Revenio Group Corporation: Interim Report January 1 - March 31, 2018

Revenio Group Corporation: Interim Report January 1 - March 31, 2018

Revenio Group Corporation, Interim report, April 20, 2018 at 9.00 am

Revenio Group Corporation Interim Report January 1 - March 31, 2018

Due to an amendment to the Securities Market Act, which came into force on November 26, 2015, the descriptive sections of Revenio's interim reports Q1/2018 and Q1-Q3/2018 will be shorter and more concise. The table sections will be reported in accordance with previous practices. The figures are unaudited.

Strongest first quarter in the company's history. Net sales up by 16%, currency-adjusted growth 24%. Operating profit up by 26%

January-March 2018 in brief, continuing Group operations


  • Net sales totaled EUR 7.0 (6.0) million, up 15.9%
  • Operating profit was EUR 2.1 (1.7) million, up 25.9%
  • The weakening of the US dollar had a significant impact on net sales growth. The currency-adjusted growth of net sales in January-March was 23.5%, or 7.6% percentage points stronger than reported
  • The sales organization was strengthened in both the United States and EMEA
  • Earnings per share, undiluted EUR 0.07 (0.06)


Key figures, continuing operations, EUR million  
  Jan 1-Mar 31, 2018 Jan 1-Mar 31, 2017 Change %
Net sales, Group 7.0 6.0 15.9
Operating profit, Group 2.1 1.7 25.9
Net sales, Health Tech 7.0 6.0 15.9
Operating profit, Health Tech 2.7 2.3 19.4
Earnings per share, undiluted 0.069 0.059  
Cash flow from operations 1.8 1.7  
  Mar 31, 2018 Mar 31, 2017 Change, % points
Equity ratio, % 74.8 66.6 8.2
Net leveraging, % -33.6 -31.7 -1.9

Financial guidance for 2018

Net sales growth is expected to remain strong. Profitability is expected to remain at a healthy level despite relatively increasing growth investments.

CEO Timo Hildén comments on the first quarter of 2018:

"Year 2018 started very strongly and we achieved the best first-quarter growth in our history, even though the exchange rate of the dollar decreased net sales by about 8 percentage points. Our net sales increased to EUR 7.0 (6.0) million, year-on-year growth of 15.9%. When assessing our performance so far in 2018, it is noteworthy that there were some large individual deliveries in the first quarter, the kind we are not expecting to get later in the year.

Excellent sales growth was seen in the United States, as well as in the Nordic countries, UK, Canada, South-Korea and Russia.

Device sales were strong, thanks in part to the 2017 launch of the Tonovet Plus tonometer, designed for the measurement of intraocular pressure in animals, and sales of the Icare HOME tonometer. In addition, our cloud-based mHOME mobile application has attracted plenty of interest in the countries where it already has been launched.

We have stepped up marketing of the Icare HOME tonometer in all key markets. We have also started selling the product directly to patients in selected markets.

Towards the end of the year, we will launch the new ic200 tonometer for professional use, replacing the earlier model Icare PRO. Intended in particular for use by eye surgeons, we are applying for CE marking during the spring and will later seek FDA approval in order to begin sales.

Growth continued in probe sales, as before, thanks to the active use of the installed devices.

We have strengthened our export organization with two new regional managers, covering the Middle East, Africa and South America. In addition, we have hired a marketing manager for the US sales organization, who will primarily focus on promoting sales of the Icare HOME tonometer. We believe that these measures will generate additional sales during the current year.

Our hyperspectral camera for skin cancer detection has been named Cutica®. Development of the product is proceeding according to plan. We seek to complete the commercial model by the end of the year, after which we will apply for CE marking to start up sales work.

Further research on the asthma product Ventica® has produced valuable information. We seek to update the product algorithm and begin sales efforts during the current year."

General statement

This report contains certain statements that are estimates based on the management's best knowledge at the time they were made. For this reason, they involve a certain amount of inherent risk and uncertainty. The estimates may change in the event of significant changes in general economic conditions.

Revenio Group Corporation

Board of Directors

For further information, please contact:

Timo Hildén, CEO, tel.  +358 40 580 4774



Nasdaq Helsinki Oy

Financial Supervisory Authority (FIN-FSA)

Principal media

The Revenio Group in brief

Revenio is a Finnish, globally operating health technology corporation whose worldwide success is based on a strongly patented intraocular pressure measurement technology. The Revenio Group consists of Icare Finland Oy, Revenio Research Oy and Oscare Medical Oy. The common denominators of Revenio's business operations include screening, follow-up and the global need to make cost savings through preventive health care. Revenio seeks vigorous growth in health technology. Revenio aims to develop even more efficient and easily adopted methods for the early-stage detection of diseases with significance for public health. The focus of Revenio's screening technology is on the early detection of glaucoma, osteoporosis, skin cancer and asthma, and the monitoring of these during the treatment process.

In 2017, net sales of Revenio Group totaled MEUR 26.8, with an operating margin of 35.5%, excluding non-recurring expenses. Revenio Group Corporation is listed on Nasdaq Helsinki.

Revenio Group Corporation Interim report Q1 2018