Optos Retinal Imaging Company Sales Up 35%, Operating Profit Up 43%

Optos plc, a leading UK medical retinal imaging company, has announced its preliminary results for the year ended 30 September 2011.

Business Highlights

The company has demonstrated a strong financial performance,  ahead of expectations with sales revenue up from last year’s equivalent period $106M to this year’s $143M (although this effectively means underlying revenue growth of 25% when adjusted for outright sales of units vs lease equivalence).

The company, which supplies capital equipment such as the Optomap retinal scanning device operates through a combination of leasing and outright purchasing arrangements.  Leasing has declined in the past twelve months while outright purchases have increased significantly from 8.1 to $37.6M.  Similarly finance leases were up $12.1m to $19.8m

International Highlights

North America revenue grew 25% to $117.1m and International sales doubled to $26.2m

New markets opened (Further EU markets, Japan, Australia and Middle East)

Investment in expansion of product range and complementary technologies

Unveiling of Daytona, next generation desktop retinal device, with launch expected Q1 2012

Opto Global product sales of $3m and on track for breakeven in first full year of ownership

Opko Instrumentation integration progressing well enabling entry to OCT market

Accelerated growth in ophthalmology

Specialist six person sales team established to lead sales efforts in North American market

Over 140 200Tx devices installed globally

Clinical data continues to demonstrate the importance of widefield imaging in the management and treatment of disease.

Company comments

The CEO of Optos, Roy Davis, commented: “During the last financial year we have delivered a significant increase in both revenues and profits whilst making important investments in the long term growth of the business. We have expanded into several new markets, whilst building our product portfolio both through acquisition and organic development. At the same time, we have developed a growing body of clinical evidence that demonstrates the critical importance of retinal diagnostics. Overall, we are pleased with our progress towards becoming the leading retinal diagnostics company and are increasingly confident about Optos’ long term growth prospects.”

The full report can be found here.

Source: Optos