This release is a summary of Revenio’s Financial statements release 2024. The complete report is attached to this release as a PDF file. It is also available on the company website at www.reveniogroup.fi/en/.

October–December 2024

• Net sales totaled 30.5 (EUR 29.1) million, up by 4.8%
• The currency-adjusted decrease of net sales in October-December was 1.1%
• Operating profit was EUR 9.1 (9.5) million, or 29.9% of net sales, down by 3.6%
• The adjusted operating profit was EUR 9.3 (9.5) million, or 30.3% of net sales, down by 2.3%
• EBITDA was EUR 10.3 (10.5) million, or 33.6% of net sales, down by 2.4%
• Cash flow from operating activities totaled EUR 9.8 (5.2) million. More efficient working capital management influenced the positive development of cash flow from operating activities during the review period.
• Earnings per share came to EUR 0.247 (0.270)

January–December 2024

• Net sales totaled EUR 103.5 (96.6) million, up by 7.2%
• The currency-adjusted growth of net sales was 5.9%
• Operating profit was EUR 25.0 (26.3) million, or 24.2% of net sales, down by 4.9%
• EBITDA was EUR 30.2 (30.3) million, or 29.2% of net sales, down by 0.2%
• The adjusted operating profit was EUR 26.0 (27.3) million, or 25.1% of net sales, down by 5.0%
• Cash flow from operating activities totaled EUR 23.9 (10.9) million. More efficient working capital management influenced the positive development of cash flow from operating activities during the review period.
• Earnings per share came to EUR 0.695 (0.719)
• Dutch artificial intelligence (AI) software company Thirona Retina B.V. was acquired in August 2024
• The Annual General Meeting was held on April 4, 2024. The dividend was confirmed as EUR 0.38.
• The Board of Directors will propose to the Annual General Meeting of April 10, 2025, that a dividend of EUR 0.40 per share be paid

Key figures

Financial guidance for 2025
Revenio Group’s exchange rate-adjusted net sales are estimated to grow 6-15 percent from the previous year and profitability, excluding non-recurring items, is estimated to remain at a good level.

President and CEO Jouni Toijala
The year 2024 showed an upward trend for us towards the end of the year. Although the first quarter was soft, sales picked up as the year progressed and the last quarter culminated in an all-time sales record in December. This year, fourth-quarter sales consisted of smaller individual transactions, and unlike in the comparison period, there were no significant large one-time orders. Reported net sales increased by 4.8% in the fourth quarter, totaling 30.5 (EUR 29.1) million. Our exchange rate-adjusted net sales for the fourth quarter decreased by 1.1%. Recurring revenue from software licenses, service contracts and probe sales accounted for nearly one-third of our total net sales, and we expect its share to grow in the future.

One of the best performers in the industry

Our profitability was strong in the fourth quarter of the year. Our scalable business model has proven to be very effective, and the growth in net sales was also reflected in good profitability, which is among the best in our industry. There were no significant costs from the US clinical trials related to the iCare ILLUME marketing authorization process in the fourth quarter.

Growth and innovation from an eye care pioneer

Sales of intraocular pressure measuring devices, or tonometers, were strong in the fourth quarter. Sales were driven particularly by single-use probes and the iCare ST500 slit lamp mounted tonometer we launched in the fall. Its launch and marketing authorization in the US were significant achievements that strengthened our global position. In addition, sales of the iCare HOME2 home measurement tonometer grew very strongly in the fourth quarter, although the volumes remain moderate. Sales were also boosted by the iCare IC200, whose updated version featuring Quick Measure received marketing authorization from Chinese authorities during the financial year. iCare TONOVET Pro and iCare TONOVET Pet for veterinary use performed well in the fourth quarter.

Sales of fundus imaging devices developed favorably, considering that the fourth quarter did not see significant one-time orders like in the comparison period. The iCare EIDON product family in particular performed strongly. Obtaining a marketing authorization in China for the iCare EIDON, iCare EIDON AF and iCare EIDON UWF fundus imaging systems strengthens our position as a pioneer in fundus imaging. We are preparing commercial deliveries of our new iCare MAIA microperimeter in early 2025.

Our iCare ILLUME screening solution expanding into new markets, such as Germany and the Middle East, is an important part of our growth strategy. The AI-powered RetCAD software by Thirona Retina, which we acquired in the third quarter, is part of the iCare ILLUME screening solution, which has been very well received by our customers. RetCAD uses artificial intelligence to screen fundus images for eye diseases, including diabetic retinopathy, age-related macular degeneration, and glaucoma. In 2024, RetCAD already produced more than twice the number of patient reports compared to the previous year. The number of iCare ILLUME screening sites also quadrupled in 2024. The iCare ILLUME screening solution is currently undergoing the marketing authorization process in the United States.

Strategy implementation progressed strongly in 2024

The implementation of our strategy is progressing as planned and we are on the path of profitable growth. New product innovations play a key role in our growth strategy. In 2024, we launched four new products: iCare ST500, iCare TONOVET Pro, TONOVET Pet, and iCare MAIA. The number of customers and measurement volumes of the iCare ILLUME screening solution has increased significantly, and the scalability of the comprehensive solution has been validated. In software solutions, we took a significant step forward in August with the acquisition of Thirona Retina, whose RetCAD software improves eye disease screening using AI technology. This strengthens our ambition to develop innovative customer-centric solutions and lays down the foundation for recurring revenue. We believe that software solutions will play a growing role in eye health diagnostics and improving the efficiency of care pathways. We also invested in sales and marketing activities as well as our visibility to strengthen the awareness of the iCare brand. People and culture are an important strategic cornerstone for us. We support competence development with the Talent Management framework, which models competence at different organizational levels. The most important step forward in 2024 was the definition of the work role architecture and role development paths. We launched a training program for managers to support the implementation of the strategy and the development of managerial work. In addition, we started working with Aalto Executive Education in 2024, with 20 of our experts participating in a program focused on personal learning, leadership and business development.

Determined work to promote sustainability reporting

We continued our preparation for sustainability reporting in accordance with the Corporate Sustainability Reporting Directive (CSRD). We carried out a double materiality assessment, in which we assessed the impacts, financial risks and opportunities of our operations related to sustainability. The material topics are mainly aligned with our previous sustainability program. Our reporting will be CSRD-aligned from 2025 onwards in 2026.

Strong foundation for profit growth

Revenio is a profitable growth company that is increasingly shifting from a product-focused offering to providing comprehensive eye health solutions. Although we expect our operating environment to remain challenging in 2025, our competitive product and solution offering provides us a strong foundation to outperform the overall industry development. The macroeconomic and geopolitical outlook for 2025 is challenging and includes uncertainties that may impact our business environment. Monitoring these developments and reacting promptly are key elements of our strategy. Furthermore, uncertainty regarding potential U.S. import tariffs is increasing, and we strive to prepare accordingly. I would like to extend my warmest thanks to all of our global employees, customers, partners and shareholders for their support and cooperation during 2024. We will continue together towards a future that will hopefully bring more stable and brighter times, both macroeconomically and geopolitically.

Financial reporting in 2025
The Annual reporting package 2024, including the Report by the Board of Directors and Financial Statements, will be published on the company website during week 12 in 2025.

The interim report Q1/2025 will be published on Tuesday, April 29, 2025. The half-year report H1/2025 will be published on Thursday, August 7, 2025, and the interim report Q3/2025 will be published on Thursday, October 30, 2025.

Webcast and teleconference
Revenio will hold a live webcast and teleconference call for analysts, investors, and media in English at 3.30 p.m. (EET) on February 13, 2025 at Sanomatalo, Flik Studio Eliel, Töölönlahdenkatu 2, Helsinki. CEO Jouni Toijala and CFO Robin Pulkkinen will present the Financial statement release.

The webcast can be watched live at: https://revenio.events.inderes.com/q4-2024

To ask questions, please join the teleconference by registering using the following link: https://events.inderes.com/revenio/q4-2024/dial-in

Phone numbers and the conference ID to access the conference will be provided after registration. To ask a question, please press #5 on your telephone keypad to enter the queue.

A recording of the webcast will be published on www.reveniogroup.fi/en/ after the event.

For further information, please contact
President and CEO Jouni Toijala: +358 50 484 0085
jouni.toijala@revenio.fi

CFO Robin Pulkkinen, tel. +358 50 505 9932
robin.pulkkinen@revenio.fi

Distribution
Nasdaq Helsinki Oy
Financial Supervisory Authority (FIN-FSA)
Principal media
www.reveniogroup.fi/en/

Revenio Group in brief
Revenio is a global provider of comprehensive eye care diagnostic solutions. The group offers fast, user-friendly, and reliable tools for diagnosing glaucoma, diabetic retinopathy, and macular degeneration (AMD). Revenio’s ophthalmic diagnostic solutions include intraocular pressure (IOP) measurement devices (tonometers), fundus imaging devices, and perimeters as well as software solutions under the iCare brand.

In 2024, the Group’s net sales totaled EUR 103.5 million, with an operating profit of EUR 25.0 million. Revenio Group Corporation is listed on Nasdaq Helsinki with the trading code REG1V.