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WKN: A2PWGR | ISIN: FI4000410881 | Ticker-Symbol: 36U0
Frankfurt
21.11.24
13:44 Uhr
4,015 Euro
+0,075
+1,90 %
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3,8654,02015:09
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165 Leser
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Optomed Oyj: Half-year Report, January - June 2024

Finanznachrichten News

Optomed Plc Stock Exchange Release 8 August 2024 at 9.00, Helsinki

Optomed Plc: Half-year Report, January - June 2024

April - June 2024

  • Revenue decreased by 6.4 percent to EUR 3.5 (3.7) million.
  • Devices segment revenue decreased by 15.7 percent to EUR 1.1 (1.3) million.
  • Software segment revenue decreased by 1.6 percent to EUR 2.4 (2.5) million.
  • Adjusted EBITDA amounted to EUR -0.8 (-0.5) million corresponding to -22.9 (-12.4) percent of revenue.

and EBITDA was EUR -1.2 (-0.5) million corresponding to -33.8 (-12.4) percent of revenue and

  • EBITDA was negatively affected by the increase of the credit risk accrual regarding a Chinese client from 50% (EUR 767 thousand) to 75% (EUR 1,161 thousand) for an issue dating back to 2021.
  • Optomed Aurora with AEYE-DS AI has successfully received FDA clearance.
  • Optomed successfully completed directed share issue at the end of June raising gross proceeds approximately EUR 7.9 million.
  • Optomed signed a shareholder's agreement with Zhongbao Fund to establish a joint venture in China.
  • Outlook unchanged: Optomed expects its full year 2024 revenue to grow compared to 2023.

January - June 2024

  • Revenue decreased by 5.4 percent to EUR 6.8 (7.2) million.
  • Devices segment revenue decreased by 9.2 percent to EUR 2.0 (2.2) million.
  • Software segment revenue decreased by 3.8 percent to EUR 4.9 (5.1) million.
  • Adjusted EBITDA amounted to EUR -1,450 (-976) thousand corresponding to -21.2 (-13.5) percent of revenue and EBITDA amounted to -1,833 (-976) EUR thousand.

Key figures

EUR, thousand

Q2/2024

Q2/2023

Change, %

H1/2024

H1/2023

Change, %

2023

Revenue

3,505

3,744

-6.4%

6,832

7,222

-5.4%

15,100

Gross profit *

2,450

2,486

-1.5%

4,663

4,962

-6.0%

10,292

Gross margin % *

69.9%

66.4%

68.3%

68.7%

68.2%

EBITDA

-1,185

-462

-156.2%

-1,833

-976

-87.9%

-1,781

EBITDA margin *, %

-33.8%

-12.4%

-26.8%

-13.5%

-11.8%

Adjusted EBITDA *

-802

-462

-73.4%

-1,450

-976

-48.6%

-1,470

Adjusted EBITDA margin *, %

-22.9%

-12.4%

-21.2%

-13.5%

-9.7%

Operating result (EBIT)

-1,869

-1,009

-85.2%

-3,061

-2,052

-49.2%

-3,974

Operating margin (EBIT) *, %

-53.3%

-27.0%

-44.8%

-28.4%

-26.3%

Adjusted operating result (EBIT) *

-1,486

-1,009

-47.3%

-2,677

-2,052

-30.5%

-3,663

Adjusted operating margin (EBIT margin) *, %

-42.4%

-27.0%

-39.2%

-28.4%

-24.3%

Net profit/ loss

-1,793

-1,314

-36.4%

-2,883

-2,471

-16.7%

-4,441

Earnings per share

-0.10

-0.08

-22.3%

-0.16

-0.16

-4.6%

-0.27

Cash flow from operating activities

-560

-468

-19.8%

-1,071

-913

-17.3%

-615

Net Debt

-9,221

-883

944.2%

-9,221

-883

944.2%

-3,768

Net debt/ EBITDA (LTM) *

3.5

0.7

3.5

0.7

2.1

Net debt/ Adjusted EBITDA (LTM) *

4.7

0.7

4.7

0.7

2.6

Equity ratio *

74.9%

63.6%

74.9%

63.6%

70.0%

R&D expenses personnel

336

362

-7.3%

635

645

-1.6%

1,280

R&D expenses other costs

165

150

9.7%

309

313

-1.5%

644

Total R&D expenses

501

512

-2.3%

943

958

-1.6%

1,924

*) 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 Q2 2024, items affecting comparability amounted to EUR 383 thousand and related to increased credit risk with respect to an overdue trade receivable from a customer in China.

CEO Review

As we review the second quarter of 2024, it is crucial to reflect on our achievements, challenges, and the strategic decisions we are implementing to drive future growth.

Our revenue for Q2 2024 was EUR 3.5 million, representing a decrease of 6.4% compared to the same period last year. This decline is attributable to reductions in both our Devices and Software segments, In Devices, revenue decreased by 15.7% to EUR 1.1 million from EUR 1.3 million. In Software, revenue decreased by 1.6% to EUR 2.4 million from EUR 2.5 million.

The adjusted EBITDA stood at EUR -0.8 million, corresponding to -22.9% of revenue.

Despite the relatively soft sales in both business segments, we have made substantial progress in the most important strategic areas:

  1. FDA Clearance for Optomed Aurora with AEYE-DS AI: U.S. Food and Drug Administration (FDA) clearance was successfully received for Optomed Aurora with AEYE-DS AI, a milestone that validates our innovative approach and opens new market opportunities in the United States.
  2. Directed Share Issue: We successfully completed a directed share issue, raising gross proceeds approximately EUR 7.9 million. This capital infusion strengthens our financial position and supports our strategic initiatives.
  3. Joint Venture with Zhongbao Fund: We signed a shareholder's agreement with Zhongbao Fund to establish a joint venture in China. This partnership aims to enhance our market presence and leverage local expertise for better penetration in the Chinese market.
  4. Cooperation Agreement with Toku Eyes: We signed a cooperation agreement with Toku Eyes, whose algorithms have received FDA breakthrough designation for detecting kidney and cardiovascular risks through eye examinations. This collaboration will enable us to expand the range of diseases that can be assessed using Optomed's cameras.

We remain optimistic about our growth prospects. Our outlook for the full year 2024 remains unchanged, with an expectation of revenue growth compared to 2023. We are committed to executing our strategic plan, improving operational efficiencies, and expanding our market footprint. In accordance with our strategy, we will continue to invest in product development, clinical trials, and finally bringing new products to markets.

In conclusion, while the second quarter presented some financial challenges, we have made significant strides in key strategic areas that position us well for the future. Our focus remains on delivering long-term value to our shareholders through innovation, strategic partnerships, and market expansion.

Thank you for your continued support and confidence in Optomed. We look forward to updating you on our progress in the coming quarters.

Warm regards,

Juho Himberg

CEO


Outlook 2024


Optomed expects its full year 2024 revenue to grow compared to 2023.

Telephone conference


A telephone conference for analysts, investors and media will be arranged on 8 August 2024 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 861 267 118#

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

April - June 2024

In April - June 2024, Group revenue decreased by 6.4 percent to EUR 3,505 (3,744) thousand. In spite of strong sales of the US and China channels, Devices segment had a slow quarter due to softness of the global distributor sales and OEM channel. The revenue decreased 15.7 percent to EUR 1 073 (1,273) thousand. The Software segment revenue was fairly stable and decreased by 1.6 percent to EUR 2,432 (2,471) thousand.

In April - June 2024, the gross margin increased to 69.9 from 66.4 percent of last year.

Adjusted EBITDA decreased and it was EUR -802 (-462) thousand.

EBIT decreased and it was EUR -1,869 (-1,009) thousand.

In April - June 2024, net financial items amounted to EUR 53 (-325) thousand and consisted mainly of interest income and the translation effect of CNY and USD to EUR.

In late April, Optomed Aurora with AEYE-DS AI received FDA clearance which was the requirement to start sales and marketing activities of the Optomed Aurora-AEYE AI fundus camera service in the US. The device is the first handheld device + a fully autonomous AI to receive FDA clearance for diagnosis of referable diabetic retinopathy. The clinical results were: 92% - 93% sensitivity, 89% - 94% specificity, and 99+% imageability. Screening for diabetic retinopathy with AI is reimbursable in the United States using the newly approved, first ever AI CPT code 92229 for autonomous screening. Additionally, it serves as a major HEDIS measure for most health plans.

In June, Optomed signed a shareholder's agreement with regards to a joint venture in China with Zhongbao, a Chinese private equity firm based in Shenzhen, China. The firm focuses on growth opportunities, and it invests in a diversified range of industries. Optomed will own 19.9% of the joint venture and Zhongbao 80.1%. The business model for this venture will be a recurring revenue model, ensuring sustainability and long-term success.

January - June 2024

In January-June 2024, Group revenue decreased by 5.4 percent to EUR 6,832 (7,222) thousand. Devices segment's revenue decreased by 9.2 percent while the Software segment's revenue decreased by 3.8 percent.

The gross margin decreased to 68.2 percent from 68.7 percent last year.

Adjusted EBITDA amounted to EUR -1,450 (-976) thousand and EBIT was EUR -3,061 (-2,052) thousand.

Net financial items amounted to EUR 147 (-459) thousand and consisted mainly of interest income and the translation effect of Chinese RMB to EUR.

Cash flow and financial position

April - June 2024

In April - June 2024, the cash flow from operating activities amounted to EUR -560 (-468) thousand. Net cash used in investing activities was EUR -534 (-668) thousand and relates to capitalized development expenses. Net cash from financing activities amounted to EUR 7,506 (-348) thousand. Optomed completed a directed share issue consisting of 1,500,000 shares and collected gross proceeds of approximately EUR 7.9 million in June 26 2024.

Consolidated cash and cash equivalents at the end of the period amounted to EUR 12,106 (5,691) thousand. Net debt was EUR -9,221 (-883) thousand at the end of the period.

Net working capital was EUR 1,306 (3,537) thousand at the end of the period.

Optomed has large trade receivables from a Chinese customer. The customer has missed several payments since H2-2023 and, consequently, the specific loss allowance weighted average loss rate was increased to 75% in Q2-2024. The payment negotiations continue with the said customer. The total amount of the receivable in the balance sheet is now EUR 387 thousand.

January - June 2024

In January-June 2024, the cash flow from operating activities amounted to EUR -1,071 (-913) thousand.

Net cash used in investing activities was EUR -1,068 (-1,213) thousand and relates to capitalized development expenses.

Net cash from financing activities amounted to EUR 7,139 (-696) thousand.

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

Q2/2024

Q2/2023

Change, %

H1/2024

H1/2023

Change, %

2023

Revenue

1,073

1,273

-15.7%

1,963

2,161

-9.2%

5,009

Gross profit *

695

674

3.2%

1,211

1,233

-1.7%

2,947

Gross margin % *

64.8%

53.0%

61.7%

57.0%

58.8%

EBITDA

-686

-217

-215.7%

-1,047

-643

-62.8%

-1,264

EBITDA margin *, %

-64.0%

-17.1%

-53.3%

-29.8%

-25.2%

Operating result (EBIT)

-1,164

-578

-101.5%

-1,869

-1,356

-37.8%

-2,707

Operating margin (EBIT) *, %

-108.5%

-45.4%

-95.2%

-62.8%

-54.0%

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

April - June 2024

In April - June 2024, the Devices segment revenue decreased by 15.7 percent to EUR 1,073 (1,273) thousand. The revenue declined due to slow quarter of the global distributor sales and OEM channel. Revenue of the US and China channels increased.

The gross margin was 64.8 (53.0) percent. The increase was due to a single high margin delivery.

EBITDA was EUR -686 (-217) thousand or -64.0 (-17.1) percent of revenue. The decline was mainly due to the previously mentioned EUR 383 increase of the credit risk accrual with regards to China.

January-June 2024

In January-June 2024, the Devices segment revenue decreased by 9.2 percent to EUR 1,963 (2,161) thousand. The decrease was driven by weaker than expected sales of the global distributor sales and OEM channels.

The gross margin increased to 61.7 percent from 57.0 percent.

EBITDA was EUR -1,047 (-643) thousand or -53.3 (-29.8) 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

Q2/2024

Q2/2023

Change, %

H1/2024

H1/2023

Change, %

2023

Revenue

2,432

2,471

-1.6%

4,869

5,061

-3.8%

10,091

Gross profit *

1,746

1,812

-3.7%

3,442

3,729

-7.7%

7,346

Gross margin % *

71.8%

73.3%

70.7%

73.7%

72.8%

EBITDA

456

578

-21.1%

982

1,368

-28.2%

2,629

EBITDA margin *, %

18.7%

23.4%

20.2%

27.0%

26.1%

Operating result (EBIT)

252

393

-35.9%

581

1,009

-42.4%

1,889

Operating margin (EBIT) *, %

10.4%

15.9%

11.9%

19.9%

18.7%

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

April - June 2024

In April - June 2024, the Software segment was stable and decreased by 1.6 percent to EUR 2,432 (2,471) thousand.

The gross margin decreased and was 71.8 (73.3) percent. EBITDA was EUR 456 (578) thousand or 18.7 (23.4) percent of revenue.

During the quarter, Software segment won a contract to provide non-healthcare development services to a Finnish governmental agency. Optomed has been providing the services since 2003 but the contract was subject to a procurement process.

January - June 2024

In January-June 2024, the Software segment revenue decreased by 3.8 percent to EUR 4,869 (5,061) thousand.

Gross margin increased and it was 70.7 (73.7) percent. EBITDA was EUR 982 (1,368) thousand or 20.2 (27.0) percent of revenue.

Group-wide expenses

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

April - June 2024

Group-wide operating expenses amounted to EUR 963 (823) thousand.

January - June 2024

Group-wide operating expenses amounted to EUR 1,777 (1,700) thousand.

Personnel

Number of personnel at the end of the reporting period.

6/2024

6/2023

12/2023

Devices

46

47

47

Software

46

46

47

Group common

18

22

20

Total

110

115

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 2020 issued by the Securities Market Association of Finland. The code is publicly available at http://cgfinland.fi/en/. Optomed's corporate governance statement 2023 is available on the company website www.optomed.com/investors/.

Annual General Meeting

The Annual General Meeting held on 10 May 2024 adopted the financial statements for the financial period ended on 31 December 2023, discharged the members of the Board of Directors and the CEO from liability for the financial period ended on 31 December 2023 and adopted the Company's Remuneration Report and Remuneration Policy for Governing Bodies.

The Annual General Meeting resolved in accordance with the proposal of the Board of Directors that no dividend will be paid for the year 2023.

The number of members of the Board of Directors was confirmed as six. Catherine Calarco, Ty Lee, Seppo Mäkinen, Petri Salonen, Reijo Tauriainen and Anna Tenstam were re-elected as members of the Board.

The Annual General Meeting confirmed the annual Board remuneration as follows:

Chairman of the Board EUR 36,000

members of the Board EUR 18,000.

In addition, a meeting fee in the amount of EUR 300 is paid to the Chairpersons and EUR 200 to members of the Committees for each Committee meeting. 40 percent of the Board remuneration is paid in Optomed shares and 60 percent in cash. The part of the Board remuneration paid in Optomed shares will, if possible, be conveyed from the treasury shares of the Company in accordance with the authorization of the Board of Directors to resolve on the issuance of shares and special rights entitling to shares. The remuneration will be paid once a year in August, after Optomed's H1 report has been announced.

The Annual General Meeting decided to re-elect KPMG Oy Ab, a firm of authorized public accountants, as the Company's auditor. KPMG Oy Ab has informed the Company that Authorized Public Accountant Heidi Hyry acts as the auditor with principal responsibility. The auditor's remuneration will be paid in accordance with an invoice approved by the Company.

The Annual General Meeting resolved in accordance with the Board's proposal to amend the terms and conditions of the Stock Option Plans 2017B, 2018C, 2019A and 2019C so that the subscription periods for shares pursuant to all option rights granted under each Stock Option Plan will end on 31 December 2027.

The Annual General Meeting approved the authorization for the Board of Directors to repurchase Optomed's own shares and to accept them as pledge. Altogether no more than 1,813,039 shares may be repurchased or accepted as pledge. The authorization will be valid until the earlier of the end of the next Annual General Meeting or 18 months from the resolution of the Annual General Meeting.

The Annual General Meeting authorized the Board of Directors to decide on the issuance of shares and other special rights entitling to shares referred to in Chapter 10, Section 1 of the Finnish Companies Act. The number of shares to be issued based on this authorization may not exceed 1,813,039. The Board of Directors is authorized to resolve on all terms and conditions of the issuance of shares and special rights entitling to shares, including the right to derogate from the pre-emptive right of the shareholders. The authorization will be valid until the earlier of the end of the next Annual General Meeting or 18 months from the resolution of this Annual General Meeting.

Decisions of the Board of Directors:

At its meeting held after the Annual General Meeting, the Board of Directors elected from among its members Petri Salonen as its Chairman. The committee members were elected as follows:

Audit Committee:

Reijo Tauriainen (Chairman)

Catherine Calarco

Ty Lee

Anna Tenstam

Remuneration Committee:

Seppo Mäkinen (Chairman)

Ty Lee

Catherine Calarco

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 18,130,397 shares and the Company held 353,973 shares in the treasury which approximately corresponds to 1.95 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/.

Directed share issue

Optomed completed a directed share issue consisting of 1,500,000 shares and collected gross proceeds of approximately EUR 7.9 million in June 2024. According to the assessment of the Company, the Share Issue supports the Company's target best compared to other equity financing options.

The Board has considered other financing options, including various capital market financing options. According to the assessment of the Board, the other alternatives involved significant costs, timetable requirements as well as uncertainties related to the implementation which are not in the interest of the Company and its shareholders when taking into account the Company's capital needs and the need for rapidly developing the Company's business to utilise its market position. Therefore, the Board of the Company has considered that there is a weighty financial reason for the Company to deviate from the pre-emptive subscription rights, and according to the Board of the Company, the Share Issue is in the interest of the Company and its shareholders.

The subscription price was EUR 5.25 per Share. The subscription price represented a discount of approximately 13.8 per cent compared to the closing price of the Company's share on 26 June 2024. The subscription price has been determined through negotiations corresponding to a bookbuilding, involving a limited number of institutional and qualified investors. The investors were identified on the basis of their investment potential, expertise in the Company and its industry, and knowledge of the Finnish market. The purpose of the procedure has been to ensure the realisation of the financing arrangement and the subscription price being market based. The subscription price was credited in full to the Company's reserve for invested unrestricted equity.

New shares subscribed for in Optomed Plc's directed share issue have been registered into the Finnish Trade Register, and the shares were admitted to trading on the official list of Nasdaq Helsinki Ltd on 1 July 2024.

Risks and uncertainties

The key risks and uncertainties are described in the company's Annual Report 2023 which was published on 29 February 2024. The complete report is available at https://www.optomed.com/investors/. The risk position of Optomed has not changed since then, except for that the risks titled "AURORA AEYE FDA CLEARANCE PROCESS" and "PUBLIC PROCUREMENT" are no longer applicable.

Audit review

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

Financial reporting in 2024

  • 7 November 2024 Interim Report for 1 January - 30 September 2024

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.

www.optomed.com

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 / Adjusted EBITDA (LTM), times

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

Q2/2024

Q2/2023

H1/2024

H1/2023

2023

Revenue

3,505

3,744

6,832

7,222

15,100

Other operating income

9

34

10

34

49

Material and services

-1,064

-1,292

-2,179

-2,294

-4,857

Gross profit

2,450

2,486

4,663

4,962

10,292

Operating result (EBIT)

-1,869

-1,009

-3,061

-2,052

-3,974

Items affecting comparability

Specific credit risk percent change

383

0

383

0

311

Adjusted EBIT

-1,486

-1,009

-2,677

-2,052

-3,663

Depreciation, amortization and impairment losses

684

547

1,228

1,076

2,193

Adjusted EBITDA

-802

-462

-1,450

-976

-1,470

Consolidated income statement

In thousands of euro

Q2/2024

Q2/2023

H1/2024

H1/2023

2023

Revenue

3,505

3,744

6,832

7,222

15,100

Other operating income

9

34

10

34

49

Materials and services

-1,064

-1,292

-2,179

-2,294

-4,857

Employee benefit expenses

-2,190

-2,190

-4,316

-4,382

-8,699

Depreciation, amortization and Impairment losses

-684

-547

-1,228

-1,076

-2,193

Other operating expenses

-1,445

-758

-2,179

-1,556

-3,374

Operating result

-1,869

-1,009

-3,061

-2,052

-3,974

Finance income

148

38

359

106

479

Finance expenses

-95

-363

-213

-565

-1,024

Net finance expenses

53

-325

147

-459

-545

Profit (loss) before income taxes

-1,816

-1,334

-2,914

-2,511

-4,519

Income tax expense

23

20

31

40

79

Loss for the period

-1,793

-1,314

-2,883

-2,471

-4,441

Loss for the period attributable to

Owners of the parent company

-1,793

-1,314

-2,883

-2,471

-4,441

Weighted average number of shares

17,510,243

15,691,727

17,510,243

15,691,727

16,706,508

Basic loss per share (euro)

-0.10

-0.08

-0.16

-0.16

-0.27


Consolidated condensed comprehensive income statement

In thousands of euro

Q2/2024

Q2/2023

H1/2024

H1/2023

2023

Loss for the period

-1,793

-1,314

-2,883

-2,471

-4,441

Other comprehensive income

Foreign currency translation difference

-61

166

-141

244

283

Other comprehensive income, net of tax

-61

166

-141

244

283

Total comprehensive loss attributable to Owners of the parent company

-1,854

-1,148

-3,024

-2,227

-4,157

Consolidated balance sheet

In thousands of euro

June 30, 2024

June 30, 2023

December 31, 2023

ASSETS

Non-current assets

Goodwill

4,256

4,256

4,256

Development costs

8,126

7,200

7,731

Customer relationships

832

1,053

942

Technology

382

483

433

Other intangible assets

373

381

384

Total intangible assets

13,969

13,374

13,746

Tangible assets

630

769

710

Right-of-use assets

1,187

1,231

1,472

Deferred tax assets

15

17

23

Total non-current assets

15,800

15,391

15,951

Current assets

Inventories

2,654

2,954

2,820

Trade and other receivables

2,594

4,590

3,190

Cash and cash equivalents

12,106

5,691

7,118

Total current assets

17,354

13,235

13,128

Total assets

33,154

28,627

29,079

In thousands of euro

June 30, 2024

June 30, 2023

December 31, 2023

EQUITY

Share capital

80

80

80

Share premium

504

504

504

Reserve for invested non-restricted equity

58,288

46,912

50,936

Translation differences

194

296

334

Retained earnings

-31,365

-27,117

-27,052

Profit (loss) for the financial year

-2,883

-2,471

-4,441

Total equity

24,818

18,203

20,361

LIABILITIES

Non-current liabilities

Borrowings from financial institutions

1,187

2,983

1,651

Government loans

645

837

713

Lease liabilities

737

744

991

Deferred tax liabilities

272

349

310

Total Non-current liabilities

2,841

4,913

3,665

Current liabilities

Borrowings from financial institutions

860

794

794

Government loans

193

193

193

Lease liabilities

500

515

516

Trade and other payables

3,943

4,008

3,550

Total current liabilities

5,496

5,510

5,052

Total liabilities

8,337

10,423

8,718

Total equity and liabilities

33,154

28,627

29,079

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, 2024

80

504

50,936

334

-31,493

20,361

Comprehensive income

Loss for the period

-2,883

-2,883

Other comprehensive income

Translation differences

-141

-141

Total comprehensive income for the period

-141

-2,883

-3,024

Share issue *

7,353

7,353

Share based payments

0

Share options

128

128

Total transactions with owners of the company

7,353

128

7,480

Balance at June 30, 2024

80

504

58,288

194

-34,248

24,818

* Shares registered to trade registry 1.7.2024.
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, 2023

80

504

46,896

51

-27,189

20,342

Comprehensive income

Loss for the period

-2,471

-2,471

Other comprehensive income

Translation differences

244

244

Total comprehensive income for the period

244

-2,471

-2,227

Share options

16

72

88

Total transactions with owners of the company

16

72

88

Balance at June 30, 2023

80

504

46,912

296

-29,588

18,203

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, 2023

80

504

46,896

51

-27,189

20,342

Comprehensive income

Loss for the period

-4,441

-4,441

Other comprehensive income

Translation differences

283

283

Total comprehensive income for the period

283

-4,441

-4,157

Share issue

3,973

3,973

Share based payments

48

48

Share options

19

137

156

Total transactions with owners of the company

4,039

137

4,176

Balance at December 31, 2023

80

504

50,936

334

-31,493

20,361

Consolidated cash flow statement

In thousands of euro

Q2/2024

Q2/2023

H1/2024

H1/2023

2023

Cash flows from operating activities

Loss for the financial year

-1,793

-1,314

-2,883

-2,471

-4,441

Adjustments:

Depreciation, amortization and impairment

losses

684

547

1,228

1,076

2,193

Finance income and finance expenses

-30

333

-77

470

468

Other adjustments

451

-44

450

-55

289

Cash flows before change in net working capital

-688

-479

-1,283

-980

-1,491

Change in net working capital:

Change in trade and other receivables

(increase (-) / decrease (+))

288

-252

254

-21

1,094

Change in inventories

(increase (-) / decrease (+))

129

82

183

-14

118

Change in trade and other payables

(increase (+) / decrease (-))

-252

223

-141

139

-75

Cash flows before finance items

-523

-426

-987

-875

-354

Interest paid

-27

-34

-56

-52

-169

Other finance expenses paid

-11

-7

-42

13

-93

Interest received

0

0

14

0

0

Net cash from operating activities (A)

-560

-468

-1,071

-913

-615

Cash flows from investing activities

Capitalization of development expenses

-475

-606

-984

-1,124

-2,199

Acquisition of tangible assets

-59

-62

-84

-89

-213

Net cash used in investing activities (B)

-534

-668

-1,068

-1,213

-2,412

Cash flows from financing activities

Proceeds from share subscriptions

7,875

12

7,875

16

4,310

Share issue transaction costs

0

0

0

0

-318

Repayment of loans and borrowings

-235

-235

-465

-465

-1,921

Repayment of lease liabilities

-134

-125

-270

-247

-462

Net cash from financing activities (C)

7,506

-348

7,139

-696

1,609

Net cash from (used in) operating, investing and financing activities (A+B+C)

6,411

-1,483

5,000

-2,822

-1,419

Cash and cash equivalents at beginning of period

5,706

7,179

7,118

8,524

8,524

Effect of movements in exchange rate on cash held

-10

-5

-12

-11

13

Cash and cash equivalents at end of period

12,106

5,691

12,106

5,691

7,118

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 Half-year Report also takes into account the amendments to IFRS standards that have become effective by January 1, 2024.

This Half-year financial statement is 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 2023. These Half-year 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.

This report has been authorized for issue by the company's board of directors.

Critical management judgments and related estimates and assumptions

The preparation of financial statements under IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the end of the reporting period as well as the reported amounts of income and expenses during the reporting period. These estimates and assumptions are based on historical experience and other justified assumptions, such as future expectations, that Optomed management believes are reasonable under the circumstances at the end of the reporting period and the time when they were made.

Although these estimates are based on management's best knowledge of current events and actions, actual results may ultimately differ from those estimates. The estimates and underlying assumptions are reviewed on an on-going basis and when preparing financial statements. Changes in accounting estimates may be necessary if there are changes in the circumstances on which the estimate was based, or as a result of new information or more experience. Such changes are recognized in the period in which the estimate or the assumption is revised.

Use of judgment and estimates

Judgements that management has made in the process of applying accounting policies and that have the most significant effect on the amounts recognized in the financial statements, relate to the following areas:

- Determining trade receivables credit risk

- capitalization of development costs: determination of development expenditure eligible for capitalization

- impairment testing of development expenditures

Reportable segments

Q2/2024

In thousands of euro

Devices

Software

Group

Admin

Total

External revenue

1,073

2,432

0

3,505

Net operating expenses

-378

-686

9

-1,055

Margin

695

1,746

9

2,450

Depreciation and amortization

-478

-204

-3

-684

Other expenses

-1,382

-1,290

-963

-3,635

Operating result

-1,164

252

-957

-1,869

Finance items

0

0

53

53

Loss before tax expense

-1,164

252

-904

-1,816

Q2/2023

In thousands of euro

Devices

Software

Group Admin

Total

External revenue

1,273

2,471

0

3,744

Net operating expenses

-599

-659

0

-1,258

Margin

674

1,812

0

2,486

Depreciation and amortization

-360

-184

-2

-547

Other expenses

-891

-1,234

-823

-2,948

Operating result

-578

393

-825

-1,009

Finance items

0

0

-325

-325

Loss before tax expense

-578

393

-1,149

-1,334

H1/2024

In thousands of euro

Devices

Software

Group

Admin

Total

External revenue

1,963

4,869

0

6,832

Net operating expenses

-752

-1,427

9

-2,169

Margin

1,211

3,442

9

4,663

Depreciation and amortization

-822

-401

-5

-1,228

Other expenses

-2,258

-2,461

-1,777

-6,496

Operating result

-1,869

581

-1,773

-3,061

Finance items

0

0

147

147

Loss before tax expense

-1,869

581

-1,626

-2,914

H1/2023

In thousands of euro

Devices

Software

Group

Admin

Total

External revenue

2,161

5,061

0

7,222

Net operating expenses

-928

-1,332

0

-2,260

Margin

1,233

3,729

0

4,962

Depreciation and amortization

-713

-359

-4

-1,076

Other expenses

-1,876

-2,362

-1,700

-5,938

Operating result

-1,356

1,009

-1,704

-2,052

Finance items

0

0

-459

-459

Loss before tax expense

-1,356

1,009

-2,163

-2,511

2023

In thousands of euro

Devices

Software

Group

Admin

Total

External revenue

5,009

10,091

0

15,100

Net operating expenses

-2,062

-2,745

0

-4,807

Margin

2,947

7,346

0

10,292

Depreciation and amortization

-1,444

-740

-9

-2,193

Other expenses

-4,210

-4,717

-3,146

-12,074

Operating result

-2,707

1,889

-3,155

-3,974

Finance items

0

0

-545

-545

Loss before tax expense

-2,707

1,889

-3,701

-4,519

Revenue

In thousands of euro

Q2/2024

Q2/2023

H1/2024

H1/2023

2023

Finland

2,335

2,391

4,674

4,911

9,643

Rest of the Europe

260

234

612

470

1,870

Rest of the World

910

1,119

1,546

1,841

3,586

Total

3,505

3,744

6,832

7,222

15,100

Other operating expenses

Other operating expenses

Q2/2024

Q2/2023

H1/2024

H1/2023

2023

Sales and marketing

-213

-192

-308

-339

-635

Research and development

-52

-43

-131

-132

-230

General and administration

-1180

-523

-1,741

-1,085

-2,509

Total operating expenses

-1,445

-758

-2,179

-1,556

-3,374

Other operating expenses also comprise changes in expected credit losses and realized credit losses.

Tangible assets

Machinery and equipment

Machinery and equipment

Machinery and

equipment

In thousands of euro

30.6.2024

30.6.2023

31.12.2023

Cost

Balance at January 1

3,724

3,512

3,512

Additions

89

88

212

Balance at End of Period

3,813

3,600

3,724

Accumulated depreciation and impairment losses

Balance at January 1

-3,015

-2,660

-2,660

Depreciation

-169

-170

-355

Balance at end of period

-3,184

-2,830

-3,015

Carrying amount at January 1

710

852

852

Carrying amount at June 30/ December 31

630

769

710

Leases

Leased tangible assets

In thousands of euro

30.6.2024

30.6.2023

2023

Changes to right-of-use assets

-31

280

532

Depreciation change for right-of-use assets

-255

-253

-508

Carrying amount at the end of the reporting period

1,187

1,231

1,472

Leased tangible assets comprise business premises and cars and are presented as a separate line item Right-of-use assets in the consolidated balance sheet.

Lease liabilities

In thousands of euro

30.6.2024

30.6.2023

2023

Current

500

515

516

Non-current

737

744

991

Total

1,237

1,260

1,507

The above liabilities are presented on the line item Lease liabilities (non-current / current) in the consolidated balance sheet, based on their maturity.

Intangible assets and goodwill

June 30, 2024

In thousands of euro

Goodwill

Development costs

Customer relationships

Technology

Other intangible assets

Total

Cost

Balance at January 1

4,256

16,067

2,222

1,023

1,147

24,715

Additions

0

1,002

0

0

25

1,027

Balance at June 30

4,256

17,069

2,222

1,023

1,172

25,742

Accumulated amortisation and impairment losses

Balance at January 1

0

-8,336

-1,280

-590

-763

-10,969

Amortization

0

-494

-110

-51

-35

-692

Impairment losses

0

-112

0

0

0

-112

Balance at June 30

0

-8,943

-1,390

-641

-798

-11,773

Carrying amount at January 1

4,256

7,731

942

433

384

13,746

Carrying amount at June 30

4,256

8,126

832

382

373

13,969

Impairment losses consist of terminated project cost.

June 30, 2023

In thousands of euro

Goodwill

Development costs

Customer relationships

Technology

Other intangible assets

Total

Cost

Balance at January 1

4,256

13,978

2,222

1,023

1,054

22,533

Additions

0

1,099

0

0

33

1,132

Balance at June 30

4,256

15,077

2,222

1,023

1,087

23,665

Accumulated amortization and impairment losses

Balance at January 1

0

-7,416

-1,057

-489

-676

-9,638

Amortization

0

-461

-112

-51

-30

-653

Balance at June 30

0

-7,877

-1,169

-540

-706

-10,291

Carrying amount at January 1

4,256

6,562

1,164

534

379

12,895

Carrying amount at June 30

4,256

7,200

1,053

483

381

13,374

December 31, 2023

In thousands of euro

Goodwill

Development costs

Customer relationships

Technology

Other intangible assets

Total

Cost

Balance at January 1

4,256

13,978

2,222

1,023

1,054

22,533

Additions

0

2,089

0

0

93

2,182

Balance at December 31

4,256

16,067

2,222

1,023

1,147

24,715

Accumulated amortisation and impairment losses

-

Balance at January 1

0

-7,416

-1,057

-489

-676

-9,638

Amortization

0

-920

-223

-101

-66

-1,311

Impairment losses

0

0

0

0

-21

-21

Balance at December 31

0

-8,336

-1,280

-590

-763

-10,969

-

Carrying amount at January 1

4,256

6,562

1,164

534

379

12,895

Carrying amount at December 31

4,256

7,731

942

433

384

13,746

Financial assets

In thousands of euro

30.6.2024

30.6.2023

31.12.2023

Trade receivables

Other trade receivables

1,980

3,442

2,583

Total trade receivables

1,980

3,442

2,583

Cash and cash equivalents

12,106

5,691

7,118

Total

14,086

9,133

9,701

Due to overdue trade receivables, financial assets are subject to an increased risk of credit loss. Optomed successfully completed directed share issue at the end of June raising approximately EUR 7.9 million, which increased Cash and cash equivalents significantly.

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. Specific loss allowance weighted average loss rate% increased from comparison period 30% first to 50% and then to 75%.

In thousands of euro

Gross carrying amount

Weighted av.

loss rate%

Loss

allowance

At June 30, 2024

Current (not past due)

1,443

0.50%

7

Past due

1-30 days

113

1.50%

2

31-60 days

16

4%

1

61-90 days

1

9%

0

More than 90 days past due

35

12%

4

Specific loss allowance

1,549

75%

1,161

Total

3,156

1,175

In thousands of euro

Gross carrying amount

Weighted av.

loss rate%

Loss

allowance

At June 30, 2023

Current (not past due)

1,877

0.5%

9

Past due

1-30 days

170

1.5%

3

31-60 days

35

4%

1

61-90 days

8

9%

1

More than 90 days past due

279

12%

33

Specific loss allowance

1,600

30%

480

Total

3,970

528

In thousands of euro

Gross carrying amount

Weighted av.

loss rate%

Loss

allowance

At December 31, 2023

Current (not past due)

1,516

0.50%

8

Past due

1-30 days

51

1.50%

1

31-60 days

6

4%

0

61-90 days

10

9%

1

More than 90 days past due

277

12%

33

Specific loss allowance

1,534

50%

767

Total

3,392

809

Financial liabilities

In thousands of euro

June 30, 2024

June 30, 2023

December 31, 2023

Non-current financial liabilities

Borrowings from financial institutions

1,187

2,983

1,651

Government loans

645

837

713

Lease liabilities

737

744

991

Total

2,569

4,565

3,355

Company has paid one loan in October 2023.

In thousands of euro

June 30, 2024

June 30, 2023

December 31, 2023

Current financial liabilities

Borrowings from financial institutions

860

794

794

Government loans

193

193

193

Lease liabilities

500

515

516

Trade payables

576

785

782

Total

2,129

2,287

2,285

?

Total financial liabilities

4,698

6,852

5,640

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.

Financial covenants

Optomed's borrowings from financial institutions contain a financial covenant (equity ratio).

Optomed has to comply with the financial covenant terms specified in the loan agreement terms at the financial year-end. Equity ratio is calculated using the agreed formula. The table below summarizes the Group's financial covenant term and compliance during the reporting period.

Covenant term

Actual ratio

Applicable level

OP loan equity ratio

At June 30, 2024

35%

86.8%

Optomed Group

At June 30, 2023

35%

77.1%

Optomed Group

At December 31, 2023

35%

83.1%

Optomed Group

Comparison period number has been adjusted and is calculated using below mentioned formula.

Company's Equity ratio is calculated as follows.

OP loan equity ratio calculation formula: Adjusted equity/(Balance sheet total- received advances-goodwill)

Optomed was in compliance with the covenant as at June 30, 2024.

Related party transactions

In thousands of euro

Revenues

Trade receivables

Other expenses

Jan 1 - Jun 30 2024

0

0

-39

Jan 1 - Jun 30 2023

0

0

-40

Jan 1 - Dec 31 2023

0

0

-78

Revenue and trade receivables and some of the other expenses relate to the major shareholders of Optomed Ltd considered to be related parties to the parent company.

Other expenses consist of consulting fees paid to the Chairman of the Board of Directors.

Events after the review period

New shares subscribed for in directed share issue have been registered into the Finnish Trade Register on July 1, 2024.


© 2024 GlobeNewswire (Europe)
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Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.