Half-year Report, January – June 2025 is published
Optomed Plc Stock Exchange Release 7 August 2025 at 9.00, Helsinki
Optomed Plc: Half-year Report, January – June 2025
April – June 2025
- Revenue increased by 9.7 percent to EUR 3.8 (3.5) million.
- Currency-adjusted revenue growth was 11.2 percent.
- Devices segment revenue increased by 31.3 percent to EUR 1.4 (1.1) million.
- Devices segment currency-adjusted revenue growth was 36.1 percent.
- Software segment revenue increased by 0.1 percent to EUR 2.4 (2.4) million.
- EBITDA amounted to EUR -0.9 (-1.2) million corresponding to -23.9 (-33.8) percent of revenue.
- Cash flow from operating activities amounted to EUR -1,647 (-560) thousand driven by working capital changes. The net cash flow effect of working capital was a decrease of EUR 0.9 million.
- Consolidated cash and cash equivalents at the end of the period amounted to EUR 7.1 (12.1) million.
- Optomed Lumo, the next generation handheld device, was launched during the review period.
- Outlook unchanged: Optomed expects its full year 2025 revenue to grow strongly compared to 2024.
January – June 2025
- Revenue increased by 15.1 percent to EUR 7.9 (6.8) million.
- Currency-adjusted revenue growth was 15.5 percent.
- Devices segment revenue increased by 49.5 percent to EUR 2.9 (2.0) million.
- Devices segment currency-adjusted revenue growth was 50.7 percent.
- Software segment revenue increased by 1.3 percent to EUR 4.9 (4.9) million.
- EBITDA amounted to EUR -1,658 (-1,833) thousand corresponding to -21.1 (-26.8) percent of revenue.
Key figures
| EUR, thousand | Q2/2025 | Q2/2024 | Change, % | H1/2025 | H1/2024 | Change, % | 2024 |
| Revenue | 3,845 | 3,505 | 9.7% | 7,866 | 6,832 | 15.1% | 15,040 |
| Gross profit * | 2,496 | 2,450 | 1.9% | 5,190 | 4,663 | 11.3% | 9,676 |
| Gross margin % * | 64.9% | 69.9% | 66.0% | 68.3% | 64.3% | ||
| EBITDA | -921 | -1,185 | 22.3% | -1,658 | -1,833 | 9.6% | -3,458 |
| EBITDA margin *, % | -23.9% | -33.8% | -21.1% | -26.8% | -23.0% | ||
| Adjusted EBITDA * | -921 | -802 | -14.8% | -1,658 | -1,450 | -14.3% | -2,796 |
| Adjusted EBITDA margin *, % | -23.9% | -22.9% | -21.1% | -21.2% | -18.6% | ||
| Operating result (EBIT) | -1,544 | -1,869 | 17.4% | -2,884 | -3,061 | 5.8% | -5,957 |
| Operating margin (EBIT) *, % | -40.1% | -53.3% | -36.7% | -44.8% | -39.6% | ||
| Adjusted operating result (EBIT) * | -1,544 | -1,486 | -3.9% | -2,884 | -2,677 | -7.7% | -5,295 |
| Adjusted operating margin (EBIT margin) *, % | -40.1% | -42.4% | -36.7% | -39.2% | -35.2% | ||
| Net profit/ loss | -1,644 | -1,793 | 8.3% | -3,225 | -2,883 | -11.8% | -5,450 |
| Earnings per share | -0.08 | -0.10 | 18.1% | -0.16 | -0.16 | 0.2% | -0.29 |
| Cash flow from operating activities | -1,647 | -560 | -193.9% | -1,308 | -1,071 | -22.1% | -1,596 |
| Net Debt | -5,260 | -9,221 | -43.0% | -5,260 | -9,221 | -43.0 % | -8,170 |
| Net debt/ EBITDA (LTM) * | 1.6 | 3.5 | 1.6 | 3.5 | 2.4 | ||
| Net debt/ Adjusted EBITDA (LTM) * | 1.8 | 4.7 | 1.8 | 4.7 | 2.9 | ||
| Equity ratio * | 74.9% | 74.9% | 74.9% | 74.9% | 74.4% | ||
| R&D expenses personnel | 395 | 336 | 17.7% | 661 | 635 | 4.2% | 1,336 |
| R&D expenses other costs | 135 | 165 | -18.2% | 358 | 309 | 15.9% | 706 |
| Total R&D expenses | 530 | 501 | 5.9% | 1,019 | 943 | 8.0% | 2,041 |
*) 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 2024, items affecting comparability amounted to EUR 662 thousand and are related to credit loss with respect to an overdue trade receivable from a customer in China.
CEO Review
Dear Shareholders,
The first half of 2025 demonstrated strong progress for Optomed, with robust revenue growth reflecting the quality and market demand for our healthcare technology solutions. We have methodically expanded our market presence and strengthened our product portfolio, establishing a solid foundation for continued growth and long-term value creation.
Second Quarter Performance
In the second quarter, we delivered currency adjusted revenue growth of 11.2 percent, reaching EUR 3.8 million. Growth was driven by the Devices segment, which expanded by 36.1 percent on a currency-adjusted basis to EUR 1.4 million, reflecting strong demand for our handheld cameras and solutions. Software revenue remained stable, increasing by 0.1 percent to EUR 2.4 million, supported by long-term customer relationships and recurring contracts.
Our profitability showed clear improvement. EBITDA came in at EUR -0.9 million, an improvement of 22 percent compared to Q2 2024, and the EBITDA margin strengthened to -23.9 percent from -33.8 percent a year ago. This demonstrates ongoing progress to improve profitability supported by operating leverage in Devices and careful cost control. Gross profit increased slightly to EUR 2.5 million, although the gross margin decreased to 64.9 percent (69.9) due to product mix effects.
Cash flow from operating activities was EUR -1.6 million, compared to -0.6 million in Q2 2024. The decline was primarily driven by working capital build-up, as we increased our component inventory to support, among others, the upcoming launch of the Optomed Lumo device in the second half of the year. While this impacted short-term cash flow, it ensures we can meet the strong demand for the second half. At the end of June, our cash and cash equivalents stood at EUR 7.1 million, supported by a strong equity ratio of 74.9 percent.
R&D expenses increased to EUR 0.5 million, reflecting our commitment to innovation. Investments were particularly directed toward advancing AI capabilities and preparing for the Lumo launch.
Strategic Milestones
We successfully launched the Optomed Lumo in Q2, marking a major milestone in our growth strategy. Early feedback highlights Lumo’s superior image quality, ease of use, and seamless integration into existing healthcare systems, strengthening our position in the fast-growing retinal imaging market. By enabling advanced oculomics insights, Lumo supports more precise and comprehensive eye health assessments. With strong initial demand and smooth adoption into clinical workflows, Lumo is set to become a key driver of our revenue growth in the coming quarters and years. Optomed Lumo has received FDA PJZ classification, allowing us to market it in the U.S. as a Class II retinal camera without a lengthy clearance process. Under this classification, Lumo can only be used as a standalone imaging device and not yet for AI‑based disease diagnosis.
In the US, Aurora AEYE sales have developed positively. Aurora AEYE currently faces no direct competition, as no other handheld fundus cameras have received clearance for diagnostic AI use. Achieving clearance for a diagnostic AI algorithm is already a demanding process — and securing it for a portable device is even more challenging. This gives Optomed a unique and growing strategic lead in the handheld market segment.
Our recent AI clearance is also driving CAPEX sales, further consolidating Optomed’s leadership in portable fundus cameras. The Optomed Lumo ramp-up is proceeding as planned, with production and inventory build-up ongoing. Commercial deliveries are expected to start in the second half of the year.
We are also proud to have supported one of the world’s top 10 pharmaceutical companies in the development of an advanced algorithm. Initial negotiations are currently underway with the pharmaceutical company for the commercialization of the algorithm with our handheld devices, highlighting the growing importance of AI-driven solutions in healthcare.
During the second quarter, WISER Management Consulting replaced ZhongBao as our joint venture partner in China. WISER is a leading healthcare consulting firm with expertise in regulatory environments and market entry strategy. This partnership provides valuable regulatory knowledge and local market expertise to support our business development in China and leaves open the option for ZhongBoa to rejoin the joint venture at a later growth phase.
From a cost perspective, our cameras are manufactured in Thailand and our COGS are in US dollars. To mitigate supply risk and counter potential tariff increases, the business secured extended inventory of key components, providing longer-term coverage. This cash expenditure will normalize in the foreseeable future. The effect of possible tariffs is limited by the weakened US dollar. However, in response to higher tariffs, we aim to adjust product pricing accordingly. Currency fluctuations affect only the Devices segment, and this exposure has been effectively mitigated by lower COGS and our relatively high USD nominated sales and marketing costs, which together have supported margin stability.
Looking ahead, our full-year 2025 outlook remains unchanged: we expect revenue to grow strongly compared to 2024. We are aware of several probable mid-sized capex orders expected in the second half of the year, which strengthens our confidence in achieving the 2025 forecast. With continued innovation, and deepening global partnerships, we are well-positioned for sustained growth and long-term value creation.
I would like to extend my sincere gratitude to our employees, partners, and shareholders for their trust and commitment. Together, we are advancing Optomed’s mission of bringing accessible and innovative healthcare technologies to patients worldwide.
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 7 August 2025 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 340 972 270#
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
April – June 2025
In April – June 2025, Group revenue increased by 9.7 percent to EUR 3,845 (3,505) thousand. Devices segment revenue increased by 31.3 percent to EUR 1,409 (1,073) thousand. The Software segment revenue increased by 0.1 percent to EUR 2,435 (2,432) thousand.
In April – June 2025, the gross margin decreased to 64.9 from 69.9 percent of last year.
EBITDA increased and it was EUR -921 (-1,185) thousand.
EBIT increased and it was EUR -1,544 (-1,869) thousand.
In April – June 2025, net financial items amounted to EUR -120 (53) thousand mainly consisting of interest income from credit institutions and exchange rate differences between the Chinese renminbi and the US dollar against the euro.
January – June 2025
In January – June 2025, Group revenue increased by 15.1 percent to EUR 7,866 (6,832) thousand. Devices segment’s revenue increased by 49.5 percent while the Software segment’s revenue increased by 1.3 percent.
The gross margin decreased to 66.0 percent from 68.3 percent last year.
EBITDA amounted to EUR -1,658 (-1,833) thousand and EBIT was EUR -2,884 (-3,061) thousand.
Net financial items amounted to EUR -378 (147) thousand and consisted mainly of interest income and the translation effect of Chinese RMB to EUR.
Cash flow and financial position
April – June 2025
In April – June 2025, the cash flow from operating activities amounted to EUR -1,647 (-560) thousand. The decrease was driven by working capital changes where the net cash flow effect was a decrease of EUR 0.9 million. Net cash used in investing activities was EUR -555 (-534) thousand and relates to capitalized development expenses. Net cash from financing activities amounted to EUR -366 (7,506) thousand. During the review period, Optomed received a small payment from the large Chinese client whose receivables were written off in Q4 2024.
Consolidated cash and cash equivalents at the end of the period amounted to EUR 7,091 (12,106) thousand. Interest-bearing net debt was EUR -5,260 (-9,221) thousand at the end of the period.
Net working capital was EUR 1,192 (1,306) thousand at the end of the period.
January – June 2025
In January – June 2025, the cash flow from operating activities amounted to EUR -1,308 (-1,071) thousand.
Net cash used in investing activities was EUR -1,322 (-1,068) thousand and relates to capitalized development expenses.
Net cash from financing activities amounted to EUR -724 (7,139) thousand.
Devices segment
Optomed has two synergistic business segments: Devices and Software.
The Devices segment develops, commercializes, and manufactures easy-to-use, and affordable handheld fundus cameras, that are suitable for any clinic for screening of various eye diseases, such as diabetic retinopathy, glaucoma and AMD (Age Related Macular Degeneration).
| EUR, thousand | Q2/2025 | Q2/2024 | Change, % | H1/2025 | H1/2024 | Change, % | 2024 |
| Revenue | 1,409 | 1,073 | 31.3% | 2,935 | 1,963 | 49.5% | 5,326 |
| Gross profit * | 806 | 695 | 16.0% | 1,704 | 1,211 | 40.7% | 2,778 |
| Gross margin % * | 57.2% | 64.8% | 58.0% | 61.7% | 52.2% | ||
| EBITDA | -259 | -686 | 62.2% | -557 | -1,047 | 46.8% | -1,673 |
| EBITDA margin *, % | -18.4% | -64.0% | -19.0% | -53.3% | -31.4% | ||
| Operating result (EBIT) | -674 | -1,164 | 42.1% | -1 358 | -1,869 | 27.3% | -3,343 |
| Operating margin (EBIT) *, % | -47.8% | -108.5% | -46.3% | -95.2% | -62.8% |
*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.
April – June 2025
In April – June 2025, the Devices segment revenue increased by 31.3 percent to EUR 1,409 (1,073) thousand. Sales were strong across all channels except China where sales were very weak.
The gross margin was 57.2 (64.8) percent. In the comparison period, high margin sales in China positively affected the gross margin.
EBITDA was EUR -259 (-686) thousand or -18.4 (-64.0) percent of revenue.
January – June 2025
In January – June 2025, the Devices segment revenue increased by 49.5 percent to EUR 2,935 (1,963) thousand.
The gross margin decreased to 58.0 percent from 61.7 percent.
EBITDA was EUR -557 (-1,047) thousand or -19.0 (-53.3) percent of revenue.
Software segment
Optomed has two synergistic business segments: Devices and Software.
The Software segment develops and commercializes screening software for diabetic retinopathy and cancer screening for healthcare organizations. The segment also distributes off-the-shelf products from selected partners to supplement its own solutions and expertise and provides software consultation to support the Devices segment screening solution projects.
| EUR, thousand | Q2/2025 | Q2/2024 | Change, % | H1/2025 | H1/2024 | Change, % | 2024 |
| Revenue | 2,435 | 2,432 | 0.1% | 4,931 | 4,869 | 1.3% | 9,714 |
| Gross profit * | 1,690 | 1,746 | -3.2% | 3,486 | 3,442 | 1.3% | 6,889 |
| Gross margin % * | 69.4% | 71.8% | 70.7% | 70.7% | 70.9% | ||
| EBITDA | 354 | 456 | -22.3% | 875 | 982 | -10.8% | 1,897 |
| EBITDA margin *, % | 14.5% | 18.7% | 17.8% | 20.2% | 19.5% | ||
| Operating result (EBIT) | 147 | 252 | -41.5% | 453 | 581 | -22.1% | 1,078 |
| Operating margin (EBIT) *, % | 6.1% | 10.4% | 9.2% | 11.9% | 11.1% |
*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.
April – June 2025
In April – June 2025, the Software segment revenue increased by 0.1 percent to EUR 2,435 (2,432) thousand. As in Q1-2025, the healthcare revenue increased but the increase was partly offset by the decline of non-healthcare consulting revenue.
Gross margin decreased and was 69.4 (71.8) percent.
EBITDA was EUR 354 (456) thousand or 14.5 (18.7) percent of revenue.
January – June 2025
In January – June 2025 the Software segment revenue increased by 1.3 percent to EUR 4,931 (4,869) thousand. The healthcare revenue increased but the increase was partly offset by the decline of non-healthcare consulting revenue.
Gross margin was 70.7 (70.7) percent.
EBITDA was EUR 875 (982) thousand or 17.8 (20.2) 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.
April – June 2025
Group-wide operating expenses amounted to EUR 1,016 (963) thousand.
January – June 2025
Group-wide operating expenses amounted to EUR 1,976 (1,777) thousand.
Personnel
Number of personnel at the end of the reporting period.
| 6/2025 | 6/2024 | 12/2024 | |
| Devices | 47 | 46 | 47 |
| Software | 50 | 46 | 50 |
| Group common | 19 | 18 | 18 |
| Total | 116 | 110 | 115 |
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 2025 issued by the Securities Market Association of Finland. The code is publicly available at http://cgfinland.fi/en/. Optomed’s corporate governance statement 2024 is available on the company website www.optomed.com/investors/.
Annual General Meeting
The Annual General Meeting held on 9 May 2025 adopted the financial statements for the financial period ended on 31 December 2024, discharged the members of the Board of Directors and the CEO from liability for the financial period ended on 31 December 2024 and adopted the Company’s Remuneration Report.
The Annual General Meeting resolved in accordance with the proposal of the Board of Directors that no dividend will be paid for the year 2024.
The number of members of the Board of Directors was confirmed as seven. Catherine Calarco, Ty Lee, Seppo Mäkinen, Petri Salonen and Reijo Tauriainen were re-elected and Leana Wen and Sameer Badlani were elected as new 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 approved the authorization for the Board of Directors to repurchase Optomed’s own shares and to accept them as pledge. Altogether no more than 1,969,330 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 1,969,330. 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.
At its meeting held after the Annual General Meeting, the Board of Directors elected from among its members Petri Salonen as its Chairperson. The committee members were elected as follows:
Audit Committee:
Reijo Tauriainen (Chairperson)
Sameer Badlani
Catherine Calarco
Remuneration Committee:
Ty Lee (Chairperson)
Seppo Mäkinen
Leana Wen
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/.
Risks and uncertainties
The key risks and uncertainties are described in the company’s Annual Report 2024 which was published on 27 February 2024. The complete report is available at https://www.optomed.com/investors/. The following risks have been updated in connection with the periodic risk review of Q1-2025. In Q2-2025, there were no risk updates.
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. Optomed’s devices are manufactured in Thailand and one of the key markets is in the US and, therefore, potential large tariffs between the US and Thailand may have a negative effect on the Company’s business prospects in the US.
LITIGATION
Optomed operates globally and is subject to the laws and regulations of multiple jurisdictions
The Company may be negatively affected by legal or administrative proceedings in different countries directed at the Company or third parties due to back-to-back liability, and the Company faces, from time to time, other disputes and claims related to product liability and intellectual property rights, especially in terms of medical devices in different countries that the Company must consider pursuant to applicable laws. These can result in costs and liabilities for the Company and have a negative effect on its financial position and business prospects.
TRADE SECRETS AND PATENTS
The technologic capabilities are a competitive advantage that the Company must be able to protect.
Technological capabilities, trade secrets and patents are important for the Company’s competitive position, and the Company continuously monitors its IPR portfolio. 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. The Company may also be forced to take actions against parties that violate our IPRs and correspondingly to defend against claims for infringing IPR’s of other parties, or seek to agree on the use of IPRs. If the Company is not successful in protecting its IPRs or fails to defend against claims of IPR infringements or to agree on the use of IPRs on favourable terms, this can have a negative effect on the Company’s financial position and its prospects.
Audit review
This financial report has not been audited by the company’s auditors.
Financial reporting in 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 thousand of Euro | Q2/2025 | Q2/2024 | H1/2025 | H1/2024 | 2024 |
| Revenue | 3,845 | 3,505 | 7,866 | 6,832 | 15,040 |
| Other operating income | 2 | 9 | 2 | 10 | 10 |
| Material and services | -1,350 | -1,064 | -2,679 | -2,179 | -5,374 |
| Gross profit | 2,496 | 2,450 | 5,190 | 4,663 | 9,676 |
| Operating result (EBIT) | -1,544 | -1,869 | -2,884 | -3,061 | -5,957 |
| Items affecting comparability | |||||
| Specific credit risk percent change | 0 | 383 | 0 | 383 | 662 |
| Adjusted EBIT | -1,544 | -1,486 | -2,884 | -2,677 | -5,295 |
| Depreciation, amortization and impairment losses | 623 | 684 | 1,227 | 1,228 | 2,499 |
| Adjusted EBITDA | -921 | -802 | -1,658 | -1,450 | -2,796 |
Consolidated income statement
| In thousands of euro | Q2/2025 | Q2/2024 | H1/2025 | H1/2024 | 2024 |
| Revenue | 3,845 | 3,505 | 7,866 | 6,832 | 15,040 |
| Other operating income | 2 | 9 | 2 | 10 | 10 |
| Materials and services | -1,350 | -1,064 | -2,679 | -2,179 | -5,374 |
| Employee benefit expenses | -2,438 | -2,190 | -4,818 | -4,316 | -8,931 |
| Depreciation, amortization and Impairment losses | -623 | -684 | -1,227 | -1,228 | -2,499 |
| Other operating expenses | -979 | -1,445 | -2,029 | -2,179 | -4,204 |
| Operating result | -1,544 | -1,869 | -2,884 | -3,061 | -5,957 |
| Finance income | 249 | 148 | 318 | 359 | 1,217 |
| Finance expenses | -369 | -95 | -697 | -213 | -776 |
| Net finance expenses | -120 | 53 | -378 | 147 | 441 |
| Profit (loss) before income taxes | -1,664 | -1,816 | -3,263 | -2,914 | -5,516 |
| Income tax expense | 19 | 23 | 38 | 31 | 66 |
| Loss for the period | -1,644 | -1,793 | -3,225 | -2,883 | -5,450 |
| Loss for the period attributable to | |||||
| Owners of the parent company | -1,644 | -1,793 | -3,225 | -2,883 | -5,450 |
| Weighted average number of shares | 19,616,239 | 17,510,243 | 19,616,239 | 17,510,243 | 18,675,167 |
| Basic loss per share (euro) | -0.08 | -0.10 | -0.16 | -0.16 | -0.29 |
Consolidated condensed comprehensive income statement
| In thousands of euro | Q2/2025 | Q2/2024 | H1/2025 | H1/2024 | 2024 |
| Loss for the period | -1,644 | -1,793 | -3,225 | -2,883 | -5,450 |
| Other comprehensive income | |||||
| Foreign currency translation difference | 224 | -61 | 510 | -141 | -329 |
| Other comprehensive income, net of tax | 224 | -61 | 510 | -141 | -329 |
| Total comprehensive loss attributable to Owners of the parent company | -1,420 | -1,854 | -2,715 | -3,024 | -5,778 |
Consolidated balance sheet
| In thousands of euro | June 30, 2025 | June 30, 2024 | December 31, 2024 |
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 4,256 | 4,256 | 4,256 |
| Development costs | 8,687 | 8,126 | 8,288 |
| Customer relationships | 610 | 832 | 721 |
| Technology | 280 | 382 | 331 |
| Other intangible assets | 354 | 373 | 370 |
| Total intangible assets | 14,187 | 13,969 | 13,965 |
| Tangible assets | 783 | 630 | 652 |
| Right-of-use assets | 1,250 | 1,187 | 1,456 |
| Deferred tax assets | 12 | 15 | 12 |
| Total non-current assets | 16,233 | 15,800 | 16,085 |
| Current assets | |||
| Inventories | 2,423 | 2,654 | 1,961 |
| Trade and other receivables | 2,508 | 2,594 | 3,268 |
| Cash and cash equivalents | 7,091 | 12,106 | 10,467 |
| Total current assets | 12,022 | 17,354 | 15,695 |
| Total assets | 28,255 | 33,154 | 31,781 |
| In thousands of euro | June 30, 2025 | June 30, 2024 | December 31, 2024 |
| EQUITY | |||
| Share capital | 80 | 80 | 80 |
| Share premium | 504 | 504 | 504 |
| Reserve for invested non-restricted equity | 59,608 | 58,288 | 59,608 |
| Translation differences | 516 | 194 | 6 |
| Retained earnings | -36,306 | -31,365 | -31,111 |
| Profit (loss) for the financial year | -3,225 | -2,883 | -5,450 |
| Total equity | 21,177 | 24,818 | 23,637 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Borrowings from financial institutions | 392 | 1,187 | 790 |
| Government loans | 452 | 645 | 521 |
| Lease liabilities | 826 | 737 | 1,017 |
| Deferred tax liabilities | 196 | 272 | 234 |
| Total Non-current liabilities | 1,866 | 2,841 | 2,561 |
| Current liabilities | |||
| Borrowings from financial institutions | 794 | 860 | 794 |
| Government loans | 193 | 193 | 193 |
| Lease liabilities | 486 | 500 | 495 |
| Trade and other payables | 3,739 | 3,943 | 4,101 |
| Total current liabilities | 5,212 | 5,496 | 5,583 |
| Total liabilities | 7,078 | 8,337 | 8,144 |
| Total equity and liabilities | 28,255 | 33,154 | 31,781 |
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, 2025 | 80 | 504 | 59,608 | 6 | -36,560 | 23,637 |
| Comprehensive income | ||||||
| Loss for the period | -3,225 | -3,225 | ||||
| Other comprehensive income | ||||||
| Translation differences | 510 | 510 | ||||
| Total comprehensive income for the period | 510 | -3,225 | -2,715 | |||
| Transactions with owners of the company | ||||||
| Share issue | ||||||
| Share based payments | ||||||
| Share options | 255 | 255 | ||||
| Total transactions with owners of the company | 255 | 255 | ||||
| Balance at June 30, 2025 | 80 | 504 | 59,608 | 516 | -39,530 | 21,177 |
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 | -2,883 | -2,883 | ||||
| Other comprehensive income | ||||||
| Translation differences | -141 | -141 | ||||
| Total comprehensive income for the period | -141 | -2,883 | -3,024 | |||
| Transactions with owners of the company | ||||||
| Share issue * | 7,353 | 7,353 | ||||
| Share based payments | 0 | |||||
| Share options | 128 | 128 | ||||
| Total transactions with owners of the company | 7,353 | 128 | 7,480 | |||
| Balance at June 30, 2024 | 80 | 504 | 58,288 | 194 | -34,248 | 24,818 |
* Shares registered to trade registry 1.7.2024.
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 | |||
| Transactions with owners of the company | ||||||
| Share issue | 7,322 | 7,322 | ||||
| Share based payments | 43 | 43 | ||||
| Share options | 1,307 | 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 |
Consolidated cash flow statement
| In thousands of euro | Q2/2025 | Q2/2024 | H1/2025 | H1/2024 | 2024 |
| Cash flows from operating activities | |||||
| Loss for the financial year | -1,644 | -1,793 | -3,225 | -2,883 | -5,450 |
| Adjustments: | |||||
| Depreciation, amortization and impairment
losses |
623 | 684 | 1,227 | 1,228 | 2,499 |
| Finance income and finance expenses | 137 | -30 | 287 | -77 | -466 |
| Other adjustments | 115 | 451 | 222 | 450 | 653 |
| Cash flows before change in net working capital | -770 | -688 | -1,489 | -1,283 | -2,764 |
| Change in net working capital: | |||||
| Change in trade and other receivables
(increase (-) / decrease (+)) |
482 | 288 | 546 | 254 | -335 |
| Change in inventories
(increase (-) / decrease (+)) |
-709 | 129 | -490 | 183 | 901 |
| Change in trade and other payables
(increase (+) / decrease (-)) |
-658 | -252 | 128 | -141 | 688 |
| Cash flows before finance items | -1 655 | -523 | -1,305 | -987 | -1,510 |
| Interest paid | -12 | -27 | -31 | -56 | -115 |
| Other finance expenses paid | -22 | -11 | -57 | -42 | -121 |
| Interest received | 42 | 0 | 85 | 14 | 151 |
| Net cash from operating activities (A) | -1,647 | -560 | -1,308 | -1,071 | -1,596 |
| Cash flows from investing activities | |||||
| Capitalization of development expenses | -528 | -475 | -1,022 | -984 | -1,843 |
| Acquisition of tangible assets | -26 | -59 | -300 | -84 | -275 |
| Net cash used in investing activities (B) | -555 | -534 | -1,322 | -1,068 | -2,118 |
| Cash flows from financing activities | |||||
| Proceeds from share subscriptions | 0 | 7,875 | 0 | 7,875 | 9,182 |
| Share issue transaction costs | 0 | 0 | 0 | 0 | -553 |
| Repayment of loans and borrowings | -235 | -235 | -465 | -465 | -1,053 |
| Repayment of lease liabilities | -131 | -134 | -259 | -270 | -494 |
| Net cash from financing activities (C) | -366 | 7,506 | -724 | 7,139 | 7,081 |
| Net cash from (used in) operating, investing and financing activities (A+B+C) | -2,568 | 6,411 | -3,354 | 5,000 | 3,367 |
| Cash and cash equivalents at beginning of period | 9,688 | 5,706 | 10,467 | 7,118 | 7,118 |
| Effect of movements in exchange rate on cash held | -28 | -10 | -22 | -12 | -19 |
| Cash and cash equivalents at end of period | 7,091 | 12,106 | 7,091 | 12,106 | 10,467 |
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.
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
Q2/2025
| In thousands of euro | Devices | Software | Group
Admin |
Total |
| External revenue | 1,409 | 2,435 | 0 | 3,845 |
| Net operating expenses | -603 | -745 | 0 | -1,349 |
| Margin | 806 | 1,690 | 0 | 2,496 |
| Depreciation and amortization | -415 | -207 | -2 | -623 |
| Other expenses | -1,066 | -1,336 | -1,016 | -3,417 |
| Operating result | -674 | 147 | -1,017 | -1,544 |
| Finance items | 0 | 0 | -120 | -120 |
| Loss before tax expense | -674 | 147 | -1,137 | -1,664 |
Q2/2024
| In thousands of euro | Devices | Software | Group Admin | Total |
| External revenue | 1,073 | 2,432 | 0 | 3,505 |
| Net operating expenses | -378 | -686 | 9 | -1,055 |
| Margin | 695 | 1,746 | 9 | 2,450 |
| Depreciation and amortization | -478 | -204 | -3 | -684 |
| Other expenses | -1,382 | -1,290 | -963 | -3,635 |
| Operating result | -1,164 | 252 | -957 | -1,869 |
| Finance items | 0 | 0 | 53 | 53 |
| Loss before tax expense | -1,164 | 252 | -904 | -1,816 |
H1/2025
| In thousands of euro | Devices | Software | Group
Admin |
Total |
| External revenue | 2,935 | 4,931 | 0 | 7,866 |
| Net operating expenses | -1,231 | -1,445 | 0 | -2,677 |
| Margin | 1,704 | 3,486 | 0 | 5,190 |
| Depreciation and amortization | -801 | -422 | -3 | -1,227 |
| Other expenses | -2,261 | -2,611 | -1,976 | -6,847 |
| Operating result | -1,358 | 453 | -1,979 | -2,884 |
| Finance items | 0 | 0 | -378 | -378 |
| Loss before tax expense | -1,358 | 453 | -2,358 | -3,263 |
H1/2024
| In thousands of euro | Devices | Software | Group
Admin |
Total |
| External revenue | 1,963 | 4,869 | 0 | 6,832 |
| Net operating expenses | -752 | -1,427 | 9 | -2,169 |
| Margin | 1,211 | 3,442 | 9 | 4,663 |
| Depreciation and amortization | -822 | -401 | -5 | -1,228 |
| Other expenses | -2,258 | -2,461 | -1,777 | -6,496 |
| Operating result | -1,869 | 581 | -1,773 | -3,061 |
| Finance items | 0 | 0 | 147 | 147 |
| Loss before tax expense | -1,869 | 581 | -1,626 | -2,914 |
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 |
Segment assets
| In thousands of euro | Devices | Software | Groud Admin |
| Segment assets 31.12.2024 | 10,338 | 8,225 | 239 |
| IPR change | +649 | -649 | 0 |
| Other changes | -25 | +147 | -10 |
| Segment assets 30.6.2025 | 10,962 | 7,723 | 229 |
Optomed Devices segment bought IPR rights for Devices segment products from Optomed Software segment.
Disaggregation of revenue
Geographical distribution
| In thousands of euro | Q2/2025 | Q2/2024 | H1/2025 | H1/2024 | 2024 |
| Finland | 2,340 | 2,335 | 4,756 | 4,674 | 9,340 |
| Rest of the Europe | 381 | 260 | 748 | 612 | 1,034 |
| Rest of the World | 1,124 | 910 | 2,362 | 1,546 | 4,667 |
| Total | 3,845 | 3,505 | 7,866 | 6,832 | 15,040 |
Distribution by revenue recognition date
| In thousands of euro | Q2/2025 | Q2/2024 | H1/2025 | H1/2024 | 2024 | |||||
| Products and services transferred at a point in time | 2,383 | 62% | 2,409 | 70% | 4,998 | 64% | 4,617 | 68% | 10,405 | 69% |
| Services transferred over time | 1,462 | 38% | 1,096 | 30% | 2,868 | 36% | 2,215 | 32% | 4,635 | 31% |
| Total | 3,845 | 3,505 | 7,866 | 6,832 | 15,040 |
Advances Received and Deferred Revenue
| In thousands of euro | June 30, 2025 | June 30, 2024 | December 31, 2024 |
| Trade receivables | 1,714 | 1,980 | 2,411 |
| Assets related to customer contracts | 1,714 | 1,980 | 2,411 |
| Advances received | 29 | 158 | 98 |
| Deferred Revenue | 270 | 132 | 305 |
| Liabilities related to customer contracts | 299 | 290 | 402 |
Other operating expenses
| Other operating expenses | Q2/2025 | Q2/2024 | H1/2025 | H1/2024 | 2024 |
| Sales and marketing | -197 | -213 | -375 | -308 | -707 |
| Research and development | -56 | -52 | -212 | -131 | -297 |
| General and administration | -726 | -1180 | -1,442 | -1,741 | -3,200 |
| Total operating expenses | -979 | -1,445 | -2,029 | -2,179 | -4,204 |
Other operating expenses also comprise changes in expected credit losses and realized credit losses.
Tangible assets
| Machinery and equipment | Machinery and equipment | Machinery and
equipment |
|
| In thousands of euro | 30.6.2025 | 30.6.2024 | 31.12.2024 |
| Cost | |||
| Balance at January 1 | 4,010 | 3,724 | 3,724 |
| Additions | 309 | 89 | 286 |
| Balance at End of Period | 4,318 | 3,813 | 4,010 |
| Accumulated depreciation and impairment losses | |||
| Balance at January 1 | -3,357 | -3,015 | -3,015 |
| Depreciation | -178 | -169 | -342 |
| Balance at end of period | -3,535 | -3,184 | -3,357 |
| Carrying amount at January 1 | 652 | 710 | 710 |
| Carrying amount at June 30/ December 31 | 783 | 630 | 652 |
Leases
Leased tangible assets
| In thousands of euro | Business premises | Cars | Total |
| 1.1.2025 | 1,424 | 32 | 1,456 |
| Additions to right-of-use assets | 57 | 0 | 57 |
| Depreciation charge for right-of-use assets | -252 | -11 | -263 |
| 30.6.2025 | 1,229 | 21 | 1,250 |
| In thousands of euro | Business premises | Cars | Total |
| 1.1.2024 | 1,419 | 53 | 1,472 |
| Additions to right-of-use assets | -31 | 0 | -31 |
| Depreciation charge for right-of-use assets | -244 | -11 | -255 |
| 30.6.2024 | 1,144 | 42 | 1,187 |
| In thousands of euro | Business premises | Cars | Total |
| 1.1.2024 | 1,419 | 53 | 1,472 |
| Additions to right-of-use assets | 498 | 0 | 498 |
| Depreciation charge for right-of-use assets | -493 | -21 | -514 |
| 31.12.2024 | 1,424 | 32 | 1,456 |
Leased liabilities
| In thousands of euro | 30.6.2025 | 30.6.2024 | 2024 | ||
| Current | 486 | 500 | 495 | ||
| Non-current | 826 | 737 | 1,017 | ||
| Total | 1,312 | 1,237 | 1,512 | ||
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
June 30, 2025
| In thousands of euro | Goodwill | Development costs | Customer relationships | Technology | Other intangible assets | Total |
| Cost | ||||||
| Balance at January 1 | 4,256 | 17,864 | 2,222 | 1,023 | 1,205 | 26,570 |
| Additions | 0 | 989 | 0 | 0 | 19 | 1,008 |
| Balance at June 30 | 4,256 | 18,853 | 2,222 | 1,023 | 1,223 | 27,578 |
| Accumulated amortisation and impairment losses | ||||||
| Balance at January 1 | 0 | -9,576 | -1,501 | -692 | -835 | -12,605 |
| Amortization | 0 | -590 | -111 | -51 | -34 | -786 |
| Balance at June 30 | 0 | -10,167 | -1,612 | -743 | -869 | -13,391 |
| Carrying amount at January 1 | 4,256 | 8,288 | 721 | 331 | 370 | 13,965 |
| Carrying amount at June 30 | 4,256 | 8,687 | 610 | 280 | 354 | 14,187 |
June 30, 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 | 1,002 | 0 | 0 | 25 | 1,027 |
| Balance at June 30 | 4,256 | 17,069 | 2,222 | 1,023 | 1,172 | 25,742 |
| Accumulated amortisation and impairment losses | ||||||
| Balance at January 1 | 0 | -8,336 | -1,280 | -590 | -763 | -10,969 |
| Amortization | 0 | -494 | -110 | -51 | -35 | -692 |
| Impairment losses | 0 | -112 | 0 | 0 | 0 | -112 |
| Balance at June 30 | 0 | -8,943 | -1,390 | -641 | -798 | -11,773 |
| Carrying amount at January 1 | 4,256 | 7,731 | 942 | 433 | 384 | 13,746 |
| Carrying amount at June 30 | 4,256 | 8,126 | 832 | 382 | 373 | 13,969 |
Impairment losses consist of terminated project cost.
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 |
Financial assets
| In thousands of euro | 30.6.2025 | 30.6.2024 | 31.12.2024 |
| Trade receivables | |||
| Other trade receivables | 1,714 | 1,980 | 2,411 |
| Total trade receivables | 1,714 | 1,980 | 2,411 |
| Cash and cash equivalents | 7,091 | 12,106 | 10,467 |
| Total | 8,805 | 14,086 | 12,878 |
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 June 30, 2025 | |||
| Current (not past due) | 1,412 | 0.50% | 7 |
| Past due | |||
| 1-30 days | 90 | 1.50% | 1 |
| 31-60 days | 97 | 4% | 4 |
| 61-90 days | 58 | 9% | 5 |
| More than 90 days past due | 108 | 12% | 13 |
| Specific loss allowance | 0 | 100% | 0 |
| Total | 1,765 | 30 |
| In thousands of euro | Gross carrying amount | Weighted av. loss rate% | Loss allowance |
| At June 30, 2024 | |||
| Current (not past due) | 1,443 | 0.50% | 7 |
| Past due | |||
| 1-30 days | 113 | 1.50% | 2 |
| 31-60 days | 16 | 4% | 1 |
| 61-90 days | 1 | 9% | 0 |
| More than 90 days past due | 35 | 12% | 4 |
| Specific loss allowance | 1,549 | 75% | 1,161 |
| Total | 3,156 | 1,175 |
| 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 |
Financial liabilities
| In thousands of euro | June 30, 2025 | June 30, 2024 | December 31, 2024 |
| Non-current financial liabilities | |||
| Borrowings from financial institutions | 392 | 1,187 | 790 |
| Government loans | 452 | 645 | 521 |
| Lease liabilities | 826 | 737 | 1,017 |
| Total | 1,670 | 2,569 | 2,328 |
| Current financial liabilities | |||
| Borrowings from financial institutions | 794 | 860 | 794 |
| Government loans | 193 | 193 | 193 |
| Lease liabilities | 486 | 500 | 495 |
| Trade payables | 584 | 576 | 891 |
| Total | 2,057 | 2,129 | 2,373 |
| Total financial liabilities | 3,727 | 4,698 | 4,700 |
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 June 30, 2025 | 35% | 89.4% | Optomed Group |
| At June 30, 2024 | 35% | 86.8% | Optomed Group |
| At December 31, 2024 | 35% | 87.1% | 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 June 30. 2025.
Related party transactions
| In thousands of euro | Revenues | Trade receivables | Other expenses |
| Jan 1 – Jun 30 2025 | 0 | 0 | -89 |
| Jan 1 – Jun 30 2024 | 0 | 0 | -39 |
| Jan 1 – Dec 31 2024 | 0 | 0 | -92 |
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.
Events after the review period
The management of the company is actively monitoring tariff developments related to medical devices manufactured in Thailand and exported to the US. While no material impact has been observed to date, we continue to manage our supply chain proactively and remain well-positioned to adapt should trade policies shift.
Read the full report here.