -937 -315 -197.9% -2,002
EBITDA margin *, % -29.2% -8.0% -13.5%
Adjusted EBITDA * -937 -315 -197.9% -2,002
Adjusted EBITDA margin -29.2% -8.0% -13.5%
*, %
Operating result -1,461 -851 -71.7% -4,780
(EBIT)
Operating margin -45.4% -21.6% -32.2%
(EBIT) *, %
Adjusted operating -1,461 -851 -71.7% -4,780
result (EBIT) *
Adjusted operating -45.4% -21.6% -32.2%
margin (EBIT margin)
*, %
Net profit/ loss -1,370 -616 -122.5% -4,249
Earnings per share -0.10 -0.05 -101.6% -0.32
Cash flow from -688 -257 -75.4% -2,940
operating activities
Net Debt 1,821 -3,416 -153.3% 213
Net debt/ Adjusted -0.7 7.2 -0.1
EBITDA (LTM)
Equity ratio * 57.9% 64.2% 58.8%
R&D expenses personnel 376 479 -21.4% 1,773
R&D expenses other 209 149 40.1% 511
costs
Total R&D expenses 585 628 -6.8% 2,284

*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations. 

CEO comments

Significant growth expectations in the US market, China market remains difficult to forecast. Global demand for screening and artificial intelligence solutions is growing. The first half of the year is expected to be weak, the second half looks strong.

Revenue decreased by 18.5 percent in the first quarter. The main reason for this negative trend in sales was low camera sales to China compared to a relatively high comparison period last year. In addition, no significant new software deliveries occurred in the first quarter. The weakened covid-19 situation and the consequent large-scale lockdowns significantly complicated sales and marketing work, as well as building new distribution channels in China. In addition, the war in Ukraine is currently having some negative effects on the business of both segments. However, the impact of the war on our full-year revenue is expected to be relatively small.

The most significant event of the quarter was the completion of the clinical trial of our Aurora AEYE product in the United States and the publication of the results. The study was arranged by our strategic artificial intelligence partner AEYE Health that is also responsible for the FDA application process.  We were very pleased with the results of the study, and we are now in our view able to move forward with our FDA clearance process, which is our main strategic goal for the year. The transformation of the diabetic retinopathy screening market in the United States is now getting started with the establishment of the new reimbursement code (CPT 92229), and Optomed will be in a unique position if our FDA clearance process is successful. Optomed's AI-based screening solution business model in the US will be a continuous revenue model based on a monthly fee, and the company will aim to gain a significant share of the US diabetic retinopathy screening market.

The United States, Western Europe and Asia markets excluding China continued to develop well. The demand for screening solutions together with artificial intelligence has clearly increased over the past six months. Optomed currently has several new pilots and sales projects around the world that are expected to materialize into major solution deliveries in the future, including both hardware and software. We see this positive development as a sign of a general market recovery from the covid-19 pandemic.

Because of low camera sales in China, the first half of the year is expected to be weak, but starting from the second half our outlook looks strong due to the positive development trends in the US and other Western markets. In addition, our major product development projects, which have been ongoing for years, will be completed by the end of the year and we aim to introduce new products to the market in 2022 and 2023. This will be reflected in lower product development costs from the second half of the year onwards. We expect these new products to contribute to accelerating the company's revenue growth significantly in the coming years. Currently, we are strongly prioritizing the development of our Aurora-AEYE solution which will be reflected as slightly lower revenue from other software deliveries during 2022.

Seppo Kopsala

CEO

Outlook 2022

Optomed expects its full year 2022 revenue to grow compared to 2021.

Telephone conference

A telephone conference for analysts, investors and media will be arranged on 5 May 2022 at 11.00 EEST. The event will be held in English. The presentation material will be available at www.optomed.com/investors 10.00 EEST at the latest.

The participants are requested to register for the call-in advance by email to sakari.knuutti@optomed.com.

Please see the call-in numbers below:

FI +358 9 856 263 00

SE +46 8 505 218 52

UK +44 20 3321 5273

US +1 646 838 1719

FR +33 1 70 99 53 92

The conference id is 924 665 869#.

Please note that by dialing into the conference call, the participant agrees that personal information such as name and company name will be collected.

Group performance

January - March 2022

In January-March 2022, Group revenue decreased by 18.5 percent to EUR 3,214 (3,944) thousand. The main reason for the decline was the earlier communicated changes in China impacting camera sales. This was partly compensated by continued growth in Western markets, especially Europe and the USA. The Devices segment's revenue decreased by 26.5 percent as the revenue from China declined over 90% whereas the rest of the world grew over 50%. The Software segment's revenue decreased by 13.9 percent against the strong comparison period The decline was partly compensated by recurring revenue growth from existing customers.

The Group gross margin was 68.1 (65.3) percent. The Group recorded other operating income of EUR 36 (82) thousand during January-March. The gross margin excluding other operating income was 67.0 percent in 2022 and 63.3 percent in 2021.

In January-March 2022, Group reported EBITDA amounted to EUR -937 (-315).  The main reason for the negative EBITDA development compared to 2021 was lower revenue. 

In January-March 2022, net financial items amounted to EUR 71 (216) thousand and consisted mainly of interest payments to financial institutions and the translation effect of Chinese RMB and USD to EUR.

Cash flow and financial position

January - March 2022

In January-March 2022, the cash flow from operating activities amounted to EUR -688 (-257) thousand. Net cash in investing activities was EUR -859 (-557) thousand and relates mainly to capitalized development expenses. Net cash from financing activities amounted to EUR -622 (-71).

Consolidated cash and cash equivalents at the end of the period amounted to EUR 4,630 (9,767) thousand. Interest-bearing net debt totaled EUR 1,821 (-3,416) thousand at the end of the period.

Net working capital was EUR 4,115 (3,689) thousand at the end of the period.

Devices segment

Optomed has two synergistic business segments: Devices and Software.

The Devices segment develops, commercializes, and manufactures easy-to-use, and affordable handheld fundus cameras, that are suitable for any clinic for screening of various eye diseases, such as diabetic retinopathy, glaucoma, and AMD (Age Related Macular Degeneration).

EUR, thousand Q1/2022 Q1/2021 Change, % 2021
Revenue 1,065 1,447 -26.5 % 5,839
Gross profit * 641 842 -23.9 % 4,139
Gross margin, % * 60.2% 58.2% 70.9%
EBITDA -499 -231 -116.3 % -1,014
EBITDA margin, % * -46.9% -15.9% -17.4%
Operating result (EBIT) -864 -615 -40.6 % -3,182
Operating margin (EBIT), % * -81.1% -42.5% -54.5%

*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.

January - March 2022

In January-March 2022, the Devices segment revenue decreased by 26.5 percent and was EUR 1,065 (1,447) thousand. The negative growth was mainly due to changes in China, which were communicated in February, impacting camera sales. This was partly compensated by continued growth in Western markets, especially in Europe and the USA. The revenue from China declined over 90% whereas the rest of the world grew over 50%.  China market remains difficult to forecast due to covid19 pandemic.

In January-March 2022, the gross margin increased to 60.2 percent from 58.2 percent in the previous year.

In January-March 2022 EBITDA was EUR -499 (-231) thousand or -46.9 (-15.9) percent of revenue. The key driver for the lower EBITDA was lower revenue.

Software segment

Optomed has two synergistic business segments: Devices and Software.

The Software segment develops and commercializes screening software for diabetic retinopathy and cancer screening for healthcare organizations. The segment also distributes off-the-shelf products from selected partners to supplement its own solutions and expertise and provides software consultation to support the Devices segment screening solution projects.

EUR, thousand Q1/2022 Q1/2021 Change, % 2021
Revenue 2,150 2,497 -13.9 % 9,011
Gross profit * 1,549 1,734 -10.7 % 6,420
Gross margin, % * 72.0 % 69.5% 71.2%
EBITDA 414 540 -23.3 % 1,855
EBITDA margin, % * 19.3 % 21.6% 20.6%
Operating result (EBIT) 257 388 -33.7 % 1,247
Operating margin (EBIT), % * 12.0 % 15.5% 13.8%

*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.

January - March 2022

In January-March 2022, the Software segment revenue decreased by 13.9 percent and was EUR 2,150 (2,497) thousand against the strong comparison period as no large software delivery projects were completed during the quarter. The decline was partly compensated by the continued stable recurring business from the current customer base. In January-March 2022, the gross margin was 72.0 (69.5) percent.

EBITDA was EUR 414 (540) thousand or 19.3 (21.6) percent of revenue, respectively. The key driver for the lower EBITDA was lower revenue.

Group-wide expenses

Group-wide expenses relate to functions supporting the entire group such as treasury, group accounting, Marketing, legal, HR, and IT.

January - March 2022

 In January-March 2022, group-wide operating expenses amounted to EUR 853 (624) thousand. The increase is mainly related to strengthened of Group Marketing function in second half of 2021.  

Personnel

Number of personnel at the end of the reporting period.

31 March 2022 31 March 2021
Devices 53 57
Software 45 40
Group 23 18
Total 121 114

Corporate Governance

Optomed complies with Finnish laws and regulations, Optomed's Articles of Association, the rules of Nasdaq Helsinki and the Finnish Corporate Governance Code 2021 issued by the Securities Market Association of Finland. The code is publicly available at http://cgfinland.fi/en/. Optomed's corporate governance statement 2021 is available on the company website www.optomed.com/investors/.

Annual General Meeting

Optomed's Annual General Meeting will be held at Life Science Center, Keilaranta 16 B, FI-02150, Espoo, Finland on 10 May 2022. The registration period and advance voting period commenced on 14 April 2022 at 10:00 a.m. (EEST) and ended on 3 May 2022 at 4:00 p.m. (EEST). Shareholders and their proxy representatives can only participate in the meeting and use shareholders' rights by voting in advance as well as by posing counterproposals and questions in advance. The invitation and other material is available at https://www.optomed.com/investors/annual-general-meeting-2022/

Shares and shareholders

The company has one share series with all shares having the same rights. At the end of the review period Optomed Plc's share capital consisted of 14,003,144 shares and the company held 406,217 shares in the treasury which corresponds approximately 2.9 percent of the total amount of the shares and votes. Additional information with respect to the shares, shareholding and trading can be found on the company's website www.optomed.com/investors/.

Risks and uncertainties

The key risks and uncertainties are described in the company's Annual Report 2021 which was published on 4 March 2022. The complete report is available at https://www.optomed.com/investors/. The risk position of Optomed has not changed since then.

Flagging notifications

26 January 2022, the total holding in Optomed shares and votes held by BIAM has decreased to 4.31 % of all of the registered shares in Optomed.

Events after the review period

No material events after the reporting period.

Audit review

This financial report has not been audited by the company's auditors.

Financial reporting in 2022

4 August 2022  Half-Year Financial Report for 1 January - 30 June 2022

3 November 2022 Interim Report for 1 January - 30 September 2022

For more information, contact

Lars Lindqvist, CFO

Tel: +46 702 59 57 89

E-mail: lars.lindqvist@optomed.com

Seppo Kopsala, CEO

Tel.: +358 40 555 1050

E-mail:  seppo.kopsala@optomed.com

www.optomed.com

About Optomed

Optomed is a Finnish medical technology company and a leading manufacturer of handheld fundus cameras and screening software. Optomed combines handheld fundus cameras with software and artificial intelligence with the aim to transform the diagnostic process of various diseases, such as rapidly increasing diabetic retinopathy. Optomed has offices in Finland, the US and China and the company's products are sold via various sales channels in over 60 countries globally.

Alternative Performance Measures

Optomed uses certain alternative performance measures (APMs) with the purpose to provide a better understanding of how the business develops. These APMs, as defined, cannot be fully compared with other companies' APMs.

Alternative Definition
Performance
Measures
Gross profit Revenue + Other
operating
income -
Materials and
services
expenses
Gross margin, % Gross profit /
Revenue
EBITDA Operating
result before
depreciation,
amortization,
and impairment
losses
EBITDA margin, % EBITDA /
Revenue
Operating result Profit/loss
after
depreciation,
amortization,
and impairment
losses
Operating margin, % Operating
result /
Revenue
Adjusted operating Operating
result result
excluding items
affecting
comparability
Adjusted operating Adjusted
margin, % operating
result /
Revenue
Adjusted EBITDA EBITDA
excluding items
affecting
comparability
Adjusted EBITDA Adjusted EBITDA
margin % / Revenue
Items affecting Material items
comparability outside
ordinary course
of business
including
restructuring
costs, net
gains or losses
from sale of
business
operations or
other non
-current
assets,
strategic
development
projects,
external
advisory costs
related to
capital
reorganization,
impairment
charges on non
-current assets
incurred in
connection with
restructurings,
compensation
for damages and
transaction
costs related
to business
acquisitions.
Net Debt Interest
-bearing
liabilities
(borrowings
from financial
institutions,
government
loans and
subordinated
loans) - cash
and cash
equivalents
(excl. lease
liabilities
according to
IFRS 16)
Net Debt / Adjusted Net Debt /
EBITDA (LTM), times Adjusted EBITDA
(for the last
twelve months,
LTM)
Earnings per share Net result /
Number of
outstanding
shares
(reflecting
changes in the
number of
shares
following the
resolution of
the EGM to
split the
shares of the
company with a
ratio of 1:20)
Equity ratio, % Total equity /
Total assets
R&D expenses Employee
benefit
expenses for
R&D personnel
and other
operational
expenses
related to R&D
activities

Consolidated income statement

In thousands of euro Q1/2022 Q1/2021 2021
Revenue 3,214 3,944 14,850
Other operating income 36 82 810
Materials and services -1,061 -1,449 -5,102
Employee benefit expenses -2,243 -2,148 -8,702
Depreciation, amortization, -524 -536 -2,778
and Impairment losses
Other operating expenses -884 -744 -3,858
Operating result -1,461 -851 -4,780

Finance income 116 239 715
Finance expenses -45 -23 -263
Net finance expenses 71 216 453

Profit (loss) before income -1,390 -635 -4,327
taxes

Income tax expense 20 19 78

Loss for the period -1,370 -616 -4,249

Loss for the period
attributable to
Owners of the parent company -1,370 -616 -4,249
Loss per share attributable
to owners of the parent
company
Weighted average number of 13,591,827 13,326,099 13,441,437
shares
Basic loss per share (euro) -0.10 -0.05 -0.32

Consolidated condensed comprehensive income statement

In thousands of euro Q1/2022 Q1/2021 2021
Loss for the period -1,370 -616 -4,249
Other comprehensive income
Foreign currency translation -77 -78 -253
difference
Other comprehensive income, net of -77 -78 -253
tax
Total comprehensive income for the -1,447 -694 -4,502
period
Total comprehensive loss -1,447 -694 -4,502
attributable to Owners of the
parent company

Consolidated balance sheet

In thousands of euro March 31 2022 March 31 2021 Dec 31, 2021

ASSETS
Non-current assets
Goodwill  4,256  4,256  4,256
Development costs  6,623  5,842  6,338
Customer relationships  1,330  1,552  1,386
Technology  611  712  636
Other intangible assets  358  454  358
Total intangible assets  13,177  12,816  12,975
Tangible assets  667  399  433
Right-of-use assets  1,101  1,091  1,205
Deferred tax assets  13  11  13
Total non-current assets  14,959  14,317  14,626

Current assets
Inventories 3,260  2,353  2,936
Trade and other receivables 4,247  4,410 4,631
Cash and cash equivalents  4,630  9,767  6,804
Total current assets  12,136  16,530  14,371

Total assets 27,096  30,847  28,998

In thousands of euro March 31 2022 March 31 2021 Dec 31, 2021
EQUITY
Share capital  80  80  80
Share premium  504  504  504
Reserve for invested  38,579  37,708  38,526
non-restricted equity
Translation -164  88 -88
differences
Retained earnings -21,933 -17,950 -17,721
Profit (loss) for the -1,370 -616 -4,249
financial year
Total equity  15,696  19,813  17,052
LIABILITIES
Non-current
liabilities
Borrowings from  3,646  3,299  3,813
financial
institutions
Government loans  1,908  2,336  1,940
Lease liabilities  721  699  818
Deferred tax  444  521  463
liabilities
Total Non-current  6,719  6,855  7,034
liabilities

Current liabilities
Borrowings from  705  220  1,071
financial
institutions
Government loans  193  495  193
Lease liabilities  392  389  396
Trade and other 3,391  3,075 3,252
payables
Total current  4,682  4,180  4,912
liabilities

Total liabilities  11,400  11,034  11,946

Total equity and  27,096  30,847  28,998
liabilities

Consolidated statement of changes in shareholders' equity

Equity
attributable
to
owners of the
parent
company
In thousands Share Share Reserve Translation Retained Total
of euro capital premium for differences earnings
invested
non
-restricted
equity

Balance at 80 504 38,526 -88 -21,970 17,052
January 1,
2022
Comprehensive
income
Loss for the -1,370 -1,370
financial
year
Other
comprehensive
income
Translation -77 -77
differences
Total -77 -1,370 -1,447
comprehensive
income
for the
financial
year

Share options  54 37 91
Total 54 37 91
transactions
with owners
of
the company
Other
adjustments
Balance at 80 504 38,579 -164 -23,303  15,696
March 31,
2022

Equity
attributable
to
owners of the
parent
company
In thousands Share Share Reserve Translation Retained Total
of euro capital premium for differences earnings
invested
non
-restricted
equity

Balance at 80 504 37,470 166 -18,147 20,073
January 1,
2021
Comprehensive
income
Loss for the -616 -616
period
Other
comprehensive
income
Translation -78 -78
differences
Total -78 -616 -694
comprehensive
income for
the period

Share options  237 111 348
Total 237 111 348
transactions
with owners
of the
company
Other 86  86
adjustments
Balance at 80 504 37,708 88 -18,566 19,813
March 31,
2021

Equity
attributable
to
owners of the
parent
company
In thousands Share Share Reserve Translation Retained Total
of euro capital premium for differences earnings
invested
non
-restricted
equity

Balance at 80 504 37,470 166 -18,147 20,073
January 1,
2021
Comprehensive
income
Loss for the -4,249 -4,249
period
Other
comprehensive
income
Translation -253 -253
differences
Total -253 -4,249 -4,502
comprehensive
income for
the period

Share options  1,055 340 1,395
Total 1,055 340 1,395
transactions
with owners
of the
company
Other 86 86
adjustments
Balance at 80 504 38,526 -88 -21,970 17,052
December
31, 2021

Consolidated cash flow statement

In thousands of euro Q1/2022 Q1/2021 2021
Cash flows from operating activities
Loss for the financial period -1,370 -616 -4,249
Adjustments:
Depreciation, amortization and 535 536 2,689
           impairment losses
Finance income and finance expenses -73 -7 -472
Other adjustments 15 89 992
Cash flows before change in net working -893 2 -1,041
capital
Change in net working capital:
Change in trade and other receivables 425 -600 -1,409
          (increase (-) / decrease (+))
Change in inventories -303 209 -340
          (increase (-) / decrease (+))
Change in trade and other payables 117 169 -22
          (increase (+) / decrease (-))
Cash flows before finance items -654 -221 -2,811
Interest paid -11 -18 -66
Other finance expenses paid -23 -18 -64
Interest received 0 0 1
Net cash from operating activities (A) -688 -257 -2,94
Cash flows from investing activities
Capitalization of development expenses -542 -436 -2,112
Acquisition of tangible assets -317 -121 -462
Net cash used in investing activities -859 -557 -2,574
(B)
Cash flows from financing activities
Proceeds from share subscriptions 54 237 1,012
Proceeds from loans and borrowings 0 0 1,366
Repayment of loans and borrowings -574 -189 -327
Repayment of lease liabilities -101 -119 -414
Net cash from financing activities (C) -622 -71 1,637
Net cash from (used in) operating, -2,169 -884 -3,876
investing, and financing activities
(A+B+C)
Net increase (decrease) in cash and -2,169 -884 -3,876
cash equivalents
Cash and cash equivalents at beginning 6,804 10,608 10,608
of period
Effect of movements in exchange rate on -5 43 73
cash held
Cash and cash equivalents at end of 4,630 9,767 6,804
period

Selected notes

Corporate information and basis of accounting                                            

Corporate information

Optomed is a Finnish medical technology group (hereafter `Optomed' or `Group') that specializes in handheld fundus cameras and solutions for screening of blinding eye diseases, established in 2004.

The Group's parent company, Optomed Plc. (hereafter the `company') is a Finnish public limited liability company established under the laws of Finland, and its business ID is 1936446-1. It is domiciled in Oulu, Finland and the Company's registered address is Yrttipellontie 1, 90230 Oulu, Finland.

Basis of accounting     

Optomed's consolidated financial statements has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The preparation of this interim report also takes into account the amendments to IFRS standards that have become effective by January 1, 2022.

All presented figures have been rounded. Financial ratios have been calculated using exact figures.

These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with Group`s last annual consolidated financial statements as at and for the year ended 31 December 2021. This Interim financial statements do not include all of the information required by IAS 34: selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group`s financial position and performance since the last annual financial statements. 

Reportable segments

Q1/2022

In thousands of euro Devices Software Group admin Total
External revenue  1,065  2,150 0  3,214
Net operating expenses -424 -601 0 -1,025
Margin 641 1,549 0  2,190
Depreciation and amortization -365 -157 -2 -524
Other expenses -1,140 -1,135 -853 -3,127
Operating result -864 257 -854 -1,461
Finance items 0 0 71 71
Loss before tax expense -864 257 -783 -1,390

Q1/2021

In thousands of euro Devices Software Group admin Total
External revenue  1,447  2,494 0  3,944
Net operating expenses -605 -762 0 -1,367
Margin 846 1,731  0   2,577
Depreciation and amortization -384 -152 0 -536
Other expenses -1,073 -1,194 -624 -2,891
Operating result -611 385 -624 -851
Finance items 0 0 216 216
Loss before tax expense -611 385 -409 -635

2021

In thousands of euro Devices Software Group Admin Total
External revenue  5,839  9,011 0  14,850
Net operating expenses -1,700 -2,592 0 -4,292
Margin 4,139 6,420 0  10,558
Depreciation and amortization -2,168 -608 -2 -2,778
Other expenses -5,153 -4,565 -2,843 -12,561
Operating result -3,182 1,247 -2,844 -4,780
Finance items 0 0 453 453
Loss before tax expense -3,182 1,247 -2,392 -4,327

Financial liabilities 

In thousands of euro  31.3.2022  31.3.2021  31.12.2021 

Non-current financial liabilities 
Borrowings from financial institutions  3,646 3,299 3,813
Government loans  1,908 2,336 1,940
Lease liabilities  721 699 818
Total  6,275 6,334 6,571

Current financial liabilities 
Borrowings from financial institutions  705 220 1,071
Government loans  193 495 193
Lease liabilities  392 389 396
Trade payables  841 686 944
Total  2,131 1,791 2,604
  
Total financial liabilities  8,406 8,125 9,175

 Fair values - financial liabilities measured at amortized cost

Optomed considers that the carrying amounts of the financial liabilities measured at amortized cost substantially equal to their fair values.

Exposure to credit risk and loss allowance

Optomed considers it has heightened risk regarding Chinese customer's trade receivables. The credit risk concentration has been formed and is associated with an increased credit loss risk due to overdue trade receivables. Chinese customer has paid its overdue receivable according to planned schedule.

In thousands of euro Gross carrying amount Weighted av. Loss

loss rate % allowance

At March 31, 2022
Current (not past due)  1,203 0.5 %  6
Past due
1-30 days  79 1.5 %  1
31-60 days  52 4 %  2
61-90 days  55 9 %  5
More than 90 days past due  33 12 %  4
Specific loss allowance  2,371 30 %  711
Total  3,792  729

The year 2021 include a specific credit risk accrual of EUR 715 thousand  which consist of overdue trade receivable from a Chinese customer.

In thousands of euro Gross carrying amount Weighted av. Loss

loss rate % allowance

At December 31, 2021
Current (not past due)  1,143 0.5 % 6
Past due 0
1-30 days  67 1.5 % 1
31-60 days  10 4 % 0
61-90 days  2 9 % 0
More than 90 days past due  40 12 % 5
Specific loss allowance  2,382 30 % 715
Total  3,644  727