2025-02-13 08:00:00 CET
2025-02-13 08:00:21 CET
REGULATED INFORMATION
Optomed Oyj - Financial Statement Release
Optomed Plc: Financial Statements Bulletin, January - December 2024
Optomed Plc Stock Exchange Release 13 February 2025 at 9.00, Helsinki
Optomed Plc: Financial Statements Bulletin, January - December 2024
October - December 2024
Revenue increased by 39.3 percent to EUR 5.1 (3.7) million
Devices segment revenue increased by 149.3 percent to EUR 2.6 (1.0) million
driven by a large order in the US.
Software segment revenue decreased by 3.3 percent to EUR 2.5 (2.6) million.
Adjusted EBITDA was EUR -0.5 (-0.8) million corresponding to -10.4 (-20.7)
percent of revenue.
Optomed expects its full year 2025 revenue to grow strongly compared to 2024
January - December 2024
Revenue decreased by 0.4 percent to EUR 15.0 (15.1) million.
Devices segment revenue increased by 6.3 percent to EUR 5.3 (5.0) million.
Software segment revenue decreased by 3.7 percent to EUR 9.7 (10.1) million.
Adjusted EBITDA amounted to EUR -2.8 (-1.5) million corresponding to -18.6 (
-9.7) percent of revenue and EBITDA amounted to -3.5 (-1.8) EUR million.
Optomed Aurora with AEYE-DS AI successfully received FDA clearance in Q2-2024.
Optomed signed a shareholder's agreement with
(https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=5190328&la
ng=en-GB&companycode=sf
-opto&v=)Zhongbao (https://tools.eurolandir.com/tools/Pressreleases/GetPressRelea
se/?ID=5190328&lang=en-GB&companycode=sf-opto&v=) Fund to establish a joint
venture in
China (https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=51903
28&lang=en-GB&companycode=sf-opto&v=) in Q2-2024.
Optomed successfully completed directed share issue in Q2-2024 raising gross
proceeds approximately EUR 7.9 million.
Key figures
In thousands of euro Q4/2024 Q4/2023 Change, % 2024 2023 Change, %
Revenue 5,099 3,660 39.3% 15,040 15,100 -0.4%
Gross profit * 3,321 2,489 33.4% 9,676 10,292 -6.0%
Gross margin % * 65.1% 68.0 % 64.3% 68.2%
EBITDA -812 -757 -7.2% -3,458 -1,781 -94.2%
EBITDA margin *, % -15.9% -20.7% -23.0% -11.8%
Adjusted EBITDA * -532 -757 29.7% -2,796 -1,470 -90.2%
Adjusted EBITDA margin -10.4% -20.7% -18.6% -9.7%
*, %
Operating result -1,497 -1,319 -13.5% -5,689 -3,974 -43.2%
(EBIT)
Operating margin -29.4% -36.1% -39.6% -26.3%
(EBIT) *, %
Adjusted operating -1,218 -1,319 7.7% -5,295 -3,663 -44.6%
result (EBIT) *
Adjusted operating -23.9% -36.1% -35.2% -24.3%
margin (EBIT margin)
*, %
Net profit/ loss -989 -1,530 35.5% -5,450 -4,441 -22.7%
Earnings per share -0.05 -0.09 42.1% -0.29 -0.27 -9.8%
Cash flow from 318 -457 169.5% -1,596 -615 -159.3%
operating activities
Net Debt -8,170 -3,768 116.8% -8,170 -3,768 116.8%
Net debt/ EBITDA (LTM) 2.4 2.1 2.4 2.1
*
Net debt/ Adjusted 2.9 2.6 2.9 2.6
EBITDA (LTM) *
Equity ratio * 74.4% 70.0% 74.4% 70.0%
R&D expenses personnel 394 338 16.7% 1,336 1,280 4.4%
R&D expenses other 223 139 60.7% 706 644 9.6%
costs
Total R&D expenses 617 476 29.5% 2,041 1,924 6.1%
*) 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 FY2024 items affecting comparability amounted to EUR 662
thousand and In Q4 2024 items affecting comparability amounted to 279 and are
related to credit loss with respect to an overdue trade receivable from a
customer in China.
CEO Review
Dear Shareholders
I am pleased to present Optomed's financial and operational results for the
fourth quarter and full year 2024. This has been a year of both challenges and
significant achievements as we continue to drive innovation and expand our
market presence. Despite macroeconomic headwinds, we have made important
progress in our strategic initiatives, particularly in the U.S.
October - December 2024
Optomed delivered strong growth in the fourth quarter of 2024, with revenue
increasing by 39.3% to EUR 5.1 million, compared to EUR 3.7 million in the same
period of 2023. This growth was primarily driven by the significant increase in
the Devices segment, which saw revenue surge by 149.3% to EUR 2.6 million (Q4
2023: EUR 1.0 million). A key driver of this growth was a large order from the
U.S., reflecting the increasing demand for our innovative handheld fundus
cameras in the market.
In contrast, revenue in the Software segment declined slightly by 3.3% to EUR
2.5 million (Q4 2023: EUR 2.6 million). While we continue to see strong
engagement from our existing customers, the segment faced temporary challenges
related to contract renewals and delayed purchasing decisions by some clients.
Optomed's Adjusted EBITDA improved compared to the previous year, amounting to
EUR -0.5 million (Q4 2023: EUR -0.8 million). This represents an improvement in
profitability, with Adjusted EBITDA margin rising to -10.7%, compared to -20.7%
in Q4 2023. The improvement was driven by higher revenue from the Devices
segment, operational efficiency measures, and disciplined cost control.
January - December 2024
For the full year 2024, Optomed's revenue remained stable, decreasing slightly
by 0.4% to EUR 15.0 million (2023: EUR 15.1 million). While overall growth was
limited, the performance varied across our two main business segments.
Devices segment revenue increased by 6.3% to EUR 5.3 million (2023: EUR 5.0
million), driven by strong demand in the U.S. The US has become our largest
market within the Devices segment in 2024.
Software segment revenue declined by 3.7% to EUR 9.7 million (2023: EUR 10.1
million). The decrease was mainly due to slower-than-expected contract renewals,
but we anticipate a recovery in 2025 especially in the dental business which a
new business segment for Optomed.
Optomed's profitability was impacted by investments in growth, leading to an
Adjusted EBITDA of EUR -2.8 million (2023: EUR -1.5 million), corresponding to
-18.7% of revenue (2023: -9.7%). The decline reflects our strategic investments
in AI-driven technology, regulatory approvals, and market expansion initiatives,
which we expect to yield long-term benefits.
Key Achievements in 2024
· FDA clearance for Optomed Aurora together with our partner AEYE Health: one
of our most significant achievements in 2024 was successfully obtaining FDA
clearance for Optomed Aurora with AEYE-DS AI in Q2. This marks a major milestone
as Optomed Aurora AEYE became the first AI-powered handheld fundus camera to
receive FDA clearance for detecting diabetic retinopathy. This clearance opens
new opportunities in the U.S. market, reinforcing our leadership in AI-driven
eye diagnostics.
· Our new fundus camera successfully received CE certification according to
new regulation (MDR). This device will be a game-changing component in the field
of oculomics´s expansion and breakthrough in the field.
· Strategic Expansion in China: In Q2 2024, Optomed signed a shareholder
agreement with Zhongbao Fund to establish a joint venture in China.
· We successfully entered into the dental imaging segment for several major
well-being services counties. This marks an opportunity for us and provides a
strong foundation for future growth. We also managed to secure continuation for
our non-healthcare-related business. This business has been in the past years a
significant part of software segments overall business.
· Successful fundraising: To support our growth strategy, Optomed successfully
completed a directed share issue in Q2 2024, raising gross proceeds of
approximately EUR 7.9 million. This funding has provided us with additional
resources to advance our AI technology, expand into new markets, and invest in
product innovation. Our cash position remains strong at the year end of 2024 and
this enables us to drive our key growth initiatives forward.
Year 2025
Looking ahead to 2025, Optomed remains committed to its mission of making eye
screening accessible and efficient worldwide. Among others, we expect the
following items to support our revenue growth in 2025:
· Increased adoption of AI-powered screening solutions, particularly in the
U.S. following the FDA clearance.
· New partnerships and collaborations with healthcare providers and research
institutions.
· Continued innovation and investment in AI and handheld imaging technology.
We are confident that our strong foundation, strategic initiatives, and
commitment to innovation will drive sustainable growth and improved
profitability in the years ahead.
I would like to take this opportunity to thank our employees, customers,
partners, and shareholders for their continued trust and support. Together, we
are shaping the future of AI-powered eye diagnostics.
Juho Himberg
CEO
Outlook 2025
Optomed expects its full year 2025 revenue to grow strongly compared to 2024.
Telephone conference
A telephone conference for analysts, investors and media will be arranged on 13
February 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 902 596 758#
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
October - December 2024
In October-December 2024, the group's revenue increased by 39.3 percent to EUR
5,099 (3,660) thousand. Revenue in the Devices segment increased by 149.3
percent to EUR 2,551 (1,023) thousand due to a large order in the United States.
Revenue in the Software segment decreased by 3.3 percent to EUR 2,549 (2,637)
thousand.
The gross margin decreased to 57.9 percent from 68.0 percent in the comparison
period.
EBITDA decreased to EUR -812 (-757) thousand.
EBIT was EUR -1,497 (-1,319) thousand.
Net financial items for October-December 2024 were EUR 493 (-230) thousand,
mainly consisting of interest income and exchange rate differences between the
Chinese renminbi and the US dollar against the euro.
January - December 2024
In January-December, revenue decreased by 0.4 percent to EUR 15,040 (15,100)
thousand. Revenue in the Devices segment increased by 6.3 percent, while revenue
in the Software segment decreased by 3.7 percent.
The gross margin decreased to 64.3 percent from 68.2 percent in the comparison
period.
EBITDA was EUR -3,458 (-1,781) thousand, and EBIT was EUR -5,957 (-3,974)
thousand.
Net financial items were EUR 441 (-545) thousand, mainly consisting of interest
income and exchange rate differences between the Chinese renminbi and the euro.
Optomed Aurora AEYE-DS AI successfully received FDA approval in the United
States during Q2 2024.
In Q2 2024, Optomed signed a shareholder agreement for a joint venture in China
with Zhongbao, a venture capital firm based in Shenzhen, China. The pilot
project has been transferred to 2025.
Cash flow and financial position
October - December 2024
In October-December, the net cash flow from operations was EUR 318 (-457)
thousand. The net cash flow from investments was EUR -613 (-583) thousand,
mainly consisting of capitalized product development expenses. The net cash flow
from financing activities was EUR -241 (-1,415) thousand for the financial year.
At the end of the review period, the group's cash and cash equivalents were EUR
10,467 (7,118) thousand. Net debt was EUR -8,170 (-3,768) thousand at the end of
the review period.
Net working capital was EUR 1,128 (2,460) thousand at the end of the review
period.
A Chinese customer, from whom Optomed has significant trade receivables, has
failed to make several payments since the second half of 2023. The credit loss
provision has been increased by EUR 279 thousand in Q4 and it was now 100% of
the trade receivable at the end of the review period. Optomed will nevertheless
continue to pursue debt collection.
January - December 2024
In January-December, the net cash flow from operations was EUR -1,596 (-615)
thousand.
The net cash flow from investments was EUR -2,118 (-2,412) thousand, mainly
consisting of capitalized product development expenses.
A Chinese customer, from whom Optomed has significant trade receivables, has
failed to make several payments since the second half of 2023. As a result, the
special provision for credit losses was increased to 75 percent during Q2 2024.
During Q3 2024, Optomed received a payment of EUR 455 thousand from the
customer, reducing the credit loss provision by EUR 340 thousand. The credit
loss provision was increased to 100% in the last quarter of the year and the
trade receivable has been written off. Total credit loss for 2024 was EUR 1,099
thousand.
The net cash flow from financing activities was EUR 7,081 (1,609) thousand for
the review period.
On June 26, 2024, Optomed carried out a directed share issue consisting of
1,500,000 new shares of the company. The issue raised approximately EUR 7.9
million in gross proceeds.
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).
In thousands Q4/2024 Q4/2023 Change, % 2024 2023 Change, %
of euro
Revenue 2,551 1,023 149.3% 5,326 5,009 6.3%
Gross profit * 1,476 590 150.2% 2,778 2,947 -5.7%
Gross margin % 57.9% 57.7% 52.2% 58.8%
*
EBITDA -115 -570 126.7% -1,673 -1,264 -32.4%
EBITDA margin -4.5% -55.7% -31.4% -25.2%
*, %
Operating -589 -938 65.8% -3,343 -2,707 -23.5%
result (EBIT)
Operating -231% -91.7% -62.8% -54.0%
margin (EBIT)
*, %
*) Alternative performance measures, see section Alternative Performance
Measures for definitions and calculations.
October - December 2024
In October - December 2024, the Devices segment revenue increased by 149.3
percent to EUR 2,551 (1,023) thousand. During the quarter, the Devices segment
received a large order from a US screening service provider. The order was
traditional device capex transaction and did not include AI service or a
recurring revenue component.
The gross margin was 57.9 (57.7) percent.
EBITDA was EUR -115 (-570) thousand or -4.5 (-55.7) percent of revenue.
January - December 2024
In January - December 2024, the Devices segment revenue increased by 6.3 percent
to EUR 5,326 (5,009) thousand. During the year, the US was the largest sales
channel driven by the large US order of Q4.
The gross margin decreased to 52.2 percent from 58.8 percent. The gross margin
was negatively affected by an inventory revaluation of EUR 0.3 million in Q3
-2024.
EBITDA was EUR -1,673 (-1,264) thousand or -31.4 (-25.2) 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.
In thousands Q4/2024 Q4/2023 Change, % 2024 2023 Change, %
of euro
Revenue 2,549 2,637 -3.3% 9,714 10,091 -3.7%
Gross profit * 1,845 1,899 -2.8% 6,889 7,346 -6.2%
Gross margin % 72.4% 72.0% 70.9 % 72.8%
*
EBITDA 429 624 -31.2% 1,897 2,629 -27.8%
EBITDA margin 16.8% 23.7% 19.5 % 26.1%
*, %
Operating 219 432 -49.3% 1,078 1,889 -42.9%
result (EBIT)
Operating 8.6% 16.4% 11.1 % 18.7%
margin (EBIT)
*, %
*) Alternative performance measures, see section Alternative Performance
Measures for definitions and calculations.
October - December 2024
In October - December 2024, the Software segment decreased by 3.3 percent to EUR
2,549 (2,637) thousand.
The gross margin was 72.4 (72.0) percent.
EBITDA was EUR 429 (624) thousand or 16.8 (23.7) percent of revenue.
January - December 2024
In January - December 2024, the Software segment revenue decreased by 3.7
percent to EUR 9,714 (10,091) thousand. In Q3-2024, the Software segment won a
dental imaging related public procurement process in Finland In Q2-2024, Optomed
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.
Gross margin decreased and it was 70.9 (72.8) percent.
EBITDA was EUR 1,897 (2,629) thousand or 19.5 (26.1) 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.
October - December 2024
Group-wide operating expenses amounted to EUR 1,127 (814) thousand.
January - December 2024
Group-wide operating expenses amounted to EUR 3,692 (3,155) thousand.
Personnel
Number of personnel at the end of the reporting period.
12/2024 12/2023
Devices 47 47
Software 50 47
Group common 18 20
Total 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 19,693,297
shares and the Company held 34,729 shares in the treasury which approximately
corresponds to 0.18 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/.
Flagging notifications
On 2 July 2024, Optomed announced that has received a notification in accordance
with the Chapter 9, Section 5 of the Finnish Securities Markets Act (as amended,
the “SMA”) from Sp Rahastoyhtiö Oy. According to the notification, the total
holdings in Optomed shares and votes held the investment funds of Sp
-Rahastoyhtiö (Säästöpankki Pienyhtiöt, Säästöpankki Kotimaaa) is 6.51 per cent
of all of the registered shares in Optomed on 1 July 2024.
On 30 September 2024, Optomed announced that it has received a notification in
accordance with the Chapter 9, Section 5 of the Finnish Securities Markets Act
(as amended, the “SMA”) from Danske Bank A/S. According to the notification, the
total holdings in Optomed shares and votes held by Danske Bank A/S is 5.08 per
cent of all of the registered shares in Optomed on 26 September 2024.
On 14 November 2024, Optomed announced that it has received a notification in
accordance with the Chapter 9, Section 5 of the Finnish Securities Markets Act
(as amended, the “SMA”) from Danske Bank A/S. According to the notification, the
total holdings in Optomed shares and votes held the by Danske Bank A/S is 4.86
per cent of all of the registered shares in Optomed on 12 November 2024.
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
Optomed has reviewed its complete risk position after the year end of 2024. The
complete risk position is as follows.
GEOPOLITICS
Optomed operates globally.
Geopolitical tensions may impact the competitiveness of Optomed's supply chain
or sales, leading to increased costs or causing potential disruptions for
example in the form of tariffs.
HIGH QUALITY PRODUCTS
The quality and safety of the Company's products are extremely important for
Optomed's competitiveness.
The Company may be adversely affected if it fails to continuously develop and
update its fundus cameras and software solutions or to identify or integrate new
products and product platforms into its offering. The Company's or its partners'
products may also be subject to clinical trials, the results of which are
critical for the products' regulatory approvals and market acceptance.
STRATEGY AND M&A
The Company may be unsuccessful in fulfilling its strategy or the strategy
itself may be unsuccessful .
The successful implementation of the Company's strategy depends upon a number of
factors, some of which are completely or partially outside the Company's
control. The Company has an appropriate risk management function in the context
of the size of the Company's operations, however, it may not be able to identify
or monitor all relevant risks and determine efficient risk management procedures
and responsible persons that may again affect the strategy. The Company is also
dependent on its ability to develop and manage varying routes-to-market for its
products, the efficiency of its sales channels and its customer and distributor
relationships. Further, the Company has an opportunistic view on M&A which by
nature include inherent risks. Failure of strategy may force the Company to
record write-downs on its goodwill.
MARKET AND COMPETITION
Optomed operates in a niche market that is highly competitive.
Optomed operates in the fundus camera market that is developing fast and the
competition is sometimes fierce. The market acceptance of the Company's products
and solutions is important for our future growth. Optomed recognizes a
possibility of new market changing products entering the market. Further, in
certain key geographies the client base is limited and, therefore, a loss of a
key customer in a key market may adversely affect our revenue streams.
EXTERNAL ECONOMIC AND POLITICAL RISKS AND NATURAL DISASTERS
Optomed operates globally and is thus exposed to various external risks.
The Company is exposed to natural disasters taking place in countries where it
operates and general and country specific economic political and regulatory
risks, which could entail volatile sales in key markets.
SUPPLY CHAIN
Optomed's business is dependent on the effectiveness of purchasing materials,
manufacturing and timely distribution.
The Company is dependent on contract manufacturers for functioning, efficient
and effective production and product assembly. Further, the Company is dependent
on suppliers which may affect the Company's ability to supply its customers in a
timely manner.
SYSTEMS AND INFORMATION
Our operations are increasingly dependent on IT systems.
Disruption of the Company's IT systems could inhibit our business operations in
a number of ways, including disruption to financial reporting, sales, production
and cash flows.
LITIGATION
Optomed operates globally and pursues double-digit annual organic growth in
medium term.
Optomed may not always be able to reach the best contractual terms with
stakeholders. The Company may be negatively affected by legal or administrative
proceedings directed at the Company or third parties due to back-to-back
liability, or other disputes and claims including product liability, especially
in terms of medical devices, and intellectual property rights related items.
TRADE SECRETS AND PATENTS
The technologic capabilities are a competitive advantage that the Company must
be able to protect.
The Company may not be able to protect its trade secrets and know-how which
could lead to losing the competitive advantage the Company has. At the same
time, the Company maybe forced to take actions against parties that violate our
IPRs.
TALENT & ORGANISATION
A skilled workforce and agile organisation are essential for the continued
success of our business.
The Company may be adversely affected if it would lose its key personnel or
fails to attract the right talent.
FINANCE
The Company needs external financing to operate and is not currently
profitable.
The Company is dependent on external financing and the Company may have
difficulties accessing additional financing on competitive terms or at all which
may again contribute the Company's liquidity risks. The Company is also subject
to credit and counterparty risks through its trade receivables.
FOREX
We operate globally and are thus exposed to currency exchange risks.
The Company is exposed to foreign exchange rate risks arising from fluctuations
in currency exchange rates, especially with regards USD, EUR and RMB. Currency
rates, along with demand cycles, can result in significant swings in the prices
of the raw materials needed to produce our goods and our sales prices and OPEX.
LEGAL AND REGULATORY
Compliance with laws and regulations is an essential part of Optomed's business
operations.
Optomed together with its suppliers and distributors operate globally and are
subject to various national and regional regulations in the areas of medical
devices, product safety, product claims, data protection, intellectual property
rights, health and safety, competition, employment, taxes and anti-money
laundering and anti- bribery & corruption (AML & ABC). Further, many of the
Company's devices are subject to various medical related assessment (including
clinical trials), clearance and approval processes that are required to place
our products the market. Failure to comply these might lead to loss of sales
permits in different markets, product recalls, reputational issues, civil and
criminal actions leading to various direct and indirect damages to Optomed and
its employees that are not completely covered by Optomed's insurance coverage.
Especially, failures with respect to compliance with certain medical devices
related regulations and processes may hinder the Company's devices' market
access.
The Board's proposal for the distribution of profit
The parent company's non-restricted equity on 31 December 2024, was EUR
28,957,353.52 and the net loss for the financial year was EUR -4,931,484.87. The
Board of Directors proposes to the Annual General Meeting that no dividend will
be paid and the non-restricted equity on the outstanding 19,693,297 shares shall
be retained and carried forward.
Audit review
This financial report has been audited by the company's auditors.
Financial reporting in 2025
· 6 May 2025 Interim Report for 1 January - 31 March 2025
· 7 August 2025 Half-Year Financial Report for 1 January - 30 June
2025
· 6 November 2025 Interim Report for 1 January - 30 September 2025
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 Definition
Performance
Measures
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 Operating result excluding items affecting comparability
result
Adjusted operating Adjusted operating result / Revenue
margin, %
Adjusted EBITDA EBITDA excluding items affecting comparability
Adjusted EBITDA Adjusted EBITDA / Revenue
margin, %
Items affecting Material items outside ordinary course of business
comparability 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 Net Debt / EBITDA (for the last twelve months, LTM)
(LTM), times
Net Debt / Adjusted Net Debt / Adjusted EBITDA (for the last twelve months,
EBITDA (LTM), times 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 thousands of euro Q4/2024 Q4/2023 2024 2023
Revenue 5,099 3,660 15,040 15,100
Other operating income 0 21 10 49
Material and services -1,778 -1,192 -5,374 -4,857
Gross profit 3,321 2,489 9,676 10,292
Operating result (EBIT) -1,497 -1,319 -5,689 -3,974
Items affecting
comparability
Specific loss allowance 279 0 662 311
Adjusted EBIT -1,218 -1,319 -5,295 -3,663
Depreciation, 686 562 2,499 2,193
amortization and
impairment losses
Adjusted EBITDA -532 -757 -2,796 -1,470
Consolidated income statement
In thousands of euro Q4/2024 Q4/2023 2024 2023
Revenue 5,099 3,660 15,040 15,100
Other operating income 0 21 10 49
Materials and services -1,778 -1,192 -5,374 -4,857
Employee benefit -2,631 -2,441 -8,931 -8,699
expenses
Depreciation, -686 -562 -2,499 -2,193
amortization and
Impairment losses
Other operating expenses -1,502 -805 -4,204 -3,374
Operating result -1,497 -1,319 -5,957 -3,974
Finance income 758 56 1,217 479
Finance expenses -265 -286 -776 -1,024
Net finance expenses 493 -230 441 -545
Profit (loss) before -1,004 -1,550 -5,516 -4,519
income taxes
Income tax expense 15 20 66 79
Loss for the period -989 -1,530 -5,450 -4,441
Loss for the period
attributable to
Owners of the parent -989 -1,530 -5,450 -4,441
company
Weighted average number 18,675,167 16,706,508 18,675,167 16,706,508
of shares
Basic loss per share -0.05 -0.09 -0.29 -0.27
(euro)
Consolidated condensed comprehensive income statement
In thousands of euro Q4/2024 Q4/2023 2024 2023
Loss for the period -989 -1,530 -5,450 -4,441
Other comprehensive income
Foreign currency translation -406 172 -329 283
difference
Other comprehensive income, net of -406 172 -329 283
tax
Total comprehensive loss -1,395 -1,358 -5,778 -4,157
attributable to Owners of the
parent company
Consolidated balance sheet
In thousands of euro December 31, 2024 December 31, 2023
ASSETS
Non-current assets
Goodwill 4,256 4,256
Development costs 8,288 7,731
Customer relationships 721 942
Technology 331 433
Other intangible assets 370 384
Total intangible assets 13,965 13,746
Tangible assets 652 710
Right-of-use assets 1,456 1,472
Deferred tax assets 12 23
Total non-current assets 16,085 15,951
Current assets
Inventories 1,961 2,820
Trade and other receivables 3,268 3,190
Cash and cash equivalents 10,467 7,118
Total current assets 15,695 13,128
Total assets 31,781 29,079
In thousands of euro December 31, 2024 December 31, 2023
EQUITY
Share capital 80 80
Share premium 504 504
Reserve for invested non-restricted equity 59,608 50,936
Translation differences 6 334
Retained earnings -31,111 -27,052
Profit (loss) for the financial year -5,450 -4,441
Total equity 23,637 20,361
LIABILITIES
Non-current liabilities
Borrowings from financial institutions 790 1,651
Government loans 521 713
Lease liabilities 1,017 991
Deferred tax liabilities 234 310
Total Non-current liabilities 2,561 3,665
Current liabilities
Borrowings from financial institutions 794 794
Government loans 193 193
Lease liabilities 495 516
Trade and other payables 4,101 3,550
Total current liabilities 5,583 5,052
Total liabilities 8,144 8,718
Total equity and liabilities 31,781 29,079
Consolidated statement of changes in shareholders' equity
Equity attributable to owners of the parent company
+-------------+-------+-------+-----------+-----------+--------+-------+
|In thousands |Share |Share |Reserve |Translation|Retained|Total |
|of euro |capital|premium|for |differences|earnings| |
| | | |invested | | | |
| | | |non | | | |
| | | |-restricted| | | |
| | | |equity | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
| | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |50,936 |334 |-31,493 | 20,361|
|January 1, | | | | | | |
|2024 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Loss for the | | | | |-5,450 |-5,450 |
|period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Other | | | | | | |
|comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Translation | | | |-329 | |-329 |
|differences | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | | |-329 |-5,450 |-5,778 |
|comprehensive| | | | | | |
|income for | | | | | | |
|the period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share issue | | | 7,322 | | |7,322 |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share based | | | 43 | | |43 |
|payments | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share options| | |1307 | |382 |1,689 |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | |8,672 | |382 |9,054 |
|transactions | | | | | | |
|with owners | | | | | | |
|of the | | | | | | |
|company | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
| | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |59,608 |6 |-36,560 | 23,637|
|December 31, | | | | | | |
|2024 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
Equity attributable to owners of the parent company
+-------------+-------+-------+-----------+-----------+--------+-------+
|In thousands |Share |Share |Reserve |Translation|Retained|Total |
|of euro |capital|premium|for |differences|earnings| |
| | | |invested | | | |
| | | |non | | | |
| | | |-restricted| | | |
| | | |equity | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
| | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |46,896 |51 |-27,189 |20,342 |
|January 1, | | | | | | |
|2023 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Loss for the | | | | |-4,441 |-4,441 |
|period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Other | | | | | | |
|comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Translation | | | |283 | |283 |
|differences | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | | |283 |-4,441 |-4,157 |
|comprehensive| | | | | | |
|income for | | | | | | |
|the period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share issue | | |3,973 | | |3,973 |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share based | | |48 | | |48 |
|payments | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share options| | |19 | |137 |156 |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | |4,039 | |137 |4,176 |
|transactions | | | | | | |
|with owners | | | | | | |
|of the | | | | | | |
|company | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
| | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |50,936 |334 |-31,493 | 20,361|
|December 31, | | | | | | |
|2023 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
Consolidated cash flow statement
In thousands of euro Q4/2024 Q4/2023 2024 2023
Cash flows from operating activities
Loss for the financial year -989 -1,530 -5,450 -4,441
Adjustments:
Depreciation, amortization and 686 562 2,499 2,193
impairment
losses
Finance income and finance expenses -446 155 -466 468
Other adjustments 401 -22 653 289
Cash flows before change in net -349 -835 -2,764 -1,491
working capital
Change in net working capital:
Change in trade and other receivables -483 501 -335 1,094
(increase (-) / decrease (+))
Change in inventories 766 -48 901 118
(increase (-) / decrease (+))
Change in trade and other payables 407 -18 688 -75
(increase (+) / decrease (-))
Cash flows before finance items 341 -400 -1,510 -354
Interest paid -27 -42 -115 -169
Other finance expenses paid -59 -16 -121 -93
Interest received 63 0 151 0
Net cash from operating activities (A) 318 -457 -1,596 -615
Cash flows from investing activities
Capitalization of development expenses -468 -527 -1,843 -2,199
Acquisition of tangible assets -145 -56 -275 -213
Net cash used in investing activities -613 -583 -2,118 -2,412
(B)
Cash flows from financing activities
Proceeds from share subscriptions 207 0 9,182 4,310
Share issue transaction costs 0 0 -553 -318
Repayment of loans and borrowings -323 -1,323 -1,053 -1,921
Repayment of lease liabilities -125 -92 -494 -462
Net cash from financing activities (C) -241 -1,415 7,081 1,609
Net cash from (used in) operating, -536 -2,456 3,367 -1,419
investing and financing activities
(A+B+C)
Cash and cash equivalents at beginning 10,963 9,565 7,118 8,524
of period
Effect of movements in exchange rate 40 9 -19 13
on cash held
Cash and cash equivalents at end of 10,467 7,118 10,467 7,118
period
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 financial statements bulletin also takes into
account the amendments to IFRS standards that have become effective by January
1, 2024. This financial report has been prepared in accordance with IAS 34
Interim Financial Reporting and it should be read in conjunction with Group`s
annual consolidated 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
Q4/2024
In thousands of euro Devices Software Group Total
Admin
External revenue 2,551 2,549 0 5,099
Net operating expenses -1,074 -704 0 -1,778
Margin 1,476 1,845 0 3,321
Depreciation and amortization -474 -210 -2 -686
Other expenses -1,592 -1,415 -1,126 -4,133
Operating result -589 219 -1,127 -1,497
Finance items 0 0 493 493
Loss before tax expense -589 219 -634 -1,004
Q4/2023
In thousands of euro Devices Software Group Admin Total
External revenue 1,023 2,637 0 3,660
Net operating expenses -433 -738 0 -1,171
Margin 590 1,899 0 2,489
Depreciation and amortization -368 -192 -2 -562
Other expenses -1,160 -1,274 -811 -3,246
Operating result -938 432 -814 -1,319
Finance items 0 0 -230 -230
Loss before tax expense -938 432 -1,044 -1,550
2024
In thousands of euro Devices Software Group Total
Admin
External revenue 5,326 9,714 0 15,040
Net operating expenses -2,548 -2,825 9 -5,364
Margin 2,778 6,889 9 9,676
Depreciation and amortization -1,670 -819 -9 -2,499
Other expenses -4,451 -4,992 -3,692 -13,135
Operating result -3,343 1,078 -3,692 -5,957
Finance items 0 0 441 441
Loss before tax expense -3,343 1,078 -3,250 -5,516
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 Q4/2024 Q4/2023 2024 2023
Finland 2,446 2,463 9,340 62% 9,643 64%
Rest of the Europe 188 421 1,034 7% 1,870 12%
Rest of the World 2,466 776 4,667 31% 3,586 24%
Total 5,099 3,660 15,040 100 % 15,100 100%
Other operating expenses
In thousands of euro Q4/2024 Q4/2023 2024 2023
Sales and marketing -247 -185 -707 -635
Research and development -105 -43 -297 -230
General and administration -1,151 -576 -3,200 -2,509
Total operating expenses -1,502 -805 -4,204 -3,374
Other operating expenses also comprise changes in expected credit losses and
realized credit losses.
Tangible assets
In thousands of euro Machinery and equipment Machinery and equipment
2024 2023
Cost
Balance at January 1 3,724 3,512
Additions 286 212
Balance at End of 4,010 3,724
Period
Accumulated
depreciation and
impairment losses
Balance at January 1 -3,015 -2,660
Depreciation -342 -355
Balance at end of -3,357 -3,015
period
Carrying amount at 710 852
January 1
Carrying amount at 652 710
December 31
Leases
Leased tangible assets
In thousands of euro 2024 2023
Additions to right-of-use assets 498 532
Depreciation charge for right-of-use assets -514 -508
Carrying amount at the end of the reporting period 1,456 1,472
Leased tangible assets comprise business premises and cars.
Lease liabilities
In thousands of euro 2024 2023
Current 495 516
Non-current 1,017 991
Total 1,512 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
At December 31, 2024
In thousands Goodwill Development Customer Technology Other
Total
of euro costs relationships intangible
assets
Cost
Balance at 4,256 16,067 2,222 1,023 1,147
24,715
January 1
Additions 0 1,797 0 0 58
1,855
Balance at 4,256 17,864 2,222 1,023 1,205
26,570
December 31
Accumulated -
amortisation
and
impairment
losses
Balance at 0 -8,336 -1,280 -590 -763
-10,969
January 1
Amortization 0 -1,049 -221 -102 -72
-1,445
Impairment 0 -191 0 0 0 -191
losses
Balance at 0 -9,576 -1,501 -692 -835
-12,605
December 31
-
Carrying 4,256 7,731 942 433 384
13,746
amount at
January 1
Carrying 4,256 8,288 721 331 370
13,965
amount at
December 31
At December 31 2023
In thousands Goodwill Development Customer Technology Other
Total
of euro costs relationships intangible
assets
Cost
Balance at 4,256 13,978 2,222 1,023 1,054
22,533
January 1
Additions 0 2,089 0 0 93
2,182
Balance at 4,256 16,067 2,222 1,023 1,147
24,715
December 31
Accumulated -
amortisation
and
impairment
losses
Balance at 0 -7,416 -1,057 -489 -676
-9,638
January 1
Amortization 0 -920 -223 -101 -66
-1,311
Impairment 0 0 0 0 -21 -21
losses
Balance at 0 -8,336 -1,280 -590 -763
-10,969
December 31
-
Carrying 4,256 6,562 1,164 534 379
12,895
amount at
January 1
Carrying 4,256 7,731 942 433 384
13,746
amount at
December 31
Financial assets
Current financial assets
In thousands of euro 2024 2023
Trade receivables
Other trade receivables 2,411 2,583
Total trade receivables 2,411 2,583
Cash and cash equivalents 10,467 7,118
Total 12,878 9,701
Due to overdue trade receivables, financial assets are subject to an increased
risk of credit loss.
Exposure to credit risk and loss allowance
Chinese customer's trade receivables EUR 1,099 thousand have been written down
at the end of Q4 2024. Specific loss allowance is at 100%.
In thousands Gross carrying amount Weighted av. Loss
of euro
loss rate% allowance
At December
31, 2024
Current (not 2,314 0.50% 12
past due)
Past due
1-30 days 67 1.50% 1
31-60 days 31 4% 1
61-90 days 9 9% 1
More than 90 6 12% 1
days past due
Specific loss 0 100% 0
allowance
Total 2,427 15
In thousands Gross carrying amount Weighted Loss
of euro av.
allowance
loss
rate%
At December
31, 2023
Current (not 1,516 0.50% 8
past due)
Past due
1-30 days 51 1.50% 1
31-60 days 4% 0
6
61-90 days 10 9% 1
More than 90 277 12% 33
days past due
Specific loss 1,534 50% 767
allowance
Total 3,392 809
Financial liabilities
In thousands of euro December 31, 2024 December 31, 2023
Non-current financial liabilities
Borrowings from financial institutions 790 1,651
Government loans 521 713
Lease liabilities 1017 991
Total 2,328 3,355
In thousands of euro December 31, 2024 December 31, 2023
Current financial liabilities
Borrowings from financial institutions 794 794
Government loans 193 193
Lease liabilities 495 516
Trade payables 891 782
Total 2,373 2,285
Total financial liabilities 4,700 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 December 31, 2024 35% 87.1% Optomed Group
At December 31, 2023 35% 83.1% Optomed Group
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 December 31. 2024.
Related party transactions
In thousands of euro Revenues Trade receivables Other expenses
Jan 1 - Dec 31 2024 0 0 -92
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 and members of the Board.
Events after the review period
No material events after the review period.
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