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    REG1V   FI0009010912


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Revenio Group Corporation: Interim report January 1 - September 30, 2021

10/21/2021 | 02:01am EST

Revenio Group Corporation, Stock Exchange Release, October 21, 2021 at 9.00

Revenio Group Corporation: Interim report January 1 - September 30, 2021

The figures in parentheses refer to the corresponding period in the previous year unless otherwise stated.

Q3/2021: An excellent quarter driven by very strong sales

July–September 2021

  • Net sales were EUR 19.4 (15.8) million, an increase of 22.7%
  • The exchange rate-adjusted net sales growth was 20.6%
  • In particular, very strong growth in sales of fundus imaging devices in Europe and the United States contributed to the favorable business development
  • Operating profit was EUR 5.9 (3.6) million, or 30.7% of net sales, an increase of 63.9%. The 1.9-million-euro Cutica impairment in the comparable period had a negative impact on the comparable EBIT. Comparable operating profit adjusted with the Cutica impairment was EUR 5.6 million
  • EBITDA was EUR 6.7 (6.2) million, up by 8.1%
  • Cash flow from operations totaled EUR 5.8 (6.5) million. Cash flow was impacted by Oculo's development activities and changes in working capital
  • Undiluted earnings per share were EUR 0.175 (0.111)
  • Revenio updated its financial guidance for 2021 in August

January–September 2021

  • Net sales were EUR 55.0 (41.4) million, an increase of 32.9%
  • The exchange rate-adjusted net sales growth was 33.9%
  • Adjusted with non-recurring acquisition costs of EUR 0.7 million, the operating profit for the review period was EUR 15.7 million, while the operating profit for the reference period, adjusted with the EUR 1.9 million impairment of Cutica, amounted to EUR 11.4 million. In relation to the adjusted operating profit for the reference and reporting period, operating profit grew by 37.0% in the reporting period
  • EBITDA was EUR 17.2 (13.4) million, an increase of 28.1%. EBITDA adjusted for the EUR 0.7 million non-recurring, acquisition-related costs amounted to EUR 17.8 million, or 32.4% of net sales, up by 33.2%
  • The acquisition of the Australia-based Oculo business was completed in April. Oculo is an eye care-focused software platform combining clinical communication, telehealth, remote patient monitoring and data analytics capabilities. Expenses for operational development of Oculo will affect the Group’s relative profitability in 2021 and 2022
  • Cash flow from operations totaled EUR 10.5 (9.1) million
  • Undiluted earnings per share were EUR 0.446 (0.283)
  • The Annual General Meeting was held on March 17, 2021. The dividend was confirmed as EUR 0.32 (0.30)
  • Revenio's updated strategy focusing on clinical eye care solutions was presented at Capital Markets Day in March

Key consolidated figures, EUR million

7-9/20217-9/2020Change, %1-9/20211-9/2020Change, %
Net sales19.415.822.755.041.432.9
Gross margin13.911.421.938.929.731.1
Gross margin - %71.772.2-0.570.871.8-1.0
Operating profit, EBIT5.93.663.915.09.557.9
Operating profit-%, EBIT30.723.07.727.322.94.3
Return on investment-%, ROI*
Return on equity-%, ROE*
Undiluted earnings per share0.1750.111

30.6.202130.6.2020Change, %

Equity ratio-%

Net gearing-%

* Reported as key figures of the review period.

Financial guidance for 2021, updated on August 4, 2021
Revenio Group’s exchange rate adjusted net sales are estimated to grow very strongly from the previous year and profitability is to remain at a good level without non-recurring items. COVID-19 pandemic continues to cause uncertainty related to the markets.

Prior earnings guidance published on April 23, 2021
The COVID-19 pandemic continues to cause uncertainty related to the markets. Revenio Group’s exchange rate adjusted net sales are estimated to grow strongly from the previous year and profitability is to remain at a good level without non-recurring items.

Comments from President and CEO Jouni Toijala:
“In line with the first half-year, our financial performance in the third quarter was excellent. During the review period, sales of fundus imaging devices saw very strong growth. Demand for tonometers continued to grow. In the coming years, we expect sales of fundus imaging devices to show stronger growth than sales of tonometers, as the market for fundus imaging devices is larger and we have successfully increased our market share. As stated earlier, our strategy is to focus on clinical eye care diagnostics and as a consequence we are now in active discussions regarding various alternatives concerning Cutica and Ventica businesses, which are outside our core focus.

Sales performance was good in our key markets, United States, EMEA and APAC regions. While industry activity is still affected by the evolving COVID-19 pandemic, the first important annual conferences and customer events have already been organized. There are still restrictions in place in the APAC region, but we believe that our customers and partners have adapted to operating under the current conditions.

Our profitability was at a strong level, although affected by increased expenditure, in particular for the development of our clinical software solutions and continued development of our product portfolio. It should also be noted that for the next few years, our relative profitability will be affected by development expenses associated with the Oculo software solution we acquired in April this year as well as the relatively stronger growth in fundus imaging devices changing the product mix gradually.

In the global market for electronic components, there are still challenges regarding availability and pricing, as well as logistics. We estimate that the higher component prices will be reflected in our markets, variable costs and in end user prices at some point in time. We are closely monitoring the evolving situation and have been taking proactive steps to help ensure our manufacturing capability in the event of longer delivery times for components or significant disruptions to deliveries.

Software solutions are playing an increasingly central role in clinical eye care pathways. Through targeted innovations, our goal is to improve the quality of clinical diagnostics and, at the same time, to transform clinical care pathways with eye care-focused software solutions. Teleophthalmology with secure communications offers health care professionals the tools needed to improve the quality of care as well as to increase productivity. Software solutions present us with a significant opportunity to broaden the utilization of the high-quality data generated by our iCare fundus imaging devices, perimeters, and tonometers in clinical decision-making. Oculo integration is progressing as planned.

Improving the quality of clinical diagnostics through targeted product innovations is one of the cornerstones of our strategy. The new iCare EIDON Ultra-Widefield fundus imaging device, launched earlier this year, is an excellent example of our execution of this strategy. The new device has been cleared for sales in all our key markets, including the United States, Canada, and Japan. Offering sharp, high quality retinal images the iCare EIDON has been well received by the market and initial customer demand has been strong. Customer demand for the iCare DRSplus fundus imaging device, launched in 2020, has also remained very strong in 2021. Also launched earlier this year, the iCare HOME2 tonometer for home measurement of IOP has been very well received in the EMEA region. The registration in the United States is progressing as planned. Using the iCare PATIENT2 mobile application, patients themselves can conveniently upload their diurnal “around-the-clock” IOP measurement data from the tonometer to the iCare CLINIC cloud service for remote review by their physician. Comprehensive IOP measurement data helps improve the monitoring of glaucoma and helps support the physician’s choice of appropriate treatment. Patients can also use the mobile app to review their own IOP data, offering motivation to use their medication as prescribed, as well as peace of mind.

Sustainability is an integral element of our management and quality systems. Our goal is to continue and broaden business-driven and practical sustainability efforts in our day-to-day operations.”

Impact of the COVID-19 pandemic and actions taken
The COVID-19 pandemic has posed risks to the global business activities during the first nine months of financial year 2021 and the pandemic continues to create an atmosphere of uncertainty globally.

Since the early stages of the pandemic, all Revenio companies’ employees have largely worked remotely, to the extent allowed by their duties, with meetings also mostly being held remotely. Revenio has extended its recommendation to work remotely, for the time being, taking local authority guidelines into consideration. During the pandemic, Revenio’s sales and marketing organizations have arranged numerous product webinars, which have been well received by our customers and distributors. Revenio has continued its research and development efforts without interruption during the pandemic.

The pandemic has so far not had a significant impact on our supply chain. As the COVID-19 situation has called for increased attention to hygiene, our IOP measurement devices which employ disposable probes are well suited to this new situation and increased demand is to be anticipated. The market for fundus imaging devices is recovering more slowly, as these are capital equipment sales, requiring both in-person sales demonstrations presentations as well as hands-on installation and training.

The balance sheet and profit of the Revenio Group have remained strong throughout the review period. The COVID-19 pandemic has not had a significant impact on Group’s financial position. No material changes have been observed in customers’ liquidity.

Revenio Group Strategy
The cornerstones of Revenio’s strategy are to:

  1. Focus fully on the eye care market
  2. Improve the quality of clinical diagnostics with targeted product innovations
  3. Transform clinical care pathways with eye care-focused software solutions
  4. Continue to develop stronger distribution and build on iCare brand awareness and client experience
  5. Continue strong, profitable growth

Accounting policies applied in the preparation of the interim report

This interim report is not prepared in accordance with IAS 34. Revenio Group adheres to half-year reporting in accordance with the Securities Markets Act and, for the first three and nine months of the year, publishes interim reports to present key information on the Group’s financial performance. The financial figures presented in this interim report are unaudited. The financial statement bulletin and the interim report for 1–6/2021 are drawn up in accordance with IAS 34 Interim Financial Reporting.

This report has been drawn up in accordance with the same principles as the financial statements for 2020, with the exception of the following amendments to the existing standards, which the Group has applied as of January 1, 2021:

Amendments made to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16 as part of Phase 2 of Interest Rate Benchmark Reform.

In management’s estimation, the adoption of the above-mentioned standards does not have a material impact on the Group’s financial statements.

Consolidated comprehensive income statement (MEUR)7-9/20217-9/20201-9/20211-9/20201-12/2020

NET SALES19.415.855.041.461.1
Other operating income0.
Materials and services-5.5-4.4-16.1-11.7-17.7
Employee benefits-4.1-3.1-11.6-9.1-12.7
Depreciation, amortization, and
Other operating expenses-3.1-2.1-10.3-7.3-10.2
NET PROFIT/LOSS5.93.615.09.517.1
Financial income and expenses (net)
PROFIT BEFORE TAXES5.93.614.99.316.7
Income taxes-1.2-0.7-3.1-1.8-3.4
NET PROFIT4.72.911.87.513.4
Other comprehensive income items-0.2-0.20.0-0.2-0.6
Earnings per share, undiluted, EUR0.1750.1110.4460.2830.505
Earnings per share, diluted, EUR0.1750.1110.4460.2830.504
Consolidated balance sheet (MEUR)30.9.202130.9.202031.12.2020



Tangible assets2.21.82.0
Intangible assets18.617.116.9
Right-of-use assets0.81.10.9
Other receivables0.10.10.2
Deferred tax assets0.10.00.0

Trade and other receivables8.56.29.3
Deferred tax assets1.31.11.0
Cash and cash equivalents16.524.228.9
TOTAL ASSETS113.4106.7114.4


Share capital5.35.35.3
Fair value reserve0.30.30.3
Reserve for invested unrestricted capital52.652.152.5
Other reserves0.30.30.3
Retained earnings/loss16.67.914.0
Translation difference-0.3-0.1-0.3
Own shares held by the company-2.1-2.3-2.3


Deferred tax liabilities3.74.13.9
Financial liabilities20.225.222.4
Lease liabilities0.50.50.4

Trade and other payables11.48.912.6
Financial liabilities4.33.64.6
Lease liabilities0.40.60.6

Consolidated statement of change in equity (MEUR)

Reserve for



Balance 1 Jan 20215.352.50.614.0-0.3-2.369.7
Dividend distribution0.00.00.0-
Disposal and purchase of own shares0.0-
Other direct entries to retained earnings0.00.00.0-
Used option rights0.
Total comprehensive income0.
Balance 30 Sep 20215.352.60.616.6-0.3-2.172.6


Reserve for



Balance 1 Jan 20205.351.
Dividend distribution0.00.00.0-
Disposal and purchase of own shares0.
Other direct entries to retained earnings0.
Used option rights0.
Total comprehensive income0.
Balance 30 Sep 20205.352.10.67.9-0.1-2.363.5
Consolidated cash flow statement (MEUR)7-9/20217-9/20201-9/20211-9/20201-12/2020


Profit for the period4.72.911.87.513.4

Depreciation, amortization, and

Other non-cash items0.

Interest and other financial expenses0.

Interest income and other financial income-0.10.0-


Other adjustments0.00.0-
Change in working capital:

Changes in sales and other receivables-

Changes in current assets0.0-0.2-0.9-1.5-1.4

Changes in trade and other payables-0.20.2-2.0-1.31.0
Change in working capital, total-0.30.3-1.9-2.8-3.3
Interest paid-0.1-0.1-0.2-0.2-0.3
Interest received0.
Taxes paid-0.6-0.6-3.8-2.4-3.4

Acquisitions of subsidiaries less cash and cash equivalents at acquisition time0.00.0-
Purchase of tangible assets-0.2-0.1-0.7-0.4-0.8
Purchase of intangible assets-0.2-0.1-0.4-0.6-0.7
Loans granted0.00.00.0-0.1-0.1

Repayments of loans-1.1-0.1-2.2-1.1-2.2
Dividends paid0.0-1.3-8.5-7.9-7.9
Share subscription through exercised options0.
Acquisition of own shares0.00.00.0-1.6-1.6
Payments of lease agreement liabilities-0.2-0.2-0.5-0.5-0.7
Net change in cash and credit accounts4.14.7-12.8-2.32.6
Cash and cash equivalents at beginning of period12.119.728.926.726.7
Effect of exchange rates0.3-0.20.4-0.2-0.4
Cash and cash equivalents at end of period16.524.216.524.228.9

Group key figures and ratios (MEUR)

Net sales55.019.441.415.861.1
Operating profit15.
Operating profit-%27.330.722.923.028.1
Pre-tax profit14.
Pre-tax profit-%27.230.422.622.927.4
Net profit11.
Net profit-%21.524.118.118.721.9
Gross capital expenditure13.
Gross capital expenditure-%
R&D costs4.
R&D costs-% from net sales8.
Net gearing-%
Equity ratio-%
Return on investment-% (ROI)
Return on equity-% (ROE)16.66.511.74.619.9
Undiluted earnings per share, EUR0.4460.1750.2830.1110.505
Diluted Earnings per share, EUR0.4460.1750.2830.1110.504
Equity per share, EUR2.722.722.382.382.61
Average no. of employees158168129133143
Cash flow from operating activities10.
Cash flow from investing activities-12.4-0.4-1.1-0.2-1.6
Net cash used in financing activities-10.9-1.3-10.3-1.5-11.1
Total cash flow-12.84.1-

Alternative growth indicators used in financial reporting
Revenio Group has adopted the guidelines of the European Securities and Market Authority (ESMA) on Alternative Performance Measures. In addition to the IFRS-based key figures, the company will publish certain other generally used key figures that may, as a rule, be derived from the income statement and balance sheet. The calculation of these figures is presented below. According to the company’s view, these key figures supplement the income statement and balance sheet, providing a better picture of the company’s financial performance and position.

The Group’s net sales are strongly affected by fluctuations in the exchange rate between the euro and the US dollar. As an alternative growth indicator, the company also presents net sales with the exchange rate effect eliminated.

Alternative growth indicator (EUR thousand)1-9/2021
Reported net sales55,001
Effect of exchange rates on net sales1,565
Net sales adjusted by the effect of exchange rates56,566
Growth in net sales, adjusted by the effect of exchange rates33.9%
Reported net sales growth32.9%
Difference, % points1.0%

Alternative profitability indicator EBITDA (EUR thousand)
EBITDA = Operating profit + depreciation + impairment

As an alternative growth indicator, the Group also presents profitability as an operating margin (EBITDA) key figure.

Alternative profitability indicator EBITDA (EUR thousand)1-9/20211-9/20201-12/2020
Operating profit, EBIT14,9889,49417,130
Depreciation, amortization, and impairment2,1793,9084,563
Operating profit adjusted by non-recurring costs (EUR thousand)1-9/20211-9/20201-12/2020
Operating profit, EBIT14,9889,49417,130
Cutica-related impairment01,9371 937
Non-recurring costs of the acquisition67800
Adjusted operating profit, EBIT15,66611,43119,067

EBITDA adjusted by non-recurring acquisition costs1-9/20211-9/20201-12/2020
Non-recurring costs of the acquisition67800
Adjusted, EBITDA17,84613,40221,693

The Oculo acquisition
Revenio Group finalized the acquisition of the Oculo business, announced on March 19, 2021, on April 27. Revenio acquired the entire share capital of Australia-based CERA Technologies Pty Ltd (“Oculo”) for a total price of AUD 18.5 million (approximately EUR 11.9 million), paid in cash. The price will be revised, the final price will be determined, and the remainder of the price will be paid at closing of the acquisition when calculations of the revision items in the purchase agreement have been completed. Oculo’s operations are included in the Group’s consolidated financial statements effective from April 28, 2021. With the Oculo acquisition, Revenio continues to strengthen its position as one of leading global players in the market for ophthalmological diagnostic solutions. The acquisition also significantly supports Revenio’s growth strategy of improving the productivity and quality of eye care through targeted product innovations and to transform clinical care pathways with eye care-focused software solutions. With Oculo, Revenio continues to strengthen its position in the eye care market through innovative, user-friendly products and software solutions designed to improve the patient experience in the eye care pathway. Oculo offers a unique ability to connect clinical care teams, electronic healthcare records and imaging systems.

The acquisition agreement included a conditional consideration of an additional AUD 0.3 million (approximately EUR 0.2 million) related to the potential receipt of a tax credit from the Australian tax authorities, with any tax credit received by October 31, 2021 to be paid to the sellers in full. The conditional consideration is expected to amount to AUD 0–0.3 million.

At the time of acquisition, the fair value of the identifiable intangible assets of the acquired company was determined to be EUR 2.5 million, consisting of the software platform. The fair value will be amortized over seven years.

The (preliminary) goodwill is EUR 9.5 million. The goodwill comprises the acquired company’s personnel, projected synergies and growth opportunities and the software platform. Calculation of the acquisition cost is being finalized and it will be completed within a one-year review period.

The gross value of the trade receivables at the time of the acquisition, totaling EUR 0.4 million, have mostly been collected.

In the Group’s comprehensive income statement for January–September 2021, the EUR 0.7 million in expenses related to the acquisition are included in other expenses. In the cash flow statement, these expenses are included in the net cash flow from operations.

During the period April 28–September 30, 2021, the acquired operations represented EUR 0.6 million of the Group’s net sales and EUR -1.2 million of operating result. Had the acquisition been finalized on January 1, 2021, the Group’s net sales would have increased by EUR 0.3 million more and the operating profit would have decreased by EUR 0.5 million more.

The Board of Directors of Revenio Group has approved a restricted share plan for five key employees of Oculo. This plan is a separate incentive scheme and is not accounted for in the merger of operations.

Calculation of acquisition cost
The following table gives the initial fair value of the net assets acquired and the goodwill arising from the acquisition at the time of acquisition:

Acquisition cost calculation, EUR 1,000

Purchase consideration
Cash consideration11,703
Contingent consideration168
Total purchase consideration11,871

Cash flow
Cash consideration paid at closing-11,703
Closing cash402
Total cash flow-11,302

Non-current assets

Tangible assets30

Intangible assets2,460

Deferred tax assets46
Total non-current assets2,535
Current assets

Trade and other receivables412

Cash and cash equivalents402
Total current assets813
Non-current liabilities

Employee benefit obligations25
Total non-current liabilities25
Current liabilities

Trade and other payables908
Total current liabilities908
Net (liabilities) / assets2,416
Purchase consideration11,871


EBITDA = Operating profit + amortization + impairment
Gross margin=
Sales revenue – variable costs
Earnings per share=
Net profit for the period (attributable to the parent company’s shareholders)
Average number of shares during the period – own shares purchased
Profit before taxes=
Operating profit + financial income – financial expenses
Equity ratio, %=100xShareholders’ equity on the balance sheet + non-controlling interest
Balance sheet total – advance payments received
Net gearing, %=100xInterest-bearing debt – cash and cash equivalents
Total equity
Return on equity (ROE), %=100xProfit for the period
Shareholders’ equity + non-controlling interest
Return on investment (ROI), %=100xProfit before taxes + interest and other financial expenses
Balance sheet total – non-interest-bearing debt
Equity per share=
Equity attributable to shareholders
Number of shares at the end of the period

This report contains certain statements that are estimates based on the management’s best knowledge at the time the estimates were made. These statements therefore involve a certain amount of inherent risk and uncertainty. The estimates may change in the event of significant changes in general economic conditions.

Revenio Group Corporation
Board of Directors

For further information, please contact:
Jouni Toijala, President & CEO, tel. +358 50 484 0085

Robin Pulkkinen, CFO, tel. +358 50 505 9932
Nasdaq Helsinki Oy
Financial Supervisory Authority (FIN-FSA)
Principal media

Revenio Group in brief
Revenio is a leading company in the global market for ophthalmological devices and software solutions. Revenio’s ophthalmic diagnostic solutions include intraocular pressure (IOP) measurement devices (tonometers), perimeter and fundus imaging devices under the iCare brand. In addition, the Group’s eye care software platform Oculo offers clinical communication, telehealth, remote patient monitoring, and data analytics capabilities.

In 2020, the Group’s net sales totaled EUR 61.1 million and its operating profit amounted to EUR 17.1 million. Revenio Group Corporation is listed on Nasdaq Helsinki with the trading code REG1V.

© Modular Finance, source Nordic Press Releases

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Sales 2021 77,2 M 87,5 M 87,5 M
Net income 2021 17,0 M 19,2 M 19,2 M
Net Debt 2021 2,61 M 2,96 M 2,96 M
P/E ratio 2021 76,9x
Yield 2021 0,70%
Capitalization 1 306 M 1 480 M 1 482 M
EV / Sales 2021 17,0x
EV / Sales 2022 14,1x
Nbr of Employees 158
Free-Float -
Duration : Period :
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Managers and Directors
Jouni Erik Toijala President & Chief Executive Officer
Robin Allan Pulkkinen Chief Financial Officer
Pekka Veikko Juhani R÷nkń Chairman
Mika Salkola Director-Research & Development
Ari Isomńki Operations Director
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