Optomed decreases its 2020 revenue outlook
Optomed Plc Stock Exchange Release 19 March 2020 at 18.30, Helsinki
Optomed decreases its 2020 revenue outlook
In its outlook issued 28 February 2020 Optomed stated that it expects its revenue to grow during 2020 and that the growth will focus on the second half of the year. However, the COVID-19 outbreak has become a pandemic and the length and the scope of the outbreak has exceeded previous estimates. Consequently, Optomed no longer believes that the 2020 revenue exceeds the revenue of 2019.
Optomed’s medium-term financial targets remain unchanged including the target to deliver a double digit annual organic revenue growth.
New outlook for 2020:
We continue to progress our expansion towards the US and grow our international distributor network. Additionally, we are currently investing in the development of our first fully integrated AI camera with expected commercial launch during 2020.
Optomed expects its revenue to decline during 2020.
The COVID-19 pandemic has a negative effect on Optomed’s growth and business in 2020.
Previous outlook of 28 February 2020:
We continue to progress our expansion towards the US and grow our international distributor network. Additionally, we are currently investing in the development of our first fully integrated AI camera with expected commercial launch during 2020.
Optomed expects its revenue to grow during 2020 and that the growth will focus on the second half of the year.
The COVID-19 Coronavirus outbreak may have a negative impact on the company’s growth affecting both the business in China and the overall business due to the company’s Chinese component suppliers. Further, in case the virus becomes pandemic the company’s global sales could be negatively affected.
Optomed Plc
Further enquiries
Seppo Kopsala, CEO, Optomed Plc, seppo.kopsala@optomed.com
Lars Lindqvist, CFO, Optomed Plc, lars.lindqvist@optomed.com
Optomed in Brief
Optomed is a Finnish medical technology company and one of the leading providers of handheld fundus cameras. Optomed combines handheld screening devices with software and artificial intelligence with the aim to transform the diagnostic process of blinding 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. The company has an extensive portfolio of 55 international patents protecting the technology. In 2019, Optomed’s revenue reached EUR 15 million and 2018 pro forma revenue amounted to EUR 14.5 million. At the end of 2019, Optomed employed 108 professionals.