OPTOMED OYJ Optomed Q1 2024
10th May 2024
Juho Himberg, CEO
Sakari Knuutti, CFO
Highlights
1.2.3.
Optomed Aurora with | Satisfactory | New developments |
AEYE-DS AI has | Q1 results | in China |
successfully received | ||
FDA clearance |
FDA Clearance
- The first handheld device+AI to receive FDA clearance
- Two large-scale prospective phase-III studies, in which the solution demonstrated best-in-class efficacy and imageability
- 92% - 93% sensitivity
- 89% - 94% specificity
- 99+% imageability
- Only a single image per eye
New Business Model
FDA CLEARANCE ENABLES SIGNIFICANT RECURRING REVENUE OPPORTUNITY IN THE US
Newly established
reimbursement code CPT 92229
300k target
customers / clinics
In the next 5-10 years, there will be at least 50,000 - 100,000 AI connected fundus cameras in the US
Complete Solution
From product sales to complete screening solutions with diagnosis
Recurring Revenue Model
Solution leased, not sold - enables recurring revenue
Fixed annual subscription price
High revenue share on Optomed sales
Highly effective sales model with
direct sales managers, KOL managers and independent sales reps
Customer Benefits
No initial investments Only monthly rental fee
Clinical results:
92% - 93% sensitivity
89% - 94% specificity
99+% imageability
High reimbursement >USD 55/ diabetic
Profit also for clinics with low screening volume
Improves clinic HEDIS score (Medicare star rating)
ARTIFICIAL INTELLIGENCE
Q1-2024 Key Figures
OUR TOPLINE DECLINED SLIGHTLY DUE TO QUIET QUARTER IN THE SOFTWARE SEGMENT
Q1/2024 | Q1/2023 | Change | |
Revenue | 3,327 | 3,478 | -4.4% |
Gross profit | 2,213 | 2,476 | -10.6% |
Gross margin | 66.5% | 71.2% | -47pps |
Adjusted EBITDA | -648 | -513 | -26.3% |
Adjusted EBITDA margin | -19.5% | -14.8% | -47pps |
Net profit / loss | -1,090 | -1,157 | 5.8% |
Earnings per share | -0.06 | -0.08 | 15.8% |
Cash flow from operating activities | -515 | -440 | -17.1% |
Segment highlights
Devices Segment Q1-2024
STABLE QUARTER FROM THE DEVICES SEGMENT
Discussions with a prominent eye
1. hospital and private equity fund to establish a joint venture for eye screening services
Gross margin was 58.0 (62.9) percent
2. and adjusted EBITDA EUR -361(-426) thousand
3. | In the US, the sales force was |
preparing for the possible Aurora- | |
AEYE launch |
Q1/2024 | Q1/2023 | Change |
Revenue | 890 | 888 | 0.1% |
Gross profit | 516 | 559 | -7.6% |
Gross margin | 58.0% | 62.9% | -49pps |
EBITDA | -361 | -426 | 15.3% |
EBITDA margin | -40.5% | -47.9% | 74pps |
Software Segment Q1-2024
SOFTWARE REVENUE DECLINED SLIGHTLY AGAINST STRONG COMPARISON FIGURES
Revenue and EBITDA declined vs
1. very strong comparison period figures when the growth was over 20 percent
After the review period, Optomed won
2. a contract to provide non-healthcare development services to a Finnish governmental agency that it has been providing since 2003.
Q1/2023 | Change | |||
Q1/2024 | ||||
Revenue | 2,437 | 2,590 | -5.9 % |
Gross profit | 1,697 | 1,917 | -11.5 % |
Gross margin | 69.6 % | 74.0 % | -44pps |
EBITDA | 526 | 790 | -33.4 % |
EBITDA margin | 21.6 % | 30.5 % | -89pps |
Cash Flow Q1-2024
CASHFLOW WAS STABLE
Q1 2023 | ||||
Q1 2024 | ||||
Loss for the financial year | -1,090 | -1,157 |
- Net cash from operating activities was EUR -0.52 million
- The cash position was EUR 5.7 million (7.2) at the end of the quarter
- In Q4-2023, Optomed paid back a term loan of EUR 1 million prior to its maturity date in response to evolving interest rate conditions
Cash flows before change in net working capital
Change in net working capital
Cash flows before finance items
Cash flows from finance items
Net cash from operating activities
Net cash used in investing activities
Net cash from financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of period
Cash and cash equivalents at end of period
-596 | -471 | |
127 | 58 | |
-468 | -413 | |
-47 | -27 | |
-440 | ||
-515 | ||
-534 | -545 | |
-366 | -349 | |
-1,415 | -1,333 | |
7,118 | 8,524 | |
5,706 | 7,179 | |
Summary
- FDA clearance obtained
- The Finnish non-medical deal software contract secured and continues
- Joint venture possibility in China
- We are well positioned for the next phase of growth
Attachments
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Disclaimer
Optomed plc published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 07:07:24 UTC.
