July -
- Group revenue was steady and amounted to
EUR 3,342 (3,338) thousand -
Devices segment revenue decreased by 24.1 percent to
EUR 1,167 (1,537) thousand, as no camera deliveries were made toChina after the large inventory deliveries in the first half of the year. Sales toNorth America andEurope continued strong growth, as well as sales to OEM customers -
The Software segment revenue increased, by 20.8 percent to
EUR 2,176 (1,802) thousand, driven by new screening and workflow management solutions and recurring revenue from existing customers -
Adjusted EBITDA amounted to
EUR -337 (229) thousand corresponding to -10.1 (6.9) percent of revenue. The variance is due to higher operating expenses mainly related toOptomed's US market entry and expansion
January -
-
Revenue increased very strongly by 26.0 percent to
EUR 11,299 (8,969) thousand, as western markets are adapting to the post-pandemic situation and the accumulated demand is starting to materialize
-
Adjusted EBITDA amounted to
EUR -475 (-671) thousand corresponding to -4.2 (-7.5) percent of revenue
Key figures
EUR, thousand | Q3/2021 | Q3/2020 | Change, % | Q1-Q3/2021 | Q1-Q3/2020 | Change, % | 2020 |
Revenue | 3,342 | 3,338 | 0.1% | 11,299 | 8,969 | 26.0% | 13,011 |
Gross profit * | 2,250 | 2,262 | -0.5% | 8,151 | 6,146 | 32.6% | 8,955 |
Gross margin % * | 67.3% | 67.8% | 72.1% | 68.5% | 68.8% | ||
EBITDA | -337 | 229 | -247.2% | -475 | -671 | 29.3% | -733 |
EBITDA margin *, % | -10.1% | 6.9% | -4.2% | -7.5% | -5.6% | ||
Adjusted EBITDA * | -337 | 229 | -247.2% | -475 | -671 | 29.3% | -733 |
Adjusted EBITDA margin *, % | -10.1% | 6.9% | -4.2% | -7.5% | -5.6% | ||
Operating result(EBIT) | -888 | -278 | -219.9% | -2,598 | -2,312 | -12.4% | -2,906 |
Operating margit (EBIT) *, % | -26.6% | -8.3% | -23.0% | -25.8% | -22.3% | ||
Adjusted operating result(EBIT) * | -888 | -278 | -219.9% | -2,598 | -2,312 | -12.4% | -2,906 |
Adjusted operating margin (EBIT margin) *, % | -26.6% | -8.3% | -23.0% | -25.8% | -22.3% | ||
Net profit/ loss | -833 | -299 | -178.4% | -2,313 | -2,525 | 8.4% | -3,177 |
Earnings per share | -0.06 | -0.02 | -171.8% | -0.17 | -0.19 | 10.6% | -0.24 |
Cash flow from operating activities | -764 | -400 | -90.8% | -2,450 | -3,215 | 23.8% | -2,801 |
Net Debt | -1,052 | -4,381 | -76.0% | -1,052 | -4,381 | -76.0% | -4,090 |
Net debt/ Adjusted EBITDA (LTM) | 2.0 | 5.0 | 2.0 | 5.0 | 5.6 | ||
Equity ratio * | 62.7% | 66.5% | 62.7% | 66.5% | 64.6% | ||
R&D expenses personnel | 386 | 248 | 55.4% | 1,354 | 1,011 | 34.0% | 1,406 |
R&D expenses other costs | 79 | 31 | 156.8% | 390 | 152 | 157.0% | 253 |
Total R&D expenses | 465 | 279 | 66.6% | 1,744 | 1,163 | 50.0% | 1,659 |
*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations. |
CEO comments
Our software segment and western markets continued strong growth, no new camera deliveries to
The coronavirus pandemic continues to affect our business, particularly in
We believe our products, handheld cameras combined with artificial intelligence, are the right combination to accelerate the transition of eye screening to primary care, starting with the US market. We will focus majority of our commercial resources to capitalize this opening market opportunity.
CEO
Outlook 2021
(Announced
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 669 328 826#
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-
The gross margin decreased to 67.3 from 67.8 percent last year. The company received grants and other operating income of
EBITDA amounted to
.
EBIT was
Net financial items amounted to
January -
In January-
The gross margin increased to 72.1 percent from 68.5 percent last year. The company's other operating income includes governmental grants of
EBITDA amounted to
Net financial items amounted to
Cash flow and financial position
In July-
Consolidated cash and cash equivalents at the end of the period amounted to
Net working capital was
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 | Q3/2021 | Q3/2020 | Change,% | Q1-Q3/2021 | Q1-Q3/2020 | Change,% | 2020 |
Revenue | 1,167 | 1,537 | -24.1 % | 4,510 | 3,359 | 34.3 % | 5,097 |
Gross profit * | 722 | 933 | -22.6 % | 3,375 | 1,872 | 80.3 % | 2,862 |
Gross margin% * | 61.9 % | 60.7 % | 74.8 % | 55.7 % | 56.1% | ||
EBITDA | -178 | 290 | -161.5 % | 184 | -251 | 173.2 % | -251 |
EBITDA margin *,% | -15.3 % | 18.9 % | 4.1 % | -7.5 % | -4.9% | ||
Operating result (EBIT) | -577 | -62 | -835.5 % | -1,484 | -1,437 | -3.3 % | -1,820 |
Operating margin (EBIT) *,% | -49.5 % | -4.0 % | -32.9 % | -42.8 % | -35.7% |
*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.
July-
In July-
The gross margin increased to 61.9 percent from 60.7 percent in the previous year. The Devices segment's other operating income was
EBITDA was
January-
In January-
The gross margin increased to 74.8 percent from 55.7 percent in the previous year. The Company received governmental grants of
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 | Q3/2021 | Q3/2020 | Change,% | Q1-Q3/2021 | Q1-Q3/2020 | Change,% | 2020 |
Revenue | 2,176 | 1,802 | 20.8 % | 6,789 | 5,610 | 21.0 % | 7,913 |
Gross profit * | 1,528 | 1,330 | 14.9 % | 4,776 | 4,274 | 11.7 % | 6,093 |
Gross margin % * | 70.3 % | 73.8 % | 70.4 % | 76.2 % | 77.0 % | ||
EBITDA | 551 | 444 | 24.0 % | 1,339 | 1,291 | 3.7 % | 1,926 |
EBITDA margin *, % | 25.3 % | 24.6 % | 19.7 % | 23.0 % | 24.3 % | ||
Operating result (EBIT) | 399 | 289 | 37.8 % | 884 | 836 | 5.8 % | 1,323 |
Operating margin (EBIT) *, % | 18.3 % | 16.1 % | 13.0 % | 14.9 % | 16.7 % |
*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.
July -
In July-
January -
In January-
Group-wide expenses
Group-wide expenses relate to functions supporting the entire group such as treasury, group accounting, 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.
9/2021 | 9/2020 | |
Devices | 49 | 54 |
Software | 42 | 38 |
Group common | 27 | 17 |
Total | 118 | 109 |
The increase of personel is mainly related to strengthening of sales and marketing in
Corporate Governance
Annual General Meeting
On
The number of members of the Board of Directors was confirmed as five:
Seppo Mäkinen,
The Annual General Meeting confirmed the annual Board remuneration as follows:
Chairman of the Board
members of the Board
In addition, a meeting fee in the amount of
The AGM decided to elect
The AGM approved the authorization for the Board of Directors to repurchase
The General Meeting authorized the Board of Directors to decide on the issuance of shares as well as the issuance of option rights 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 1,400,314. 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.
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:
Seppo Mäkinen
Remuneration Committee:
Seppo Mäkinen (Chairman)
Shares and shareholders
The company has one share series with all shares having the same rights. At the end of the review period
Risks and uncertainties
The key risks and uncertainties are described in the company's annual report 2020 which was published on
COVID-19 CORONAVIRUS
The COVID-19 outbreak has turned into a pandemic the length and prolonged effect of which are uncertain.
The Company's Software segment has been proven to be largely unaffected due to recurring nature of the business and long-term customer agreements, however, the Devices segment sales have been negatively affected by the pandemic. The medical sector as a whole is still concentrated on addressing the pandemic and other supplier meetings and purchases are still postponed in certain key markets. This has an effect on the Company's ability to sell its devices and new software solutions and affects the Company's ability to increase its customer base especially because face-to-face meetings are market standard for fundus camera sales.
EXTERNAL ECONOMIC AND POLITICAL RISKS AND NATURAL DISASTERS
The Company is exposed to natural disasters taking place in countries where it operates and general and country specific economic political and regulatory risks, which could entail volatile sales in key markets. In the PRC, "Made in
FINANCE
The Company needs external financing to operate and is not currently profitable
The Company is dependant on external financing and the Company may have difficulties accessing additional financing on competitive terms or at all which may again contribute the Company's liquidity risks. The Company is also subject to credit and counterparty risks through its trade receivables. The Company's receivables in
FOREX
The company is exposed to foreign exchange rate risks arising from fluctuations in currency exchange rates, especially with regards to USD and RMB. Currency rate, along with demand cycles, can result in significant swings in the prices of the raw materials needed to produce the Company's goods, sales prices and OPEX.
SUPPLY CHAIN
The Company is dependant on contract manufacturers for functioning, efficient and effective production and product assembly. Further, the Company is dependent on suppliers which may affect the Company's ability to supply its customers in a timely manner. Global component sourcing issues make it harder to obtain the key components for the Company's medical devices.
All other risks remain as disclosed in the Company's annual report 2020.
Flagging notifications
On
On
On
On
Other events
On
Audit review
This financial report has not been audited by the company's auditors.
Financial reporting in 2022
-
Financial Statement Bulletin for 1 January -
31 December 2021 ,17 February 2022 -
Interim Report for 1 January -
31 March 2021 ,5 May 2022 -
Half-Year Financial Report for 1 January -
30 June 2022 ,4 August 2022 -
Interim Report for 1 January -
30 September 2022 ,3 November 2022
For more information, contact
Tel: +46 702 59 57 89
E-mail: lars.lindqvist@optomed.com
Tel.: +358 40 555 1050
E-mail: seppo.kopsala@optomed.com
About
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, amortisation and impairment losses | |
EBITDA margin, % | EBITDA / Revenue | |
Operating result | Profit/loss after depreciation, amortisation 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 / 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 thousands of euro | Q3/2021 | Q3/2020 | Q1-Q3/2021 | Q1-Q3/2020 | 2020 |
Revenue | 3,342 | 3,338 | 11,299 | 8,969 | 13,011 |
Other operating income | 48 | 29 | 753 | 117 | 157 |
Material and services | -1,140 | -1,105 | -3,901 | -2,941 | -4,213 |
Gross profit | 2,250 | 2,262 | 8,151 | 6,146 | 8,955 |
Operating profit/loss (EBIT) | -888 | -278 | -2,598 | -2,312 | -2,906 |
Items affecting comparability | |||||
Adjusted EBIT | -888 | -278 | -2,598 | -2,312 | -2,906 |
Depreciation, amortization and impairment losses | 551 | 507 | 2,123 | 1,640 | 2,173 |
Adjusted EBITDA | -337 | 229 | -475 | -671 | -733 |
Consolidated income statement
In thousands of euro | Q3/2021 | Q3/2020 | Q1-Q3/2021 | Q1-Q3/2020 | 2020 |
Revenue | 3,342 | 3,338 | 11,299 | 8,969 | 13,011 |
Other operating income | 48 | 29 | 753 | 117 | 157 |
Materials and services | -1,140 | -1,105 | -3,901 | -2,941 | -4,213 |
Employee benefit expenses | -1,849 | -1,484 | -6,254 | -5,158 | -7,319 |
Depreciation, amortisation and Impairment losses | -551 | -507 | -2,123 | -1,640 | -2,173 |
Other operating expenses | -738 | -549 | -2,372 | -1,659 | -2,369 |
Operating result | -888 | -278 | -2,598 | -2,312 | -2,906 |
Finance income | 88 | 102 | 374 | 256 | 452 |
Finance expenses | -53 | -143 | -148 | -528 | -794 |
Net finance expenses | 36 | -41 | 226 | -272 | -341 |
Profit (loss) before income taxes | -853 | -319 | -2,372 | -2,584 | -3,247 |
Income tax expense | 20 | 20 | 58 | 59 | 70 |
Loss for the period | -833 | -299 | -2,313 | -2,525 | -3,177 |
Loss for the period attributable to | |||||
Owners of the parent company | -833 | -299 | -2,313 | -2,525 | -3,177 |
Loss per share attributable to owners of | |||||
Weighted average number of shares | 13,399,424 | 13,080,477 | 13,399,424 | 13,080,477 | 13,262,766 |
Basic loss per share (euro) | -0.06 | -0.02 | -0.17 | -0.19 | -0.24 |
Consolidated condensed comprehensive income statement
In thousands of euro | Q3/2021 | Q3/2020 | Q1-Q3/2021 | Q1-Q3/2020 | 2020 |
Loss for the period | -833 | -299 | -2,313 | -2,525 | -3,177 |
Foreign currency translation difference | -55 | 60 | -189 | 68 | 77 |
Other comprehensive income, net of tax | -55 | 60 | -189 | 68 | 77 |
Total comprehensive income for the period | -888 | -239 | -2,502 | -2,456 | -3,100 |
Total comprehensive loss attributable to Owners of the parent company | -888 | -239 | -2,502 | -2,456 | -3,100 |
Consolidated balance sheet
In thousands of euro | |||
ASSETS | |||
Non-current assets | |||
4,256 | 4,256 | 4,256 | |
Development costs | 5,735 | 5,386 | 5,667 |
Customer relationships | 1,441 | 1,663 | 1,608 |
Technology | 662 | 763 | 738 |
Other intangible assets | 434 | 484 | 485 |
Total intangible assets | 12,528 | 12,552 | 12,753 |
Tangible assets | 447 | 347 | 359 |
Right-of-use assets | 888 | 772 | 1,165 |
Deferred tax assets | 12 | 10 | 11 |
Total non-current assets | 13,875 | 13,681 | 14,289 |
Current assets | |||
Inventories | 2,902 | 2,721 | 2,539 |
Trade and other receivables | 5,454 | 3,590 | 3,637 |
Cash and cash equivalents | 7,827 | 10,899 | 10,608 |
Total current assets | 16,183 | 17,209 | 16,784 |
Total assets | 30,058 | 30,890 | 31,073 |
In thousands of euro | |||
EQUITY | |||
Share capital | 80 | 80 | 80 |
Share premium | 504 | 504 | 504 |
Reserve for invested non-restricted equity | 38,377 | 37,413 | 37,470 |
Translation differences | -23 | 157 | 166 |
Retained earnings | -17,775 | -15,082 | -14,970 |
Profit (loss) for the financial year | -2,313 | -2,525 | -3,177 |
Total equity | 18,850 | 20,547 | 20,073 |
LIABILITIES | |||
Non-current liabilities | |||
Borrowings from financial institutions | 3,857 | 3,257 | 3,520 |
Government loans | 2,064 | 2,998 | 2,670 |
Lease liabilities | 511 | 471 | 782 |
Deferred tax liabilities | 482 | 559 | 540 |
Total Non-current liabilities | 6,915 | 7,284 | 7,512 |
Current liabilities | |||
Borrowings from financial institutions | 661 | 0 | 0 |
Government loans | 193 | 263 | 328 |
Lease liabilities | 382 | 347 | 425 |
Trade and other payables | 3,058 | 2,448 | 2,736 |
Total current liabilities | 4,293 | 3,058 | 3,489 |
Total liabilities | 11,208 | 10,342 | 11,001 |
Total equity and liabilities | 30,058 | 30,890 | 31,073 |
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 | 37,470 | 166 | -18,147 | 20,073 |
Comprehensive income | ||||||
Loss for the period | -2,313 | -2,313 | ||||
Other comprehensive income | ||||||
Translation differences | -189 | -189 | ||||
Total comprehensive income for the period | -189 | -2,313 | -2,502 | |||
Share options | 907 | 286 | 1,193 | |||
Total transactions with owners of the company | 907 | 286 | 1,193 | |||
Other adjustments | 86 | 86 | ||||
Balance at | 80 | 504 | 38,377 | -23 | -20,088 | 18,850 |
Equity attributable to | ||||||
In thousands of euro | Share capital | Share premium | Reserve for invested non-restricted equity | Translation differences | Retained earnings | Total |
Balance at | 80 | 504 | 37,341 | 89 | -15,376 | 22,637 |
Comprehensive income | ||||||
Loss for the period | -2,525 | -2,525 | ||||
Other comprehensive income | ||||||
Translation differences | 68 | 68 | ||||
Total comprehensive income | 68 | -2,525 | -2,456 | |||
Share options | 72 | 294 | 366 | |||
Total transactions with owners | 72 | 294 | 366 | |||
Other adjustments | ||||||
Balance at | 80 | 504 | 37,413 | 157 | -17,607 | 20,547 |
Equity attributable to | ||||||
In thousands of euro | Share capital | Share premium | Reserve for invested non-restricted equity | Translation differences | Retained earnings | Total |
Balance at | 80 | 504 | 37,341 | 89 | -15,376 | 22,637 |
Comprehensive income | ||||||
Loss for the period | -3,177 | -3,177 | ||||
Other comprehensive income | ||||||
Translation differences | 77 | 77 | ||||
Total comprehensive income for the period | 77 | -3,177 | -3,100 | |||
Share options | 129 | 406 | 535 | |||
Total transactions with owners of the company | 129 | 406 | 535 | |||
Other adjustments | ||||||
Balance at | 80 | 504 | 37,470 | 166 | -18,147 | 20,073 |
Consolidated cash flow statement
In thousands of euro | Q3/2021 | Q3/2020 | Q1-Q3/2021 | Q1-Q3/2020 | 2020 |
Cash flows from operating activities | |||||
Loss for the financial year | -833 | -299 | -2,313 | -2,525 | -3,177 |
Adjustments: | |||||
Depreciation, amortisation and impairment losses | 551 | 507 | 2,123 | 1,640 | 2,173 |
Finance income and finance expenses | -65 | 42 | -266 | 273 | 343 |
Other adjustments | 140 | 56 | 321 | 154 | 284 |
Cash flows before change in net working capital | -207 | 306 | -134 | -457 | -377 |
Change in net working capital: | |||||
Change in trade and other receivables (increase (-) / decrease (+)) | 42 | -657 | -1,662 | 578 | 496 |
Change in inventories (increase (-) / decrease (+)) | -332 | 128 | -327 | -262 | -83 |
Change in trade and other payables (increase (+) / decrease (-)) | -250 | -164 | -250 | -2,828 | -2,402 |
Cash flows before finance items | -748 | -386 | -2,373 | -2,969 | -2,367 |
Interest paid | -9 | -19 | -39 | -58 | -75 |
Other finance expenses paid | -7 | -129 | -39 | -476 | -725 |
Interest received | 0 | 134 | 1 | 288 | 366 |
Net cash from operating activities (A) | -764 | -400 | -2,450 | -3,215 | -2,801 |
Cash flows from investing activities | |||||
Acquisition of intangible assets | -443 | -349 | -1,324 | -1,007 | -1,553 |
Acquisition of tangible assets | -202 | -49 | -367 | -162 | -268 |
Net cash used in investing activities (B) | -646 | -398 | -1,691 | -1,169 | -1,820 |
Cash flows from financing activities | |||||
Proceeds from share subscriptions | 501 | 72 | 864 | 72 | 92 |
Proceeds from loans and borrowings | 1,000 | 4 | 1,000 | -170 | -167 |
Repayment of loans and borrowings | 0 | -60 | -203 | -3,233 | -3,233 |
Repayment of lease liabilities | -98 | -98 | -314 | -295 | -390 |
Net cash from financing activities (C) | 1,404 | -82 | 1,347 | -3,626 | -3,698 |
Net cash from (used in) operating, investing and financing activities (A+B+C) | -5 | -880 | -2,794 | -8,010 | -8,319 |
Net increase (decrease) in cash and cash equivalents | -5 | -880 | -2,794 | -8,010 | -8,319 |
Cash and cash equivalents at beginning of period | 7,818 | 11,742 | 10,608 | 18,866 | 18,866 |
Effect of movements in exchange rate on cash held | 13 | 37 | 13 | 42 | 61 |
Cash and cash equivalents at end of period | 7,827 | 10,899 | 7,827 | 10,899 | 10,608 |
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,
Basis of accounting
Optomed's consolidated financial statements
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
IFRS IC finalized in
This report has been authorised for issue by the company`s board of directors.
Reportable segments
Q3/2021
In thousands of euro | Devices | Software | Group Admin | Total |
External revenue | 1,167 | 2,176 | 0 | 3,342 |
Net operating expenses | -445 | -647 | 0 | -1,092 |
Margin | 722 | 1,528 | 0 | 2,250 |
Depreciation and amortisation | -399 | -152 | -1 | -551 |
Other expenses | -900 | -978 | -709 | -2,587 |
Operating result | -577 | 399 | -710 | -888 |
Finance items | 0 | 0 | 36 | 36 |
Loss before tax expense | -577 | 399 | -674 | -853 |
Q3/2020
In thousands of euro | Devices | Software | Group Admin | Total |
External revenue | 1,537 | 1,802 | 0 | 3,338 |
Net operating expenses | -604 | -472 | 0 | -1,076 |
Margin | 933 | 1,330 | 0 | 2,262 |
Depreciation and amortisation | -352 | -155 | 0 | -507 |
Other expenses | -642 | -886 | -505 | -2,033 |
Operating result | -62 | 289 | -505 | -278 |
Finance items | 0 | 0 | -41 | -41 |
Loss before tax expense | -62 | 289 | -546 | -319 |
Q1-Q3/2021
In thousands of euro | Devices | Software | Group Admin | Total |
External revenue | 4,510 | 6,789 | 0 | 11,299 |
Net operating expenses | -1,135 | -2,012 | 0 | -3,147 |
Margin | 3,375 | 4,776 | 0 | 8,151 |
Depreciation and amortisation | -1,668 | -455 | -1 | -2,123 |
Other expenses | -3,191 | -3,437 | -1,997 | -8,626 |
Operating result | -1,484 | 884 | -1,998 | -2,598 |
Finance items | 0 | 0 | 226 | 226 |
Loss before tax expense | -1,484 | 884 | -1,772 | -2,372 |
Q1-Q3/2020
In thousands of euro | Devices | Software | Group Admin | Total |
External revenue | 3,359 | 5,610 | 0 | 8,969 |
Net operating expenses | -1,487 | -1,336 | 0 | -2,823 |
Margin | 1,872 | 4,274 | 0 | 6,146 |
Depreciation and amortisation | -1,185 | -455 | 0 | -1,640 |
Other expenses | -2,123 | -2,983 | -1,711 | -6,817 |
Operating result | -1,437 | 836 | -1,711 | -2,312 |
Finance items | 0 | 0 | -272 | -272 |
Loss before tax expense | -1,437 | 836 | -1,983 | -2,584 |
In thousands of euro | Devices | Software | Group Admin | Group |
External revenue | 5,097 | 7,913 | 0 | 13,011 |
Net operating expenses | -2,235 | -1,820 | 0 | -4,055 |
Margin | 2,862 | 6,093 | 0 | 8,955 |
Depreciation and amortisation | -1,569 | -603 | 0 | -2,173 |
Other expenses | -3,112 | -4,167 | -2,408 | -9,688 |
Operating result | -1,820 | 1,323 | -2,408 | -2,906 |
Finance items | 0 | 0 | -341 | -341 |
Loss before tax expense | -1,820 | 1,323 | -2,749 | -3,247 |
2020
Financial liabilities
In thousands of euro | 30.9.2021 | 30.9.2020 | 31.12.2020 |
Non-current financial liabilities | |||
Borrowings from financial institutions | 3,857 | 3,257 | 3,192 |
Government loans | 2,064 | 2,998 | 2,998 |
Lease liabilities | 511 | 471 | 782 |
Total | 6,433 | 6,726 | 6,972 |
Current financial liabilities | |||
Borrowings from financial institutions | 661 | 0 | 0 |
Government loans | 193 | 263 | 328 |
Lease liabilities | 382 | 347 | 425 |
Trade payables | 928 | 579 | 595 |
Total | 2,164 | 1,189 | 1,348 |
| |||
Total financial liabilities | 8,596 | 7,914 | 8,320 |
Business Finland loan amount of 538 thousand was converted to grant during the Q2 2021.
Fair values - financial liabilities measured at amortised cost
Optomed considers that the carrying amounts of the financial liabilities measured at amortised cost substantially equal to their fair values. This estimate corresponds to the fair value hierarchy Level 3, as the measurement of the said liabilities is based on Optomed management view.
Events after the review period
There were no significant events after the reporting period.
https://news.cision.com/optomed-oyj/r/optomed-plc--interim-report--january---september-2021,c3446886
https://mb.cision.com/Main/18875/3446886/1491302.pdf
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