Optomed Plc: Interim Report, January – March 2024

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Optomed Plc Stock Exchange Release 7 May 2024 at 9.00, Helsinki

 

Optomed Plc: Interim Report, January – March 2024

 

January – March 2024

 

  • Revenue decreased by 4.4 percent to EUR 3.3 (3.5) million.
  • Devices segment revenue increased by 0.1 percent to EUR 0.9 (0.9) million.
  • Software segment revenue decreased by 5.9 percent to EUR 2.4 (2.6) million.
  • EBITDA and adjusted EBITDA amounted to EUR -0.6 (-0.5) million corresponding to -26.3 (-14.8) percent of revenue.
  • Outlook unchanged: Optomed expects its full year 2024 revenue to grow compared to 2023.
  • Optomed Aurora with AEYE-DS AI has successfully received FDA clearance after the review period.
  • Discussions with a prominent eye hospital and private equity fund to establish a joint venture for eye screening services in China.

 

Key figures

 

EUR, thousand

Q1/2024

Q1/2023

Change, %

2023

Revenue

3,327

3,478

-4.4%

15,100

Gross profit *

2,213

2,476

-10.6%

10,292

Gross margin % *

66.5%

71.2%

 

68.2%

EBITDA

-648

-513

-26.3%

-1,781

EBITDA margin *, %

-19.5%

-14.8%

 

-11.8%

Adjusted EBITDA *

-648

-513

-26.3%

-1,470

Adjusted EBITDA margin *, %

-19.5%

-14.8%

 

-9.7%

Operating result (EBIT)

-1,191

-1,043

-14.2%

-3,974

Operating margin (EBIT) *, %

-35.8%

-30.0%

 

-26.3%

Adjusted operating result (EBIT) *

-1,191

-1,043

-14.2%

-3,663

Adjusted operating margin (EBIT margin) *, %

-35.8%

-30.0%

 

-24.3%

Net profit/ loss

-1,090

-1,157

5.8%

-4,441

Earnings per share

-0.06

-0.08

15.8%

-0.27

Cash flow from operating activities

-515

-440

-17.1%

-615

Net Debt

-2,585

-2,136

-21.0%

-3,768

Net debt/ EBITDA (LTM) *

1.3

1.4

 

2.1

Net debt/ Adjusted EBITDA (LTM) *

1.6

1.4

 

2.6

Equity ratio  *

69.5%

64.7%

 

70.0%

R&D expenses personnel

299

283

5.6%

1,280

R&D expenses other costs

144

163

-11.7%

644

Total R&D expenses

443

446

-0.7%

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 2023, items affecting comparability amounted to EUR 311 thousand and related to increased credit risk with respect to an overdue trade receivable from a customer in China.

CEO Review

 

I am pleased to announce that Optomed Aurora, equipped with AEYE-DS AI technology, has received FDA clearance, a pivotal achievement in our company's history. This approval marks the introduction of the first handheld AI fundus camera for immediate detection of diabetic retinopathy in the U.S., establishing a new benchmark in diabetic eye care. Our solution has shown unparalleled performance, achieving 92-93% sensitivity and 89-94% specificity in two comprehensive studies, with a remarkable 99% imageability rate. Notably, our technology simplifies the diagnostic process by using just a single image from each eye. This achievement comes from our diligent collaboration with our esteemed partner AEYE Health.

 

Turning to our financial performance for the first quarter, while we fell slightly short of our expectations, particularly in the software segment, our full-year outlook remains positive. Notably, we received promising customer orders from China during the quarter, suggesting potential growth in that region. We've also reevaluated our strategy in China and are presently engaged in discussions with a prominent eye hospital and private equity fund to establish a joint venture for eye screening services, aiming for implementation in either Q2 or Q3. The business model for this venture will be a recurring revenue model, ensuring sustainability and long-term success.

 

Additionally, we successfully halted the decline in our OEM business and resumed our growth trajectory. Despite facing challenges, our team's dedication and strategic execution have yielded excellent outcome as two of our main strategic goals were achieved. Additionally, we are delighted to share that we have emerged victorious in a public tender within the software segment which we have discussed in our previous reports, a result to the quality and competitiveness of our offerings.

 

As we look ahead, we are energized by this momentum and remain committed to delivering value to our shareholders. We sincerely thank you for your continued support and confidence in Optomed.

 

 

 

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 7 May 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 398 980 747 974#

 

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 2024

 

In January - March 2024, Group revenue decreased by 4.4 percent to EUR 3,327 (3,478) thousand. Devices segment had a slow quarter and the revenue increased to EUR 890 (888) thousand. The Software segment revenue decreased by 5.9 percent to EUR 2,437 (2,590) thousand.

 

In January - March 2024, the gross margin decreased to 66.5 from 71.2 percent of last year.

 

EBITDA decreased and it was EUR -648 (-513) thousand. The decrease was mainly due to weakened revenue and, therefore, gross profit.

 

EBIT decreased and it was EUR -1,191 (-1,043) thousand.

 

In January - March 2024, net financial items amounted to EUR 94 (-134) thousand and consisted mainly of interest payments to financial institutions and the translation effect of CNY and USD to EUR.

 

 

Cash flow and financial position

 

January – March 2024

 

In January - March 2024, the cash flow from operating activities amounted to EUR -515 (-440) thousand. Net cash used in investing activities was EUR -534 (-545) thousand and relates to capitalized development expenses. Net cash from financing activities amounted to EUR -366 (-349) thousand.

 

Consolidated cash and cash equivalents at the end of the period amounted to EUR 5,706 (7,179) thousand. Interest-bearing net debt was EUR -2,585 (-2,136) thousand at the end of the period.

 

Net working capital was EUR 2,364 (3,658) thousand at the end of the period.

 

Optomed has large trade receivables from a Chinese customer. The customer missed payments since H2-2023 and, consequently, the specific loss allowance weighted average loss rate was increased from 30% to 50% in Q3-2023. The payment negotiations continue with the said customer. The total amount of the receivable in the balance sheet is now EUR 778 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

Q1/2024

Q1/2023

Change, %

2023

Revenue

890

888

0.1%

5,009

Gross profit *

516

559

-7.6%

2,947

Gross margin % *

58.0%

62.9%

 

58.8%

EBITDA

-361

-426

15.3%

-1,264

EBITDA margin *, %

-40.5%

-47.9%

 

-25.2%

Operating result (EBIT)

-705

-779

9.5%

-2,707

Operating margin (EBIT) *, %

-79.2%

-87.7%

 

-54.0%

 

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

 

January - March 2024

 

In January - March 2024, the Devices segment revenue increased by 0.1 percent to EUR 890 (888) thousand. The OEM and China revenue increased slightly whereas the global distributor sales declined slightly. In the US, the focus of the sales organization was on preparing for the possible Aurora AEYE launch.

 

The gross margin was 58.0 (62.9) percent. During the quarter, the Company sold an amount of Smartscope Pros which had a slight negative effect on the gross margin.

 

EBITDA was EUR -361 (-426) thousand or -40.5 (-47.9) 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

Q1/2024

Q1/2023

Change, %

2023

Revenue

2,437

2,590

-5.9%

10,091

Gross profit *

1,697

1,917

-11.5%

7,346

Gross margin % *

69.6%

74.0%

 

72.8%

EBITDA

526

790

-33.4%

2,629

EBITDA margin *, %

21.6%

30.5%

 

26.1%

Operating result (EBIT)

329

615

-46.5%

1,889

Operating margin (EBIT) *, %

13.5%

23.8%

 

18.7%

 

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

 

January – March 2024

 

In January - March 2024, the Software segment revenue decreased by 5.9 percent to EUR 2,437 (2,590) thousand as there were no major projects deliveries during the quarter. There were no updates in terms of the large Finnish public procurement process during the quarter. After the review period, Optomed announced that it has 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. The decision can be appealed against. 

 

Gross margin decreased and was 69.6 (74.0) percent. EBITDA was EUR 526 (790) thousand or 21.6 (30.5) 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.

 

January – March 2024

 

Group-wide operating expenses amounted to EUR 816 (877) thousand.

 

Personnel

 

Number of personnel at the end of the reporting period.

 

 

3/2024

3/2023

12/2023

Devices

51

48

47

Software

47

45

47

Group common

16

22

20

Total

114

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

 

Optomed’s Annual General Meeting will  be held on Friday, 10 May 2024 at 10:00 a.m. (EEST) at Life Science Center Keilaniemi, Keilaranta 16 C, FI-02150 Espoo, Finland. The reception of persons 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/annual-general-meeting-2024/

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/.

 

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

 

  • 8 August 2024           Half-Year Financial Report for 1 January – 30 June 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

Q1/2024

Q1/2023

2023

Revenue

3,327

3,478

15,100

Other operating income

1

0

49

Material and services

-1,114

-1,002

-4,857

Gross profit

2,213

2,476

10,292

Operating result (EBIT)

-1,191

-1,043

-3,974

Items affecting comparability

 

 

 

Specific credit loss percent change from 30 to 50 %

0

0

311

Adjusted EBIT

-1,191

-1,043

-3,663

Depreciation, amortization and impairment losses

543

530

2,193

Adjusted EBITDA

-648

-513

-1,470

 

Consolidated income statement

 

In thousands of euro

Q1/2024

Q1/2023

2023

Revenue

3,327

3,478

15,100

Other operating income

1

0

49

Materials and services

-1,114

-1,002

-4,857

Employee benefit expenses

-2,127

-2,191

-8,699

Depreciation, amortization and Impairment losses

-543

-530

-2,193

Other operating expenses

-734

-798

-3,374

Operating result

-1,191

-1,043

-3,974

 

 

 

 

Finance income

211

68

479

Finance expenses

-118

-202

-1,024

Net finance expenses

94

-134

-545

 

 

 

 

Profit (loss) before income taxes

-1,098

-1,177

-4,519

 

 

 

 

Income tax expense

7

20

79

 

 

 

 

 

 

 

 

Loss for the period

-1,090

-1,157

-4,441

 

 

 

 

Loss for the period attributable to

 

 

 

Owners of the parent company

-1,090

-1,157

-4,441

Weighted average number of shares

17,108,667

15,284,687

16,706,508

Basic loss per share (euro)

-0.06

-0.08

-0.27

 

 

 


Consolidated condensed comprehensive income statement

 

In thousands of euro

Q1/2024

Q1/2023

2023

Loss for the period

-1,090

-1,157

-4,441

Other comprehensive income

 

 

 

Foreign currency translation difference

-80

78

283

Other comprehensive income, net of tax

-80

78

283

Total comprehensive loss attributable to Owners of the parent company

-1,170

-1,079

 

-4,157

 

Consolidated balance sheet

 

In thousands of euro

March 31, 2024

March 31, 2023

December 31, 2023

ASSETS

 

 

 

Non-current assets

 

 

 

Goodwill

 4,256

 4,256

 4,256

Development costs

 7,996

 6,849

 7,731

Customer relationships

 887

 1,109

 942

Technology

 407

 509

 433

Other intangible assets

 386

 374

 384

Total intangible assets

 13,932

 13,096

 13,746

Tangible assets

 652

 793

 710

Right-of-use assets

 1,341

 1,353

 1,472

Deferred tax assets

 11

 16

 23

Total non-current assets

 15,936

 15,258

 15,951

Current assets

 

 

 

Inventories

 2,777

 3,071

 2,820

Trade and other receivables

3,259

4,324

3,190

Cash and cash equivalents

 5,706

 7,179

 7,118

Total current assets

 11,742

 14,574

 13,128

 

 

 

 

Total assets

 27,678

 29,832

 29,079

 

 

 

 

In thousands of euro

March 31, 2024

March 31, 2023

December 31, 2023

EQUITY

 

 

 

Share capital

 80

 80

 80

Share premium

 504

 504

 504

Reserve for invested non-restricted equity

 50,936

 46,900

 50,936

Translation differences

255

129

334

Retained earnings

-31,460

-27,149

-27,052

Profit (loss) for the financial year

-1,090

-1,157

-4,441

Total equity

 19,223

 19,306

 20,361

LIABILITIES

 

 

 

Non-current liabilities

 

 

 

Borrowings from financial institutions

 1,386

 3,182

 1,651

Government loans

 681

 874

 713

Lease liabilities

 870

 876

 991

Deferred tax liabilities

 291

 368

 310

Total Non-current liabilities

 3,228

 5,300

 3,665

 

 

 

 

Current liabilities

 

 

 

Borrowings from financial institutions

 860

 794

 794

Government loans

 193

 193

 193

Lease liabilities

 501

 502

 516

Trade and other payables

3,672

3,737

3,550

Total current liabilities

 5,227

 5,226

 5,052

 

 

 

 

Total liabilities

 8,455

 10,526

 8,718

 

 

 

 

Total equity and liabilities

 27,678

 29,832

 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

 

 

 

 

-1,090

-1,090

Other comprehensive income

 

 

 

 

 

 

Translation differences

 

 

 

-80

 

-80

Total comprehensive income for the period

 

 

 

-80

-1,090

-1,170

Share issue

 

 

 

 

 

 

Share based payments

 

 

 

 

 

 

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 January 1, 2023

80

504

46,896

51

-27,189

20,342

Comprehensive income

 

 

 

 

 

 

Loss for the period

 

 

 

 

-1,157

-1,157

Other comprehensive income

 

 

 

 

 

 

Translation differences

 

 

 

78

 

78

Total comprehensive income for the period

 

 

 

78

-1,157

-1,079

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share options

 

 

 4

 

40

43

Total transactions with owners of the company

 

 

4

 

40

43

 

 

 

 

 

 

 

Balance at March 31, 2023

80

504

46,900

129

-28,307

19,306

 
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

Q1/2024

Q1/2023

2023

Cash flows from operating activities

 

 

 

Loss for the financial year

-1,090

-1,157

-4,441

Adjustments:

 

 

 

Depreciation, amortization and impairment

losses

543

530

2,193

Finance income and finance expenses

-47

167

468

Other adjustments

-2

-11

289

Cash flows before change in net working capital

-596

-471

-1,491

Change in net working capital:

 

 

 

Change in trade and other receivables

(increase (-) / decrease (+))

-34

324

1,094

Change in inventories

(increase (-) / decrease (+))

54

-95

118

Change in trade and other payables

(increase (+) / decrease (-))

 

107

-171

-75

Cash flows before finance items

-468

-413

-354

Interest paid

-29

-17

-169

Other finance expenses paid

-32

-10

-93

Interest received

14

0

0

Net cash from operating activities (A)

-515

-440

-615

Cash flows from investing activities

 

 

 

Capitalization of development expenses

-509

-518

-2,199

Acquisition of tangible assets

-25

-27

-213

Net cash used in investing activities (B)

-534

-545

-2,412

Cash flows from financing activities

 

 

 

Proceeds from share subscriptions

0

4

4,310

Share issue transaction costs

0

0

-318

Repayment of loans and borrowings

-230

-230

-1,921

Repayment of lease liabilities

-136

-122

-462

Net cash from financing activities (C)

-366

-349

1,609

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

-1,415

-1,333

-1,419

 

 

 

 

Cash and cash equivalents at beginning of period

7,118

8,524

8,524

Effect of movements in exchange rate on cash held

3

-12

13

Cash and cash equivalents at end of period

5,706

7,179

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 interim report also takes into account the amendments to IFRS standards that have become effective by January 1, 2024.

 

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 2023. 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

 

Q1/2024

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

-723

-1,098

 

Q1/2023

In thousands of euro

Devices

Software

Group Admin

Total

External revenue

 888

 2,590

0

 3,478

Net operating expenses

-330

-673

0

-1,002

Margin

559

1,917

0

 2,476

Depreciation and amortization

-353

-175

-2

-530

Other expenses

-984

-1,127

-877

-2,989

Operating result

-779

615

-879

-1,043

Finance items

0

0

-134

-134

Loss before tax expense

-779

615

-1,014

-1,177

 

 

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

 

Other operating income

 

In thousands of euro

Q1/2024

Q1/2023

2023

Other operating income

1

0

49

Total

1

0

49

 

Other operating expenses

 

Other operating expenses

Q1/2024

Q1/2023

2023

Sales and marketing

-95

-147

-635

Research and development

-79

-90

-230

General and administration

-561

-562

-2,509

Total operating expenses

-734

-798

-3,374


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

 

Financial liabilities

 

In thousands of euro 

March 31, 2024 

March 31, 2023 

December 31, 2023 

Non-current financial liabilities 

 

 

 

Borrowings from financial institutions

1,386

3,182

1,651

Government loans

681

874

713

Lease liabilities

870

876

991

Total 

2,937

4,932

3,355

 

 

 

 

 

 

Current financial liabilities 

 

 

 

Borrowings from financial institutions 

860

794

794

Government loans 

193

193

193

Lease liabilities 

501

502

516

Trade payables 

1,102

758

782

Total 

2,656

2,247

2,285

  

 

 

 

Total financial liabilities 

5,594

7,179

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.

 

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 30% to 50%.

 

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 March 31, 2023

 

 

 

Current (not past due)

                   1,839  

0.5%

                   9  

Past due

                             

 

                      

1-30 days

                        83  

1.5%

                   1  

31-60 days

                        33  

4%

                   1  

61-90 days

                      255  

9%

                 23  

More than 90 days past due

                          5  

12%

                   1  

Specific loss allowance

                   1,810  

30%

               543  

Total

                   4,024  

 

               578  

 

 

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  

 

Events after the review period

 

 

On 30 April 2024, Optomed announced that Optomed Aurora with AEYE-DS AI has successfully received FDA clearance.

 

On 2 May 2024, Optomed announced that it has 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. The decision can be appealed against. 

 

 

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