MODULIGHT OYJ This release is a summary of
The figures in brackets refer to the corresponding period of the previous year. This business review is unaudited.
Highlights in July–September 2023
- The R&D pipeline stayed on a record level, customer relationships and all product development projects progressed, and the number of customer meetings continued to grow.
- The potential of
Modulight 's technology was confirmed by a customer project that progressed to Phase 3 and by a study published in a top scientific publication. - Revenue was
EUR 406 (1,232) thousand. The weak revenue development was due to delays in some projects. - EBITDA was
EUR -2,537 (-1,342) thousand. Profitability was burdened by planned investments in developing and growing the company’s operations. - EBITDA margin was -624.8 (-108.9) % of revenue.
- Operating result (EBIT) was
EUR -3,074 (-1,812) thousand. - Operating result (EBIT) margin was -757.1 (-147.1) % of revenue.
- Earnings per share was
EUR -0.07 (-0.05).
Highlights in January–September 2023
- In
January 2023 ,Modulight received a pre-market approval (PMA) from theU.S. Food and Drug Administration (FDA) for its laser device for the treatment of wet age-related macular degeneration (AMD) inthe United States . - In
May 2023 , Modulight’s Board of Directors decided on a new stock option program for key persons of the company. The options entitle holders to subscribe for a total of up to 500,000 new shares in the company or shares held by the company between31 December 2025 and31 December 2028 . - Revenue was
EUR 3,006 (3,331) thousand. - EBITDA was
EUR -5,547 (-3,936) thousand. Profitability was burdened by planned investments in developing and growing the company’s operations. - EBITDA margin was -184.5 (-118.2) % of revenue.
- Operating result (EBIT) was
EUR -7,072 (-5,292) thousand. - Operating result (EBIT) margin was -235.3 (-158.9) % of revenue.
- Earnings per share was
EUR -0.16 (-0.15).
Key figures
| Group | 7–9/2023 | 7–9/2022 | 1–9/2023 | 1–9/2022 | 1–12/2022 1) |
| Revenue | 406 | 1,232 | 3,006 | 3,331 | 4,599 |
| EBITDA | -2,537 | -1,342 | -5,547 | -3,936 | -5,936 |
| EBITDA, % | -624.8% | -108.9% | -184.5% | -118.2% | -129.1% |
| Operating result (EBIT) | -3,074 | -1,812 | -7,072 | -5,292 | -7,792 |
| Operating result (EBIT), % | -757.1% | -147.1% | -235.3% | -158.9% | -169.4% |
| Earnings for the period | -3,062 | -1,948 | -6,894 | -6,318 | -8,552 |
| Earnings per share (EPS, EUR) | -0.07 | -0.05 | -0.16 | -0.15 | -0.20 |
| Acquisition of fixed and intangible assets | -2,041 | -3,670 | -8,786 | -8,834 | -13,694 |
| Free cash flow from operating activities | -4,578 | -5,012 | -14,333 | -12,770 | -19,630 |
| Cash and cash equivalents 2) | 28,323 | 48,005 | 28,323 | 48,005 | 43,870 |
| Net debt 2) | -21,328 | -39,451 | -21,328 | -39,451 | -35,586 |
| Gearing ratio 2) | -35.2% | -56.5% | -35.2% | -56.5% | -52.7% |
| Equity ratio 2) | 87.9% | 85.8% | 87.9% | 85.8% | 86.3% |
| Headcount (FTE) 2) | 70 | 61 | 70 | 61 | 62 |
1) Audited
2) Figure refers to the end of the review period
Outlook for 2023
Seppo Orsila, CEO
In the third quarter of the year, our revenue did not develop as expected. Nevertheless, all our projects progressed, although some slower than we would have hoped for. Customers’ purchasing processes have slowed down and, for example, audits of information security processes delayed our pay per treatment (PPT) business model implementation. We believe this will have a financial impact during the next year. We still estimate that several product development projects have a significant business potential.
In the third quarter, we focused especially on projects based on the SaaS business model and on improving our productivity. Revenue amounted to
Our R&D pipeline continues to have 27 projects in different stages, some of which are close to the commercialization phase. Overall, our R&D pipeline progressed well in the third quarter, and the synergy between different projects is constantly increasing. For example, our laser platform approved by the FDA in January is now also used in clinical trials of new indications. During the quarter, we filed one new patent application and identified a few new blanks that could lead to patents.
Research projects are long-term investments for our customers, so projects with experts in the field show confidence in
Further confirmation of the potential of our technology came from a study that was impressively published in Science Advances, a top scientific publication. A study conducted in collaboration with the
With FDA's market approval, our goal is to expand our business in
Due to global challenges, our own semiconductor factory is an increasingly valuable contributor to the growth we are aiming for and reducing the impact of global challenges on our business. Thanks to our independence, we can manufacture exactly the laser equipment that our customers need. We believe that supply chain security is an increasingly important issue for our customers.
We will continue to actively develop SaaS business models and promote the transition to pay per treatment pricing, as using our treatment with this pricing model can reduce the total cost of treatment in addition to other benefits it brings to patients. We will focus on implementing actions in line with our growth strategy and believe that our business will return to strong, profitable growth.
Financial reporting in 2024
Webcast
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