Interim Report, January – September 2025
Optomed Plc Stock Exchange Release 6 November 2025 at 9.00, Helsinki
Optomed Plc: Interim Report, January – September 2025
July– September 2025
- Revenue increased by 42.1 percent to EUR 4.4 (3.1) million.
- Currency-adjusted revenue growth was 47.0 percent.
- Devices segment revenue increased by 183.6 percent to EUR 2.3 (0.8) million.
- Devices segment currency-adjusted revenue growth was 202.5 percent.
- Software segment revenue decreased by 8.0 percent to EUR 2.1 (2.3) million.
- EBITDA amounted to EUR -0.5 (-0.8) million corresponding to -12.1 (-26.2) percent of revenue.
- Cash flow from operating activities amounted to EUR -1,043 (-1,434) thousand.
- Consolidated cash and cash equivalents at the end of the period amounted to EUR 5.3 (11.0) million.
- Outlook unchanged: Optomed expects its full year 2025 revenue to grow strongly compared to 2024.
January – September 2025
- Revenue increased by 23.6 percent to EUR 12.3 (10.0) million.
- Last Twelve Months (LTM) revenue growth was 27.8 percent.
- Currency-adjusted revenue growth was 26.7 percent.
- Devices segment revenue increased by 88.8 percent to EUR 5.2 (2.8) million.
- Devices segment Last Twelve Months (LTM) revenue growth was 105.1 percent.
- Devices segment currency-adjusted revenue growth was 99.8 percent.
- Software segment revenue decreased by 1.7 percent to EUR 7.0 (7.2) million.
- EBITDA amounted to EUR -2.2 (-2,6) million corresponding to -17.9 (-22.8) percent of revenue.
Key figures
| EUR, thousand | Q3/2025 | Q3/2024 | Change, % | Q1-Q3/2025 | Q1-Q3/2024 | Change, % | 2024 |
| Revenue | 4,417 | 3,109 | 42.1% | 12,284 | 9,941 | 23.6% | 15,040 |
| Gross profit * | 2,728 | 1,692 | 61.2% | 7,918 | 6,355 | 24.6% | 9,676 |
| Gross margin % * | 61.8% | 54.4% | 64.5% | 63.9% | 64.3% | ||
| EBITDA | -536 | -814 | 34.2% | -2,193 | -2,647 | 17.1% | -3,458 |
| EBITDA margin *, % | -12.1% | -26.2% | -17.9% | -26.6% | -23.0% | ||
| Adjusted EBITDA * | -536 | -814 | 34.2% | -2,193 | -2,264 | 3.1% | -2,796 |
| Adjusted EBITDA margin *, % | -12.1% | -26.2% | -17.9% | -22.8% | -18.6% | ||
| Operating result (EBIT) | -1,172 | -1,400 | 16.3% | -4,056 | -4,460 | 9.1% | -5,957 |
| Operating margin (EBIT) *, % | -26.5% | -45.0% | -33.0% | -44.9% | -39.6% | ||
| Adjusted operating result (EBIT) * | -1,172 | -1,400 | 16.3% | -4,056 | -4,077 | 0.5% | -5,295 |
| Adjusted operating margin (EBIT margin) *, % | -26.5% | -45.0% | -33.0% | -41.0% | -35.2% | ||
| Net profit/ loss | -1,530 | -1,577 | 2.9% | -4,755 | -4,460 | -6.6% | -5,450 |
| Earnings per share | -0.08 | -0.09 | 10.1% | -0.24 | -0.25 | 1.3% | -0.29 |
| Cash flow from operating activities | -1,043 | -1,434 | 27.2% | -2,358 | -2,006 | -17.6% | -1,596 |
| Net Debt | -3,681 | -8,343 | -55.9% | -3,681 | -8,343 | -55.9 % | -8,170 |
| Net debt/ EBITDA (LTM) * | 1.2 | 2.5 | 1.2 | 2.5 | 2.4 | ||
| Net debt/ Adjusted EBITDA (LTM) * | 1.4 | 2.8 | 1.4 | 2.8 | 2.9 | ||
| Equity ratio * | 74.4% | 76.5% | 74.4% | 76.5% | 74.4% | ||
| R&D expenses personnel | 332 | 307 | 8.4% | 993 | 941 | 5.5% | 1,336 |
| R&D expenses other costs | 109 | 174 | -37.7% | 467 | 483 | -3.4% | 706 |
| Total R&D expenses | 441 | 481 | -8.3% | 1,460 | 1,425 | 2.5% | 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 third quarter of 2025 marked a strong step forward for Optomed. Our strategic focus on innovation and commercialization continues to deliver results, reflected in record revenue growth and improved profitability. With the successful ramp-up of the Optomed Lumo and growing demand for our AI-powered devices, we are strengthening our position as a global leader in handheld fundus imaging and intelligent screening solutions.
Third Quarter Performance
Revenue grew by 42.1 percent year-on-year to EUR 4.4 million, driven primarily by outstanding performance in the Devices segment especially in the United States. Currency-adjusted growth reached 47.0 percent, underscoring broad-based momentum across markets.
The Devices segment achieved remarkable growth of 183.6 percent and currency adjusted growth 202,5 percent to EUR 2.3 million, reflecting strong commercial traction following the expansion of our handheld camera portfolio. We received several midsize capex orders in Q3, which accelerated revenue growth in the US. Over the past year we have increased our market share following the FDA clearance of Aurora AEYE. Many of these systems will be converted into Aurora AEYE units over the coming years.The Software segment recorded revenues of EUR 2.1 million, a decline of 8.0 percent, mainly due to timing effects in project deliveries and price erosion in non-healthcare related consulting business, while the underlying customer base remained stable.
Profitability continued to improve significantly. EBITDA stood at EUR -0.5 million, a clear improvement from EUR -0.8 million in the third quarter of 2024, with the EBITDA margin strengthening to -12.1 percent (from -26.2). This positive development highlights the benefits of higher scale in Devices, disciplined cost management, and improved operational efficiency.
Operating cash flow improved to EUR -1.0 million from EUR -1.4 million in the prior year. At the end of September, cash and cash equivalents amounted to EUR 5.3 million, supported by a solid balance sheet and an unchanged equity ratio in the mid-70s range.
Strategic Progress
The third quarter was a milestone period in the commercial rollout of the Optomed Lumo, which entered the market as planned. Customer feedback has been highly encouraging, validating the product’s design, usability, and AI integration. We have seen strong demand from both existing and new partners, reinforcing our confidence in the Lumo’s growth potential for the coming quarters.
In the United States, sales of Aurora AEYE continued to develop positively. With no competing handheld fundus cameras currently cleared for diagnostic AI use, Optomed maintains a unique competitive advantage in this fast-growing segment. We are actively expanding our presence through distribution partnerships and targeted marketing efforts aimed at eye care and primary care networks.
Our collaboration with a global top-10 pharmaceutical company also progressed well during the quarter. Negotiations toward commercialization of our jointly developed algorithm have advanced, underscoring the increasing value of AI-driven screening technologies in medical diagnostics.
In China, our joint venture with Wiser Management Consulting continues to develop as planned. Wiser’s deep regulatory expertise and healthcare market insight are proving invaluable as we move from validation toward the early execution phase. These partnerships reflect our strategy of combining technological excellence with strong local market access.
Organizational Development and Cost Initiatives
As part of our efforts to build a more efficient and customer-centric organization, we have initiated a company-wide cost reduction and streamlining program that will take effect during 2026. The initiative aims to simplify our operating structure, improve agility, and align our resources more closely with customer needs and growth opportunities.
These measures are expected to strengthen our profitability and ensure that Optomed is well-positioned to capture long-term growth while maintaining financial discipline.
Outlook
Our outlook for 2025 remains unchanged: Optomed expects full-year revenue to grow strongly compared to 2024. The momentum in the Devices segment, supported by the successful launch of Lumo, an expanding AI portfolio, and a robust order book, provides a solid foundation for continued growth into 2026.
Looking ahead, our priorities remain clear driving profitable growth, expanding our technology leadership in AI and handheld imaging and deepening strategic partnerships across key markets.
I would like to thank our employees, partners and shareholders for their continued dedication and trust. Together we are building a stronger, more innovative Optomed – one that is shaping the future of accessible eye health and preventive care 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 6 November 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 740 701 559#
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
July– September 2025
In July– September 2025, Group revenue increased by 42.1 percent to EUR 4,417 (3,109) thousand, driven primarily by very strong growth in the Devices segment. Currency-adjusted revenue growth was 47.0 percent. Devices segment revenue increased by 183.6 percent to EUR 2,305 (813) thousand. The significant revenue growth in the Devices segment was partly offset by the decline in the Software segment revenue as it decreased by 8.0 percent to EUR 2,113 (2,297) thousand.
In July– September 2025, the gross margin increased to 61.8 from 54.4 percent of last year. The comparison period was negatively affected by an inventory revaluation of EUR 0.3 million.
EBITDA increased and it was EUR -536 (-814) thousand. In addition to the same inventory revaluation that negatively affected the gross margin, the comparison period EBITDA was positively affected by EUR 0.4 million reversal of credit loss provision.
EBIT was EUR -1,172 (-1,400) thousand.
In July– September 2025, net financial items amounted to EUR -378 (-198) 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 – September 2025
In January – September 2025, Group revenue increased by 23.6 percent to EUR 12,284 (9,941) thousand. Devices segment’s revenue increased by 88.8 percent while the Software segment’s revenue decreased by 1.7 percent.
The gross margin increased to 64.5 percent from 63.9 percent last year.
EBITDA amounted to EUR -2,193 (-2,647) thousand and EBIT was EUR -4,056 (-4,460) thousand.
Net financial items amounted to EUR -757 (-52) thousand and consisted mainly of interest income from credit institutions and exchange rate differences between the Chinese renminbi and the US dollar against the euro.
Cash flow and financial position
July– September 2025
In July– September 2025, the cash flow from operating activities amounted to EUR -1,043 (-1,434) thousand. Net cash used in investing activities was EUR -476 (-412) thousand and relates to capitalized development expenses. Net cash from financing activities amounted to EUR -328 (681) thousand. The comparison period net cash from financing activities was positively affected by option subscriptions in the amount of EUR 1,069 thousand.
Consolidated cash and cash equivalents at the end of the period amounted to EUR 5,313 (10,963) thousand. Interest-bearing net debt was EUR -3,681 (-8,343) thousand at the end of the period.
Net working capital was EUR 1,844 (2,093) thousand at the end of the period.
January – September 2025
In January – September 2025, the cash flow from operating activities amounted to EUR -2,358 (-2,006) thousand.
Net cash used in investing activities was EUR -1,799 (-1,482) thousand and relates to capitalized development expenses.
Net cash from financing activities amounted to EUR -1,050 (7,298) 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 | Q3/2025 | Q3/2024 | Change, % | Q1-Q3/2025 | Q1-Q3/2024 | Change, % | 2024 |
| Revenue | 2,305 | 813 | 183.6% | 5,240 | 2,776 | 88.8% | 5,326 |
| Gross profit * | 1,247 | 91 | 1277.0% | 2,951 | 1,302 | 126.7% | 2,778 |
| Gross margin % * | 54.1% | 11.1% | 56.3% | 46.9% | 52.2% | ||
| EBITDA | 238 | -510 | 146.6% | -319 | -1,558 | 79.5% | -1,673 |
| EBITDA margin *, % | 10.3% | -62.8% | -6.1% | -56.1% | -31.4% | ||
| Operating result (EBIT) | -195 | -885 | 78.0% | -1,553 | -2,754 | 43.6% | -3,343 |
| Operating margin (EBIT) *, % | -8.5% | -108.9% | -29.6% | -99.2% | -62.8% |
*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.
July – September 2025
In July– September 2025, the Devices segment revenue increased by 183.6 percent to EUR 2,305 (813) thousand. The revenue growth was driven by very high growth in the US market.
The gross margin was 54.1 (11.1) percent. The comparison period was affected by the previously mentioned inventory revaluation.
EBITDA was EUR 238 (-510) thousand or 10.3 (-62.8) percent of revenue. The comparison period was affected by the previously mentioned inventory revaluation and reversal of credit loss provision.
January – September 2025
In January – September 2025, the Devices segment revenue increased by 88.8 percent to EUR 5,240 (2,776) thousand. Whereas the primary driver of the growth was the US market, all sales channels but China grew during the period.
The gross margin increased to 56.3 percent from 46.9 percent.
EBITDA was EUR -319 (-1,558) thousand or -6.1 (-56.1) 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 | Q3/2025 | Q3/2024 | Change, % | Q1-Q3/2025 | Q1-Q3/2024 | Change, % | 2024 |
| Revenue | 2,113 | 2,297 | -8.0% | 7,044 | 7,165 | -1.7% | 9,714 |
| Gross profit * | 1,481 | 1,602 | -7.5% | 4,967 | 5,044 | -1.5% | 6,889 |
| Gross margin % * | 70.1% | 69.7% | 70.5% | 70.4% | 70.9% | ||
| EBITDA | 381 | 486 | -21.5% | 1,257 | 1,468 | -14.4% | 1,897 |
| EBITDA margin *, % | 18.0% | 21.2% | 17.8% | 20.5% | 19.5% | ||
| Operating result (EBIT) | 180 | 277 | -35.2% | 633 | 858 | -26.3% | 1,078 |
| Operating margin (EBIT) *, % | 8.5% | 12.1% | 9.0% | 12.0% | 11.1% |
*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.
July– September 2025
In July– September 2025, the Software segment revenue decreased by 8.0 percent to EUR 2,113 (2,297) thousand. Healthcare related revenue remained stable, however, the non-healthcare consulting revenue continued its decline.
Gross margin increased and was 70.1 (69.7) percent.
EBITDA was EUR 381 (486) thousand or 18.0 (21.2) percent of revenue.
January – September 2025
In January – September 2025 the Software segment revenue decreased by 1.7 percent to EUR 7,044 (7,165) thousand. Healthcare related revenue has grown, however, the growth was offset by the decline of non-healthcare consulting revenue.
Gross margin was 70.5 (70.4) percent.
EBITDA was EUR 1,257 (1,468) thousand or 17.8 (20.5) 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.
July– September 2025
Group-wide operating expenses amounted to EUR 1,155 (789) thousand. The increase was primarily due to increased marketing efforts and non-recurring consulting costs.
January – September 2025
Group-wide operating expenses amounted to EUR 3,131 (2,566) thousand.
Personnel
Number of personnel at the end of the reporting period.
| 9/2025 | 9/2024 | 12/2024 | |
| Devices | 44 | 49 | 47 |
| Software | 49 | 47 | 50 |
| Group common | 19 | 17 | 18 |
| Total | 112 | 113 | 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 22,042 shares in the treasury which approximately corresponds to 0.11 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 and Q3-2025 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 2026
- Financial Statement Bulletin for 1 January – 31 December 2025, 10 February 2026
- Interim Report for 1 January – 31 March 2026, 6 May 2026
- Half-Year Financial Report for 1 January – 30 June 2026, 14 August 2026
- Interim Report for 1 January – 30 September 2026, 6 November 2026
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 | Q3/2025 | Q3/2024 | Q1-Q3/2025 | Q1-Q3/2024 | 2024 |
| Revenue | 4,417 | 3,109 | 12,284 | 9,941 | 15,040 |
| Other operating income | 1 | 0 | 2 | 10 | 10 |
| Material and services | -1,690 | -1,417 | -4,368 | -3,596 | -5,374 |
| Gross profit | 2,728 | 1,692 | 7,918 | 6,355 | 9,676 |
| Operating result (EBIT) | -1,172 | -1,400 | -4,056 | -4,460 | -5,957 |
| Items affecting comparability | |||||
| Specific credit risk percent change | 0 | 0 | 0 | 383 | 662 |
| Adjusted EBIT | -1,172 | -1,400 | -4,056 | -4,077 | -5,295 |
| Depreciation, amortization and impairment losses | 636 | 586 | 1,863 | 1,813 | 2,499 |
| Adjusted EBITDA | -536 | -814 | -2,193 | -2,264 | -2,796 |
Consolidated income statement
| In thousands of euro | Q3/2025 | Q3/2024 | Q1-Q3/2025 | Q1-Q3/2024 | 2024 |
| Revenue | 4,417 | 3,109 | 12,284 | 9,941 | 15,040 |
| Other operating income | 1 | 0 | 2 | 10 | 10 |
| Materials and services | -1,690 | -1,417 | -4,368 | -3,596 | -5,374 |
| Employee benefit expenses | -2,069 | -1,984 | -6,887 | -6,300 | -8,931 |
| Depreciation, amortization and Impairment losses | -636 | -586 | -1,863 | -1,813 | -2,499 |
| Other operating expenses | -1,195 | -522 | -3,223 | -2,701 | -4,204 |
| Operating result | -1,172 | -1,400 | -4,056 | -4,460 | -5,957 |
| Finance income | 127 | 100 | 445 | 460 | 1,217 |
| Finance expenses | -506 | -299 | -1,202 | -511 | -776 |
| Net finance expenses | -378 | -198 | -757 | -52 | 441 |
| Profit (loss) before income taxes | -1,550 | -1,598 | -4,813 | -4,512 | -5,516 |
| Income tax expense | 20 | 21 | 58 | 52 | 66 |
| Loss for the period | -1,530 | -1,577 | -4,755 | -4,460 | -5,450 |
| Loss for the period attributable to | |||||
| Owners of the parent company | -1,530 | -1,577 | -4,755 | -4,460 | -5,450 |
| Weighted average number of shares | 19,660,683 | 18,204,631 | 19,660,683 | 18,204,631 | 18,675,167 |
| Basic loss per share (euro) | -0.08 | -0.09 | -0.24 | -0.25 | -0.29 |
Consolidated condensed comprehensive income statement
| In thousands of euro | Q3/2025 | Q3/2024 | Q1-Q3/2025 | Q1-Q3/2024 | 2024 |
| Loss for the period | -1,530 | -1,577 | -4,755 | -4,460 | -5,450 |
| Other comprehensive income | |||||
| Foreign currency translation difference | 404 | 116 | 915 | 77 | -329 |
| Other comprehensive income, net of tax | 404 | 116 | 915 | 77 | -329 |
| Total comprehensive loss attributable to Owners of the parent company | -1,126 | -1,461 | -3,841 | -4,383 | -5,778 |
Consolidated balance sheet
| In thousands of euro | September 30, 2025 | September 30, 2024 | December 31, 2024 |
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 4,256 | 4,256 | 4,256 |
| Development costs | 8,741 | 8,212 | 8,288 |
| Customer relationships | 554 | 776 | 721 |
| Technology | 254 | 356 | 331 |
| Other intangible assets | 345 | 361 | 370 |
| Total intangible assets | 14,152 | 13,962 | 13,965 |
| Tangible assets | 790 | 592 | 652 |
| Right-of-use assets | 1,118 | 1,057 | 1,456 |
| Deferred tax assets | 13 | 17 | 12 |
| Total non-current assets | 16,073 | 15,628 | 16,085 |
| Current assets | |||
| Inventories | 2,445 | 2,677 | 1,961 |
| Trade and other receivables | 3,354 | 2,999 | 3,268 |
| Cash and cash equivalents | 5,313 | 10,963 | 10,467 |
| Total current assets | 11,113 | 16,640 | 15,695 |
| Total assets | 27,186 | 32,267 | 31,781 |
| In thousands of euro | September 30, 2025 | September 30, 2024 | December 31, 2024 |
| EQUITY | |||
| Share capital | 80 | 80 | 80 |
| Share premium | 504 | 504 | 504 |
| Reserve for invested non-restricted equity | 59,659 | 59,401 | 59,608 |
| Translation differences | 920 | 412 | 6 |
| Retained earnings | -36,169 | -31,238 | -31,111 |
| Profit (loss) for the financial year | -4,755 | -4,460 | -5,450 |
| Total equity | 20,239 | 24,698 | 23,637 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Borrowings from financial institutions | 193 | 988 | 790 |
| Government loans | 452 | 645 | 521 |
| Lease liabilities | 698 | 622 | 1,017 |
| Deferred tax liabilities | 176 | 253 | 234 |
| Total Non-current liabilities | 1,520 | 2,508 | 2,561 |
| Current liabilities | |||
| Borrowings from financial institutions | 794 | 794 | 794 |
| Government loans | 193 | 193 | 193 |
| Lease liabilities | 485 | 491 | 495 |
| Trade and other payables | 3,955 | 3,583 | 4,101 |
| Total current liabilities | 5,427 | 5,061 | 5,583 |
| Total liabilities | 6,947 | 7,569 | 8,144 |
| Total equity and liabilities | 27,186 | 32,267 | 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 | -4,755 | -4,755 | ||||
| Other comprehensive income | ||||||
| Translation differences | 915 | 915 | ||||
| Total comprehensive income for the period | 915 | -4,755 | -3,841 | |||
| Transactions with owners of the company | ||||||
| Share issue | ||||||
| Share based payments | 51 | 51 | ||||
| Share options | 392 | 392 | ||||
| Total transactions with owners of the company | 51 | 392 | 443 | |||
| Balance at September 30, 2025 | 80 | 504 | 59,659 | 920 | -40,924 | 20,239 |
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 | -4,460 | -4,460 | ||||
| Other comprehensive income | ||||||
| Translation differences | 77 | 77 | ||||
| Total comprehensive income for the period | 77 | -4,460 | -4,383 | |||
| Share issue | 7,335 | 7,335 | ||||
| Share based payments | 43 | 43 | ||||
| Share options | 1087 | 255 | 1,342 | |||
| Total transactions with owners of the company | 8,465 | 255 | 8,720 | |||
| Balance at September 30, 2024 |
80 | 504 | 59,401 | 412 | -35,698 | 24,698 |
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 | Q3/2025 | Q3/2024 | Q1-Q3/2025 | Q1-Q3/2024 | 2024 |
| Cash flows from operating activities | |||||
| Loss for the financial year | -1,530 | -1,577 | -4,755 | -4,460 | -5,450 |
| Adjustments: | |||||
| Depreciation, amortization and impairment
losses |
636 | 586 | 1,863 | 1,813 | 2,499 |
| Finance income and finance expenses | -6 | 73 | 447 | -21 | -466 |
| Other adjustments | 175 | -197 | 417 | 252 | 653 |
| Cash flows before change in net working capital | -725 | -1,115 | -2,029 | -2,415 | -2,764 |
| Change in net working capital: | |||||
| Change in trade and other receivables
(increase (-) / decrease (+)) |
-892 | -96 | -329 | 165 | -335 |
| Change in inventories
(increase (-) / decrease (+)) |
-61 | -41 | -559 | 138 | 901 |
| Change in trade and other payables
(increase (+) / decrease (-)) |
656 | -186 | 583 | 169 | 688 |
| Cash flows before finance items | -1,022 | -1,440 | -2,334 | -1,944 | -1,510 |
| Interest paid | -10 | -31 | -41 | -87 | -115 |
| Other finance expenses paid | -28 | -20 | -85 | -62 | -121 |
| Interest received | 17 | 57 | 102 | 87 | 151 |
| Net cash from operating activities (A) | -1,043 | -1,434 | -2,358 | -2,006 | -1,596 |
| Cash flows from investing activities | |||||
| Capitalization of development expenses | -392 | -367 | -1,416 | -1,351 | -1,843 |
| Acquisition of tangible assets | -83 | -45 | -383 | -130 | -275 |
| Net cash used in investing activities (B) | -476 | -412 | -1,799 | -1,482 | -2,118 |
| Cash flows from financing activities | |||||
| Proceeds from share subscriptions | 0 | 1,069 | 0 | 8,962 | 9,182 |
| Share issue transaction costs | 0 | 0 | 0 | -540 | -553 |
| Repayment of loans and borrowings | -199 | -265 | -664 | -730 | -1,053 |
| Repayment of lease liabilities | -129 | -124 | -386 | -394 | -494 |
| Net cash from financing activities (C) | -328 | 681 | -1,050 | 7,298 | 7,081 |
| Net cash from (used in) operating, investing and financing activities (A+B+C) | -1,847 | -1,165 | -5,207 | 3,810 | 3,367 |
| Cash and cash equivalents at beginning of period | 7,091 | 12,106 | 10,467 | 7,118 | 7,118 |
| Effect of movements in exchange rate on cash held | 69 | 22 | 54 | 35 | -19 |
| Cash and cash equivalents at end of period | 5,313 | 10,963 | 5,313 | 10,963 | 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.
Reportable segments
Q3/2025
| In thousands of euro | Devices | Software | Group
Admin |
Total |
| External revenue | 2,305 | 2,113 | 0 | 4,417 |
| Net operating expenses | -1,058 | -631 | 0 | -1,689 |
| Margin | 1,247 | 1,481 | 0 | 2,728 |
| Depreciation and amortization | -433 | -202 | -2 | -636 |
| Other expenses | -1,009 | -1,100 | -1,155 | -3,264 |
| Operating result | -195 | 180 | -1,156 | -1,172 |
| Finance items | 0 | 0 | -378 | -378 |
| Loss before tax expense | -195 | 180 | -1,535 | -1,550 |
Q3/2024
| In thousands of euro | Devices | Software | Group Admin | Total |
| External revenue | 813 | 2,297 | 0 | 3,109 |
| Net operating expenses | -722 | -695 | 0 | -1,417 |
| Margin | 91 | 1,602 | 0 | 1,692 |
| Depreciation and amortization | -375 | -209 | -2 | -586 |
| Other expenses | -601 | -1,116 | -789 | -2,506 |
| Operating result | -885 | 277 | -792 | -1,400 |
| Finance items | 0 | 0 | -198 | -198 |
| Loss before tax expense | -885 | 277 | -990 | -1,598 |
Q1-Q3/2025
| In thousands of euro | Devices | Software | Group
Admin |
Total |
| External revenue | 5,240 | 7,044 | 0 | 12,284 |
| Net operating expenses | -2,289 | -2,077 | 0 | -4,366 |
| Margin | 2,951 | 4,967 | 0 | 7,918 |
| Depreciation and amortization | -1,234 | -624 | -5 | -1,863 |
| Other expenses | -3,270 | -3,710 | -3,131 | -10,111 |
| Operating result | -1,553 | 633 | -3,135 | -4,056 |
| Finance items | 0 | 0 | -757 | -757 |
| Loss before tax expense | -1,553 | 633 | -3,892 | -4,813 |
Q1-Q3/2024
| In thousands of euro | Devices | Software | Group
Admin |
Total |
| External revenue | 2,776 | 7,165 | 0 | 9,941 |
| Net operating expenses | -1,474 | -2,122 | 9 | -3,586 |
| Margin | 1,302 | 5,044 | 9 | 6,355 |
| Depreciation and amortization | -1,197 | -609 | -8 | -1,813 |
| Other expenses | -2,859 | -3,576 | -2,566 | -9,002 |
| Operating result | -2,754 | 858 | -2,564 | -4,460 |
| Finance items | 0 | 0 | -52 | -52 |
| Loss before tax expense | -2,754 | 858 | -2,616 | -4,512 |
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 |
Disaggregation of revenue
Geographical distribution
| In thousands of euro | Q3/2025 | Q3/2024 | Q1-Q3/2025 | Q1-Q3/2024 | 2024 |
| Finland | 2,045 | 2,220 | 6,801 | 6,894 | 9,340 |
| Rest of the Europe | 298 | 234 | 1,046 | 846 | 1,034 |
| Rest of the World | 2,075 | 655 | 4,437 | 2,201 | 4,667 |
| Total | 4,417 | 3,109 | 12,284 | 9,941 | 15,040 |
Distribution by revenue recognition date
| In thousands of euro | Q3/2025 | Q3/2024 | Q1-Q3/2025 | Q1-Q3/2024 | 2024 | |||||
| Products and services transferred at a point in time | 3,111 | 70 % | 2,061 | 66% | 8,110 | 66 % | 6,678 | 67% | 10,405 | 69% |
| Services transferred over time | 1,306 | 30 % | 1,049 | 34% | 4,174 | 34 % | 3,263 | 33% | 4,635 | 31% |
| Total | 4,417 | 3,109 | 12,284 | 9,941 | 15,040 |
Advances Received and Deferred Revenue
| In thousands of euro | September 30, 2025 | September 30, 2024 | December 31, 2024 |
| Trade receivables | 2,309 | 2,073 | 2,411 |
| Assets related to customer contracts | 2,309 | 2,073 | 2,411 |
| Advances received | 36 | 144 | 98 |
| Deferred Revenue | 539 | 290 | 305 |
| Liabilities related to customer contracts | 575 | 435 | 402 |
Other operating expenses
| Other operating expenses | Q3/2025 | Q3/2024 | Q1-Q3/2025 | Q1-Q3/2024 | 2024 |
| Sales and marketing | -333 | -153 | -708 | -460 | -707 |
| Research and development | -33 | -61 | -245 | -192 | -297 |
| General and administration | -828 | -308 | -2,270 | -2,049 | -3,200 |
| Total operating expenses | -1,195 | -522 | -3,223 | -2,701 | -4,204 |
Other operating expenses also comprise changes in expected credit losses and realized credit losses.
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 September 30, 2025 | |||
| Current (not past due) | 1,861 | 0.50% | 9 |
| Past due | |||
| 1-30 days | 281 | 1.50% | 4 |
| 31-60 days | 87 | 4% | 3 |
| 61-90 days | 114 | 9% | 10 |
| More than 90 days past due | 30 | 12% | 4 |
| Specific loss allowance | 0 | 100% | 0 |
| Total | 2,373 | 31 |
| In thousands of euro | Gross carrying amount | Weighted av. loss rate% | Loss allowance |
| At September 30, 2024 | |||
| Current (not past due) | 1,556 | 0.50% | 8 |
| Past due | |||
| 1-30 days | 92 | 1.50% | 1 |
| 31-60 days | 83 | 4% | 3 |
| 61-90 days | 67 | 9% | 6 |
| More than 90 days past due | 27 | 12% | 3 |
| Specific loss allowance | 1,078 | 75% | 809 |
| Total | 2,903 | 831 |
| 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 | September 30, 2025 | September 30, 2024 | December 31, 2024 |
| Non-current financial liabilities | |||
| Borrowings from financial institutions | 193 | 988 | 790 |
| Government loans | 452 | 645 | 521 |
| Lease liabilities | 698 | 622 | 1,017 |
| Total | 1,343 | 2,255 | 2,328 |
| Current financial liabilities | |||
| Borrowings from financial institutions | 794 | 794 | 794 |
| Government loans | 193 | 193 | 193 |
| Lease liabilities | 485 | 491 | 495 |
| Trade payables | 1,214 | 826 | 891 |
| Total | 2,686 | 2,304 | 2,373 |
| Total financial liabilities | 4,029 | 4,559 | 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.
Events after the review period
No material events after the review period.
Read the full report here.