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 Zhongbao Fund to establish a joint venture in China 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 (EBIT) | -1,497 | -1,319 | -13.5% | -5,689 | -3,974 | -43.2% |
| Operating margin (EBIT) *, % | -29.4% | -36.1% | -39.6% | -26.3% | ||
| Adjusted operating result (EBIT) * | -1,218 | -1,319 | 7.7% | -5,295 | -3,663 | -44.6% |
| Adjusted operating margin (EBIT margin) *, % | -23.9% | -36.1% | -35.2% | -24.3% | ||
| 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 operating activities | 318 | -457 | 169.5% | -1,596 | -615 | -159.3% |
| 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 EBITDA (LTM) * | 2.9 | 2.6 | 2.9 | 2.6 | ||
| 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 costs | 223 | 139 | 60.7% | 706 | 644 | 9.6% |
| 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 of euro | Q4/2024 | Q4/2023 | Change, % | 2024 | 2023 | Change, % |
| 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 result (EBIT) | -589 | -938 | 65.8% | -3,343 | -2,707 | -23.5% |
| Operating margin (EBIT) *, % | -231% | -91.7% | -62.8% | -54.0% |
*) 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 of euro | Q4/2024 | Q4/2023 | Change, % | 2024 | 2023 | Change, % |
| 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 result (EBIT) | 219 | 432 | -49.3% | 1,078 | 1,889 | -42.9% |
| Operating margin (EBIT) *, % | 8.6% | 16.4% | 11.1 % | 18.7% |
*) 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.
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 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, amortization and impairment losses | 686 | 562 | 2,499 | 2,193 |
| 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 expenses | -2,631 | -2,441 | -8,931 | -8,699 |
| Depreciation, amortization and Impairment losses | -686 | -562 | -2,499 | -2,193 |
| 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 income taxes | -1,004 | -1,550 | -5,516 | -4,519 |
| 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 company | -989 | -1,530 | -5,450 | -4,441 |
| Weighted average number of shares | 18,675,167 | 16,706,508 | 18,675,167 | 16,706,508 |
| Basic loss per share (euro) | -0.05 | -0.09 | -0.29 | -0.27 |
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 difference | -406 | 172 | -329 | 283 |
| Other comprehensive income, net of tax | -406 | 172 | -329 | 283 |
| Total comprehensive loss attributable to Owners of the parent company | -1,395 | -1,358 | -5,778 | -4,157 |
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 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 | -5,450 | -5,450 | ||||
| Other comprehensive income | ||||||
| Translation differences | -329 | -329 | ||||
| Total comprehensive income for the period | -329 | -5,450 | -5,778 | |||
| Share issue | 7,322 | 7,322 | ||||
| Share based payments | 43 | 43 | ||||
| Share options | 1307 | 382 | 1,689 | |||
| Total transactions with owners of the company | 8,672 | 382 | 9,054 | |||
| Balance at December 31, 2024 |
80 | 504 | 59,608 | 6 | -36,560 | 23,637 |
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 | 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 impairment
losses |
686 | 562 | 2,499 | 2,193 |
| Finance income and finance expenses | -446 | 155 | -466 | 468 |
| Other adjustments | 401 | -22 | 653 | 289 |
| Cash flows before change in net working capital | -349 | -835 | -2,764 | -1,491 |
| Change in net working capital: | ||||
| Change in trade and other receivables
(increase (-) / decrease (+)) |
-483 | 501 | -335 | 1,094 |
| Change in inventories
(increase (-) / decrease (+)) |
766 | -48 | 901 | 118 |
| Change in trade and other payables
(increase (+) / decrease (-)) |
407 | -18 | 688 | -75 |
| 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 (B) | -613 | -583 | -2,118 | -2,412 |
| 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, investing and financing activities (A+B+C) | -536 | -2,456 | 3,367 | -1,419 |
| Cash and cash equivalents at beginning of period | 10,963 | 9,565 | 7,118 | 8,524 |
| Effect of movements in exchange rate on cash held | 40 | 9 | -19 | 13 |
| Cash and cash equivalents at end of period | 10,467 | 7,118 | 10,467 | 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.
All presented figures have been rounded so the sum of the individual figures may differ from the presented total figure.
This report has been authorized for issue by the company`s board of directors.
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
Admin |
Total |
| 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
Admin |
Total |
| 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 Period | 4,010 | 3,724 |
| Accumulated depreciation and impairment losses | ||
| Balance at January 1 | -3,015 | -2,660 |
| Depreciation | -342 | -355 |
| Balance at end of period | -3,357 | -3,015 |
| Carrying amount at January 1 | 710 | 852 |
| Carrying amount at December 31 | 652 | 710 |
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 of euro | Goodwill | Development costs | Customer relationships | Technology | Other intangible assets | Total |
| Cost | ||||||
| Balance at January 1 | 4,256 | 16,067 | 2,222 | 1,023 | 1,147 | 24,715 |
| Additions | 0 | 1,797 | 0 | 0 | 58 | 1,855 |
| Balance at December 31 | 4,256 | 17,864 | 2,222 | 1,023 | 1,205 | 26,570 |
| Accumulated amortisation and impairment losses | – | |||||
| Balance at January 1 | 0 | -8,336 | -1,280 | -590 | -763 | -10,969 |
| Amortization | 0 | -1,049 | -221 | -102 | -72 | -1,445 |
| Impairment losses | 0 | -191 | 0 | 0 | 0 | -191 |
| Balance at December 31 | 0 | -9,576 | -1,501 | -692 | -835 | -12,605 |
| – | ||||||
| Carrying amount at January 1 | 4,256 | 7,731 | 942 | 433 | 384 | 13,746 |
| Carrying amount at December 31 | 4,256 | 8,288 | 721 | 331 | 370 | 13,965 |
At December 31 2023
| In thousands of euro | Goodwill | Development costs | Customer relationships | Technology | Other intangible assets | Total |
| Cost | ||||||
| Balance at January 1 | 4,256 | 13,978 | 2,222 | 1,023 | 1,054 | 22,533 |
| Additions | 0 | 2,089 | 0 | 0 | 93 | 2,182 |
| Balance at December 31 | 4,256 | 16,067 | 2,222 | 1,023 | 1,147 | 24,715 |
| Accumulated amortisation and impairment losses | – | |||||
| Balance at January 1 | 0 | -7,416 | -1,057 | -489 | -676 | -9,638 |
| Amortization | 0 | -920 | -223 | -101 | -66 | -1,311 |
| Impairment losses | 0 | 0 | 0 | 0 | -21 | -21 |
| Balance at December 31 | 0 | -8,336 | -1,280 | -590 | -763 | -10,969 |
| – | ||||||
| Carrying amount at January 1 | 4,256 | 6,562 | 1,164 | 534 | 379 | 12,895 |
| Carrying amount at December 31 | 4,256 | 7,731 | 942 | 433 | 384 | 13,746 |
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 of euro | Gross carrying amount | Weighted av.
loss rate% |
Loss
allowance |
| At December 31, 2024 | |||
| Current (not past due) | 2,314 | 0.50% | 12 |
| Past due | |||
| 1-30 days | 67 | 1.50% | 1 |
| 31-60 days | 31 | 4% | 1 |
| 61-90 days | 9 | 9% | 1 |
| More than 90 days past due | 6 | 12% | 1 |
| Specific loss allowance | 0 | 100% | 0 |
| Total | 2,427 | 15 |
| 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 |
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.
Read the full report here.