Interim Report, January – March 2024

Optomed Plc  Stock Exchange Release  7 May 2024 at 9.00, Helsinki

January – March 2024

  • Revenue decreased by 4.4 percent to EUR 3.3 (3.5) million.
  • Devices segment revenue increased by 0.1 percent to EUR 0.9 (0.9) million.
  • Software segment revenue decreased by 5.9 percent to EUR 2.4 (2.6) million.
  • EBITDA and adjusted EBITDA amounted to EUR -0.6 (-0.5) million corresponding to -26.3 (-14.8) percent of revenue.
  • Outlook unchanged: Optomed expects its full year 2024 revenue to grow compared to 2023.
  • Optomed Aurora with AEYE-DS AI has successfully received FDA clearance after the review period.
  • Discussions with a prominent eye hospital and private equity fund to establish a joint venture for eye screening services in China.

 

Key figures

EUR, thousand Q1/2024 Q1/2023 Change, % 2023
Revenue 3,327 3,478 -4.4% 15,100
Gross profit * 2,213 2,476 -10.6% 10,292
Gross margin % * 66.5% 71.2% 68.2%
EBITDA -648 -513 -26.3% -1,781
EBITDA margin *, % -19.5% -14.8% -11.8%
Adjusted EBITDA * -648 -513 -26.3% -1,470
Adjusted EBITDA margin *, % -19.5% -14.8% -9.7%
Operating result (EBIT) -1,191 -1,043 -14.2% -3,974
Operating margin (EBIT) *, % -35.8% -30.0% -26.3%
Adjusted operating result (EBIT) * -1,191 -1,043 -14.2% -3,663
Adjusted operating margin (EBIT margin) *, % -35.8% -30.0% -24.3%
Net profit/ loss -1,090 -1,157 5.8% -4,441
Earnings per share -0.06 -0.08 15.8% -0.27
Cash flow from operating activities -515 -440 -17.1% -615
Net Debt -2,585 -2,136 -21.0% -3,768
Net debt/ EBITDA (LTM) * 1.3 1.4 2.1
Net debt/ Adjusted EBITDA (LTM) * 1.6 1.4 2.6
Equity ratio  * 69.5% 64.7% 70.0%
R&D expenses personnel 299 283 5.6% 1,280
R&D expenses other costs 144 163 -11.7% 644
Total R&D expenses 443 446 -0.7% 1,924

 

*) 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 2023, items affecting comparability amounted to EUR 311 thousand and related to increased credit risk with respect to an overdue trade receivable from a customer in China.

 

CEO Review

I am pleased to announce that Optomed Aurora, equipped with AEYE-DS AI technology, has received FDA clearance, a pivotal achievement in our company’s history. This approval marks the introduction of the first handheld AI fundus camera for immediate detection of diabetic retinopathy in the U.S., establishing a new benchmark in diabetic eye care. Our solution has shown unparalleled performance, achieving 92-93% sensitivity and 89-94% specificity in two comprehensive studies, with a remarkable 99% imageability rate. Notably, our technology simplifies the diagnostic process by using just a single image from each eye. This achievement comes from our diligent collaboration with our esteemed partner AEYE Health.

Turning to our financial performance for the first quarter, while we fell slightly short of our expectations, particularly in the software segment, our full-year outlook remains positive. Notably, we received promising customer orders from China during the quarter, suggesting potential growth in that region. We’ve also reevaluated our strategy in China and are presently engaged in discussions with a prominent eye hospital and private equity fund to establish a joint venture for eye screening services, aiming for implementation in either Q2 or Q3. The business model for this venture will be a recurring revenue model, ensuring sustainability and long-term success.

Additionally, we successfully halted the decline in our OEM business and resumed our growth trajectory. Despite facing challenges, our team’s dedication and strategic execution have yielded excellent outcome as two of our main strategic goals were achieved. Additionally, we are delighted to share that we have emerged victorious in a public tender within the software segment which we have discussed in our previous reports, a result to the quality and competitiveness of our offerings.

As we look ahead, we are energized by this momentum and remain committed to delivering value to our shareholders. We sincerely thank you for your continued support and confidence in Optomed.

Juho Himberg

CEO

 

Outlook 2024

Optomed expects its full year 2024 revenue to grow compared to 2023.

 

Telephone conference

A telephone conference for analysts, investors and media will be arranged on 7 May 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 398 980 747 974#

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

January – March 2024

In January – March 2024, Group revenue decreased by 4.4 percent to EUR 3,327 (3,478) thousand. Devices segment had a slow quarter and the revenue increased to EUR 890 (888) thousand. The Software segment revenue decreased by 5.9 percent to EUR 2,437 (2,590) thousand.

In January – March 2024, the gross margin decreased to 66.5 from 71.2 percent of last year.

EBITDA decreased and it was EUR -648 (-513) thousand. The decrease was mainly due to weakened revenue and, therefore, gross profit.

EBIT decreased and it was EUR -1,191 (-1,043) thousand.

In January – March 2024, net financial items amounted to EUR 94 (-134) thousand and consisted mainly of interest payments to financial institutions and the translation effect of CNY and USD to EUR.

 

Cash flow and financial position

January – March 2024

In January – March 2024, the cash flow from operating activities amounted to EUR -515 (-440) thousand. Net cash used in investing activities was EUR -534 (-545) thousand and relates to capitalized development expenses. Net cash from financing activities amounted to EUR -366 (-349) thousand.

Consolidated cash and cash equivalents at the end of the period amounted to EUR 5,706 (7,179) thousand. Interest-bearing net debt was EUR -2,585 (-2,136) thousand at the end of the period.

Net working capital was EUR 2,364 (3,658) thousand at the end of the period.

Optomed has large trade receivables from a Chinese customer. The customer missed payments since H2-2023 and, consequently, the specific loss allowance weighted average loss rate was increased from 30% to 50% in Q3-2023. The payment negotiations continue with the said customer. The total amount of the receivable in the balance sheet is now EUR 778 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 Q1/2024 Q1/2023 Change, % 2023
Revenue 890 888 0.1% 5,009
Gross profit * 516 559 -7.6% 2,947
Gross margin % * 58.0% 62.9% 58.8%
EBITDA -361 -426 15.3% -1,264
EBITDA margin *, % -40.5% -47.9% -25.2%
Operating result (EBIT) -705 -779 9.5% -2,707
Operating margin (EBIT) *, % -79.2% -87.7% -54.0%

 

*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.

January – March 2024

In January – March 2024, the Devices segment revenue increased by 0.1 percent to EUR 890 (888) thousand. The OEM and China revenue increased slightly whereas the global distributor sales declined slightly. In the US, the focus of the sales organization was on preparing for the possible Aurora AEYE launch.

The gross margin was 58.0 (62.9) percent. During the quarter, the Company sold an amount of Smartscope Pros which had a slight negative effect on the gross margin.

EBITDA was EUR -361 (-426) thousand or -40.5 (-47.9) 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 Q1/2024 Q1/2023 Change, % 2023
Revenue 2,437 2,590 -5.9% 10,091
Gross profit * 1,697 1,917 -11.5% 7,346
Gross margin % * 69.6% 74.0% 72.8%
EBITDA 526 790 -33.4% 2,629
EBITDA margin *, % 21.6% 30.5% 26.1%
Operating result (EBIT) 329 615 -46.5% 1,889
Operating margin (EBIT) *, % 13.5% 23.8% 18.7%

 

*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.

January – March 2024

In January – March 2024, the Software segment revenue decreased by 5.9 percent to EUR 2,437 (2,590) thousand as there were no major projects deliveries during the quarter. There were no updates in terms of the large Finnish public procurement process during the quarter. After the review period, Optomed announced that it has 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. The decision can be appealed against.

Gross margin decreased and was 69.6 (74.0) percent. EBITDA was EUR 526 (790) thousand or 21.6 (30.5) 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.

 

January – March 2024

Group-wide operating expenses amounted to EUR 816 (877) thousand.

 

Personnel

Number of personnel at the end of the reporting period.

3/2024 3/2023 12/2023
Devices 51 48 47
Software 47 45 47
Group common 16 22 20
Total 114 115 114

 

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

Optomed’s Annual General Meeting will  be held on Friday, 10 May 2024 at 10:00 a.m. (EEST) at Life Science Center Keilaniemi, Keilaranta 16 C, FI-02150 Espoo, Finland. The reception of persons who have registered for the meeting and the distribution of voting tickets will commence at 9:30 a.m. (EEST).

The invitation and other material is available at:

https://www.optomed.com/investors/annual-general-meeting-2024/

 

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 18,130,397 shares and the Company held 353,973 shares in the treasury which approximately corresponds to 1.95 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 2023 which was published on 29 February 2024. The complete report is available at https://www.optomed.com/investors/. The risk position of Optomed has not changed since then, except for that the risks titled “AURORA AEYE FDA CLEARANCE PROCESS” and “PUBLIC PROCUREMENT” are no longer applicable.

 

Audit review

This financial report has not been audited by the company’s auditors.

 

Financial reporting in 2024

  • 8 August 2024           Half-Year Financial Report for 1 January – 30 June 2024
  • 7 November 2024      Interim Report for 1 January – 30 September 2024

 

For more information, contact

Sakari Knuutti, CFO

E-mail: sakari.knuutti@optomed.com

 

Juho Himberg, CEO

E-mail:  juho.himberg@optomed.com

 

About Optomed

Optomed is a Finnish medical technology company and one of the leading providers of handheld fundus cameras. Optomed combines handheld fundus cameras with software and artificial intelligence with the aim to transform the diagnostic process of various eye diseases, such as rapidly increasing diabetic retinopathy. In its business Optomed focuses on eye screening devices and software solutions related R&D in Finland and sales through different channels in over 60 countries.

www.optomed.com

 

Alternative Performance Measures

Optomed uses certain alternative performance measures (APMs) with the purpose to provide a better understanding of how the business develops. These APMs, as defined, cannot be fully compared with other companies’ APMs.

 

Alternative 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 Q1/2024 Q1/2023 2023
Revenue 3,327 3,478 15,100
Other operating income 1 0 49
Material and services -1,114 -1,002 -4,857
Gross profit 2,213 2,476 10,292
Operating result (EBIT) -1,191 -1,043 -3,974
Items affecting comparability
Specific credit loss percent change from 30 to 50 % 0 0 311
Adjusted EBIT -1,191 -1,043 -3,663
Depreciation, amortization and impairment losses 543 530 2,193
Adjusted EBITDA -648 -513 -1,470

 

Consolidated income statement

In thousands of euro Q1/2024 Q1/2023 2023
Revenue 3,327 3,478 15,100
Other operating income 1 0 49
Materials and services -1,114 -1,002 -4,857
Employee benefit expenses -2,127 -2,191 -8,699
Depreciation, amortization and Impairment losses -543 -530 -2,193
Other operating expenses -734 -798 -3,374
Operating result -1,191 -1,043 -3,974
Finance income 211 68 479
Finance expenses -118 -202 -1,024
Net finance expenses 94 -134 -545
Profit (loss) before income taxes -1,098 -1,177 -4,519
Income tax expense 7 20 79
Loss for the period -1,090 -1,157 -4,441
Loss for the period attributable to
Owners of the parent company -1,090 -1,157 -4,441
Weighted average number of shares 17,108,667 15,284,687 16,706,508
Basic loss per share (euro) -0.06 -0.08 -0.27

 

Consolidated condensed comprehensive income statement

In thousands of euro Q1/2024 Q1/2023 2023
Loss for the period -1,090 -1,157 -4,441
Other comprehensive income
Foreign currency translation difference -80 78 283
Other comprehensive income, net of tax -80 78 283
Total comprehensive loss attributable to Owners of the parent company -1,170 -1,079

 

-4,157

 

Consolidated balance sheet

In thousands of euro March 31, 2024 March 31, 2023 December 31, 2023
ASSETS
Non-current assets
Goodwill  4,256  4,256  4,256
Development costs  7,996  6,849  7,731
Customer relationships  887  1,109  942
Technology  407  509  433
Other intangible assets  386  374  384
Total intangible assets  13,932  13,096  13,746
Tangible assets  652  793  710
Right-of-use assets  1,341  1,353  1,472
Deferred tax assets  11  16  23
Total non-current assets  15,936  15,258  15,951
Current assets
Inventories  2,777  3,071  2,820
Trade and other receivables 3,259 4,324 3,190
Cash and cash equivalents  5,706  7,179  7,118
Total current assets  11,742  14,574  13,128
Total assets  27,678  29,832  29,079

 

In thousands of euro March 31, 2024 March 31, 2023 December 31, 2023
EQUITY
Share capital  80  80  80
Share premium  504  504  504
Reserve for invested non-restricted equity  50,936  46,900  50,936
Translation differences 255 129 334
Retained earnings -31,460 -27,149 -27,052
Profit (loss) for the financial year -1,090 -1,157 -4,441
Total equity  19,223  19,306  20,361
LIABILITIES
Non-current liabilities
Borrowings from financial institutions  1,386  3,182  1,651
Government loans  681  874  713
Lease liabilities  870  876  991
Deferred tax liabilities  291  368  310
Total Non-current liabilities  3,228  5,300  3,665
Current liabilities
Borrowings from financial institutions  860  794  794
Government loans  193  193  193
Lease liabilities  501  502  516
Trade and other payables 3,672 3,737 3,550
Total current liabilities  5,227  5,226  5,052
Total liabilities  8,455  10,526  8,718
Total equity and liabilities  27,678  29,832  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 -1,090 -1,090
Other comprehensive income
Translation differences -80 -80
Total comprehensive income for the period -80 -1,090 -1,170
Share issue
Share based payments
Share options 32 32
Total transactions with owners of the company 32 32
Balance at March 31, 2024 80 504 50,936 255 -32,551  19,223

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 -1,157 -1,157
Other comprehensive income
Translation differences 78 78
Total comprehensive income for the period 78 -1,157 -1,079
Share options  4 40 43
Total transactions with owners of the company 4 40 43
Balance at March 31, 2023 80 504 46,900 129 -28,307 19,306

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 Q1/2024 Q1/2023 2023
Cash flows from operating activities
Loss for the financial year -1,090 -1,157 -4,441
Adjustments:
Depreciation, amortization and impairment

losses

543 530 2,193
Finance income and finance expenses -47 167 468
Other adjustments -2 -11 289
Cash flows before change in net working capital -596 -471 -1,491
Change in net working capital:
Change in trade and other receivables

(increase (-) / decrease (+))

-34 324 1,094
Change in inventories

(increase (-) / decrease (+))

54 -95 118
Change in trade and other payables

(increase (+) / decrease (-))

 

107 -171 -75
Cash flows before finance items -468 -413 -354
Interest paid -29 -17 -169
Other finance expenses paid -32 -10 -93
Interest received 14 0 0
Net cash from operating activities (A) -515 -440 -615
Cash flows from investing activities
Capitalization of development expenses -509 -518 -2,199
Acquisition of tangible assets -25 -27 -213
Net cash used in investing activities (B) -534 -545 -2,412
Cash flows from financing activities
Proceeds from share subscriptions 0 4 4,310
Share issue transaction costs 0 0 -318
Repayment of loans and borrowings -230 -230 -1,921
Repayment of lease liabilities -136 -122 -462
Net cash from financing activities (C) -366 -349 1,609
Net cash from (used in) operating, investing and financing activities (A+B+C) -1,415 -1,333 -1,419
Cash and cash equivalents at beginning of period 7,118 8,524 8,524
Effect of movements in exchange rate on cash held 3 -12 13
Cash and cash equivalents at end of period 5,706 7,179 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.

 

Basis of accounting     

Optomed’s consolidated financial statements has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The preparation of this interim report also takes into account the amendments to IFRS standards that have become effective by January 1, 2024.

These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with Group`s last annual consolidated financial statements as at and for the year ended 31 December 2023. This Interim financial statements do not include all of the information required by IAS 34: selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group`s financial position and performance since the last annual financial statements.

All presented figures have been rounded so the sum of the individual figures may differ from the presented total figure.

Financial ratios have been calculated using exact figures.

 

Reportable segments

Q1/2024

In thousands of euro Devices Software Group

Admin

Total
External revenue  890  2,437 0  3,327
Net operating expenses -374 -740 1 -1,113
Margin 516 1,697 1  2,213
Depreciation and amortization -344 -197 -3 -543
Other expenses -877 -1,171 -814 -2,861
Operating result -705 329 -816 -1,191
Finance items 0 0 94 94
Loss before tax expense -705 329 -723 -1,098

Q1/2023

In thousands of euro Devices Software Group Admin Total
External revenue  888  2,590 0  3,478
Net operating expenses -330 -673 0 -1,002
Margin 559 1,917 0  2,476
Depreciation and amortization -353 -175 -2 -530
Other expenses -984 -1,127 -877 -2,989
Operating result -779 615 -879 -1,043
Finance items 0 0 -134 -134
Loss before tax expense -779 615 -1,014 -1,177

 

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

 

Other operating income

In thousands of euro Q1/2024 Q1/2023 2023
Other operating income 1 0 49
Total 1 0 49

 

Other operating expenses

Other operating expenses Q1/2024 Q1/2023 2023
Sales and marketing -95 -147 -635
Research and development -79 -90 -230
General and administration -561 -562 -2,509
Total operating expenses -734 -798 -3,374

Other operating expenses also comprise changes in expected credit losses and realized credit losses.

 

Financial liabilities

In thousands of euro March 31, 2024 March 31, 2023 December 31, 2023
Non-current financial liabilities
Borrowings from financial institutions 1,386 3,182 1,651
Government loans 681 874 713
Lease liabilities 870 876 991
Total 2,937 4,932 3,355
 

 

 

Current financial liabilities
Borrowings from financial institutions 860 794 794
Government loans 193 193 193
Lease liabilities 501 502 516
Trade payables 1,102 758 782
Total 2,656 2,247 2,285
Total financial liabilities 5,594 7,179 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.

 

Exposure to credit risk and loss allowance

Optomed considers it has heightened risk regarding Chinese customer’s trade receivables. The credit risk concentration has been formed and is associated with an increased credit loss risk due to overdue trade receivables. Specific loss allowance weighted average loss rate% increased from 30% to 50%.

In thousands of euro Gross carrying amount

 

Weighted av.

loss rate%

Loss

allowance

At March 31, 2024
Current (not past due)                    1,698 0.50%                    8
Past due
1-30 days                         44 1.50%                    1
31-60 days                       -8 4% 0
61-90 days                           6 9%                    1
More than 90 days past due                         67 12%                    8
Specific loss allowance                    1,541 50%                770
Total                    3,347                788

 

In thousands of euro Gross carrying amount

 

Weighted av.

loss rate%

Loss

allowance

At March 31, 2023
Current (not past due)                    1,839 0.5%                    9
Past due
1-30 days                         83 1.5%                    1
31-60 days                         33 4%                    1
61-90 days                       255 9%                  23
More than 90 days past due                           5 12%                    1
Specific loss allowance                    1,810 30%                543
Total                    4,024                578

 

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

 

Events after the review period

On 30 April 2024, Optomed announced that Optomed Aurora with AEYE-DS AI has successfully received FDA clearance.

On 2 May 2024, Optomed announced that it has 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. The decision can be appealed against.

 

Read the full Report here.