Optomed PlcStock 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, Q3/202 Q3/202 Change, Q1 Q1 Change, 2024
thousand 5 4 % -Q3/202 -Q3/20 %
5 24
Revenue 4,417 3,109 42.1% 12,284 9,941 23.6% 15,040
Gross 2,728 1,692 61.2% 7,918 6,355 24.6% 9,676
profit *
Gross 61.8% 54.4% 64.5% 63.9% 64.3%
margin % *
EBITDA -536 -814 34.2% -2,193 -2,647 17.1% -3,458
EBITDA -12.1% -26.2% -17.9% -26.6% -23.0%
margin *, %
Adjusted -536 -814 34.2% -2,193 -2,264 3.1% -2,796
EBITDA *
Adjusted -12.1% -26.2% -17.9% -22.8% -18.6%
EBITDA
margin
*, %
Operating -1,172 -1,400 16.3% -4,056 -4,460 9.1% -5,957
result
(EBIT)
Operating -26.5% -45.0% -33.0% -44.9% -39.6%
margin
(EBIT) *, %
Adjusted -1,172 -1,400 16.3% -4,056 -4,077 0.5% -5,295
operating
result
(EBIT) *
Adjusted -26.5% -45.0% -33.0% -41.0% -35.2%
operating
margin
(EBIT
margin)
*, %
Net profit/ -1,530 -1,577 2.9% -4,755 -4,460 -6.6% -5,450
loss
Earnings -0.08 -0.09 10.1% -0.24 -0.25 1.3% -0.29
per share
Cash flow -1,043 -1,434 27.2% -2,358 -2,006 -17.6% -1,596
from
operating
activities
Net Debt -3,681 -8,343 -55.9% -3,681 -8,343 -55.9 % -8,170
Net debt/ 1.2 2.5 1.2 2.5 2.4
EBITDA
(LTM)
*
Net debt/ 1.4 2.8 1.4 2.8 2.9
Adjusted
EBITDA
(LTM) *
Equity 74.4% 76.5% 74.4% 76.5% 74.4%
ratio *
R&D 332 307 8.4% 993 941 5.5% 1,336
expenses
personnel
R&D 109 174 -37.7% 467 483 -3.4% 706
expenses
other
costs
Total R&D 441 481 -8.3% 1,460 1,425 2.5% 2,041
expenses
*) 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 Q3/202 Q3/2024 Change, Q1 Q1-Q3/2024 Change, % 2024
5 % -Q3/20
25
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 -195 -885 78.0% -1,553 -2,754 43.6% -3,343
result (EBIT)
Operating -8.5% -108.9% -29.6% -99.2% -62.8%
margin (EBIT)
*, %
*) 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 Q3/202 Q3/202 Change, Q1 Q1-Q3/2024 Change, % 2024
5 4 % -Q3/20
25
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 180 277 -35.2% 633 858 -26.3% 1,078
result (EBIT)
Operating 8.5% 12.1% 9.0% 12.0% 11.1%
margin (EBIT)
*, %
*) 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.
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 Definition
Performance
Measures
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 Operating result / Revenue
margin, %
Adjusted Operating result excluding items affecting comparability
operating result
Adjusted Adjusted operating result / Revenue
operating
margin, %
Adjusted EBITDA EBITDA excluding items affecting comparability
Adjusted EBITDA Adjusted EBITDA / Revenue
margin, %
Items affecting Material items outside ordinary course of business including
comparability 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 / Net Debt / EBITDA (for the last twelve months, LTM)
EBITDA (LTM),
times
Net Debt / Net Debt / Adjusted EBITDA (for the last twelve months, LTM)
Adjusted EBITDA
(LTM), times
Earnings per Net result / Weighted average number of outstanding shares
share
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 0 0 0 383 662
percent change
Adjusted EBIT -1,172 -1,400 -4,056 -4,077 -5,295
Depreciation, 636 586 1,863 1,813 2,499
amortization and
impairment losses
Adjusted EBITDA -536 -814 -2,193 -2,264 -2,796
Consolidated income statement
In thousands Q3/2025 Q3/2024 Q1-Q3/2025 Q1-Q3/2024 2024
of euro
Revenue 4,417 3,109 12,284 9,941 15,040
Other 1 0 2 10 10
operating
income
Materials and -1,690 -1,417 -4,368 -3,596 -5,374
services
Employee -2,069 -1,984 -6,887 -6,300 -8,931
benefit
expenses
Depreciation, -636 -586 -1,863 -1,813 -2,499
amortization
and
Impairment
losses
Other -1,195 -522 -3,223 -2,701 -4,204
operating
expenses
Operating -1,172 -1,400 -4,056 -4,460 -5,957
result
Finance 127 100 445 460 1,217
income
Finance -506 -299 -1,202 -511 -776
expenses
Net finance -378 -198 -757 -52 441
expenses
Profit (loss) -1,550 -1,598 -4,813 -4,512 -5,516
before
income taxes
Income tax 20 21 58 52 66
expense
Loss for the -1,530 -1,577 -4,755 -4,460 -5,450
period
Loss for the
period
attributable
to
Owners of the -1,530 -1,577 -4,755 -4,460 -5,450
parent
company
Weighted 19,660,683 18,204,631 19,660,683 18,204,631 18,675,167
average
number
of shares
Basic loss -0.08 -0.09 -0.24 -0.25 -0.29
per share
(euro)
Consolidated condensed comprehensive income statement
In thousands of euro Q3/202 Q3/202 Q1 Q1-Q3/2024 2024
5 4 -Q3/20
25
Loss for the period -1,530 -1,577 -4,755 -4,460 -5,450
Other comprehensive income
Foreign currency translation 404 116 915 77 -329
difference
Other comprehensive income, net of 404 116 915 77 -329
tax
Total comprehensive loss -1,126 -1,461 -3,841 -4,383 -5,778
attributable to Owners of the
parent company
Consolidated balance sheet
In thousands September 30, 2025 September 30, 2024 December 31, 2024
of euro
ASSETS
Non-current
assets
Goodwill 4,256 4,256 4,256
Development 8,741 8,212 8,288
costs
Customer 554 776 721
relationships
Technology 254 356 331
Other 345 361 370
intangible
assets
Total 14,152 13,962 13,965
intangible
assets
Tangible 790 592 652
assets
Right-of-use 1,118 1,057 1,456
assets
Deferred tax 13 17 12
assets
Total non 16,073 15,628 16,085
-current
assets
Current
assets
Inventories 2,445 2,677 1,961
Trade and 3,354 2,999 3,268
other
receivables
Cash and cash 5,313 10,963 10,467
equivalents
Total current 11,113 16,640 15,695
assets
Total assets 27,186 32,267 31,781
In thousands of euro September September 30, 2024 December 31, 2024
30, 2025
EQUITY
Share capital 80 80 80
Share premium 504 504 504
Reserve for invested 59,659 59,401 59,608
non-restricted equity
Translation 920 412 6
differences
Retained earnings -36,169 -31,238 -31,111
Profit (loss) for the -4,755 -4,460 -5,450
financial year
Total equity 20,239 24,698 23,637
LIABILITIES
Non-current
liabilities
Borrowings from 193 988 790
financial
institutions
Government loans 452 645 521
Lease liabilities 698 622 1,017
Deferred tax 176 253 234
liabilities
Total Non-current 1,520 2,508 2,561
liabilities
Current liabilities
Borrowings from 794 794 794
financial
institutions
Government loans 193 193 193
Lease liabilities 485 491 495
Trade and other 3,955 3,583 4,101
payables
Total current 5,427 5,061 5,583
liabilities
Total liabilities 6,947 7,569 8,144
Total equity and 27,186 32,267 31,781
liabilities
Consolidated statement of changes in shareholders' equity
Equity attributable to owners of the parent company
+-------------+-------+-------+-----------+-----------+--------+-------+
|In thousands |Share |Share |Reserve |Translation|Retained|Total |
|of euro |capital|premium|for |differences|earnings| |
| | | |invested | | | |
| | | |non | | | |
| | | |-restricted| | | |
| | | |equity | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
| | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |59,608 |6 |-36,560 |23,637 |
|January 1, | | | | | | |
|2025 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Loss for the | | | | |-4,755 |-4,755 |
|period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Other | | | | | | |
|comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Translation | | | |915 | |915 |
|differences | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | | |915 |-4,755 |-3,841 |
|comprehensive| | | | | | |
|income for | | | | | | |
|the period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Transactions | | | | | | |
|with | | | | | | |
|owners of the| | | | | | |
|company | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share issue | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share based | | | 51 | | |51 |
|payments | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share options| | | | |392 |392 |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | |51 | |392 |443 |
|transactions | | | | | | |
|with owners | | | | | | |
|of the | | | | | | |
|company | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |59,659 |920 |-40,924 | 20,239|
|September | | | | | | |
|30, 2025 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
Equity attributable to owners of the parent company
+-------------+-------+-------+-----------+-----------+--------+-------+
|In thousands |Share |Share |Reserve |Translation|Retained|Total |
|of euro |capital|premium|for |differences|earnings| |
| | | |invested | | | |
| | | |non | | | |
| | | |-restricted| | | |
| | | |equity | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
| | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |50,936 |334 |-31,493 | 20,361|
|January 1, | | | | | | |
|2024 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Loss for the | | | | |-4,460 |-4,460 |
|period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Other | | | | | | |
|comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Translation | | | |77 | |77 |
|differences | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | | |77 |-4,460 |-4,383 |
|comprehensive| | | | | | |
|income for | | | | | | |
|the period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share issue | | | 7,335 | | |7,335 |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share based | | | 43 | | |43 |
|payments | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share options| | |1087 | |255 |1,342 |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | |8,465 | |255 |8,720 |
|transactions | | | | | | |
|with owners | | | | | | |
|of the | | | | | | |
|company | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
| | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |59,401 |412 |-35,698 | 24,698|
|September 30,| | | | | | |
|2024 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
Equity attributable to owners of the parent company
+-------------+-------+-------+-----------+-----------+--------+-------+
|In thousands |Share |Share |Reserve |Translation|Retained|Total |
|of euro |capital|premium|for |differences|earnings| |
| | | |invested | | | |
| | | |non | | | |
| | | |-restricted| | | |
| | | |equity | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
| | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |50,936 |334 |-31,493 | 20,361|
|January 1, | | | | | | |
|2024 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Loss for the | | | | |-5,450 |-5,450 |
|period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Other | | | | | | |
|comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Translation | | | |-329 | |-329 |
|differences | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | | |-329 |-5,450 |-5,778 |
|comprehensive| | | | | | |
|income for | | | | | | |
|the period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Transactions | | | | | | |
|with | | | | | | |
|owners of the| | | | | | |
|company | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share issue | | | 7,322 | | |7,322 |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share based | | | 43 | | |43 |
|payments | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share options| | |1,307 | |382 |1,689 |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | |8,672 | |382 |9,054 |
|transactions | | | | | | |
|with owners | | | | | | |
|of the | | | | | | |
|company | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |59,608 |6 |-36,560 | 23,637|
|December 31, | | | | | | |
|2024 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
Consolidated cash flow statement
In thousands of Q3/202 Q3/2024 Q1 Q1 2024
euro 5 -Q3/202 -Q3/202
5 4
Cash flows from
operating
activities
Loss for the -1,530 -1,577 -4,755 -4,460 -5,450
financial year
Adjustments:
Depreciation, 636 586 1,863 1,813 2,499
amortization and
impairment
losses
Finance income and -6 73 447 -21 -466
finance expenses
Other adjustments 175 -197 417 252 653
Cash flows before -725 -1,115 -2,029 -2,415 -2,764
change in net
working capital
Change in net
working capital:
Change in trade and -892 -96 -329 165 -335
other receivables
(increase (-) /
decrease (+))
Change in -61 -41 -559 138 901
inventories
(increase (-) /
decrease (+))
Change in trade and 656 -186 583 169 688
other payables
(increase (+) /
decrease (-))
Cash flows before -1,022 -1,440 -2,334 -1,944 -1,510
finance items
Interest paid -10 -31 -41 -87 -115
Other finance -28 -20 -85 -62 -121
expenses paid
Interest received 17 57 102 87 151
Net cash from -1,043 -1,434 -2,358 -2,006 -1,596
operating
activities (A)
Cash flows from
investing
activities
Capitalization of -392 -367 -1,416 -1,351 -1,843
development
expenses
Acquisition of -83 -45 -383 -130 -275
tangible assets
Net cash used in -476 -412 -1,799 -1,482 -2,118
investing
activities
(B)
Cash flows from
financing
activities
Proceeds from share 0 1,069 0 8,962 9,182
subscriptions
Share issue 0 0 0 -540 -553
transaction costs
Repayment of loans -199 -265 -664 -730 -1,053
and borrowings
Repayment of lease -129 -124 -386 -394 -494
liabilities
Net cash from -328 681 -1,050 7,298 7,081
financing
activities (C)
Net cash from (used -1,847 -1,165 -5,207 3,810 3,367
in) operating,
investing and
financing
activities
(A+B+C)
Cash and cash 7,091 12,106 10,467 7,118 7,118
equivalents at
beginning
of period
Effect of movements 69 22 54 35 -19
in exchange rate
on cash held
Cash and cash 5,313 10,963 5,313 10,963 10,467
equivalents at end
of
period
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, 2025.
This Interim financial statement is 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 2024.
These 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
Q3/2025
In thousands of euro Devices Software Group Total
Admin
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 Total
Admin
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 Total
Admin
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 Total
Admin
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 Q3/2025 Q3/2024 Q1 Q1 2024
of euro -Q3/202 -Q3/202
5 4
Products and 3,111 70 2,061 66% 8,110 66 6,678 67% 10,405 69%
services % %
transferred
at a point
in
time
Services 1,306 30 1,049 34% 4,174 34 3,263 33% 4,635 31%
transferred % %
over
time
Total 4,417 3,109 12,284 9,941 15,040
Advances Received and Deferred Revenue
In thousands of euro September September 30, 2024 December 31, 2024
30, 2025
Trade receivables 2,309 2,073 2,411
Assets related to 2,309 2,073 2,411
customer contracts
Advances received 36 144 98
Deferred Revenue 539 290 305
Liabilities related 575 435 402
to customer
contracts
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 Gross carrying Weighted Loss allowance
of euro amount av. loss
rate%
At September
30, 2025
Current (not 0.50% 9
past due) 1,861
Past due
1-30 days 1.50% 4
281
31-60 days 4% 3
87
61-90 days 9% 10
114
More than 90 12% 4
days past due 30
Specific loss 100% 0
allowance 0
Total 31
2,373
In thousands Gross carrying Weighted av. loss rate% Loss allowance
of euro amount
At September
30, 2024
Current (not 0.50% 8
past due) 1,556
Past due
1-30 days 1.50% 1
92
31-60 days 4% 3
83
61-90 days 9% 6
67
More than 90 12% 3
days past due 27
Specific loss 75% 809
allowance 1,078
Total 831
2,903
In thousands Gross carrying Weighted Loss allowance
of euro amount av. loss
rate%
At December
31, 2024
Current (not 0.50% 12
past due) 2,314
Past due
1-30 days 1.50% 1
67
31-60 days 4% 1
31
61-90 days 9% 1
9
More than 90 12% 1
days past due 6
Specific loss 0 100% 0
allowance
Total 15
2,427
Financial liabilities
In thousands of September September 30, 2024 December 31, 2024
euro 30, 2025
Non-current
financial
liabilities
Borrowings from 193 988 790
financial
institutions
Government loans 452 645 521
Lease liabilities 698 622 1,017
Total 1,343 2,255 2,328
Current financial
liabilities
Borrowings from 794 794 794
financial
institutions
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 4,029 4,559 4,700
liabilities
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.