Optomed’s Interim report January – March 2026
Optomed Plc Stock Exchange Release 6 May 2026 at 9.00, Helsinki
Optomed Plc: Interim report January – March 2026
January – March 2026
- Revenue decreased by 16.7 percent to EUR 3.4 (4.0) million.
- Currency-adjusted revenue decrease was 15.4 percent.
- Devices segment revenue decreased by 30.2 percent to EUR 1.1 (1.5) million.
- Devices segment currency-adjusted revenue decrease was 26.8 percent.
- Software segment revenue decreased by 8.4 percent to EUR 2.3 (2.5) million.
- EBITDA amounted to EUR -0.7 (-0.7) million corresponding to -20.9 (-18.3) percent of revenue.
- Cash flow from operating activities amounted to EUR -1,432 (371) thousand.
- Consolidated cash and cash equivalents at the end of the period amounted to EUR 7.8 (9.7) million.
- Outlook unchanged: Optomed expects its full year 2026 revenue to grow compared to 2025.
Key figures
| EUR, thousand | Q1/2026 | Q1/2025 | Change, % | 2025 |
| Revenue | 3,351 | 4,021 | -16.7% | 17,096 |
| Gross profit * | 2,302 | 2,693 | -14.5% | 10,878 |
| Gross margin % * | 68.7% | 67.0% | 63.6% | |
| EBITDA | -701 | -737 | 4.9% | -3,526 |
| EBITDA margin *, % | -20.9% | -18.3% | -20.6% | |
| Adjusted EBITDA * | -701 | -737 | 4.9% | -3,526 |
| Adjusted EBITDA margin *, % | -20.9% | -18.3% | -20.6% | |
| Operating result (EBIT) | -1,369 | -1,341 | -2.1% | -6,042 |
| Operating margin (EBIT) *, % | -40.9% | -33.3% | -35.3% | |
| Adjusted operating result (EBIT) * |
-1,369 | -1,341 | -2.1% | -6,042 |
| Adjusted operating margin (EBIT margin) *, % |
-40.9% | -33.3% | -35.3% | |
| Net profit/ loss | -1,101 | -1,581 | 30.4% | -6,640 |
| Earnings per share | -0.05 | -0.08 | 34.2% | -0.34 |
| Cash flow from operating activities | -1,432 | 371 | -485.5% | -2,482 |
| Net Debt | -6,430 | -7,621 | -15.6% | -8,475 |
| Net debt/ EBITDA (LTM) * | 1.8 | 2.1 | 2.4 | |
| Net debt/ Adjusted EBITDA (LTM) * |
1.8 | 2.6 | 2.4 | |
| Equity ratio * | 75.8% | 73.0% | 75.1% | |
| R&D expenses personnel | 384 | 266 | 44.6% | 1,545 |
| R&D expenses other costs | 146 | 223 | -34.4% | 644 |
| Total R&D expenses | 531 | 489 | 8.5% | 2,190 |
*) 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.
CEO Review
Dear Shareholders,
The first quarter of 2026 was soft in terms of revenue development, with Group revenue decreasing by 0.6 million to EUR 3.4 million. The decline was primarily driven by timing effects in both Segments.
In the Devices segment, revenue declined year-on-year, primarily due to timing effects and uncertainty related to the Centers for Medicare & Medicaid Services (CMS) proposal to remove the diabetic eye exam from the HEDIS Star Rating measures and move to an outcome-based measure for diabetic eye exam screening adherence. This uncertainty which Optomed first learned about in January, related to screening reimbursement frameworks and payer practices, led some of our largest customers to postpone capital equipment purchases. During the quarter, Optomed actively engaged in dialogue together with industry stakeholders and relevant authorities. As a result, CMS maintained the diabetic eye exam’s position among the HEDIS Star Rating measures, with confirmation received in early April. While this uncertainty impacted demand timing in Q1, we expect improved visibility following this decision.
Despite this, Optomed USA continued to grow during the quarter, driven by Aurora AEYE. This supports our view that underlying demand, particularly for AI-enabled screening solutions, remains intact. Outside the US, revenue declined both in Rest of the World and in OEM deliveries. We view this primarily as short-term fluctuation following a particularly strong fourth quarter, rather than a structural change in demand. At the same time, gross margins in the Devices segment improved from 58.8% of the comparison period to 62.7 % supported by high margin AI revenue, demonstrating resilience despite volume volatility.
The Software segment declined modestly during the quarter. This was primarily due timing effects of various software deliveries. The EBITDA margin stabilized to 20.9% following Q4-2025 which was affected by one-off costs.
In Aurora AEYE, progress during the quarter was related to both structural readiness and volume development. Following the completion of ISO 27001 certification and key EHR integrations, key barriers to broader US deployment have been addressed. Sales cycles remain long, particularly in the US primary care market, but the removal of these prerequisites is expected to support improved conversion dynamics over time. This was our strongest quarter ever for Aurora AEYE new subscription sales.
From a profitability perspective, EBITDA improved slightly year-on-year despite lower revenue, supported by improved margins driven by AI revenue and on the other hand, reflecting continued cost discipline. At the same time, operating profit remained negative and broadly stable, indicating that further improvement in profitability is dependent on revenue growth.
From a cost perspective, we continued to focus on operational discipline. Operating expenses decreased year-on-year, reflecting efficiency measures implemented during 2025, while we continue to prioritize investments in devices and AI-enabled screening.
The Group’s financial position remains solid. Cash and cash equivalents amounted to EUR 7.8 million at the end of the period, providing sufficient flexibility to execute the current strategy without near-term financing needs.
The China joint venture continues to progress according to plan, although the opportunity remains binary and no substantial material revenue contribution is expected in the near term. In addition, discussions regarding potential collaboration with a global pharmaceutical partner are ongoing, and Optomed is building the ESG reporting capabilities required by the partner.
Visibility remains limited in the near term. Uncertainty related to currency movements, tariffs, political turbulence, and customer decision timelines particularly in the US primary care market continues to impact demand timing. Against this backdrop, the Company maintains a prudent approach to its full-year guidance and continues to expect revenue to grow in 2026 compared to 2025.
While short-term development remains uneven, we believe Optomed’s positioning in handheld devices and AI-enabled screening is fundamentally unchanged. Our focus remains on disciplined execution, transparency, and building a more predictable growth trajectory over time.
Sincerely,
Juho Himberg
CEO
Outlook 2026
Optomed expects its full year 2026 revenue to grow compared to 2025.
Telephone conference
A telephone conference for analysts, investors and media will be arranged on 6 May 2026 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 678 554 828#
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 2026
In January – March 2026, Group revenue decreased by 16.7 percent to EUR 3,351 (4,021) thousand. Currency-adjusted revenue decrease was 15.4 percent. Devices segment’s revenue decreased by 30.2 percent to EUR 1,065 (1,526). Software segment’s revenue decreased by 8.4 percent to EUR 2,285 (2,496). The decline was primarily driven by timing effects in both Segments.
The gross margin increased to 68.7 percent from 67.0 percent last year.
EBITDA amounted to EUR -701 (-737) thousand
EBIT was EUR -1,369 (-1,341) thousand.
Net financial items amounted to EUR 250 (-259) 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
January – March 2026
In January – March 2026, the cash flow from operating activities amounted to EUR -1,432 (371) thousand. Net cash used in investing activities was EUR -503 (-781) thousand and relates to capitalized development expenses. Net cash from financing activities amounted to EUR -244 (-357) thousand.
Consolidated cash and cash equivalents at the end of the period amounted to EUR 7,752 (9,688) thousand. Interest-bearing net debt was EUR -6,430 (-7,621) thousand at the end of the period.
Net working capital was EUR 1,514 (188) thousand at the end of the period.
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 | Q1/2026 | Q1/2025 | Change, % | 2025 |
| Revenue | 1,065 | 1,526 | -30.2% | 7,620 |
| Gross profit * | 668 | 897 | -25.6% | 4,255 |
| Gross margin % * | 62.7% | 58.8% | 55.8% | |
| EBITDA | -348 | -297 | -17.0% | -438 |
| EBITDA margin *, % | -32.7% | -19.5% | -5.7% | |
| Operating result (EBIT) | -811 | -684 | -18.4% | -2,119 |
| Operating margin (EBIT) *, % | -76.1% | -44.9% | -27.8% |
*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.
January – March 2026
In January – March 2026, the Devices segment revenue decreased by 30.2 percent to EUR 1,065 (1,526) thousand.
Devices segment currency-adjusted revenue decrease was 26.8 percent. Optomed USA continued to grow during the quarter, driven by Aurora AEYE. Revenue declined both in Rest of the World and in OEM channels.
The gross margin was 62.7 (58.8) percent. The increase was supported by Aurora AEYE sales.
EBITDA was EUR -348 (-297) thousand or -32.7 (-19.5) percent of revenue. Operating expenses decreased as a result of a continued focus on operational efficiency.
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 | Q1/2026 | Q1/2025 | Change, % | 2025 |
| Revenue | 2,285 | 2,496 | -8.4% | 9,475 |
| Gross profit * | 1,634 | 1,796 | -9.0% | 6,623 |
| Gross margin % * | 71.5% | 72.0% | 69.9% | |
| EBITDA | 477 | 521 | -8.5% | 1,281 |
| EBITDA margin *, % | 20.9% | 20.9% | 13.5% | |
| Operating result (EBIT) | 273 | 306 | -10.7% | 453 |
| Operating margin (EBIT) *, % | 11.9% | 12.3% | 4.8% |
*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.
January – March 2026
In January – March 2026 the Software segment revenue decreased by 8.4 percent to EUR 2,285 (2,496) thousand. Both Healthcare and Consulting businesses declined slightly during the quarter.
Gross margin was 71.5 (72.0) percent.
EBITDA was EUR 477 (521) thousand or 20.9 (20.9) 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 2026
Group-wide operating expenses amounted to EUR 832 (962) thousand.
Personnel
Number of personnel at the end of the reporting period.
| 3/2026 | 3/2025 | 12/2025 | |
| Devices | 43 | 48 | 42 |
| Software | 48 | 51 | 50 |
| Group common | 19 | 19 | 19 |
| Total | 110 | 118 | 111 |
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 2025 is available on the company website www.optomed.com/investors/.
Annual General Meeting
Optomed’s Annual General Meeting will be held on Friday, 8 May 2026 at 10:00 a.m. (EEST) at Life Science Center Keilaniemi, Keilaranta 16 C, FI-02150 Espoo, Finland. The reception of those 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 are available at https://www.optomed.com/investors/ general-meeting-2026/
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 21,453,297 shares and the Company held 22,042 shares in the treasury which approximately corresponds to 0.1 percent of the total amount of the shares and votes. Additional information with respect to the shares, shareholding and trading can be found on the Company’s website www.optomed.com/investors/.
Flagging notifications
On 27 February 2026, Optomed announced that has received a notification in accordance with the Chapter 9, Section 5 of the Finnish Securities Markets Act (as amended, the “SMA”) from OP-Rahastoyhtiö Oy (“Notifier”). According to the notification, the total holdings in Optomed shares and votes held the by the Notifier is 4.99 per cent of all of the registered shares in Optomed on 25 February 2026.
Risks and uncertainties
The key risks and uncertainties are described in the company’s Annual Report 2025 which was published on 25 February 2026. The complete report is available at https://www.optomed.com/investors/.
Audit review
This financial report has not been audited by the company’s auditors.
Financial reporting in 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 including activations. |
Consolidated income statement
| In thousands of euro | Q1/2026 | Q1/2025 | 2025 |
| Revenue | 3,351 | 4,021 | 17,096 |
| Other operating income | 2 | 0 | 5 |
| Materials and services | -1,050 | -1,328 | -6,222 |
| Employee benefit expenses | -2,253 | -2,380 | -9,950 |
| Depreciation, amortization and Impairment losses | -668 | -604 | -2,516 |
| Other operating expenses | -751 | -1,050 | -4,454 |
| Operating result | -1,369 | -1,341 | -6,042 |
| Finance income | 328 | 69 | 580 |
| Finance expenses | -78 | -327 | -1,256 |
| Net finance expenses | 250 | -259 | -676 |
| Profit (loss) before income taxes | -1,120 | -1,599 | -6,718 |
| Income tax expense | 19 | 19 | 77 |
| Loss for the period | -1,101 | -1,581 | -6,640 |
| Loss for the period attributable to | |||
| Owners of the parent company | -1,101 | -1,581 | -6,640 |
| Weighted average number of shares | 20,253,693 | 19,145,703 | 19,810,521 |
| Basic loss per share (euro) | -0.05 | -0.08 | -0.34 |
Consolidated condensed comprehensive income statement
| In thousands of euro | Q1/2026 | Q1/2025 | 2025 |
| Loss for the period | -1,101 | -1,581 | -6,640 |
| Other comprehensive income | |||
| Foreign currency translation difference | -227 | 286 | 855 |
| Other comprehensive income, net of tax | -227 | 286 | 855 |
| Total comprehensive loss attributable to Owners of the parent company |
-1,328 | -1,294 | -5,785 |
Consolidated balance sheet
| In thousands of euro | March 31, 2026 | March 31, 2025 | December 31, 2025 |
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 4,256 | 4,256 | 4,256 |
| Development costs | 8,670 | 8,487 | 8,739 |
| Customer relationships | 443 | 665 | 499 |
| Technology | 204 | 305 | 229 |
| Other intangible assets | 362 | 352 | 365 |
| Total intangible assets | 13,935 | 14,066 | 14,089 |
| Tangible assets | 1,028 | 857 | 894 |
| Right-of-use assets | 1,128 | 1,383 | 1,212 |
| Deferred tax assets | 13 | 12 | 13 |
| Total non-current assets | 16,104 | 16,318 | 16,208 |
| Current assets | |||
| Inventories | 2,781 | 1,713 | 2,382 |
| Trade and other receivables | 3,347 | 3,046 | 3,474 |
| Cash and cash equivalents | 7,752 | 9,688 | 9,909 |
| Total current assets | 13,880 | 14,447 | 15,765 |
| Total assets | 29,985 | 30,765 | 31,973 |
| In thousands of euro | March 31, 2026 | March 31, 2025 | December 31, 2025 |
| EQUITY | |||
| Share capital | 80 | 80 | 80 |
| Share premium | 504 | 504 | 504 |
| Reserve for invested non-restricted equity | 65,224 | 59,608 | 65,224 |
| Translation differences | 634 | 292 | 861 |
| Retained earnings | -42,624 | -36,433 | -36,012 |
| Profit (loss) for the financial year | -1,101 | -1,581 | -6,640 |
| Total equity | 22,717 | 22,470 | 24,016 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Borrowings from financial institutions | 455 | 591 | 0 |
| Government loans | 375 | 489 | 371 |
| Lease liabilities | 763 | 949 | 835 |
| Deferred tax liabilities | 138 | 215 | 157 |
| Total Non-current liabilities | 1,731 | 2,243 | 1,363 |
| Current liabilities | |||
| Borrowings from financial institutions | 314 | 794 | 789 |
| Government loans | 179 | 193 | 274 |
| Lease liabilities | 430 | 494 | 442 |
| Trade and other payables | 4,614 | 4,571 | 5,088 |
| Total current liabilities | 5,536 | 6,052 | 6,593 |
| Total liabilities | 7,267 | 8,295 | 7,956 |
| Total equity and liabilities | 29,985 | 30,765 | 31,973 |
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, 2026 | 80 | 504 | 65,224 | 861 | -42,652 | 24,016 |
| Comprehensive income | ||||||
| Loss for the period | -1,101 | -1,101 | ||||
| Other comprehensive income | ||||||
| Translation differences | -227 | -227 | ||||
| Total comprehensive income for the period | -227 | -1,101 | -1,328 | |||
| Share issue | ||||||
| Share based payments | ||||||
| Share options | 28 | 28 | ||||
| Total transactions with owners of the company | 28 | 28 | ||||
| Balance at March 31, 2026 | 80 | 504 | 65,224 | 634 | -43,724 | 22,717 |
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 | -1,581 | -1,581 | ||||
| Other comprehensive income | ||||||
| Translation differences | 286 | 286 | ||||
| Total comprehensive income for the period | 286 | -1,581 | -1,294 | |||
| Share issue | ||||||
| Share based payments | ||||||
| Share options | 127 | 127 | ||||
| Total transactions with owners of the company | 127 | 127 | ||||
| Balance at March 31, 2025 | 80 | 504 | 59,608 | 292 | -38,014 | 22,470 |
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 | -6,640 | -6,640 | ||||
| Other comprehensive income | ||||||
| Translation differences | 855 | 855 | ||||
| Total comprehensive income for the period | 855 | -6,640 | -5,785 | |||
| Transactions with owners of the company | ||||||
| Share issue | 5,565 | 5,565 | ||||
| Share based payments | 51 | 51 | ||||
| Share options | 549 | 549 | ||||
| Total transactions with owners of the company | 5,616 | 549 | 6,165 | |||
| Balance at December 31, 2025 | 80 | 504 | 65,224 | 861 | -42,652 | 24,016 |
Consolidated cash flow statement
| In thousands of euro | Q1/2026 | Q1/2025 | 2025 |
| Cash flows from operating activities | |||
| Loss for the financial year | -1,101 | -1,581 | -6,640 |
| Adjustments: | |||
| Depreciation, amortization and impairment losses | 668 | 604 | 2,516 |
| Finance income and finance expenses | -152 | 178 | 430 |
| Other adjustments | 43 | 107 | 537 |
| Cash flows before change in net working capital | -541 | -692 | -3,158 |
| Change in net working capital: | |||
| Change in trade and other receivables (increase (-) / decrease (+)) | 141 | 140 | -483 |
| Change in inventories (increase (-) / decrease (+)) | -405 | 232 | -492 |
| Change in trade and other payables (increase (+) / decrease (-)) | -623 | 730 | 1,701 |
| Cash flows before finance items | -1,429 | 410 | -2,431 |
| Interest paid | -11 | -19 | -54 |
| Other finance expenses paid | -25 | -63 | -112 |
| Interest received | 32 | 43 | 115 |
| Net cash from operating activities (A) | -1,432 | 371 | -2,482 |
| Cash flows from investing activities | |||
| Capitalization of development expenses | -305 | -494 | -1,796 |
| Acquisition of tangible assets | -199 | -287 | -561 |
| Net cash used in investing activities (B) | -503 | -781 | -2,357 |
| Cash flows from financing activities | |||
| Proceeds from share subscriptions | 0 | 0 | 5,984 |
| Share issue transaction costs | 0 | 0 | -419 |
| Repayment of loans and borrowings | -112 | -230 | -863 |
| Repayment of lease liabilities | -132 | -127 | -517 |
| Net cash from financing activities (C) | -244 | -357 | 4,186 |
| Net cash from (used in) operating, investing and financing activities (A+B+C) |
-2,179 | -767 | -653 |
| Cash and cash equivalents at beginning of period | 9,909 | 10,467 | 10,467 |
| Effect of movements in exchange rate on cash held | 22 | -12 | 95 |
| Cash and cash equivalents at end of period | 7,752 | 9,688 | 9,909 |
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
Q1/2026
| In thousands of euro | Devices | Software | Group
Admin |
Total |
| External revenue | 1,065 | 2,285 | 0 | 3,351 |
| Net operating expenses | -397 | -651 | 0 | -1,048 |
| Margin | 668 | 1,634 | 0 | 2,302 |
| Depreciation and amortization | -462 | -204 | -2 | -668 |
| Other expenses | -1,016 | -1,157 | -830 | -3,004 |
| Operating result | -811 | 273 | -832 | -1,369 |
| Finance items | 0 | 0 | 250 | 250 |
| Profit/Loss before tax expense | -811 | 273 | -582 | -1,120 |
Q1/2025
| In thousands of euro | Devices | Software | Group Admin | Total |
| External revenue | 1,526 | 2,496 | 0 | 4,021 |
| Net operating expenses | -628 | -700 | 0 | -1,328 |
| Margin | 897 | 1,796 | 0 | 2,693 |
| Depreciation and amortization | -387 | -215 | -2 | -604 |
| Other expenses | -1,195 | -1,275 | -960 | -3,430 |
| Operating result | -684 | 306 | -962 | -1,341 |
| Finance items | 0 | 0 | -259 | -259 |
| Profit/Loss before tax expense | -684 | 306 | -1,221 | -1,599 |
2025
| In thousands of euro | Devices | Software | Group
Admin |
Total |
| External revenue | 7,620 | 9,475 | 0 | 17,096 |
| Net operating expenses | -3,365 | -2,853 | 0 | -6,217 |
| Margin | 4,255 | 6,623 | 0 | 10,878 |
| Depreciation and amortization | -1,682 | -828 | -6 | -2,516 |
| Other expenses | -4,693 | -5,342 | -4,369 | -14,404 |
| Operating result | -2,119 | 453 | -4,375 | -6,042 |
| Finance items | 0 | 0 | -676 | -676 |
| Profit/Loss before tax expense | -2,119 | 453 | -5,051 | -6,718 |
Disaggregation of revenue
Geographical distribution
| In thousands of euro | Q1/2026 | Q1/2025 | 2025 |
| Finland | 2,201 | 2,416 | 9,149 |
| Rest of the Europe | 298 | 367 | 1,406 |
| Rest of the World | 852 | 1,238 | 6,540 |
| Total | 3,351 | 4,021 | 17,096 |
Distribution by revenue recognition date
| In thousands of euro | Q1/2026 | Q1/2025 | 2025 | |||
| Products and services transferred at a point in time | 2,029 | 61% | 2,937 | 73% | 12,401 | 73% |
| Services transferred over time | 1,322 | 39% | 1,084 | 27% | 4,694 | 27% |
| Total | 3,351 | 4,021 | 17,096 |
Effective Q1 2026, certain Software Segment revenue items have been reclassified from ‘Services transferred over time’ to ‘Products and services transferred at a point in time’. The change affects presentation only and has no impact on total revenue. Comparative information has been adjusted accordingly. For reference, Services transferred over time for Q4 2025 would have been EUR 1,294 thousand, Q3 2025 EUR 1,128 thousand and Q2 2025 EUR 1,187 thousand. Products and services transferred at a point in time would have been EUR 3,517 thousand for Q4 2025, EUR 3,289 thousand for Q3 2025, and EUR 2,658 thousand for Q2 2025.
Advances Received and Deferred Revenue
| In thousands of euro | March 31, 2026 | March 31, 2025 | December 31, 2025 |
| Trade receivables | 2,562 | 2,155 | 2,756 |
| Assets related to customer contracts | 2,562 | 2,155 | 2,756 |
| Advances received | 153 | 90 | 133 |
| Deferred Revenue | 596 | 445 | 545 |
| Liabilities related to customer contracts | 749 | 535 | 678 |
Other operating expenses
| Other operating expenses | Q1/2026 | Q1/2025 | 2025 |
| Sales and marketing | -128 | -178 | -874 |
| Research and development | -99 | -156 | -413 |
| General and administration | -524 | -717 | -3,167 |
| Total operating expenses | -751 | -1,050 | -4,454 |
Other operating expenses also comprise changes in expected credit losses and realized credit losses.
Exposure to credit risk and loss allowance
| In thousands of euro | Gross carrying amount | Weighted av. loss rate% | Loss allowance |
| At March 31, 2026 | |||
| Current (not past due) | 1,736 | 0.5% | 9 |
| Past due | |||
| 1-30 days | 198 | 1.5% | 3 |
| 31-60 days | 145 | 4% | 6 |
| 61-90 days | 107 | 9% | 10 |
| More than 90 days past due | 457 | 12% | 55 |
| Total | 2,644 | 82 |
| In thousands of euro | Gross carrying amount | Weighted av. loss rate% | Loss allowance |
| At March 31, 2025 | |||
| Current (not past due) | 1,839 | 0.5% | 9 |
| Past due | |||
| 1-30 days | 234 | 1.5% | 4 |
| 31-60 days | 68 | 4% | 3 |
| 61-90 days | 17 | 9% | 2 |
| More than 90 days past due | 15 | 12% | 2 |
| Total | 2,173 | 19 |
| In thousands of euro | Gross carrying amount | Weighted av. loss rate% | Loss allowance |
| At December 31, 2025 | |||
| Current (not past due) | 2,200 | 0.5% | 11 |
| Past due | |||
| 1-30 days | 78 | 1.5% | 1 |
| 31-60 days | 71 | 4% | 3 |
| 61-90 days | 272 | 9% | 24 |
| More than 90 days past due | 199 | 12% | 24 |
| Total | 2,819 | 63 |
Financial liabilities
| In thousands of euro | March 31, 2026 | March 31, 2025 | December 31, 2025 |
| Non-current financial liabilities | |||
| Borrowings from financial institutions | 455 | 591 | 0 |
| Government loans | 375 | 489 | 371 |
| Lease liabilities | 763 | 949 | 835 |
| Total | 1,593 | 2,029 | 1,206 |
| Current financial liabilities | |||
| Borrowings from financial institutions | 314 | 794 | 789 |
| Government loans | 179 | 193 | 274 |
| Lease liabilities | 430 | 494 | 442 |
| Trade payables | 1,013 | 1,392 | 1,159 |
| Total | 1,935 | 2,873 | 2,664 |
| Total financial liabilities | 3,528 | 4,901 | 3,870 |
Optomed has renegotiated its OP loans and government loans payment terms. Based on the decisions received government loans were extended two years and OP loans 6 to 12 months.
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.