July -
- Revenue increased by 14.0 percent to
EUR 4.2 (3.7) million. -
Devices segment revenue increased by 7.5 percent to
EUR 1.8 (1.7) million due to increased distributor sales. -
Software segment revenue increased by 19.4 percent to
EUR 2.4 (2.0) million driven by strong healthcare solution sales. -
Adjusted EBITDA amounted to
EUR 0.3 (0.1) million corresponding to 6.2 (3.9) percent of revenue. EBITDA amounted toEUR -0.0 (0.1) million. The comparison period both EBITDA and Adjusted EBITDA were positively affected by aEUR 0.8 million loan waiver. -
Record-breaking cash flow from operating activities amounted to
EUR 767 (-504) thousand. Juho Himberg started as the CEO on1 October 2023 .Optomed successfully completed directed share issue raising gross proceeds ofEUR 4.3 million .-
Outlook unchanged:
Optomed expects its full year 2023 revenue to grow compared to 2022.
January -
- Revenue increased by 7.4 percent to
EUR 11.4 (10.6) million. -
Devices segment revenue decreased by 3.3 percent to
EUR 4.0 (4.1) million. -
Software segment revenue increased by 14.2 percent to
EUR 7.5 (6.5) million. -
Adjusted EBITDA amounted to
EUR -0,7 (-1,6) million corresponding to -6.2 (-15.1) percent of revenue.
Key figures
EUR, thousand | Q3/2023 | Q3/2022 | Change, % | Q1-Q3/2023 | Q1-Q3/2022 | Change, % | 2022 |
Revenue | 4,218 | 3,700 | 14.0% | 11,440 | 10,648 | 7.4% | 14,660 |
Gross profit * | 2,841 | 2,967 | -4.2% | 7,803 | 7,305 | 6.8% | 10,069 |
Gross margin % * | 67.4% | 80.2% |
| 68.2% | 68.6% |
| 68.7% |
EBITDA | -48 | 145 | -133.2% | -1,024 | -1,604 | 36.2% | -1,952 |
EBITDA margin *, % | -1.1% | 3.9% |
| -8.9% | -15.1% |
| -13.3% |
Adjusted EBITDA * | 263 | 145 | 80.9% | -713 | -1,604 | 55.6% | -1,952 |
Adjusted EBITDA margin *, % | 6.2% | 3.9% |
| -6.2% | -15.1% |
| -13.3% |
Operating result (EBIT) | -603 | -1,411 | 57.3% | -2,655 | -4,227 | 37.2% | -5,097 |
Operating margin (EBIT) *, % | -14.3% | -38.1% |
| -23.2% | -39.7% |
| -34.8% |
Adjusted operating result (EBIT) * | -291 | -1,411 | 79.3% | -2,343 | -4,227 | 44.6% | -5,097 |
Adjusted operating margin (EBIT margin) *, % | -6.9% | -38.1% |
| -20.5% | -39.7% |
| -34.8% |
Net profit/ loss | -439 | -1,377 | 68.1% | -2,911 | -4,075 | 28.6% | -5,472 |
Earnings per share | -0.03 | -0.10 | 71.9% | -0.18 | -0.29 | 37.1% | -0.37 |
Cash flow from operating activities | 767 | -504 | 252.2% | -120 | -2,093 | 94.3% | -2,370 |
Net Debt | -4,890 | -271 | 1,707.5% | -4,890 | -271 | 1,707.5 % | -3,251 |
Net debt/ EBITDA (LTM) * | 3.6 | 0.1 |
| 3.6 | 0.1 |
| 1.7 |
Net debt/ Adjusted EBITDA (LTM) * | 4.6 | 0.1 |
| 4.6 | 0.1 |
| 1.7 |
Equity ratio * | 68.9% | 63.3% |
| 68.9% | 63.3% |
| 65.0% |
R&D expenses personnel | 297 | 251 | 18.0% | 942 | 850 | 10.9% | 1,198 |
R&D expenses other costs | 192 | 124 | 55.2% | 505 | 480 | 5.4% | 661 |
Total R&D expenses | 489 | 375 | 30.3% | 1,447 | 1,329 | 8.9% | 1,859 |
*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.
CEO Review
In the face of challenges, our team's dedication and strategic execution have propelled us beyond merely satisfactory outcomes. Key financial metrics, including cash flow from operating activities and adjusted EBITDA reflect the effectiveness of our initiatives. When comparing results to the previous year it is important to highlight that during the quarter
While our success in Q3 is gratifying, I must also address the situation of the FDA clearance for our AI fundus camera Optomed Aurora AEYE. At this point, there are no further updates. We are actively collaborating with our partners and regulatory authorities to expedite the clearance process.
Looking forward, we are energized by the momentum gained and remain steadfast in our pursuit of excellence. Our shareholders continued trust and investment are pivotal to our success, and we are dedicated to delivering sustained value. We remain optimistic but cautious.
Thank you for your confidence in our company.
CEO
Outlook 2023
Telephone conference
A telephone conference for analysts, investors and media will be arranged on
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
US +1 646 838 1719
FR +33 1 70 99 53 92
The conference id is 197 712 168#.
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 -
In July-
In July-
EBITDA decreased and it was
EBIT improved and it was
In July-
January -
In January-
The gross margin decreased to 68.2 percent from 68.6 percent last year.
EBITDA amounted to
EBIT was
Net financial items amounted to
Cash flow and financial position
July -
In July-
Consolidated cash and cash equivalents at the end of the period amounted to
Net working capital was
January -
In January-
Net cash used in investing activities was
Net cash from financing activities amounted to
Devices segment
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 | Q3/2023 | Q3/2022 | Change, % | Q1-Q3/2023 | Q1-Q3/2022 | Change, % | 2022 |
Revenue | 1,825 | 1,697 | 7.5% | 3,986 | 4,122 | -3.3% | 5,398 |
Gross profit * | 1,124 | 1,592 | -29.4% | 2,356 | 2,875 | -18.0% | 3,738 |
Gross margin % * | 61.6% | 93.8% |
| 59.1% | 69.7% |
| 69.3% |
EBITDA | -50 | 546 | -109.2% | -693 | -417 | -66.2% | -670 |
EBITDA margin *, % | -2.7% | 32.2% |
| -17.4% | -10.1% |
| -12.4% |
Operating result (EBIT) | -413 | -844 | 51.1% | -1,769 | -2,550 | 30.6% | -3,159 |
Operating margin (EBIT) *, % | -22.6% | -49.7% |
| -44.4% | -61.9% |
| -58.5% |
*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.
July-
In July-
The gross margin was 61.6 (93.8) percent. EBITDA was
January-
In January-
The gross margin decreased to 59.1 percent from 69.7 percent and gross margin adjusted for grants and other operating income was 59.1 (48.4) percent. The improved gross margin was driven especially by the improved margins of the global distributor sales.
EBITDA was
Software segment
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 | Q3/2023 | Q3/2022 | Change, % | Q1-Q3/2023 | Q1-Q3/2022 | Change, % | 2022 |
Revenue | 2,393 | 2,003 | 19.4% | 7,454 | 6,525 | 14.2% | 9,263 |
Gross profit * | 1,718 | 1,374 | 25.0% | 5,447 | 4,430 | 22.9% | 6,330 |
Gross margin % * | 71.8% | 68.6% |
| 73.1% | 67.9% |
| 68.3% |
EBITDA | 636 | 475 | 34.1% | 2,004 | 1,373 | 46.0% | 2,079 |
EBITDA margin *, % | 26.6% | 23.7% |
| 26.9% | 21.0% |
| 22.4% |
Operating result (EBIT) | 448 | 310 | 44.5% | 1,456 | 890 | 63.7% | 1,431 |
Operating margin (EBIT) *, % | 18.7% | 15.5% |
| 19.5% | 13.6% |
| 15.4% |
*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.
July -
In July-
The profitability increased driven by the healthcare solution sales Gross margin increased and was 71.8 (68.6) percent. EBITDA was
January -
In January-
Gross margin increased and it was 73.1 (67.9) percent. EBITDA was
Group-wide expenses
Group-wide expenses relate to functions supporting the entire group such as treasury, group accounting, marketing, legal, HR, and IT.
July -
Group-wide operating expenses amounted to
January -
Group-wide operating expenses amounted to
Personnel
Number of personnel at the end of the reporting period.
| 9/2023 | 9/2022 |
Devices | 47 | 54 |
Software | 48 | 42 |
Group common | 21 | 24 |
Total | 116 | 120 |
Corporate Governance
Annual General Meeting
The Annual General Meeting held on
The Annual General Meeting resolved in accordance with the proposal of the Board of Directors that no dividend will be paid for the year 2022.
The number of members of the Board of Directors was confirmed as six. Seppo Mäkinen,
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
The Annual General Meeting decided to re-elect
The Annual General Meeting approved the authorization for the Board of Directors to repurchase
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 1,654,135. 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 the Annual General Meeting.
The Annual General Meeting decided to amend the Articles of Association so that the minimum number of the members of the Board of Directors was reduced from five members to four.
Decisions of the Board of Directors:
At its meeting held after the Annual General Meeting, the Board of Directors elected from among its members
Audit Committee:
Reijo Tauriainen (Chairman)Catherine Calarco Anna Tenstam
Remuneration Committee:
- Seppo Mäkinen (Chairman)
Catherine Calarco Ty Lee
Shares and shareholders
The Company has one share series with all shares having the same rights. At the end of the review period
Directed share issue
Risks and uncertainties
The key risks and uncertainties are described in the company's Annual Report 2022 which was published on
Public Procurement
Audit review
This financial report has not been audited by the company's auditors.
Financial reporting in 2024
15 February 2024 Financial Statement Bulletin for 1 January -31 December 2023 7 May 2024 Interim Report for 1 January -31 March 2024 8 August 2024 Half-Year Financial Report for 1 January -30 June 2024 7 November 2024 Interim Report for 1 January -30 September 2024
For more information, contact
Tel: +358 (0)50 562 4077
E-mail: sakari.knuutti@optomed.com
Tel: +358 (0)40 555 1050
E-mail: juho.himberg@optomed.com
About
www.optomed.com
Alternative Performance Measures
Alternative Performance Measures | Definition |
Gross profit | Revenue + Other operating income - Materials and services expenses |
Gross margin, % | Gross profit / Revenue |
EBITDA | Operating result before depreciation, amortization and impairment losses |
EBITDA margin, % | EBITDA / Revenue |
Operating result | Profit/loss after depreciation, amortization and impairment losses |
Operating margin, % | Operating result / Revenue |
Adjusted operating result | Operating result excluding items affecting comparability |
Adjusted operating margin, % | Adjusted operating result / Revenue |
Adjusted EBITDA | EBITDA excluding items affecting comparability |
Adjusted EBITDA margin, % | Adjusted EBITDA / Revenue |
Items affecting comparability | Material items outside ordinary course of business including restructuring costs, net gains or losses from sale of business operations or other non-current assets, strategic development projects, external advisory costs related to capital reorganisation, impairment charges on non-current assets incurred in connection with restructurings, compensation for damages and transaction costs related to business acquisitions. |
Net Debt | Interest-bearing liabilities (borrowings from financial institutions, government loans and subordinated loans) - cash and cash equivalents (excl. lease liabilities according to IFRS 16) |
Net Debt / EBITDA (LTM), times | Net Debt / EBITDA (for the last twelve months, LTM) |
Net Debt / Adjusted EBITDA (LTM), times | Net Debt / Adjusted EBITDA (for the last twelve months, LTM) |
Earnings per share | Net result / Weighted average number of outstanding shares |
Equity ratio, % | Total equity / Total assets |
R&D expenses | Employee benefit expenses for R&D personnel and other operational expenses related to R&D activities |
Reconciliation of Alternative Performance Measures
In thousand of Euro | Q3/2023 | Q3/2022 | Q1-Q3/2023 | Q1-Q3/2022 | 2022 |
Revenue | 4,218 | 3,700 | 11,440 | 10,648 | 14,660 |
Other operating income | -6 | 842 | 28 | 879 | 857 |
Material and services | -1,371 | -1,576 | -3,665 | -4,221 | -5,449 |
Gross profit | 2,841 | 2,967 | 7,803 | 7,305 | 10,069 |
Operating result (EBIT) | -603 | -1,411 | -2,655 | -4,227 | -5,097 |
Items affecting comparability |
|
|
|
|
|
Specific credit loss percent change from 30 to 50 % | 311 | 0 | 311 | 0 | 0 |
Adjusted EBIT | -291 | -1,411 | -2,343 | -4,227 | -5,097 |
Depreciation, amortization and impairment losses | 554 | -1,557 | 1,631 | 2,622 | 3,145 |
Adjusted EBITDA | 263 | 145 | -713 | -1,604 | -1,952 |
Consolidated income statement
In thousands of euro | Q3/2023 | Q3/2022 | Q1-Q3/2023 | Q1-Q3/2022 | 2022 | |
Revenue | 4,218 | 3,700 | 11,440 | 10,648 | 14,660 | |
Other operating income | -6 | 842 | 28 | 879 | 857 | |
Materials and services | -1,371 | -1,576 | -3,665 | -4,221 | -5,449 | |
Employee benefit expenses | -1,876 | -2,083 | -6,258 | -6,449 | -8,827 | |
Depreciation, amortization and Impairment losses | -554 | -1,557 | -1,631 | -2,622 | -3,145 | |
Other operating expenses | -1,013 | -739 | -2,569 | -2,460 | -3,193 | |
Operating result | -603 | -1,411 | -2,655 | -4,227 | -5,097 | |
|
|
|
|
|
| |
Finance income | 317 | 145 | 423 | 563 | 569 | |
Finance expenses | -173 | -130 | -738 | -471 | -1,024 | |
Net finance expenses | 144 | 15 | -315 | 92 | -454 | |
|
|
|
|
|
| |
Profit (loss) before income taxes | -459 | -1,397 | -2,970 | -4,135 | -5,551 | |
|
|
|
|
|
| |
Income tax expense | 20 | 20 | 59 | 59 | 79 | |
|
|
|
|
|
| |
Loss for the period | -439 | -1,377 | -2,911 | -4,075 | -5,472 | |
|
|
|
|
|
| |
Loss for the period attributable to |
|
|
|
|
| |
Owners of the parent company | -439 | -1,377 | -2,911 | -4,075 | -5,472 | |
Loss per share attributable to owners of | ||||||
Weighted average number of shares | 16,114,040 | 14,180,928 | 16,114,040 | 14,180,928 | 14,640,697 | |
Basic loss per share (euro) | -0.03 | -0.10 | -0.18 | -0.29 | -0.37 | |
Consolidated condensed comprehensive income statement
In thousands of euro | Q3/2023 | Q3/2022 | Q1-Q3/2023 | Q1-Q3/2022 | 2022 |
Loss for the period | -439 | -1,377 | -2,911 | -4,075 | -5,472 |
Other comprehensive income |
|
|
|
|
|
Foreign currency translation difference | -133 | -21 | 111 | -141 | 139 |
Other comprehensive income, net of tax | -133 | -21 | 111 | -141 | 139 |
Total comprehensive loss attributable to Owners of the parent company | -573 | -1,398 | -2,800 | -4,216 | -5,333 |
Consolidated balance sheet
In thousands of euro | |||
ASSETS |
|
|
|
Non-current assets |
|
|
|
4,256 | 4,256 | 4,256 | |
Development costs | 7,493 | 6,287 | 6,562 |
Customer relationships | 998 | 1,220 | 1,164 |
Technology | 458 | 560 | 534 |
Other intangible assets | 387 | 360 | 379 |
Total intangible assets | 13,592 | 12,683 | 12,895 |
Tangible assets | 747 | 932 | 852 |
Right-of-use assets | 1,069 | 920 | 1,448 |
Deferred tax assets | 17 | 15 | 15 |
Total non-current assets | 15,425 | 14,549 | 15,210 |
Current assets |
|
|
|
Inventories | 2,793 | 2,833 | 2,998 |
Trade and other receivables | 3,697 | 4,782 | 4,568 |
Cash and cash equivalents | 9,565 | 5,668 | 8,524 |
Total current assets | 16,054 | 13,283 | 16,090 |
|
|
|
|
Total assets | 31,479 | 27,832 | 31,300 |
In thousands of euro | |||
EQUITY |
|
|
|
Share capital | 80 | 80 | 80 |
Share premium | 504 | 504 | 504 |
Reserve for invested non-restricted equity | 50,936 | 43,137 | 46,896 |
Translation differences | 162 | -228 | 51 |
Retained earnings | -27,085 | -21,803 | -21,717 |
Profit (loss) for the financial year | -2,911 | -4,075 | -5,472 |
Total equity | 21,686 | 17,613 | 20,342 |
LIABILITIES |
|
|
|
Non-current liabilities |
|
|
|
Borrowings from financial institutions | 1,851 | 3,579 | 3,380 |
Government loans | 837 | 1,030 | 906 |
Lease liabilities | 595 | 538 | 1,058 |
Deferred tax liabilities | 329 | 406 | 387 |
Total Non-current liabilities | 3,613 | 5,553 | 5,731 |
|
|
|
|
Current liabilities |
|
|
|
Borrowings from financial institutions | 1,794 | 596 | 794 |
Government loans | 193 | 193 | 193 |
Lease liabilities | 505 | 400 | 412 |
Trade and other payables | 3,687 | 3,477 | 3,828 |
Total current liabilities | 6,180 | 4,666 | 5,227 |
|
|
|
|
Total liabilities | 9,793 | 10,218 | 10,957 |
|
|
|
|
Total equity and liabilities | 31,479 | 27,832 | 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 | 80 | 504 | 46,896 | 51 | -27,189 | 20,342 |
Comprehensive income |
|
|
|
|
|
|
Loss for the period |
|
|
|
| -2,911 | -2,911 |
Other comprehensive income |
|
|
|
|
|
|
Translation differences |
|
|
| 111 |
| 111 |
Total comprehensive income for the period |
|
|
| 111 | -2,911 | -2,800 |
Share issue |
|
| 4,023 |
|
| 4,023 |
Share options |
|
| 16 |
| 105 | 121 |
Total transactions with owners of the company |
|
| 4,039 |
| 105 | 4,144 |
|
|
|
|
|
|
|
Balance at | 80 | 504 | 50,936 | 162 | -29,995 | 21,686 |
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 | 80 | 504 | 38,526 | -88 | -21,970 | 17,052 |
Comprehensive income |
|
|
|
|
|
|
Loss for the period |
|
|
|
| -4,075 | -4,075 |
Other comprehensive income |
|
|
|
|
|
|
Translation differences |
|
|
| -141 |
| -141 |
Total comprehensive income for the period |
|
|
| -141 | -4,075 | -4,216 |
Share issue |
|
| 4,611 |
|
| 4,611 |
Share options |
|
|
|
| 167 | 167 |
Total transactions with owners of the company |
|
| 4,611 |
| 167 | 4,778 |
Other adjustments |
|
|
|
|
| 0 |
Balance at | 80 | 504 | 43,137 | -228 | -25,878 | 17,613 |
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 | 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 | 80 | 504 | 46,896 | 51 | -27,189 | 20,342 |
Consolidated cash flow statement
In thousands of euro | Q3/2023 | Q3/2022 | Q1-Q3/2023 | Q1-Q3/2022 | 2022 |
Cash flows from operating activities |
|
|
|
|
|
Loss for the financial year | -439 | -1,377 | -2,911 | -4,075 | -5,472 |
Adjustments: |
|
|
|
|
|
Depreciation, amortization and impairment losses | 554 | 1,557 | 1,631 | 2,622 | 3,145 |
Finance income and finance expenses | -79 | 37 | 423 | 0 | 618 |
Other adjustments | 366 | -782 | 311 | -752 | -770 |
Cash flows before change in net working capital | 402 | -565 | -546 | -2,204 | -2,479 |
Change in net working capital: |
|
|
|
|
|
Change in trade and other receivables (increase (-) / decrease (+)) | 611 | 496 | 597 | 64 | 204 |
Change in inventories (increase (-) / decrease (+)) | 187 | 345 | 173 | 159 | -68 |
Change in trade and other payables (increase (+) / decrease (-))
| -334 | -725 | -175 | 20 | 172 |
Cash flows before finance items | 866 | -449 | 50 | -1,962 | -2,171 |
Interest paid | -76 | -38 | -128 | -60 | -76 |
Other finance expenses paid | -23 | -17 | -42 | -72 | -123 |
Net cash from operating activities (A) | 767 | -504 | -120 | -2,093 | -2,370 |
Cash flows from investing activities |
|
|
|
|
|
Capitalization of development expenses | -549 | -449 | -1,672 | -1,729 | -2,249 |
Acquisition of tangible assets | -67 | -349 | -156 | -742 | -780 |
Net cash used in investing activities (B) | -615 | -797 | -1,828 | -2,471 | -3,029 |
Cash flows from financing activities |
|
|
|
|
|
Proceeds from share subscriptions | 4,294 | 7 | 4,310 | 4,952 | 9,012 |
Share issue transaction costs | -318 | 0 | -318 | -382 | -682 |
Repayment of loans and borrowings | -132 | -73 | -598 | -880 | -912 |
Repayment of lease liabilities | -123 | -106 | -370 | -310 | -415 |
Net cash from financing activities (C) | 3,721 | -172 | 3,024 | 3,380 | 7,003 |
Net cash from (used in) operating, investing and financing activities (A+B+C) | 3,872 | -1,473 | 1,077 | -1,184 | 1,605 |
|
|
|
|
|
|
Cash and cash equivalents at beginning of period | 5,691 | 7,079 | 8,524 | 6,804 | 6,804 |
Effect of movements in exchange rate on cash held | 2 | 63 | -36 | 48 | 115 |
Cash and cash equivalents at end of period | 9,565 | 5,668 | 9,565 | 5,668 | 8,524 |
Selected notes
Corporate information and basis of accounting
Corporate information
The Group's parent company,
Basis of accounting
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
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.
This report has been authorized for issue by the company`s board of directors.
Reportable segments
Q3/2023
In thousands of euro | Devices | Software | Group Admin | Total |
External revenue | 1,825 | 2,393 | 0 | 4,218 |
Net operating expenses | -701 | -675 | 0 | -1,376 |
Margin | 1,124 | 1,718 | 0 | 2,841 |
Depreciation and amortization | -363 | -189 | -3 | -554 |
Other expenses | -1,174 | -1,081 | -635 | -2,890 |
Operating result | -413 | 448 | -637 | -603 |
Finance items | 0 | 0 | 144 | 144 |
Loss before tax expense | -413 | 448 | -494 | -459 |
Q3/2022
In thousands of euro | Devices | Software | Group Admin | Total |
External revenue | 1,697 | 2,003 | 0 | 3,700 |
Net operating expenses | -105 | -629 | 0 | -734 |
Margin | 1,592 | 1,374 | 0 | 2,967 |
Depreciation and amortization | -1,390 | -165 | -2 | -1,557 |
Other expenses | -1,046 | -900 | -875 | -2,821 |
Operating result | -844 | 310 | -877 | -1,411 |
Finance items | 0 | 0 | 15 | 15 |
Loss before tax expense | -844 | 310 | -863 | -1,397 |
Q1-Q3/2023
In thousands of euro | Devices | Software | Group Admin | Total |
External revenue | 3,986 | 7,454 | 0 | 11,440 |
Net operating expenses | -1,630 | -2,007 | 0 | -3,637 |
Margin | 2,356 | 5,447 | 0 | 7,803 |
Depreciation and amortization | -1,076 | -548 | -7 | -1,631 |
Other expenses | -3,050 | -3,443 | -2,335 | -8,827 |
Operating result | -1,769 | 1,456 | -2,342 | -2,655 |
Finance items | 0 | 0 | -315 | -315 |
Loss before tax expense | -1,769 | 1,456 | -2,657 | -2,970 |
Q1-Q3/2022
In thousands of euro | Devices | Software | Group Admin | Total |
|
|
|
|
|
External revenue | 4,122 | 6,525 | 0 | 10,648 |
Net operating expenses | -1,248 | -2,095 | 0 | -3,342 |
Margin | 2,875 | 4,430 | 0 | 7,305 |
Depreciation and amortization | -2,133 | -483 | -6 | -2,622 |
Other expenses | -3,292 | -3,057 | -2,560 | -8,909 |
Operating result | -2,550 | 890 | -2,566 | -4,227 |
Finance items | 0 | 0 | 92 | 92 |
Loss before tax expense | -2,550 | 890 | -2,474 | -4,135 |
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 | Q3/2023 | Q3/2022 | Q1-Q3/2023 | Q1-Q3/2022 | 2022 | |
Other operating income | -6 | 842 | 28 | 879 | 857 | |
Total |
| -6 | 842 | 28 | 879 | 857 |
Other operating expenses
Other operating expenses | Q3/2023 | Q3/2022 | Q1-Q3/2023 | Q1-Q3/2022 | 2022 |
Sales and marketing | -111 | -200 | -450 | -578 | -784 |
Research and development | -54 | -36 | -186 | -298 | -361 |
General and administration | -849 | -503 | -1,933 | -1,584 | -2,049 |
Total operating expenses | -1,013 | -739 | -2,569 | -2,460 | -3,193 |
Other operating expenses also comprise changes in expected credit losses and realized credit losses.
Exposure to credit risk and loss allowance
In thousands of euro | Gross carrying amount
| Weighted av. loss rate% | Loss allowance |
At |
|
|
|
Current (not past due) | 1,647 | 0.5% | 8 |
Past due |
|
|
|
1-30 days | 38 | 1.5% | 1 |
31-60 days | 83 | 4% | 3 |
61-90 days | 125 | 9% | 11 |
More than 90 days past due | 306 | 12% | 37 |
Specific loss allowance | 1,556 | 50% | 778 |
Total | 3,756 |
| 838 |
In thousands of euro | Gross carrying amount
| Weighted av. loss rate% | Loss allowance |
At |
|
|
|
Current (not past due) | 1,572 | 0.5% | 8 |
Past due |
|
|
|
1-30 days | 144 | 1.5% | 2 |
31-60 days | 135 | 4% | 5 |
61-90 days | 12 | 9% | 1 |
More than 90 days past due | 37 | 12% | 4 |
Specific loss allowance | 2,211 | 30% | 663 |
Total | 4,112 |
| 684 |
In thousands of euro | Gross carrying amount
| Weighted av. loss rate% | Loss allowance |
At |
|
|
|
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 |
Financial liabilities
In thousands of euro | 30.9.2023 | 30.9.2022 | 31.12.2022 |
Non-current financial liabilities |
|
|
|
Borrowings from financial institutions | 1,851 | 3,579 | 3,380 |
Government loans | 837 | 1,030 | 906 |
Lease liabilities | 595 | 538 | 1,058 |
Total | 3,284 | 5,147 | 5,344 |
|
|
|
|
Current financial liabilities |
|
|
|
Borrowings from financial institutions | 1,794 | 596 | 794 |
Government loans | 193 | 193 | 193 |
Lease liabilities | 505 | 400 | 412 |
Trade payables | 990 | 1,004 | 869 |
Total | 3,482 | 2,193 | 2,268 |
|
|
|
|
Total financial liabilities | 6,766 | 7,340 | 7,612 |
Fair values - financial liabilities measured at amortized cost.
Events after the review period
No material events after the reporting period.
https://news.cision.com/optomed-oyj/r/optomed-plc--interim-report--january---september-2023,c3868726
https://mb.cision.com/Main/18875/3868726/2406121.pdf
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