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Beskrivning
| Land | Finland |
|---|---|
| Lista | Small Cap Helsinki |
| Sektor | Hälsovård |
| Industri | Medicinteknik |
Optomed Plc Stock Exchange Release 6 May 2025 at 9.00, Helsinki
Optomed Plc: Interim Report, January - March 2025
January - March 2025
- Revenue increased by 20.9 percent to EUR 4.0 (3.3) million.
- Devices segment revenue increased by 71.5 percent to EUR 1.5 (0.9) million.
- Software segment revenue increased by 2.4 percent to EUR 2.5 (2.4) million.
- EBITDA and Adjusted EBITDA amounted to EUR -0.7 (-0.6) million corresponding to -18.3 (-26.3) percent of revenue.
- Cash flow from operating activities amounted to EUR 371 (-515) thousand.
- Consolidated cash and cash equivalents at the end of the period amounted to EUR 9.7 (5.7) million.
- Outlook unchanged: Optomed expects its full year 2025 revenue to grow strongly compared to 2024.
Key figures
| EUR, thousand | Q1/2025 | Q1/2024 | Change, % | 2024 |
| Revenue | 4,021 | 3,327 | 20.9% | 15,040 |
| Gross profit * | 2,693 | 2,213 | 21.7% | 9,676 |
| Gross margin % * | 67.0% | 66.5% |
| 64.3% |
| EBITDA | -737 | -648 | -13.7% | -3,458 |
| EBITDA margin *, % | -18.3% | -19.5% |
| -23.0% |
| Adjusted EBITDA * | -737 | -648 | -13.7% | -2,796 |
| Adjusted EBITDA margin *, % | -18.3% | -19.5% |
| -18.6% |
| Operating result (EBIT) | -1,341 | -1,191 | -12.5% | -5,957 |
| Operating margin (EBIT) *, % | -33.3% | -35.8% |
| -39.6% |
| Adjusted operating result (EBIT) * | -1,341 | -1,191 | -12.5% | -5,295 |
| Adjusted operating margin (EBIT margin) *, % | -33.3% | -35.8% |
| -35.2% |
| Net profit/ loss | -1,581 | -1,090 | -44.9% | -5,450 |
| Earnings per share | -0.08 | -0.06 | -29.5% | -0.29 |
| Cash flow from operating activities | 371 | -515 | 172.1% | -1,596 |
| Net Debt | -7,621 | -2,585 | 194.8% | -8,170 |
| Net debt/ EBITDA (LTM) * | 2.1 | 1.3 |
| 2.4 |
| Net debt/ Adjusted EBITDA (LTM) * | 2.6 | 1.6 |
| 2.9 |
| Equity ratio * | 73.0% | 69.5% |
| 74.4% |
| R&D expenses personnel | 266 | 299 | -11.1% | 1,336 |
| R&D expenses other costs | 223 | 144 | 55.1% | 706 |
| Total R&D expenses | 489 | 443 | 10.4% | 2,041 |
*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.
Optomed presents Adjusted EBITDA and Adjusted operating result as alternative performance measures to enhance comparability of business performance between reporting periods. In 2024, items affecting comparability amounted to EUR 662 thousand and are related to credit loss with respect to an overdue trade receivable from a customer in China.
CEO Review
Dear shareholders,
The first quarter of 2025 marked a strong start to the year, with total revenue increasing by 20.9% to EUR 4.0 million (3.3). This growth was driven above all by the exceptional performance of our Devices segment, which grew by 71.5% to EUR 1.5 million (0.9 million). The increase reflects accelerating commercial momentum in the US, particularly for Aurora AEYE, as well as rising demand for our handheld cameras and other AI-powered diagnostic platforms.
Aurora AEYE, currently sold exclusively in the United States, continues to scale steadily in both adoption and usage. The growth in Devices revenue demonstrates the clear product-market fit, the growing trust among US clinicians, and the tangible value our solutions provide in enhancing diagnostic accuracy and workflow efficiency.
The Software segment continued with its steady contribution, with revenue up 2.4% to EUR 2.5 million (EUR 2.4 million), supported by high customer retention and strong renewal activity.
Gross margin improved to 67.0% (66.5%), reflecting favorable product mix, disciplined pricing, and operational efficiency.
EBITDA for the quarter was EUR -0.7 million (-0.6). Cash flow from operating activities improved to EUR 0.4 million. With EUR 9.7 million in cash at the end of the period and net interest-bearing debt at EUR -7.6 million, our financial position remains robust and supports our future strategic initiatives.
Tariffs and Trade Environment
We are actively monitoring tariff developments related to medical devices manufactured in Thailand and exported to the US. While no material impact has been observed to date, we continue to manage our supply chain proactively and remain well-positioned to adapt should trade policies shift.
Joint Venture in China
Our joint venture in China is progressing, although the achievement of key regulatory milestones is taking longer than originally anticipated. Despite this, we remain confident in our long-term strategy and see significant growth potential in the market.
Aurora AEYE Update
After the Q4 2024 report, we noted investor concerns about the absence of Aurora AEYE volume figures. While we did not disclose shipment numbers at the time, I want to emphasize that shipments have progressed in line with expectations. The strong growth in Devices revenue during Q1 is partly attributable to increasing sales of Aurora AEYE in the US.
Upcoming Product Launch
In Q2 2025, we are set to launch our next-generation camera system, which brings major advancements in imaging quality, AI integration, and workflow automation. This release represents a strategic addition to our platform and is expected to further strengthen our position in oculomic diagnostics.
Q1 has been a quarter of strong commercial traction and strategic progress, particularly in Devices. I want to sincerely thank our team, partners, and shareholders for their continued support. Together, we are making meaningful strides toward our mission: transforming diagnostic care through innovation, AI, and clinical excellence.
Juho Himberg
CEO
Outlook 2025
Optomed expects its full year 2025 revenue to grow strongly compared to 2024.
Telephone conference
A telephone conference for analysts, investors and media will be arranged on 6 May 2025 at 11.00 EET, (10.00 CET). The event will be held in English. The presentation material will be available at www.optomed.com/investors 10.00 EET 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 992 192 492#
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 2025
In January - March 2025, Group revenue increased by 20.9 percent to EUR 4,021 (3,327) thousand. Devices segment revenue increased by 71.5 percent to EUR 1,526 (890) thousand driven by the US sales channel growth. The Software segment revenue increased by 2.4 percent to EUR 2,496 (2,437) thousand.
In January - March 2025, the gross margin increased to 67.0 from 66.5 percent of last year.
EBITDA decreased and it was EUR -737 (-648) thousand.
EBIT decreased and it was EUR -1,341 (-1,191) thousand.
In January - March 2025, net financial items amounted to EUR -259 (94) thousand mainly consisting of interest income from credit institutions and exchange rate differences between the Chinese renminbi and the US dollar against the euro.
Cash flow and financial position
January - March 2025
In January - March 2025, the cash flow from operating activities amounted to EUR 371 (-515) thousand. Net cash used in investing activities was EUR -781 (-534) thousand and relates to capitalized development expenses. Net cash from financing activities amounted to EUR -357 (-366) thousand.
Consolidated cash and cash equivalents at the end of the period amounted to EUR 9,688 (5,706) thousand. Interest-bearing net debt was EUR -7,621 (-2,585) thousand at the end of the period.
Net working capital was EUR 188 (2,364) 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 | Q1/2025 | Q1/2024 | Change, % | 2024 |
| Revenue | 1,526 | 890 | 71.5% | 5,326 |
| Gross profit * | 897 | 516 | 74.0% | 2,778 |
| Gross margin % * | 58.8% | 58.0% |
| 52.2% |
| EBITDA | -297 | -361 | 17.5% | -1,673 |
| EBITDA margin *, % | -19.5% | -40.5% |
| -31.4% |
| Operating result (EBIT) | -684 | -705 | 2.9% | -3,343 |
| Operating margin (EBIT) *, % | -44.9% | -79.2% |
| -62.8% |
*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.
January - March 2025
In January - March 2025, the Devices segment revenue increased by 71.5 percent to EUR 1,526 (890) thousand. The increase was driven especially by the US sales channel, however, all sales channels but China improved their performance.
The gross margin was 58.8 (58.0) percent.
EBITDA was EUR -297 (-361) thousand or -19.5 (-40.5) percent of 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 | Q1/2025 | Q1/2024 | Change, % | 2024 |
| Revenue | 2,496 | 2,437 | 2.4% | 9,714 |
| Gross profit * | 1,796 | 1,697 | 5.8% | 6,889 |
| Gross margin % * | 72.0% | 69.6% |
| 70.9% |
| EBITDA | 521 | 526 | -0.9% | 1,897 |
| EBITDA margin *, % | 20.9% | 21.6% |
| 19.5% |
| Operating result (EBIT) | 306 | 329 | -7.2% | 1,078 |
| Operating margin (EBIT) *, % | 12.3% | 13.5% |
| 11.1% |
*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.
January - March 2025
In January - March 2025, the Software segment revenue increased by 2.4 percent to EUR 2,496 (2,437) thousand. Healthcare revenue increased but the increase was partly offset by the decline of non-healthcare consulting revenue.
Gross margin increased and was 72.0 (69.6) percent.
EBITDA was EUR 521 (526) thousand or 20.9 (21.6) percent of revenue. The staff costs grew slightly due to recruitment.
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 2025
Group-wide operating expenses amounted to EUR 962 (816) thousand.
Personnel
Number of personnel at the end of the reporting period.
|
| 3/2025 | 3/2024 | 12/2024 |
| Devices | 48 | 51 | 47 |
| Software | 51 | 47 | 50 |
| Group common | 19 | 19 | 18 |
| Total | 118 | 117 | 115 |
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 2025 issued by the Securities Market Association of Finland. The code is publicly available at http://cgfinland.fi/en/. Optomed's corporate governance statement 2024 is available on the company website www.optomed.com/investors/.
Annual General Meeting
Optomed's Annual General Meeting will be held on Friday, 9 May 2025 at 10:00 a.m. (EEST) at Life Science Center Keilaniemi, Keilaranta 16 C, FI-02150 Espoo, Finland. The reception of those who have registered for the meeting and the distribution of voting tickets will commence at 9:30 a.m. (EEST).
The invitation and other material is available at:
https://www.optomed.com/investors/ general-meeting-2025/
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 19,693,297 shares and the Company held 34,729 shares in the treasury which approximately corresponds to 0.18 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 2024 which was published on 27 February 2024. The complete report is available at https://www.optomed.com/investors/. The following risks have been updated in connection with the periodic risk review:
GEOPOLITICS
Optomed operates globally.
Geopolitical tensions may impact the competitiveness of Optomed's supply chain or sales, leading to increased costs or causing potential disruptions for example in the form of tariffs. Optomed's devices are manufactured in Thailand and one of the key markets is in the US and, therefore, potential large tariffs between the US and Thailand may have a negative effect on the Company's business prospects in the US.
LITIGATION
Optomed operates globally and is subject to the laws and regulations of multiple jurisdictions
The Company may be negatively affected by legal or administrative proceedings in different countries directed at the Company or third parties due to back-to-back liability, and the Company faces, from time to time, other disputes and claims related to product liability and intellectual property rights, especially in terms of medical devices in different countries that the Company must consider pursuant to applicable laws. These can result in costs and liabilities for the Company and have a negative effect on its financial position and business prospects.
TRADE SECRETS AND PATENTS
The technologic capabilities are a competitive advantage that the Company must be able to protect.
Technological capabilities, trade secrets and patents are important for the Company's competitive position, and the Company continuously monitors its IPR portfolio. The Company may not be able to protect its trade secrets and know-how which could lead to losing the competitive advantage the Company has. The Company may also be forced to take actions against parties that violate our IPRs and correspondingly to defend against claims for infringing IPR's of other parties, or seek to agree on the use of IPRs. If the Company is not successful in protecting its IPRs or fails to defend against claims of IPR infringements or to agree on the use of IPRs on favourable terms, this can have a negative effect on the Company's financial position and its prospects.
Audit review
This financial report has not been audited by the company's auditors.
Financial reporting in 2025
- 7 August 2025 Half-Year Financial Report for 1 January - 30 June 2025
- 6 November 2025 Interim Report for 1 January - 30 September 2025
For more information, contact
Sakari Knuutti, CFO
E-mail: sakari.knuutti@optomed.com
Juho Himberg, CEO
E-mail: juho.himberg@optomed.com
About Optomed
Optomed is a Finnish medical technology company and one of the leading providers of handheld fundus cameras. Optomed combines handheld fundus cameras with software and artificial intelligence with the aim to transform the diagnostic process of various eye diseases, such as rapidly increasing diabetic retinopathy. In its business Optomed focuses on eye screening devices and software solutions related R&D in Finland and sales through different channels in over 60 countries.
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 Performance Measures | Definition |
| 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 result | Operating result excluding items affecting comparability |
| Adjusted operating margin, % | Adjusted operating result / Revenue |
| Adjusted EBITDA | EBITDA excluding items affecting comparability |
| Adjusted EBITDA margin, % | Adjusted EBITDA / Revenue |
| Items affecting comparability | Material items 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 reorganisation, 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 / EBITDA (LTM), times | Net Debt / EBITDA (for the last twelve months, LTM) |
| Net Debt / | Net Debt / Adjusted EBITDA (for the last twelve months, LTM) |
| Earnings per share | Net result / Weighted average number of outstanding shares |
| 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 |
Reconciliation of Alternative Performance Measures
| In thousand of Euro | Q1/2025 | Q1/2024 | 2024 |
| Revenue | 4,021 | 3,327 | 15,040 |
| Other operating income | 0 | 1 | 10 |
| Material and services | -1,328 | -1,114 | -5,374 |
| Gross profit | 2,693 | 2,213 | 9,676 |
| Operating result (EBIT) | -1,341 | -1,191 | -5,957 |
| Items affecting comparability |
|
|
|
| Specific loss allowance | 0 | 0 | 662 |
| Adjusted EBIT | -1,341 | -1,191 | -5,295 |
| Depreciation, amortization and impairment losses | 604 | 543 | 2,499 |
| Adjusted EBITDA | -737 | -648 | -2,796 |
Consolidated income statement
| In thousands of euro | Q1/2025 | Q1/2024 | 2024 |
| Revenue | 4,021 | 3,327 | 15,040 |
| Other operating income | 0 | 1 | 10 |
| Materials and services | -1,328 | -1,114 | -5,374 |
| Employee benefit expenses | -2,380 | -2,127 | -8,931 |
| Depreciation, amortization and Impairment losses | -604 | -543 | -2,499 |
| Other operating expenses | -1,050 | -734 | -4,204 |
| Operating result | -1,341 | -1,191 | -5,957 |
|
|
|
|
|
| Finance income | 69 | 211 | 1,217 |
| Finance expenses | -327 | -118 | -776 |
| Net finance expenses | -259 | 94 | 441 |
|
|
|
|
|
| Profit (loss) before income taxes | -1,599 | -1,098 | -5,516 |
|
|
|
|
|
| Income tax expense | 19 | 7 | 66 |
|
|
|
|
|
| Loss for the period | -1,581 | -1,090 | -5,450 |
|
|
|
|
|
| Loss for the period attributable to |
|
|
|
| Owners of the parent company | -1,581 | -1,090 | -5,450 |
| Weighted average number of shares | 19,145,703 | 17,108,667 | 18,675,167 |
| Basic loss per share (euro) | -0.08 | -0.06 | -0.29 |
Consolidated condensed comprehensive income statement
| In thousands of euro | Q1/2025 | Q1/2024 | 2024 |
| Loss for the period | -1,581 | -1,090 | -5,450 |
| Other comprehensive income |
|
|
|
| Foreign currency translation difference | 286 | -80 | -329 |
| Other comprehensive income, net of tax | 286 | -80 | -329 |
| Total comprehensive loss attributable to Owners of the parent company | -1,294 | -1,170 | -5,778 |
Consolidated balance sheet
| In thousands of euro | March 31, 2025 | March 31, 2024 | December 31, 2024 |
| ASSETS |
|
|
|
| Non-current assets |
|
|
|
| Goodwill | 4,256 | 4,256 | 4,256 |
| Development costs | 8,487 | 7,996 | 8,288 |
| Customer relationships | 665 | 887 | 721 |
| Technology | 305 | 407 | 331 |
| Other intangible assets | 352 | 386 | 370 |
| Total intangible assets | 14,066 | 13,932 | 13,965 |
| Tangible assets | 857 | 652 | 652 |
| Right-of-use assets | 1,383 | 1,341 | 1,456 |
| Deferred tax assets | 12 | 11 | 12 |
| Total non-current assets | 16,318 | 15,936 | 16,085 |
| Current assets |
|
|
|
| Inventories | 1,713 | 2,777 | 1,961 |
| Trade and other receivables | 3,046 | 3,259 | 3,268 |
| Cash and cash equivalents | 9,688 | 5,706 | 10,467 |
| Total current assets | 14,447 | 11,742 | 15,695 |
|
|
|
|
|
| Total assets | 30,765 | 27,678 | 31,781 |
| In thousands of euro | March 31, 2025 | March 31, 2024 | December 31, 2024 |
| EQUITY |
|
|
|
| Share capital | 80 | 80 | 80 |
| Share premium | 504 | 504 | 504 |
| Reserve for invested non-restricted equity | 59,608 | 50,936 | 59,608 |
| Translation differences | 292 | 255 | 6 |
| Retained earnings | -36,433 | -31,460 | -31,111 |
| Profit (loss) for the financial year | -1,581 | -1,090 | -5,450 |
| Total equity | 22,470 | 19,223 | 23,637 |
| LIABILITIES |
|
|
|
| Non-current liabilities |
|
|
|
| Borrowings from financial institutions | 591 | 1,386 | 790 |
| Government loans | 489 | 681 | 521 |
| Lease liabilities | 949 | 870 | 1,017 |
| Deferred tax liabilities | 215 | 291 | 234 |
| Total Non-current liabilities | 2,243 | 3,228 | 2,561 |
|
|
|
|
|
| Current liabilities |
|
|
|
| Borrowings from financial institutions | 794 | 860 | 794 |
| Government loans | 193 | 193 | 193 |
| Lease liabilities | 494 | 501 | 495 |
| Trade and other payables | 4,571 | 3,672 | 4,101 |
| Total current liabilities | 6,052 | 5,227 | 5,583 |
|
|
|
|
|
| Total liabilities | 8,295 | 8,455 | 8,144 |
|
|
|
|
|
| Total equity and liabilities | 30,765 | 27,678 | 31,781 |
Consolidated statement of changes in shareholders' equity
Equity attributable to owners of the parent company
| In thousands of euro | Share capital | Share premium | Reserve for invested non-restricted equity | Translation differences | Retained earnings | Total |
|
|
|
|
|
|
|
|
| Balance at January 1, 2025 | 80 | 504 | 59,608 | 6 | -36,560 | 23,637 |
| Comprehensive income |
|
|
|
|
|
|
| Loss for the period |
|
|
|
| -1,581 | -1,581 |
| Other comprehensive income |
|
|
|
|
|
|
| Translation differences |
|
|
| 286 |
| 286 |
| Total comprehensive income for the period |
|
|
| 286 | -1,581 | -1,294 |
| Share issue |
|
|
|
|
|
|
| Share based payments |
|
|
|
|
|
|
| Share options |
|
|
|
| 127 | 127 |
| Total transactions with owners of the company |
|
|
|
| 127 | 127 |
|
|
|
|
|
|
|
|
| Balance at March 31, 2025 | 80 | 504 | 59,608 | 292 | -38,014 | 22,470 |
Equity attributable to owners of the parent company
| In thousands of euro | Share capital | Share premium | Reserve for invested non-restricted equity | Translation differences | Retained earnings | Total |
|
|
|
|
|
|
|
|
| Balance at January 1, 2024 | 80 | 504 | 50,936 | 334 | -31,493 | 20,361 |
| Comprehensive income |
|
|
|
|
|
|
| Loss for the period |
|
|
|
| -1,090 | -1,090 |
| Other comprehensive income |
|
|
|
|
|
|
| Translation differences |
|
|
| -80 |
| -80 |
| Total comprehensive income for the period |
|
|
| -80 | -1,090 | -1,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Share options |
|
|
|
| 32 | 32 |
| Total transactions with owners of the company |
|
|
|
| 32 | 32 |
|
|
|
|
|
|
|
|
| Balance at March 31, 2024 | 80 | 504 | 50,936 | 255 | -32,551 | 19,223 |
Equity attributable to owners of the parent company
| In thousands of euro | Share capital | Share premium | Reserve for invested non-restricted equity | Translation differences | Retained earnings | Total |
|
|
|
|
|
|
|
|
| Balance at | 80 | 504 | 50,936 | 334 | -31,493 | 20,361 |
| Comprehensive income |
|
|
|
|
|
|
| Loss for the period |
|
|
|
| -5,450 | -5,450 |
| Other comprehensive income |
|
|
|
|
|
|
| Translation differences |
|
|
| -329 |
| -329 |
| Total comprehensive income for the period |
|
|
| -329 | -5,450 | -5,778 |
| Share issue |
|
| 7,322 |
|
| 7,322 |
| Share based payments |
|
| 43 |
|
| 43 |
| Share options |
|
| 1,307 |
| 382 | 1,689 |
| Total transactions with owners of the company |
|
| 8,672 |
| 382 | 9,054 |
| Balance at | 80 | 504 | 59,608 | 6 | -36,560 | 23,637 |
Consolidated cash flow statement
| In thousands of euro | Q1/2025 | Q1/2024 | 2024 |
| Cash flows from operating activities |
|
|
|
| Loss for the financial year | -1,581 | -1,090 | -5,450 |
| Adjustments: |
|
|
|
| Depreciation, amortization and impairment losses | 604 | 543 | 2,499 |
| Finance income and finance expenses | 178 | -47 | -466 |
| Other adjustments | 107 | -2 | 653 |
| Cash flows before change in net working capital | -692 | -596 | -2,764 |
| Change in net working capital: |
|
|
|
| Change in trade and other receivables (increase (-) / decrease (+)) | 140 | -34 | -335 |
| Change in inventories (increase (-) / decrease (+)) | 232 | 54 | 901 |
| Change in trade and other payables (increase (+) / decrease (-))
| 730 | 107 | 688 |
| Cash flows before finance items | 410 | -468 | -1,510 |
| Interest paid | -19 | -29 | -115 |
| Other finance expenses paid | -63 | -32 | -121 |
| Interest received | 43 | 14 | 151 |
| Net cash from operating activities (A) | 371 | -515 | -1,596 |
| Cash flows from investing activities |
|
|
|
| Capitalization of development expenses | -494 | -509 | -1,843 |
| Acquisition of tangible assets | -287 | -25 | -275 |
| Net cash used in investing activities (B) | -781 | -534 | -2,118 |
| Cash flows from financing activities |
|
|
|
| Proceeds from share subscriptions | 0 | 0 | 9,182 |
| Share issue transaction costs | 0 | 0 | -553 |
| Repayment of loans and borrowings | -230 | -230 | -1,053 |
| Repayment of lease liabilities | -127 | -136 | -494 |
| Net cash from financing activities (C) | -357 | -366 | 7,081 |
| Net cash from (used in) operating, | -767 | -1,415 | 3,367 |
|
|
|
|
|
| Cash and cash equivalents at beginning of period | 10,467 | 7,118 | 7,118 |
| Effect of movements in exchange rate on cash held | -12 | 3 | -19 |
| Cash and cash equivalents at end of period | 9,688 | 5,706 | 10,467 |
Selected notes
Corporate information and basis of accounting
Corporate information
Optomed is a Finnish medical technology group (hereafter `Optomed' or `Group') that specialises 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, 2025.
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 2024. 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.
All presented figures have been rounded so the sum of the individual figures may differ from the presented total figure.
Financial ratios have been calculated using exact figures.
Reportable segments
Q1/2025
| In thousands of euro | Devices | Software | Group Admin | Total |
| External revenue | 1,526 | 2,496 | 0 | 4,021 |
| Net operating expenses | -628 | -700 | 0 | -1,328 |
| Margin | 897 | 1,796 | 0 | 2,693 |
| Depreciation and amortization | -387 | -215 | -2 | -604 |
| Other expenses | -1,195 | -1,275 | -960 | -3,430 |
| Operating result | -684 | 306 | -962 | -1,341 |
| Finance items | 0 | 0 | -259 | -259 |
| Loss before tax expense | -684 | 306 | -1,221 | -1,599 |
Q1/2024
| In thousands of euro | Devices | Software | Group Admin | Total |
| External revenue | 890 | 2,437 | 0 | 3,327 |
| Net operating expenses | -374 | -740 | 1 | -1,113 |
| Margin | 516 | 1,697 | 1 | 2,213 |
| Depreciation and amortization | -344 | -197 | -3 | -543 |
| Other expenses | -877 | -1,171 | -814 | -2,861 |
| Operating result | -705 | 329 | -816 | -1,191 |
| Finance items | 0 | 0 | 94 | 94 |
| Loss before tax expense | -705 | 329 | -722 | -1,098 |
2024
| In thousands of euro | Devices | Software | Group Admin | Total |
| External revenue | 5,326 | 9,714 | 0 | 15,040 |
| Net operating expenses | -2,548 | -2,825 | 9 | -5,364 |
| Margin | 2,778 | 6,889 | 9 | 9,676 |
| Depreciation and amortization | -1,670 | -819 | -9 | -2,499 |
| Other expenses | -4,451 | -4,992 | -3,692 | -13,135 |
| Operating result | -3,343 | 1,078 | -3,692 | -5,957 |
| Finance items | 0 | 0 | 441 | 441 |
| Loss before tax expense | -3,343 | 1,078 | -3,250 | -5,516 |
Disaggregation of revenue
Geographical distribution
| In thousands of euro | Q1/2025 | Q1/2024 | 2024 |
| Finland | 2,416 | 2,339 | 9,340 |
| Rest of the Europe | 367 | 352 | 1,034 |
| Rest of the World | 1,238 | 636 | 4,667 |
| Total | 4,021 | 3,327 | 15,040 |
Distribution by revenue recognition date
| In thousands of euro | Q1/2025 |
| Q1/2024 |
| 2024 |
|
| Products and services transferred at a point in time | 2,615 | 65% | 2,208 | 70% | 10,405 | 69% |
| Services transferred over time | 1,406 | 35% | 1,119 | 30% | 4,635 | 31% |
| Total | 4,021 |
| 3,327 |
| 15,040 |
|
Advances Received and Deferred Revenue
| In thousands of euro | March 31, 2025 | March 31, 2024 | December 31, 2024 |
| Trade receivables | 2,155 | 2,560 | 2,411 |
| Assets related to customer contracts | 2,155 | 2,560 | 2,411 |
|
|
|
|
|
| Advances received | 90 | 88 | 98 |
| Deferred Revenue | 445 | 201 | 305 |
| Liabilities related to customer contracts | 535 | 290 | 402 |
Other operating expenses
| Other operating expenses | Q1/2025 | Q1/2024 | 2024 |
| Sales and marketing | -178 | -95 | -707 |
| Research and development | -156 | -79 | -297 |
| General and administration | -717 | -561 | -3,200 |
| Total operating expenses | -1,050 | -734 | -4,204 |
Other operating expenses also comprise changes in expected credit losses and realized credit losses.
Financial liabilities
| In thousands of euro | March 31, 2025 | March 31, 2024 | December 31, 2024 |
| Non-current financial liabilities |
|
|
|
| Borrowings from financial institutions | 591 | 1,386 | 790 |
| Government loans | 489 | 681 | 521 |
| Lease liabilities | 949 | 870 | 1,017 |
| Total | 2,029 | 2,937 | 2,328 |
|
|
|
|
|
| Current financial liabilities |
|
|
|
| Borrowings from financial institutions | 794 | 860 | 794 |
| Government loans | 193 | 193 | 193 |
| Lease liabilities | 494 | 501 | 495 |
| Trade payables | 1,392 | 1,102 | 891 |
| Total | 2,873 | 2,656 | 2,373 |
|
|
|
|
|
| Total financial liabilities | 4,901 | 5,594 | 4,700 |
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
Chinese customer's trade receivables EUR 1,099 thousand have been written down at the end of Q4 2024. Specific loss allowance is at 100%.
| In thousands of euro | Gross carrying amount
| Weighted av. loss rate% | Loss allowance |
| At March 31, 2025 |
|
|
|
| Current (not past due) | 1,839 | 0.50% | 9 |
| Past due |
|
|
|
| 1-30 days | 234 | 1.50% | 4 |
| 31-60 days | 68 | 4% | 3 |
| 61-90 days | 17 | 9% | 2 |
| More than 90 days past due | 15 | 12% | 2 |
| Specific loss allowance | 0 | 100% | 0 |
| Total | 2,173 |
| 19 |
| In thousands of euro | Gross carrying amount
| Weighted av. loss rate% | Loss allowance |
| At March 31, 2024 |
|
|
|
| Current (not past due) | 1,698 | 0.50% | 8 |
| Past due |
|
|
|
| 1-30 days | 44 | 1.50% | 1 |
| 31-60 days | -8 | 4% | 0 |
| 61-90 days | 6 | 9% | 1 |
| More than 90 days past due | 67 | 12% | 8 |
| Specific loss allowance | 1,541 | 50% | 770 |
| Total | 3,347 |
| 788 |
| In thousands of euro | Gross carrying amount
| Weighted av. loss rate% | Loss allowance |
| At December 31, 2024 |
|
|
|
| Current (not past due) | 2,314 | 0.50% | 12 |
| Past due |
|
|
|
| 1-30 days | 67 | 1.50% | 1 |
| 31-60 days | 31 | 4% | 1 |
| 61-90 days | 9 | 9% | 1 |
| More than 90 days past due | 6 | 12% | 1 |
| Specific loss allowance | 0 | 100% | 0 |
| Total | 2,427 |
| 15 |
Events after the review period
The management of the company is actively monitoring tariff developments related to medical devices manufactured in Thailand and exported to the US. While no material impact has been observed to date, we continue to manage our supply chain proactively and remain well-positioned to adapt should trade policies shift.