Optos Plc Preliminary Results FY14
Strong underlying revenue growth
Another record year for new installations
Marked increase in cash generation
LONDON, UK, 19 November 2014 – Optos plc (LSE: OPTS), the leading medical retinal imaging company, today announces its preliminary results for the financial year ended 30 September 2014 (“FY14”). All figures are reported in US$, the Company’s reporting currency.
HIGHLIGHTS
Strong financial performance and cash generation
• Revenue and other operating income1 was up 7% at $170.6m (FY13: $159.5m), up 3% excluding the early corporate account renewal
• 13% growth in underlying revenue2
• Adjusted profit before tax3 doubled to $18.5m (FY13: $9.2m)
• Profit after tax increased to $8.5m (FY13: $6.4m)
• Cashflow before financing improved significantly up 176% to $29.0m (FY13: $10.5m)
• Improved profitability and inventory reduction helped reduce net debt by 69% to $12.2m (FY13: $39.4m)
Another record year for new product installations
• 1,536 new product installations (FY13: 1,271); Installed customer base up 24% to 7,376
• 1,640 Daytona devices installed this year; over 3,100 sold since launch and the year-end Daytona cost target achieved
• A strong year for sales of the clinical 200Tx device with 201 devices installed, increasing our penetration in Ophthalmology
• Continued progress with corporate contracts including the strategic early renewal of Lenscrafter in the US upgrading their stores to Daytona
Excellent progress on new product pipeline
• Post period; California was unveiled at the American Academy of Ophthalmology (AAO) meeting in October expanding our product portfolio in the ophthalmology market
• The unveiling of Lotte, our combined ultra-widefield retinal imaging technology with integrated optical coherence tomography (OCT), is anticipated for late FY15 Continued progress establishing optomap® as the retinal imaging standard
• During the year ultra wide-field imaging featured in 140 International Podium Presentations, 51 Peer Reviewed Papers and 74 papers at ARVO
Roy Davis, CEO of Optos, said:
“We continued to see strong demand for our products during the year, particularly Daytona. This has translated into another record year of placements with new customers. We have also delivered a robust cash performance through improved profitability and reduced inventory that has allowed us to reduce net debt significantly. Our pipeline of new products is also progressing to plan and we look forward to launching two important new devices, California and Lotte, over the next 12 months.
“With the continuing growth in our existing business, underpinned by an increasing body of supportive clinical evidence as well as the upcoming launch of new products, we are confident that the Company is well placed to drive customer growth, continued improvements in profitability and sustainable cash generation in FY15. We remain excited by the prospects for our future.”
Notes
1 Other operating income represents income from the extension of previously recognised finance leases.
2 Underlying revenue growth is calculated by treating all payments receivable in the period from rental contracts as operating leases rather than finance leases.
3 Adjusted profit is profit before tax, exceptional & separately disclosed items (total $6.3m consisting of restructuring costs, intangible impairment and exchange rate translation on intercompany loans)
Enquiries:
Optos plc Tel: 01383 843 300
Roy Davis,
Robert Kennedy, CFO
FTI Consulting
Tel: 020 3727 1000
Ben Atwell / Mo Noonan / Simon Conway
Note to Editors: Images available upon request
About Optos Plc
Optos plc has the vision to be The Retina Company. We aim to be recognised as a leading provider of devices and solutions to eyecare professionals for improved patient care. Optos' core devices produce ultra widefield, high resolution digital images (optomaps®) of approximately 82% of the retina, something no other device is capable of doing in any one image.
Optos has a range of imaging devices that support different customer segments and patient levels: the P200 and 200Dx devices are concentrated on wellness screening carried out by optometrists and ophthalmologists in primary care; the P200C devices are designed to meet the need for more exacting clinical imaging capabilities and standards in secondary care within the ophthalmology market and at optometric practices that are clinically managing a patient base with advanced ocular disease; and the P200MA and 200Tx devices supports ophthalmologists and retinal specialists in the medical care market.
Daytona represents the next generation of Optos ultra-widefield retinal imaging technology, and has been scaled to accommodate smaller office spaces while providing high resolution imaging, and adding new autofluorescence capabilities. Weighing only about 25 kg, Daytona's new, ergonomic body is designed to increase patient comfort, as well as make it easier to correctly position the eye. In addition to the smaller, sleeker design, Daytona features an improved user interface with its intuitive, workflow based software. Daytona also offers "plug-n-play" installation, a modular robust build-design to simplify product support, image review capabilities and electronic image storage options. Daytona was designed to allow the globalisation of the core Optos imaging technology, giving the opportunity to offer the benefits of optomaps® technology to more eyecare professionals and their patients around the world.
The acquisition of OPKO instrumentation in October 2011 brought the group optical coherence tomography ("OCT") diagnostic devices and optical ultrasound scanners, used in the diagnosis and management of eye disease and conditions. Optos' widefield retinal imaging technology, combined with the specific data that can be derived from OCT images, has the potential to offer ophthalmologists and optometrists the most powerful tools for disease diagnosis and management. The optomaps® images provide enhanced clinical information which facilitates the early detection, management and treatment of disorders and diseases evidenced in the retina such as retinal detachments and tears, glaucoma, diabetic retinopathy and age-related macular degeneration. Retinal imaging can also indicate evidence of non-eye or systemic diseases such as hypertension and certain cancers. OCT delivers an image that shows a three dimensional, cross-sectional view of the retina in any particular area, typically in the central pole area of the retina around the optic nerve and macula and is used to detect the presence of and understand the severity of disease, determine treatment approaches and monitor post-treatment effect.
Our expanded product range now includes ultra-widefield imaging, OCT, visual acuity, perimetry and treatment laser products.
For more information please visit our website www.optos.com.
Forward-Looking Statements
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates and projections about its industry, its beliefs and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority
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LONDON, UK, 19 November 2014 – Optos plc (LSE: OPTS), the leading medical retinal imaging company, today announces its preliminary results for the financial year ended 30 September 2014 (“FY14”). All figures are reported in US$, the Company’s reporting currency.
HIGHLIGHTS
Strong financial performance and cash generation
• Revenue and other operating income1 was up 7% at $170.6m (FY13: $159.5m), up 3% excluding the early corporate account renewal
• 13% growth in underlying revenue2
• Adjusted profit before tax3 doubled to $18.5m (FY13: $9.2m)
• Profit after tax increased to $8.5m (FY13: $6.4m)
• Cashflow before financing improved significantly up 176% to $29.0m (FY13: $10.5m)
• Improved profitability and inventory reduction helped reduce net debt by 69% to $12.2m (FY13: $39.4m)
Another record year for new product installations
• 1,536 new product installations (FY13: 1,271); Installed customer base up 24% to 7,376
• 1,640 Daytona devices installed this year; over 3,100 sold since launch and the year-end Daytona cost target achieved
• A strong year for sales of the clinical 200Tx device with 201 devices installed, increasing our penetration in Ophthalmology
• Continued progress with corporate contracts including the strategic early renewal of Lenscrafter in the US upgrading their stores to Daytona
Excellent progress on new product pipeline
• Post period; California was unveiled at the American Academy of Ophthalmology (AAO) meeting in October expanding our product portfolio in the ophthalmology market
• The unveiling of Lotte, our combined ultra-widefield retinal imaging technology with integrated optical coherence tomography (OCT), is anticipated for late FY15 Continued progress establishing optomap® as the retinal imaging standard
• During the year ultra wide-field imaging featured in 140 International Podium Presentations, 51 Peer Reviewed Papers and 74 papers at ARVO
Roy Davis, CEO of Optos, said:
“We continued to see strong demand for our products during the year, particularly Daytona. This has translated into another record year of placements with new customers. We have also delivered a robust cash performance through improved profitability and reduced inventory that has allowed us to reduce net debt significantly. Our pipeline of new products is also progressing to plan and we look forward to launching two important new devices, California and Lotte, over the next 12 months.
“With the continuing growth in our existing business, underpinned by an increasing body of supportive clinical evidence as well as the upcoming launch of new products, we are confident that the Company is well placed to drive customer growth, continued improvements in profitability and sustainable cash generation in FY15. We remain excited by the prospects for our future.”
Notes
1 Other operating income represents income from the extension of previously recognised finance leases.
2 Underlying revenue growth is calculated by treating all payments receivable in the period from rental contracts as operating leases rather than finance leases.
3 Adjusted profit is profit before tax, exceptional & separately disclosed items (total $6.3m consisting of restructuring costs, intangible impairment and exchange rate translation on intercompany loans)
Enquiries:
Optos plc Tel: 01383 843 300
Roy Davis,
Robert Kennedy, CFO
FTI Consulting
Tel: 020 3727 1000
Ben Atwell / Mo Noonan / Simon Conway
Note to Editors: Images available upon request
About Optos Plc
Optos plc has the vision to be The Retina Company. We aim to be recognised as a leading provider of devices and solutions to eyecare professionals for improved patient care. Optos' core devices produce ultra widefield, high resolution digital images (optomaps®) of approximately 82% of the retina, something no other device is capable of doing in any one image.
Optos has a range of imaging devices that support different customer segments and patient levels: the P200 and 200Dx devices are concentrated on wellness screening carried out by optometrists and ophthalmologists in primary care; the P200C devices are designed to meet the need for more exacting clinical imaging capabilities and standards in secondary care within the ophthalmology market and at optometric practices that are clinically managing a patient base with advanced ocular disease; and the P200MA and 200Tx devices supports ophthalmologists and retinal specialists in the medical care market.
Daytona represents the next generation of Optos ultra-widefield retinal imaging technology, and has been scaled to accommodate smaller office spaces while providing high resolution imaging, and adding new autofluorescence capabilities. Weighing only about 25 kg, Daytona's new, ergonomic body is designed to increase patient comfort, as well as make it easier to correctly position the eye. In addition to the smaller, sleeker design, Daytona features an improved user interface with its intuitive, workflow based software. Daytona also offers "plug-n-play" installation, a modular robust build-design to simplify product support, image review capabilities and electronic image storage options. Daytona was designed to allow the globalisation of the core Optos imaging technology, giving the opportunity to offer the benefits of optomaps® technology to more eyecare professionals and their patients around the world.
The acquisition of OPKO instrumentation in October 2011 brought the group optical coherence tomography ("OCT") diagnostic devices and optical ultrasound scanners, used in the diagnosis and management of eye disease and conditions. Optos' widefield retinal imaging technology, combined with the specific data that can be derived from OCT images, has the potential to offer ophthalmologists and optometrists the most powerful tools for disease diagnosis and management. The optomaps® images provide enhanced clinical information which facilitates the early detection, management and treatment of disorders and diseases evidenced in the retina such as retinal detachments and tears, glaucoma, diabetic retinopathy and age-related macular degeneration. Retinal imaging can also indicate evidence of non-eye or systemic diseases such as hypertension and certain cancers. OCT delivers an image that shows a three dimensional, cross-sectional view of the retina in any particular area, typically in the central pole area of the retina around the optic nerve and macula and is used to detect the presence of and understand the severity of disease, determine treatment approaches and monitor post-treatment effect.
Our expanded product range now includes ultra-widefield imaging, OCT, visual acuity, perimetry and treatment laser products.
For more information please visit our website www.optos.com.
Forward-Looking Statements
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates and projections about its industry, its beliefs and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority
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