Optomed Plc: Interim Report, January – March 2023

Optomed Plc Stock Exchange Release 5 May 2023 at 9.00, Helsinki

Optomed Plc: Interim Report, January – March 2023

January – March 2023

  • Revenue increased by 8.2 percent to EUR 3.5 (3.2) million.
  • Software segment revenue increased by 20.5 percent to EUR 2.6 (2.2) million driven by strong healthcare solution sales.
  • Devices segment revenue decreased by 16.5 percent to EUR 0.9 (1.1) million due to a slow quarter of the OEM and Chinese sales channels.
  • EBITDA amounted to EUR -0.5 (-0.9) million corresponding to -14.8 (-29.2) percent of revenue.
  • Outlook unchanged: Optomed expects its full year 2023 revenue to grow compared to 2022.
  • Aurora-AEYE FDA clearance process: data collection continues.

 

Key figures

EUR, thousand Q1/2023 Q1/2022 Change, % 2022
Revenue 3,478 3,214 8.2% 14,660
Gross profit * 2,476 2,190 13.1% 10,069
Gross margin % * 71.2% 68.1% 68.7%
EBITDA -513 -937 45.2% -1,952
EBITDA margin *, % -14.8% -29.2% -13.3%
Adjusted EBITDA * -513 -937 45.2% -1,952
Adjusted EBITDA margin *, % -14.8% -29.2% -13.3%
Operating result (EBIT) -1,043 -1,461 28.6% -5,097
Operating margin (EBIT) *, % -30.0% -45.4% -34.8%
Adjusted operating result (EBIT) * -1,043 -1,461 28.6% -5,097
Adjusted operating margin (EBIT margin) *, % -30.0% -45.4% -34.8%
Net profit/ loss -1,157 -1,370 15.5% -5,472
Earnings per share -0.08 -0.10 24.9% -0.37
Cash flow from operating activities -440 -688 36.1% -2,370
Net Debt -2,136 1,821 -217.3% -3,251
Net debt/ Adjusted EBITDA (LTM) 1.4 -0.7 1.7
Equity ratio  * 64.7% 57.9% 65.0%
R&D expenses personnel 283 376 -24.8% 1,198
R&D expenses other costs 163 209 -22.1% 661
Total R&D expenses 446 585 -23.8% 1,859

 

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

 

CEO Review

 Strong growth of Software segment continued

The revenue of Optomed increased as the sales of our Software segment continued to increase strongly. The growth was driven by new healthcare solution deliveries. We are very pleased with this continuing development. Existing and growing recurring revenue customer base of our software segment, combined with these new solution delivery projects, provides our company with the financial foundation we need to invest in opening the US market and launching our new products. Also, the profitability of the Software segment developed very well during the review period.

The Devices segment, which is undergoing a transition, had a slow quarter. Sales of devices sold under our own brand name in the US and through our international distribution channels continued to grow but we did not make significant OEM deliveries during the quarter. As a result, sales for the Devices segment decreased. Sales in China also remained relatively low, approximately on the same level as last year. Our fastest growing sales channel was once again our US subsidiary, which sells primarily in the direct sales model.

The quarter’s most significant activities were related to advancing the FDA clearance process for AI fundus camera Aurora AEYE. Together with our partner, we initiated the collection of additional data requested by the FDA. Once we have collected this requested data, our partner will submit it along with an updated submission to the FDA. In the early stages, the collection of additional data started a little slower than expected, causing a slight delay, but is now proceeding according to plan. We believe we have a good understanding of FDA’s expectations, and we expect that we can meet them with the current measures underway. The process is tightly regulated, and it requires the necessary time, which we as a company cannot significantly influence.

Overall, I’m pleased with the first quarter. With Software segment continuing its good development, the US device sales increasing and the FDA clearance process progressing as we have expected, we believe that 2023 will be a good year for Optomed. Upside opportunities include a possible recovery in China at some point during the year in addition to several significant potential solution deliveries (including both devices and software) to new customers outside of Europe that are currently in the negotiation and/or pilot phase. We will continue systematic work to bring these projects to a successful conclusion.

Seppo Kopsala, CEO

 

Outlook 2023

Optomed expects its full year 2023 revenue to grow compared to 2022.

 

Telephone conference

A telephone conference for analysts, investors and media will be arranged on 5 May 2023 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 342 090 480 399 #.

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 2023

In January-March 2023, Group revenue increased by 8.2 percent to EUR 3,478 (3,214) thousand, driven by the Software segment the revenue of which increased by 20.5 percent. Within the software segment, the healthcare solution business continued its very good performance from Q4/2022 improving its revenue significantly. Devices segment revenue decreased by 16.5 percent to EUR 888 (1,065) thousand due to lack of major orders from the OEM customers.

In January-March 2023, the gross margin increased to 71.2 from 68.1 percent of last year as both segments improved their margins. EBITDA was EUR -513 (-937) thousand. The EBITDA improvement was driven especially by increased healthcare solution business profitability.

In January-March 2023, net financial items amounted to EUR -134 (71) thousand and consisted mainly of interest payments to financial institutions and the translation effect of Chinese RMB and USD to EUR.

 

Cash flow and financial position

January – March 2023

In January-March 2023, the cash flow from operating activities amounted to EUR -440 (-688) thousand. Net cash used in investing activities was EUR -545 (-859) thousand and relates to capitalized development expenses. Net cash from financing activities amounted to EUR -349 (-622) thousand.

Consolidated cash and cash equivalents at the end of the period amounted to EUR 7,179 (4,630) thousand. Interest-bearing net debt totalled EUR -2,136 (1,821) thousand at the end of the period.

Net working capital was EUR 3,658 (4,115) thousand at the end of the period. The net working capital includes trade receivables of EUR 3,446 (3,307) thousand. The Chinese customer that Optomed has a large due trade receivable from has been paying as scheduled during the quarter.

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 Q1/2023 Q1/2022 Change, % 2022
Revenue 888 1,065 -16.5% 5,398
Gross profit * 559 641 -12.8% 3,738
Gross margin % * 62.9% 60.2% 69.3%
EBITDA -426 -499 14.6% -670
EBITDA margin *, % -47.9% -46.9% -12.4%
Operating result (EBIT) -779 -864 9.8% -3,159
Operating margin (EBIT) *, % -87.7% -81.1% -58.5%

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

 

January-March 2023

In January-March 2023, the Devices segment revenue decreased by 16.5 percent to EUR 888 (1,065) thousand. In spite of solid performance by the US and distribution channels, the revenue declined due to a slow quarter of the OEM and Chinese sales channels.

The gross margin was 62.9 (60.2) percent. The increase was due to a higher proportion of relatively high margin distribution sales as compared to the comparison period of 2022. EBITDA was EUR -426 (-499) thousand or -47.9 (-46.9) 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 Q1/2023 Q1/2022 Change, % 2022
Revenue 2,590 2,150 20.5% 9,263
Gross profit * 1,917 1,549 23.8% 6,330
Gross margin % * 74.0% 72.0% 68.3%
EBITDA 790 414 90.8% 2,079
EBITDA margin *, % 30.5% 19.3% 22.4%
Operating result (EBIT) 615 257 139.2% 1,431
Operating margin (EBIT) *, % 23.8 % 12.0% 15.4%

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

 

January – March 2023

In January-March 2023, the Software segment revenue increased by 20.5 percent to EUR 2,590 (2,150) thousand. The increase was driven by very strong performance of the healthcare solution business, that also drove the revenue growth of 23.2% of Q4/2022.

Gross margin increased and was 74.0 (72.0) per cent. EBITDA was EUR 790 (414) thousand or 30.5 (19.3) percent of revenue. The key business driver for the EBITDA improvement was the increased profitability of the healthcare solution business.

 

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 2023

Group-wide operating expenses amounted to EUR 877 (853) thousand.

 

Personnel

Number of personnel at the end of the reporting period.

3/2023 3/2022
Devices 48 53
Software 45 45
Group common 22 23
Total 115 121

 

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 2022 is available on the company website www.optomed.com/investors/.

 

Annual General Meeting

Optomed’s Annual General Meeting will  be held on Wednesday, 10 May 2023 at 10:00 a.m. (EEST) at Hanaholmen, Congress Hall Tetra, Hanasaarenranta 5, FI-02100 Espoo. 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-2023/

 

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 16,541,355 shares and the Company held 373,566 shares in the treasury which approximately corresponds to 2.3 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 2022 which was published on 2 March 2023. The complete report is available at https://www.optomed.com/investors/. The risk position of Optomed has not changed since then.

 

Audit review

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

 

Financial reporting in 2023

  • 4 August 2023Half-Year Financial Report for 1 January – 30 June 2023
  • 3 November 2023Interim Report for 1 January – 30 September 2023

 

For more information, contact

Sakari Knuutti, CFO
Tel: +358 (0)50 562 4077
E-mail: sakari.knuutti@optomed.com

 

Seppo Kopsala, CEO
Tel: +358 (0)40 555 1050
E-mail:  seppo.kopsala@optomed.com

 

About Optomed

Optomed is a Finnish medical technology company and one of the leading providers of handheld fundus cameras and screening software. Optomed combines handheld screening devices with software and artificial intelligence with the aim to transform the diagnostic process of blinding 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 / 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

 

Consolidated income statement

In thousands of euro Q1/2023 Q1/2022  2022
Revenue 3,478 3,214 14,660
Other operating income 0 36 857
Materials and services -1,002 -1,061 -5,449
Employee benefit expenses -2,191 -2,243 -8,827
Depreciation, amortization and Impairment losses -530 -524 -3,145
Other operating expenses -798 -884 -3,193
Operating result -1,043 -1,461 -5,097
Finance income 68 116 569
Finance expenses -202 -45 -1,024
Net finance expenses -134 71 -454
Profit (loss) before income taxes -1,177 -1,390 -5,551
Income tax expense 20 20 79
Loss for the period -1,157 -1,370 -5,472
Loss for the period attributable to  
Owners of the parent company -1,157 -1,370 -5,472
Loss per share attributable to owners
of the parent company
Weighted average number of shares 15,284,687 13,591,827 14,640,697
Basic loss per share (euro) -0.08 -0.10 -0.37

 

Consolidated condensed comprehensive income statement

In thousands of euro Q1/2023 Q1/2022 2022
Loss for the period -1,157 -1,370 -5,472
Other comprehensive income
Foreign currency translation difference 78 -77 139
Other comprehensive income, net of tax 78 -77 139
Total comprehensive loss attributable
to Owners of the parent company
-1,079

 

-1,447 -5,333

Consolidated balance sheet

In thousands of euro March 31, 2023 March 31, 2022 Dec 31, 2022
ASSETS  
Non-current assets  
Goodwill  4,256  4,256  4,256
Development costs  6,849  6,623  6,562
Customer relationships  1,109  1,330  1,164
Technology  509  611  534
Other intangible assets  374  358  379
Total intangible assets  13,096  13,177  12,895
Tangible assets  793  667  852
Right-of-use assets  1,353  1,101  1,448
Deferred tax assets  16  13  15
Total non-current assets  15,258  14,959  15,210
Current assets  
Inventories  3,071 3,260  2,998
Trade and other receivables 4,324 4,247 4,568
Cash and cash equivalents  7,179  4,630  8,524
Total current assets  14,574  12,136  16,090
Total assets 29,832  27,096  31,300

 

In thousands of euro March 31, 2023 March 31, 2022 Dec 31, 2022
EQUITY  
Share capital  80  80  80
Share premium  504  504  504
Reserve for invested non-restricted equity  46,900  38,579  46,896
Translation differences 129 -164 51
Retained earnings -27,149 -21,933 -21,717
Profit (loss) for the financial year -1,157 -1,370 -5,472
Total equity  19,306  15,696  20,342
LIABILITIES  
Non-current liabilities  
Borrowings from financial institutions  3,182  3,646  3,380
Government loans  874  1,908  906
Lease liabilities  876  721  1,058
Deferred tax liabilities  368  444  387
Total Non-current liabilities  5,300  6,719  5,731
Current liabilities  
Borrowings from financial institutions  794  705  794
Government loans  193  193  193
Lease liabilities  502  392  412
Trade and other payables 3,737 3,391 3,828
Total current liabilities  5,226  4,682  5,227
Total liabilities  10,526  11,400  10,957
Total equity and liabilities  29,832  27,096  31,300

 

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, 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, 2022 80 504 38,526 -88 -21,970 17,052
Comprehensive income
Loss for the financial year -1,370 -1,370
Other comprehensive income
Translation differences -77 -77
Total comprehensive income
for the financial year
  -77 -1,370 -1,447
Share options  54 37 91
Total transactions
with owners of the company
    54   37 91
Balance at March 31, 2022 80 504 38,579 -164 -23,303  15,696

 

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, 2022 80 504 38,526 -88 -21,970 17,052
Comprehensive income
Loss for the period -5,472 -5,472
Other comprehensive income
Translation differences 139 139
Total comprehensive income for the period   139 -5,472 -5,333
Share issue  8,371 8,371
Share options 253 253
Total transactions with owners of the company     8,371   253 8,624
Balance at December 31, 2022 80 504 46,896 51 -27,189 20,342

 

Consolidated cash flow statement

In thousands of euro Q1/2023 Q1/2022 2022
Cash flows from operating activities  
Loss for the financial year -1,157 -1,370 -5,472
Adjustments:
Depreciation, amortization and impairment

losses

530 535 3,145
Finance income and finance expenses 167 -73 618
Other adjustments -11 15 -770
Cash flows before change in net working capital -471 -893 -2,479
Change in net working capital:
Change in trade and other receivables

(increase (-) / decrease (+))

324 425 204
Change in inventories

(increase (-) / decrease (+))

-95 -303 -68
Change in trade and other payables

(increase (+) / decrease (-))

 

-171 117 172
Cash flows before finance items -413 -654 -2,171
Interest paid -17 -11 -76
Other finance expenses paid -10 -23 -123
Interest received 0 0 0
Net cash from operating activities (A) -440 -688 -2,370
Cash flows from investing activities
Capitalization of development expenses -518 -542 -2,249
Acquisition of tangible assets -27 -317 -780
Net cash used in investing activities (B) -545 -859 -3,029
Cash flows from financing activities
Proceeds from share subscriptions 4 54 9,012
Share issue transaction costs 0 0 -682
Repayment of loans and borrowings -230 -574 -912
Repayment of lease liabilities -122 -101 -415
Net cash from financing activities (C) -349 -622 7,003
Net cash from (used in) operating, investing and financing activities (A+B+C) -1,333 -2,169 1,605
Cash and cash equivalents at beginning of period 8,524 6,804 6,804
Effect of movements in exchange rate on cash held -12 -5 115
Cash and cash equivalents at end of period 7,179 4,630 8,524

 

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, 2023.

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 2022. 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

Q1/2023

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

 

Q1/2022

In thousands of euro Devices Software Group Admin Total
External revenue  1,065  2,150 0  3,214
Net operating expenses -424 -601 0 -1,025
Margin 641 1,549 0  2,190
Depreciation and amortization -365 -157 -2 -524
Other expenses -1,140 -1,135 -853 -3,127
Operating result -864 257 -854 -1,461
Finance items 0 0 71 71
Loss before tax expense -864 257 -783 -1,390

 

2022

In thousands of euro Devices Software Group Admin Total
 
External revenue  5,398  9,263 0  14,660
Net operating expenses -1,659 -2,933 0 -4,592
Margin 3,738 6,330 0  10,069
Depreciation and amortization -2,489 -649 -8 -3,145
Other expenses -4,408 -4,251 -3,361 -12,020
Operating result -3,159 1,431 -3,368 -5,097
Finance items 0 0 -454 -454
Loss before tax expense -3,159 1,431 -3,823 -5,551

Other operating income

In thousands of euro

 

Q1/2023 Q1/2022 2022
Other operating income 0 36 857
Total 0 36 857

 

Other operating expenses

Other operating expenses Q1 2023 Q1 2022 2022
Sales and marketing -147 -173 -784
Research and development -90 -181 -361
General and administration -562 -530 -2,049
Total operating expenses -798 -884 -3,193

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

 

Financial liabilities

In thousands of euro 31.3.2023 31.3.2022 31.12.2022
Non-current financial liabilities
Borrowings from financial institutions 3,182 3,646 3,380
Government loans 874 1,908 906
Lease liabilities 876 721 1,058
Total 4,932 6,275 5,344
Current financial liabilities
Borrowings from financial institutions 794 705 794
Government loans 193 193 193
Lease liabilities 502 392 412
Trade payables 758 841 869
Total 2,247 2,131 2,268
Total financial liabilities 7,179 8,406 7,612

 

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. This estimate corresponds to the fair value hierarchy Level 3.

 

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. Planned schedule was renegotiated in January. Chinese customer has paid its overdue receivables according to planned schedule.

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 March 31, 2022
Current (not past due)  1,203 0.5 %  6
Past due
1-30 days  79 1.5 %  1
31-60 days  52 4 %  2
61-90 days  55 9 %  5
More than 90 days past due  33 12 %  4
Specific loss allowance  2,371 30 %  711
Total  3,792  729

 

 

In thousands of euro Gross carrying amount Weighted av. loss rate% Loss allowance
At December 31, 2022
Current (not past due)                    1,664 0.5%                    8
Past due
1-30 days                       161 1.5%                    2
31-60 days                           7 4%                    0
61-90 days                         29 9%                    3
More than 90 days past due                         12 12%                    1
Specific loss allowance                    1,962 30%                589
Total                    3,836                  604