Optomed Plc Stock Exchange Release 7 August 2025 at 9.00, Helsinki
Optomed Plc: Half-year Report, January - June 2025
April - June 2025
· Revenue increased by 9.7 percent to EUR 3.8 (3.5) million.
· Currency-adjusted revenue growth was 11.2 percent.
· Devices segment revenue increased by 31.3 percent to EUR 1.4 (1.1) million.
· Devices segment currency-adjusted revenue growth was 36.1 percent.
· Software segment revenue increased by 0.1 percent to EUR 2.4 (2.4) million.
· EBITDA amounted to EUR -0.9 (-1.2) million corresponding to -23.9 (-33.8)
percent of revenue.
· Cash flow from operating activities amounted to EUR -1,647 (-560) thousand
driven by working capital changes. The net cash flow effect of working capital
was a decrease of EUR 0.9 million.
· Consolidated cash and cash equivalents at the end of the period amounted to
EUR 7.1 (12.1) million.
· Optomed Lumo, the next generation handheld device, was launched during the
review period.
· Outlook unchanged: Optomed expects its full year 2025 revenue to grow
strongly compared to 2024.
January - June 2025
· Revenue increased by 15.1 percent to EUR 7.9 (6.8) million.
· Currency-adjusted revenue growth was 15.5 percent.
· Devices segment revenue increased by 49.5 percent to EUR 2.9 (2.0) million.
· Devices segment currency-adjusted revenue growth was 50.7 percent.
· Software segment revenue increased by 1.3 percent to EUR 4.9 (4.9) million.
· EBITDA amounted to EUR -1,658 (-1,833) thousand corresponding to -21.1 (
-26.8) percent of revenue.
Key figures
EUR, Q2/202 Q2/202 Change, H1/202 H1/202 Change, % 2024
thousand 5 4 % 5 4
Revenue 3,845 3,505 9.7% 7,866 6,832 15.1% 15,040
Gross 2,496 2,450 1.9% 5,190 4,663 11.3% 9,676
profit *
Gross 64.9% 69.9% 66.0% 68.3% 64.3%
margin % *
EBITDA -921 -1,185 22.3% -1,658 -1,833 9.6% -3,458
EBITDA -23.9% -33.8% -21.1% -26.8% -23.0%
margin *, %
Adjusted -921 -802 -14.8% -1,658 -1,450 -14.3% -2,796
EBITDA *
Adjusted -23.9% -22.9% -21.1% -21.2% -18.6%
EBITDA
margin
*, %
Operating -1,544 -1,869 17.4% -2,884 -3,061 5.8% -5,957
result
(EBIT)
Operating -40.1% -53.3% -36.7% -44.8% -39.6%
margin
(EBIT) *, %
Adjusted -1,544 -1,486 -3.9% -2,884 -2,677 -7.7% -5,295
operating
result
(EBIT) *
Adjusted -40.1% -42.4% -36.7% -39.2% -35.2%
operating
margin
(EBIT
margin)
*, %
Net profit/ -1,644 -1,793 8.3% -3,225 -2,883 -11.8% -5,450
loss
Earnings -0.08 -0.10 18.1% -0.16 -0.16 0.2% -0.29
per share
Cash flow -1,647 -560 -193.9% -1,308 -1,071 -22.1% -1,596
from
operating
activities
Net Debt -5,260 -9,221 -43.0% -5,260 -9,221 -43.0 % -8,170
Net debt/ 1.6 3.5 1.6 3.5 2.4
EBITDA
(LTM)
*
Net debt/ 1.8 4.7 1.8 4.7 2.9
Adjusted
EBITDA
(LTM) *
Equity 74.9% 74.9% 74.9% 74.9% 74.4%
ratio *
R&D 395 336 17.7% 661 635 4.2% 1,336
expenses
personnel
R&D 135 165 -18.2% 358 309 15.9% 706
expenses
other
costs
Total R&D 530 501 5.9% 1,019 943 8.0% 2,041
expenses
*) Alternative performance measures, see section Alternative Performance
Measures for definitions and calculations.
Optomed presents Adjusted EBITDA and Adjusted operating result as alternative
performance measures to enhance comparability of business performance between
reporting periods. In 2024, items affecting comparability amounted to EUR 662
thousand and are related to credit loss with respect to an overdue trade
receivable from a customer in China.
CEO Review
Dear Shareholders,
The first half of 2025 demonstrated strong progress for Optomed, with robust
revenue growth reflecting the quality and market demand for our healthcare
technology solutions. We have methodically expanded our market presence and
strengthened our product portfolio, establishing a solid foundation for
continued growth and long-term value creation.
Second Quarter Performance
In the second quarter, we delivered currency adjusted revenue growth of 11.2
percent, reaching EUR 3.8 million. Growth was driven by the Devices segment,
which expanded by 36.1 percent on a currency-adjusted basis to EUR 1.4 million,
reflecting strong demand for our handheld cameras and solutions. Software
revenue remained stable, increasing by 0.1 percent to EUR 2.4 million, supported
by long-term customer relationships and recurring contracts.
Our profitability showed clear improvement. EBITDA came in at EUR -0.9 million,
an improvement of 22 percent compared to Q2 2024, and the EBITDA margin
strengthened to -23.9 percent from -33.8 percent a year ago. This demonstrates
ongoing progress to improve profitability supported by operating leverage in
Devices and careful cost control. Gross profit increased slightly to EUR 2.5
million, although the gross margin decreased to 64.9 percent (69.9) due to
product mix effects.
Cash flow from operating activities was EUR -1.6 million, compared to -0.6
million in Q2 2024. The decline was primarily driven by working capital build
-up, as we increased our component inventory to support, among others, the
upcoming launch of the Optomed Lumo device in the second half of the year. While
this impacted short-term cash flow, it ensures we can meet the strong demand for
the second half. At the end of June, our cash and cash equivalents stood at EUR
7.1 million, supported by a strong equity ratio of 74.9 percent.
R&D expenses increased to EUR 0.5 million, reflecting our commitment to
innovation. Investments were particularly directed toward advancing AI
capabilities and preparing for the Lumo launch.
Strategic Milestones
We successfully launched the Optomed Lumo in Q2, marking a major milestone in
our growth strategy. Early feedback highlights Lumo's superior image quality,
ease of use, and seamless integration into existing healthcare systems,
strengthening our position in the fast-growing retinal imaging market. By
enabling advanced oculomics insights, Lumo supports more precise and
comprehensive eye health assessments. With strong initial demand and smooth
adoption into clinical workflows, Lumo is set to become a key driver of our
revenue growth in the coming quarters and years. Optomed Lumo has received FDA
PJZ classification, allowing us to market it in the U.S. as a Class II retinal
camera without a lengthy clearance process. Under this classification, Lumo can
only be used as a standalone imaging device and not yet for AI‑based disease
diagnosis.
In the US, Aurora AEYE sales have developed positively. Aurora AEYE currently
faces no direct competition, as no other handheld fundus cameras have received
clearance for diagnostic AI use. Achieving clearance for a diagnostic AI
algorithm is already a demanding process — and securing it for a portable device
is even more challenging. This gives Optomed a unique and growing strategic lead
in the handheld market segment.
Our recent AI clearance is also driving CAPEX sales, further consolidating
Optomed's leadership in portable fundus cameras. The Optomed Lumo ramp-up is
proceeding as planned, with production and inventory build-up ongoing.
Commercial deliveries are expected to start in the second half of the year.
We are also proud to have supported one of the world's top 10 pharmaceutical
companies in the development of an advanced algorithm. Initial negotiations are
currently underway with the pharmaceutical company for the commercialization of
the algorithm with our handheld devices, highlighting the growing importance of
AI-driven solutions in healthcare.
During the second quarter, WISER Management Consulting replaced ZhongBao as our
joint venture partner in China. WISER is a leading healthcare consulting firm
with expertise in regulatory environments and market entry strategy. This
partnership provides valuable regulatory knowledge and local market expertise to
support our business development in China and leaves open the option for
ZhongBoa to rejoin the joint venture at a later growth phase.
From a cost perspective, our cameras are manufactured in Thailand and our COGS
are in US dollars. To mitigate supply risk and counter potential tariff
increases, the business secured extended inventory of key components, providing
longer-term coverage. This cash expenditure will normalize in the foreseeable
future. The effect of possible tariffs is limited by the weakened US dollar.
However, in response to higher tariffs, we aim to adjust product pricing
accordingly. Currency fluctuations affect only the Devices segment, and this
exposure has been effectively mitigated by lower COGS and our relatively high
USD nominated sales and marketing costs, which together have supported margin
stability.
Looking ahead, our full-year 2025 outlook remains unchanged: we expect revenue
to grow strongly compared to 2024. We are aware of several probable mid-sized
capex orders expected in the second half of the year, which strengthens our
confidence in achieving the 2025 forecast. With continued innovation, and
deepening global partnerships, we are well-positioned for sustained growth and
long-term value creation.
I would like to extend my sincere gratitude to our employees, partners, and
shareholders for their trust and commitment. Together, we are advancing
Optomed's mission of bringing accessible and innovative healthcare technologies
to patients worldwide.
Juho Himberg
CEO
Outlook 2025
Optomed expects its full year 2025 revenue to grow strongly compared to 2024.
Telephone conference
A telephone conference for analysts, investors and media will be arranged on 7
August 2025 at 11.00 EET, (10.00 CET). The event will be held in English. The
presentation material will be available at www.optomed.com/investors 10.00 EET
at the latest.
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
UK +44 20 3321 5273
US +1 646 838 1719
FR +33 1 70 99 53 92
The conference id is 340 972 270#
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
April - June 2025
In April - June 2025, Group revenue increased by 9.7 percent to EUR 3,845
(3,505) thousand. Devices segment revenue increased by 31.3 percent to EUR 1,409
(1,073) thousand. The Software segment revenue increased by 0.1 percent to EUR
2,435 (2,432) thousand.
In April - June 2025, the gross margin decreased to 64.9 from 69.9 percent of
last year.
EBITDA increased and it was EUR -921 (-1,185) thousand.
EBIT increased and it was EUR -1,544 (-1,869) thousand.
In April - June 2025, net financial items amounted to EUR -120 (53) thousand
mainly consisting of interest income from credit institutions and exchange rate
differences between the Chinese renminbi and the US dollar against the euro.
January - June 2025
In January - June 2025, Group revenue increased by 15.1 percent to EUR 7,866
(6,832) thousand. Devices segment's revenue increased by 49.5 percent while the
Software segment's revenue increased by 1.3 percent.
The gross margin decreased to 66.0 percent from 68.3 percent last year.
EBITDA amounted to EUR -1,658 (-1,833) thousand and EBIT was EUR -2,884 (-3,061)
thousand.
Net financial items amounted to EUR -378 (147) thousand and consisted mainly of
interest income and the translation effect of Chinese RMB to EUR.
Cash flow and financial position
April - June 2025
In April - June 2025, the cash flow from operating activities amounted to EUR
-1,647 (-560) thousand. The decrease was driven by working capital changes where
the net cash flow effect was a decrease of EUR 0.9 million. Net cash used in
investing activities was EUR -555 (-534) thousand and relates to capitalized
development expenses. Net cash from financing activities amounted to EUR -366
(7,506) thousand. During the review period, Optomed received a small payment
from the large Chinese client whose receivables were written off in Q4 2024.
Consolidated cash and cash equivalents at the end of the period amounted to EUR
7,091 (12,106) thousand. Interest-bearing net debt was EUR -5,260 (-9,221)
thousand at the end of the period.
Net working capital was EUR 1,192 (1,306) thousand at the end of the period.
January - June 2025
In January - June 2025, the cash flow from operating activities amounted to EUR
-1,308 (-1,071) thousand.
Net cash used in investing activities was EUR -1,322 (-1,068) thousand and
relates to capitalized development expenses.
Net cash from financing activities amounted to EUR -724 (7,139) thousand.
Devices segment
Optomed has two synergistic business segments: Devices and Software.
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 Q2/202 Q2/2024 Change, % H1/2025 H1/2024 Change, % 2024
5
Revenue 1,409 1,073 31.3% 2,935 1,963 49.5% 5,326
Gross profit * 806 695 16.0% 1,704 1,211 40.7% 2,778
Gross margin % 57.2% 64.8% 58.0% 61.7% 52.2%
*
EBITDA -259 -686 62.2% -557 -1,047 46.8% -1,673
EBITDA margin -18.4% -64.0% -19.0% -53.3% -31.4%
*, %
Operating -674 -1,164 42.1% -1 358 -1,869 27.3% -3,343
result (EBIT)
Operating -47.8% -108.5% -46.3% -95.2% -62.8%
margin (EBIT)
*, %
*) Alternative performance measures, see section Alternative Performance
Measures for definitions and calculations.
April - June 2025
In April - June 2025, the Devices segment revenue increased by 31.3 percent to
EUR 1,409 (1,073) thousand. Sales were strong across all channels except China
where sales were very weak.
The gross margin was 57.2 (64.8) percent. In the comparison period, high margin
sales in China positively affected the gross margin.
EBITDA was EUR -259 (-686) thousand or -18.4 (-64.0) percent of revenue.
January - June 2025
In January - June 2025, the Devices segment revenue increased by 49.5 percent to
EUR 2,935 (1,963) thousand.
The gross margin decreased to 58.0 percent from 61.7 percent.
EBITDA was EUR -557 (-1,047) thousand or -19.0 (-53.3) percent of revenue.
Software segment
Optomed has two synergistic business segments: Devices and Software.
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 Q2/202 Q2/2024 Change, % H1/2025 H1/2024 Change, % 2024
5
Revenue 2,435 2,432 0.1% 4,931 4,869 1.3% 9,714
Gross profit * 1,690 1,746 -3.2% 3,486 3,442 1.3% 6,889
Gross margin % 69.4% 71.8% 70.7% 70.7% 70.9%
*
EBITDA 354 456 -22.3% 875 982 -10.8% 1,897
EBITDA margin 14.5% 18.7% 17.8% 20.2% 19.5%
*, %
Operating 147 252 -41.5% 453 581 -22.1% 1,078
result (EBIT)
Operating 6.1% 10.4% 9.2% 11.9% 11.1%
margin (EBIT)
*, %
*) Alternative performance measures, see section Alternative Performance
Measures for definitions and calculations.
April - June 2025
In April - June 2025, the Software segment revenue increased by 0.1 percent to
EUR 2,435 (2,432) thousand. As in Q1-2025, the healthcare revenue increased but
the increase was partly offset by the decline of non-healthcare consulting
revenue.
Gross margin decreased and was 69.4 (71.8) percent.
EBITDA was EUR 354 (456) thousand or 14.5 (18.7) percent of revenue.
January - June 2025
In January - June 2025 the Software segment revenue increased by 1.3 percent to
EUR 4,931 (4,869) thousand. The healthcare revenue increased but the increase
was partly offset by the decline of non-healthcare consulting revenue.
Gross margin was 70.7 (70.7) percent.
EBITDA was EUR 875 (982) thousand or 17.8 (20.2) percent of revenue.
Group-wide expenses
Group-wide expenses relate to functions supporting the entire group such as
treasury, group accounting, marketing, legal, HR, and IT.
April - June 2025
Group-wide operating expenses amounted to EUR 1,016 (963) thousand.
January - June 2025
Group-wide operating expenses amounted to EUR 1,976 (1,777) thousand.
Personnel
Number of personnel at the end of the reporting period.
6/2025 6/2024 12/2024
Devices 47 46 47
Software 50 46 50
Group common 19 18 18
Total 116 110 115
Corporate Governance
Optomed complies with Finnish laws and regulations, Optomed's Articles of
Association, the rules of Nasdaq Helsinki and the Finnish Corporate Governance
Code 2025 issued by the Securities Market Association of Finland. The code is
publicly available at http://cgfinland.fi/en/. Optomed's corporate governance
statement 2024 is available on the company website www.optomed.com/investors/.
Annual General Meeting
The Annual General Meeting held on 9 May 2025 adopted the financial statements
for the financial period ended on 31 December 2024, discharged the members of
the Board of Directors and the CEO from liability for the financial period ended
on 31 December 2024 and adopted the Company's Remuneration Report.
The Annual General Meeting resolved in accordance with the proposal of the Board
of Directors that no dividend will be paid for the year 2024.
The number of members of the Board of Directors was confirmed as seven.
Catherine Calarco, Ty Lee, Seppo Mäkinen, Petri Salonen and Reijo Tauriainen
were re-elected and Leana Wen and Sameer Badlani were elected as new members of
the Board.
The Annual General Meeting confirmed the annual Board remuneration as follows:
· Chairman of the Board EUR 36,000
· members of the Board EUR 18,000.
In addition, a meeting fee in the amount of EUR 300 is paid to the Chairpersons
and EUR 200 to members of the Committees for each Committee meeting. 40 percent
of the Board remuneration is paid in Optomed shares and 60 percent in cash. The
part of the Board remuneration paid in Optomed shares will, if possible, be
conveyed from the treasury shares of the Company in accordance with the
authorization of the Board of Directors to resolve on the issuance of shares and
special rights entitling to shares. The remuneration will be paid once a year in
August, after Optomed's H1 report has been announced.
The Annual General Meeting decided to re-elect KPMG Oy Ab, a firm of authorized
public accountants, as the Company's auditor. KPMG Oy Ab has informed the
Company that Authorized Public Accountant Heidi Hyry acts as the auditor with
principal responsibility. The auditor's remuneration will be paid in accordance
with an invoice approved by the Company.
The Annual General Meeting approved the authorization for the Board of Directors
to repurchase Optomed's own shares and to accept them as pledge. Altogether no
more than 1,969,330 shares may be repurchased or accepted as pledge. 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.
The Annual General Meeting authorized the Board of Directors to decide on the
issuance of shares 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 1,969,330. 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 this Annual General Meeting.
At its meeting held after the Annual General Meeting, the Board of Directors
elected from among its members Petri Salonen as its Chairperson. The committee
members were elected as follows:
Audit Committee:
Reijo Tauriainen (Chairperson)
Sameer Badlani
Catherine Calarco
Remuneration Committee:
Ty Lee (Chairperson)
Seppo Mäkinen
Leana Wen
Shares and shareholders
The Company has one share series with all shares having the same rights. At the
end of the review period Optomed Plc's share capital consisted of 19,693,297
shares and the Company held 34,729 shares in the treasury which approximately
corresponds to 0.18 percent of the total amount of the shares and votes.
Additional information with respect to the shares, shareholding and trading can
be found on the Company's website www.optomed.com/investors/.
Risks and uncertainties
The key risks and uncertainties are described in the company's Annual Report
2024 which was published on 27 February 2024. The complete report is available
at https://www.optomed.com/investors/. The following risks have been updated in
connection with the periodic risk review of Q1-2025. In Q2-2025, there were no
risk updates.
GEOPOLITICS
Optomed operates globally.
Geopolitical tensions may impact the competitiveness of Optomed's supply chain
or sales, leading to increased costs or causing potential disruptions for
example in the form of tariffs. Optomed's devices are manufactured in Thailand
and one of the key markets is in the US and, therefore, potential large tariffs
between the US and Thailand may have a negative effect on the Company's business
prospects in the US.
LITIGATION
Optomed operates globally and is subject to the laws and regulations of multiple
jurisdictions
The Company may be negatively affected by legal or administrative proceedings in
different countries directed at the Company or third parties due to back-to-back
liability, and the Company faces, from time to time, other disputes and claims
related to product liability and intellectual property rights, especially in
terms of medical devices in different countries that the Company must consider
pursuant to applicable laws. These can result in costs and liabilities for the
Company and have a negative effect on its financial position and business
prospects.
TRADE SECRETS AND PATENTS
The technologic capabilities are a competitive advantage that the Company must
be able to protect.
Technological capabilities, trade secrets and patents are important for the
Company's competitive position, and the Company continuously monitors its IPR
portfolio. The Company may not be able to protect its trade secrets and know-how
which could lead to losing the competitive advantage the Company has. The
Company may also be forced to take actions against parties that violate our IPRs
and correspondingly to defend against claims for infringing IPR's of other
parties, or seek to agree on the use of IPRs. If the Company is not successful
in protecting its IPRs or fails to defend against claims of IPR infringements or
to agree on the use of IPRs on favourable terms, this can have a negative effect
on the Company's financial position and its prospects.
Audit review
This financial report has not been audited by the company's auditors.
Financial reporting in 2025
· 6 November 2025 Interim Report for 1 January - 30 September 2025
For more information, contact
Sakari Knuutti, CFO
E-mail: sakari.knuutti@optomed.com
Juho Himberg, CEO
E-mail: juho.himberg@optomed.com
About Optomed
Optomed is a Finnish medical technology company and one of the leading providers
of handheld fundus cameras. Optomed combines handheld fundus cameras with
software and artificial intelligence with the aim to transform the diagnostic
process of various eye diseases, such as rapidly increasing diabetic
retinopathy. In its business Optomed focuses on eye screening devices and
software solutions related R&D in Finland and sales through different channels
in over 60 countries.
www.optomed.com
Alternative Performance Measures
Optomed uses certain alternative performance measures (APMs) with the purpose to
provide a better understanding of how the business develops. These APMs, as
defined, cannot be fully compared with other companies' APMs.
Alternative Definition
Performance
Measures
Gross profit Revenue + Other operating income - Materials and services
expenses
Gross margin, % Gross profit / Revenue
EBITDA Operating result before depreciation, amortization and
impairment losses
EBITDA margin, % EBITDA / Revenue
Operating result Profit/loss after depreciation, amortization and impairment
losses
Operating Operating result / Revenue
margin, %
Adjusted Operating result excluding items affecting comparability
operating result
Adjusted Adjusted operating result / Revenue
operating
margin, %
Adjusted EBITDA EBITDA excluding items affecting comparability
Adjusted EBITDA Adjusted EBITDA / Revenue
margin, %
Items affecting Material items outside ordinary course of business including
comparability 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 / Net Debt / EBITDA (for the last twelve months, LTM)
EBITDA (LTM),
times
Net Debt / Net Debt / Adjusted EBITDA (for the last twelve months, LTM)
Adjusted EBITDA
(LTM), times
Earnings per Net result / Weighted average number of outstanding shares
share
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 thousand of Euro Q2/2025 Q2/2024 H1/2025 H1/2024 2024
Revenue 3,845 3,505 7,866 6,832 15,040
Other operating income 2 9 2 10 10
Material and services -1,350 -1,064 -2,679 -2,179 -5,374
Gross profit 2,496 2,450 5,190 4,663 9,676
Operating result (EBIT) -1,544 -1,869 -2,884 -3,061 -5,957
Items affecting
comparability
Specific credit risk 0 383 0 383 662
percent change
Adjusted EBIT -1,544 -1,486 -2,884 -2,677 -5,295
Depreciation, 623 684 1,227 1,228 2,499
amortization and
impairment losses
Adjusted EBITDA -921 -802 -1,658 -1,450 -2,796
Consolidated income statement
In thousands Q2/2025 Q2/2024 H1/2025 H1/2024 2024
of euro
Revenue 3,845 3,505 7,866 6,832 15,040
Other 2 9 2 10 10
operating
income
Materials and -1,350 -1,064 -2,679 -2,179 -5,374
services
Employee -2,438 -2,190 -4,818 -4,316 -8,931
benefit
expenses
Depreciation, -623 -684 -1,227 -1,228 -2,499
amortization
and
Impairment
losses
Other -979 -1,445 -2,029 -2,179 -4,204
operating
expenses
Operating -1,544 -1,869 -2,884 -3,061 -5,957
result
Finance 249 148 318 359 1,217
income
Finance -369 -95 -697 -213 -776
expenses
Net finance -120 53 -378 147 441
expenses
Profit (loss) -1,664 -1,816 -3,263 -2,914 -5,516
before
income taxes
Income tax 19 23 38 31 66
expense
Loss for the -1,644 -1,793 -3,225 -2,883 -5,450
period
Loss for the
period
attributable
to
Owners of the -1,644 -1,793 -3,225 -2,883 -5,450
parent
company
Weighted 19,616,239 17,510,243 19,616,239 17,510,243 18,675,167
average
number
of shares
Basic loss -0.08 -0.10 -0.16 -0.16 -0.29
per share
(euro)
Consolidated condensed comprehensive income statement
In thousands of euro Q2/2025 Q2/2024 H1/2025 H1/2024 2024
Loss for the period -1,644 -1,793 -3,225 -2,883 -5,450
Other comprehensive income
Foreign currency translation 224 -61 510 -141 -329
difference
Other comprehensive income, net of 224 -61 510 -141 -329
tax
Total comprehensive loss -1,420 -1,854 -2,715 -3,024 -5,778
attributable to Owners of the
parent company
Consolidated balance sheet
In thousands of euro June 30, 2025 June 30, 2024 December 31, 2024
ASSETS
Non-current assets
Goodwill 4,256 4,256 4,256
Development costs 8,687 8,126 8,288
Customer relationships 610 832 721
Technology 280 382 331
Other intangible assets 354 373 370
Total intangible assets 14,187 13,969 13,965
Tangible assets 783 630 652
Right-of-use assets 1,250 1,187 1,456
Deferred tax assets 12 15 12
Total non-current assets 16,233 15,800 16,085
Current assets
Inventories 2,423 2,654 1,961
Trade and other receivables 2,508 2,594 3,268
Cash and cash equivalents 7,091 12,106 10,467
Total current assets 12,022 17,354 15,695
Total assets 28,255 33,154 31,781
In thousands of euro June 30, 2025 June 30, 2024 December 31, 2024
EQUITY
Share capital 80 80 80
Share premium 504 504 504
Reserve for invested 59,608 58,288 59,608
non-restricted equity
Translation 516 194 6
differences
Retained earnings -36,306 -31,365 -31,111
Profit (loss) for the -3,225 -2,883 -5,450
financial year
Total equity 21,177 24,818 23,637
LIABILITIES
Non-current
liabilities
Borrowings from 392 1,187 790
financial
institutions
Government loans 452 645 521
Lease liabilities 826 737 1,017
Deferred tax 196 272 234
liabilities
Total Non-current 1,866 2,841 2,561
liabilities
Current liabilities
Borrowings from 794 860 794
financial
institutions
Government loans 193 193 193
Lease liabilities 486 500 495
Trade and other 3,739 3,943 4,101
payables
Total current 5,212 5,496 5,583
liabilities
Total liabilities 7,078 8,337 8,144
Total equity and 28,255 33,154 31,781
liabilities
Consolidated statement of changes in shareholders' equity
Equity attributable to owners of the parent company
+-------------+-------+-------+-----------+-----------+--------+-------+
|In thousands |Share |Share |Reserve |Translation|Retained|Total |
|of euro |capital|premium|for |differences|earnings| |
| | | |invested | | | |
| | | |non | | | |
| | | |-restricted| | | |
| | | |equity | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
| | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |59,608 |6 |-36,560 |23,637 |
|January 1, | | | | | | |
|2025 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Loss for the | | | | |-3,225 |-3,225 |
|period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Other | | | | | | |
|comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Translation | | | |510 | |510 |
|differences | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | | |510 |-3,225 |-2,715 |
|comprehensive| | | | | | |
|income for | | | | | | |
|the period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Transactions | | | | | | |
|with | | | | | | |
|owners of the| | | | | | |
|company | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share issue | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share based | | | | | | |
|payments | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share options| | | | |255 |255 |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | | | |255 |255 |
|transactions | | | | | | |
|with owners | | | | | | |
|of the | | | | | | |
|company | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |59,608 |516 |-39,530 | 21,177|
|June 30, | | | | | | |
|2025 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
Equity attributable to owners of the parent company
+-------------+-------+-------+-----------+-----------+--------+-------+
|In thousands |Share |Share |Reserve |Translation|Retained|Total |
|of euro |capital|premium|for |differences|earnings| |
| | | |invested | | | |
| | | |non | | | |
| | | |-restricted| | | |
| | | |equity | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
| | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |50,936 |334 |-31,493 | 20,361|
|January 1, | | | | | | |
|2024 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Loss for the | | | | |-2,883 |-2,883 |
|period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Other | | | | | | |
|comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Translation | | | |-141 | |-141 |
|differences | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | | |-141 |-2,883 |-3,024 |
|comprehensive| | | | | | |
|income for | | | | | | |
|the period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Transactions | | | | | | |
|with | | | | | | |
|owners of the| | | | | | |
|company | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share issue *| | | 7,353 | | |7,353 |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share based | | | | | |0 |
|payments | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share options| | | | |128 |128 |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | |7,353 | |128 |7,480 |
|transactions | | | | | | |
|with owners | | | | | | |
|of the | | | | | | |
|company | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |58,288 |194 |-34,248 | 24,818|
|June 30, | | | | | | |
|2024 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
* Shares registered to trade registry 1.7.2024.
Equity attributable to owners of the parent company
+-------------+-------+-------+-----------+-----------+--------+-------+
|In thousands |Share |Share |Reserve |Translation|Retained|Total |
|of euro |capital|premium|for |differences|earnings| |
| | | |invested | | | |
| | | |non | | | |
| | | |-restricted| | | |
| | | |equity | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
| | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |50,936 |334 |-31,493 | 20,361|
|January 1, | | | | | | |
|2024 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Loss for the | | | | |-5,450 |-5,450 |
|period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Other | | | | | | |
|comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Translation | | | |-329 | |-329 |
|differences | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | | |-329 |-5,450 |-5,778 |
|comprehensive| | | | | | |
|income for | | | | | | |
|the period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Transactions | | | | | | |
|with | | | | | | |
|owners of the| | | | | | |
|company | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share issue | | | 7,322 | | |7,322 |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share based | | | 43 | | |43 |
|payments | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share options| | |1,307 | |382 |1,689 |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | |8,672 | |382 |9,054 |
|transactions | | | | | | |
|with owners | | | | | | |
|of the | | | | | | |
|company | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |59,608 |6 |-36,560 | 23,637|
|December 31, | | | | | | |
|2024 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
Consolidated cash flow statement
In thousands of Q2/202 Q2/2024 H1/2025 H1/2024 2024
euro 5
Cash flows from
operating
activities
Loss for the -1,644 -1,793 -3,225 -2,883 -5,450
financial year
Adjustments:
Depreciation, 623 684 1,227 1,228 2,499
amortization and
impairment
losses
Finance income and 137 -30 287 -77 -466
finance expenses
Other adjustments 115 451 222 450 653
Cash flows before -770 -688 -1,489 -1,283 -2,764
change in net
working capital
Change in net
working capital:
Change in trade and 482 288 546 254 -335
other receivables
(increase (-) /
decrease (+))
Change in -709 129 -490 183 901
inventories
(increase (-) /
decrease (+))
Change in trade and -658 -252 128 -141 688
other payables
(increase (+) /
decrease (-))
Cash flows before -1 -523 -1,305 -987 -1,510
finance items 655
Interest paid -12 -27 -31 -56 -115
Other finance -22 -11 -57 -42 -121
expenses paid
Interest received 42 0 85 14 151
Net cash from -1,647 -560 -1,308 -1,071 -1,596
operating
activities (A)
Cash flows from
investing
activities
Capitalization of -528 -475 -1,022 -984 -1,843
development
expenses
Acquisition of -26 -59 -300 -84 -275
tangible assets
Net cash used in -555 -534 -1,322 -1,068 -2,118
investing
activities
(B)
Cash flows from
financing
activities
Proceeds from share 0 7,875 0 7,875 9,182
subscriptions
Share issue 0 0 0 0 -553
transaction costs
Repayment of loans -235 -235 -465 -465 -1,053
and borrowings
Repayment of lease -131 -134 -259 -270 -494
liabilities
Net cash from -366 7,506 -724 7,139 7,081
financing
activities (C)
Net cash from (used -2,568 6,411 -3,354 5,000 3,367
in) operating,
investing and
financing
activities
(A+B+C)
Cash and cash 9,688 5,706 10,467 7,118 7,118
equivalents at
beginning
of period
Effect of movements -28 -10 -22 -12 -19
in exchange rate
on cash held
Cash and cash 7,091 12,106 7,091 12,106 10,467
equivalents at end
of
period
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, Optomed Plc (hereafter the ‘Company'), is a Finnish
public limited liability company established under the laws of Finland, and its
business ID is 1936446-1. It is domiciled in Oulu, Finland and the Company's
registered address is Yrttipellontie 1, 90230 Oulu, Finland.
Basis of accounting
Optomed's consolidated financial statements has been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European
Union. The preparation of this Half-year report also takes into account the
amendments to IFRS standards that have become effective by January 1, 2025.
These Half-year 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 31
December 2024. This Half-year financial statements do not include all of the
information required by IAS 34: selected explanatory notes are included to
explain events and transactions that are significant to an understanding of the
changes in the Group`s financial position and performance since the last annual
financial statements.
All presented figures have been rounded so the sum of the individual figures may
differ from the presented total figure.
Financial ratios have been calculated using exact figures.
Use of judgment and estimates
Judgements that management has made in the process of applying accounting
policies and that have the most significant effect on the amounts recognized in
the financial statements, relate to the following areas:
— Determining trade receivables credit risk
— capitalization of development costs: determination of development expenditure
eligible for capitalization
— impairment testing of development expenditures
Reportable segments
Q2/2025
In thousands of euro Devices Software Group Total
Admin
External revenue 1,409 2,435 0 3,845
Net operating expenses -603 -745 0 -1,349
Margin 806 1,690 0 2,496
Depreciation and amortization -415 -207 -2 -623
Other expenses -1,066 -1,336 -1,016 -3,417
Operating result -674 147 -1,017 -1,544
Finance items 0 0 -120 -120
Loss before tax expense -674 147 -1,137 -1,664
Q2/2024
In thousands of euro Devices Software Group Admin Total
External revenue 1,073 2,432 0 3,505
Net operating expenses -378 -686 9 -1,055
Margin 695 1,746 9 2,450
Depreciation and amortization -478 -204 -3 -684
Other expenses -1,382 -1,290 -963 -3,635
Operating result -1,164 252 -957 -1,869
Finance items 0 0 53 53
Loss before tax expense -1,164 252 -904 -1,816
H1/2025
In thousands of euro Devices Software Group Total
Admin
External revenue 2,935 4,931 0 7,866
Net operating expenses -1,231 -1,445 0 -2,677
Margin 1,704 3,486 0 5,190
Depreciation and amortization -801 -422 -3 -1,227
Other expenses -2,261 -2,611 -1,976 -6,847
Operating result -1,358 453 -1,979 -2,884
Finance items 0 0 -378 -378
Loss before tax expense -1,358 453 -2,358 -3,263
H1/2024
In thousands of euro Devices Software Group Total
Admin
External revenue 1,963 4,869 0 6,832
Net operating expenses -752 -1,427 9 -2,169
Margin 1,211 3,442 9 4,663
Depreciation and amortization -822 -401 -5 -1,228
Other expenses -2,258 -2,461 -1,777 -6,496
Operating result -1,869 581 -1,773 -3,061
Finance items 0 0 147 147
Loss before tax expense -1,869 581 -1,626 -2,914
2024
In thousands of euro Devices Software Group Total
Admin
External revenue 5,326 9,714 0 15,040
Net operating expenses -2,548 -2,825 9 -5,364
Margin 2,778 6,889 9 9,676
Depreciation and amortization -1,670 -819 -9 -2,499
Other expenses -4,451 -4,992 -3,692 -13,135
Operating result -3,343 1,078 -3,692 -5,957
Finance items 0 0 441 441
Loss before tax expense -3,343 1,078 -3,250 -5,516
Segment assets
In thousands of euro Devices Software Groud Admin
Segment assets 31.12.2024 10,338 8,225 239
IPR change +649 -649 0
Other changes -25 +147 -10
Segment assets 30.6.2025 10,962 7,723 229
Optomed Devices segment bought IPR rights for Devices segment products from
Optomed Software segment.
Disaggregation of revenue
Geographical distribution
In thousands of euro Q2/2025 Q2/2024 H1/2025 H1/2024 2024
Finland 2,340 2,335 4,756 4,674 9,340
Rest of the Europe 381 260 748 612 1,034
Rest of the World 1,124 910 2,362 1,546 4,667
Total 3,845 3,505 7,866 6,832 15,040
Distribution by revenue recognition date
In Q2/2025 Q2/2024 H1/2025 H1/2024 2024
thousands
of euro
Products 2,383 62% 2,409 70% 4,998 64% 4,617 68% 10,405 69%
and
services
transferred
at a point
in
time
Services 1,462 38% 1,096 30% 2,868 36% 2,215 32% 4,635 31%
transferred
over
time
Total 3,845 3,505 7,866 6,832 15,040
Advances Received and Deferred Revenue
In thousands of euro June 30, 2025 June 30, 2024 December 31, 2024
Trade receivables 1,714 1,980 2,411
Assets related to 1,714 1,980 2,411
customer contracts
Advances received 29 158 98
Deferred Revenue 270 132 305
Liabilities related 299 290 402
to customer
contracts
Other operating expenses
Other operating expenses Q2/2025 Q2/2024 H1/2025 H1/2024 2024
Sales and marketing -197 -213 -375 -308 -707
Research and development -56 -52 -212 -131 -297
General and administration -726 -1180 -1,442 -1,741 -3,200
Total operating expenses -979 -1,445 -2,029 -2,179 -4,204
Other operating expenses also comprise changes in expected credit losses and
realized credit losses.
Tangible assets
Machinery Machinery and equipment Machinery and
and
equipment equipment
In thousands of euro 30.6.2025 30.6.2024 31.12.2024
Cost
Balance at January 1 4,010 3,724 3,724
Additions 309 89 286
Balance at End of 4,318 3,813 4,010
Period
Accumulated
depreciation and
impairment losses
Balance at January 1 -3,357 -3,015 -3,015
Depreciation -178 -169 -342
Balance at end of -3,535 -3,184 -3,357
period
Carrying amount at 652 710 710
January 1
Carrying amount at June 783 630 652
30/ December 31
Leases
Leased tangible assets
In thousands of euro Business premises Cars Total
1.1.2025 1,424 32 1,456
Additions to right-of-use assets 57 0 57
Depreciation charge for right-of-use assets -252 -11 -263
30.6.2025 1,229 21 1,250
In thousands of euro Business premises Cars Total
1.1.2024 1,419 53 1,472
Additions to right-of-use assets -31 0 -31
Depreciation charge for right-of-use assets -244 -11 -255
30.6.2024 1,144 42 1,187
In thousands of euro Business premises Cars Total
1.1.2024 1,419 53 1,472
Additions to right-of-use assets 498 0 498
Depreciation charge for right-of-use assets -493 -21 -514
31.12.2024 1,424 32 1,456
Lease liabilities
In thousands of euro 30.6.2025 30.6.2024 2024
Current 486 500 495
Non-current 826 737 1,017
Total 1,312 1,237 1,512
The above liabilities are presented on the line item Lease liabilities (non
-current / current) in the consolidated balance sheet, based on their maturity.
Intangible assets and goodwill
June 30, 2025
In thousands Goodwill Development Customer Technology Other
Total
of euro costs relationships intangible
assets
Cost
Balance at 4,256 17,864 2,222 1,023 1,205
26,570
January 1
Additions 0 989 0 0 19
1,008
Balance at 4,256 18,853 2,222 1,023 1,223
27,578
June 30
Accumulated
amortisation
and
impairment
losses
Balance at 0 -9,576 -1,501 -692 -835
-12,605
January 1
Amortization 0 -590 -111 -51 -34 -786
Balance at 0 -10,167 -1,612 -743 -869
-13,391
June 30
Carrying 4,256 8,288 721 331 370
13,965
amount at
January 1
Carrying 4,256 8,687 610 280 354
14,187
amount at
June
30
June 30, 2024
In thousands Goodwill Development Customer Technology Other
Total
of euro costs relationships intangible
assets
Cost
Balance at 4,256 16,067 2,222 1,023 1,147
24,715
January 1
Additions 0 1,002 0 0 25
1,027
Balance at 4,256 17,069 2,222 1,023 1,172
25,742
June 30
Accumulated
amortisation
and
impairment
losses
Balance at 0 -8,336 -1,280 -590 -763
-10,969
January 1
Amortization 0 -494 -110 -51 -35 -692
Impairment 0 -112 0 0 0 -112
losses
Balance at 0 -8,943 -1,390 -641 -798
-11,773
June 30
Carrying 4,256 7,731 942 433 384
13,746
amount at
January 1
Carrying 4,256 8,126 832 382 373
13,969
amount at
June
30
Impairment losses consist of terminated project cost.
December 31, 2024
In thousands Goodwill Development Customer Technology Other
Total
of euro costs relationships intangible
assets
Cost
Balance at 4,256 16,067 2,222 1,023 1,147
24,715
January 1
Additions 0 1,797 0 0 58
1,855
Balance at 4,256 17,864 2,222 1,023 1,205
26,570
December 31
Accumulated -
amortisation
and
impairment
losses
Balance at 0 -8,336 -1,280 -590 -763
-10,969
January 1
Amortization 0 -1,049 -221 -102 -72
-1,445
Impairment 0 -191 0 0 0 -191
losses
Balance at 0 -9,576 -1,501 -692 -835
-12,605
December 31
-
Carrying 4,256 7,731 942 433 384
13,746
amount at
January 1
Carrying 4,256 8,288 721 331 370
13,965
amount at
December 31
Financial assets
In thousands of euro 30.6.2025 30.6.2024 31.12.2024
Trade receivables
Other trade receivables 1,714 1,980 2,411
Total trade receivables 1,714 1,980 2,411
Cash and cash equivalents 7,091 12,106 10,467
Total 8,805 14,086 12,878
Exposure to credit risk and loss allowance
Chinese customer's trade receivables EUR 1,099 thousand have been written down
at the end of Q4 2024. Specific loss allowance is at 100%.
In thousands Gross carrying Weighted av. loss rate% Loss allowance
of euro amount
At June 30,
2025
Current (not 0.50% 7
past due) 1,412
Past due
1-30 days 1.50% 1
90
31-60 days 4% 4
97
61-90 days 9% 5
58
More than 90 12% 13
days past due 108
Specific loss 0 100% 0
allowance
Total 30
1,765
In thousands Gross carrying amount Weighted Loss allowance
of euro av. loss
rate%
At June 30,
2024
Current (not 1,443 0.50% 7
past due)
Past due
1-30 days 113 1.50% 2
31-60 days 4% 1
16
61-90 days 9% 0
1
More than 90 12% 4
days past due 35
Specific loss 1,549 75% 1,161
allowance
Total 3,156 1,175
In thousands Gross carrying Weighted Loss allowance
of euro amount av. loss
rate%
At December
31, 2024
Current (not 0.50% 12
past due) 2,314
Past due
1-30 days 1.50% 1
67
31-60 days 4% 1
31
61-90 days 9% 1
9
More than 90 12% 1
days past due 6
Specific loss 0 100% 0
allowance
Total 15
2,427
Financial liabilities
In thousands of June 30, 2025 June 30, 2024 December 31, 2024
euro
Non-current
financial
liabilities
Borrowings from 392 1,187 790
financial
institutions
Government loans 452 645 521
Lease liabilities 826 737 1,017
Total 1,670 2,569 2,328
Current financial
liabilities
Borrowings from 794 860 794
financial
institutions
Government loans 193 193 193
Lease liabilities 486 500 495
Trade payables 584 576 891
Total 2,057 2,129 2,373
Total financial 3,727 4,698 4,700
liabilities
Fair values - financial liabilities measured at amortized cost.
Optomed considers that the carrying amounts of the financial liabilities
measured at amortized cost substantially equal to their fair values.
Financial covenants
Optomed's borrowings from financial institutions contain a financial covenant
(equity ratio).
Optomed has to comply with the financial covenant terms specified in the loan
agreement terms at the financial year-end. Equity ratio is calculated using the
agreed formula. The table below summarizes the Group's financial covenant term
and compliance during the reporting period.
Covenant term Actual ratio Applicable level
OP loan equity ratio
At June 30, 2025 35% 89.4% Optomed Group
At June 30, 2024 35% 86.8% Optomed Group
At December 31, 2024 35% 87.1% Optomed Group
Company's Equity ratio is calculated as follows.
OP loan equity ratio calculation formula: Adjusted equity/(Balance sheet total-
received advances-goodwill)
Optomed was in compliance with the covenant as at June 30. 2025.
Related party transactions
In thousands of euro Revenues Trade receivables Other expenses
Jan 1 - Jun 30 2025 0 0 -89
Jan 1 - Jun 30 2024 0 0 -39
Jan 1 - Dec 31 2024 0 0 -92
Revenue and trade receivables and some of the other expenses relate to the major
shareholders of Optomed Ltd considered to be related parties to the parent
company.
Other expenses consist of consulting fees paid to the Chairman of the Board of
Directors.
Events after the review period
The management of the company is actively monitoring tariff developments related
to medical devices manufactured in Thailand and exported to the US. While no
material impact has been observed to date, we continue to manage our supply
chain proactively and remain well-positioned to adapt should trade policies
shift.