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.
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 |