Optos CEO Stephane Sallmard Steps Down - CFO Allan Watson Named Interim CEO
9/15/2006
LONDON, UK, 15 September 2006 – Optos plc (LSE: OPTS), a leading medical technology company for the design, development, manufacturing and marketing of retinal imaging devices, today announced that Stephane Sallmard has taken the decision to step down as CEO and Director of the Company with effect from 30 September 2006 and that Allan Watson, CFO, will assume the role of CEO on an interim basis. Mr Watson will retain his CFO responsibilities during the interim period. A search for a permanent replacement is underway.
“Stephane came to Optos with a strategic vision to grow the Company – he has delivered on his plan and put in place the framework from which Optos can compete and win in its marketplace,” said Dr John M. Padfield, Chairman of the Board. “We thank Stephane for his very significant contribution over the last five years and look forward to moving ahead in accelerating our execution of the Company’s strategy.”
“I believe that I have accomplished what I had set out to do when I took the role of CEO back in June 2001 – to deliver commercial scale and growth – and leave knowing that the Company has been successful, including achieving its goal of becoming a publicly listed company,” said Stephane Sallmard. “Optos continues to make excellent operational progress which is reflected in its solid financial performance and I wish the Company and its employees continued success in the future – for me, the time is right for a new challenge.”
During Mr Sallmard’s tenure as CEO revenue has grown from approximately $1.5 million to $48.4 million for the year ended 30 September 2005. Continued growth was reported at the half year ended 31 March 2006 with revenue of $31.3 million, representing a 43.5% increase over the same period last year.
"Optos is in excellent shape with significant momentum and upside potential," said Dr Padfield. "The Company has a clear strategy in place and is well-positioned for future growth, which is how we intend to deliver value for our shareholders.”
Trading in the year to date remains in line with expectations. The Company will issue a pre-close trading statement at the end of September and will report its preliminary results for the year ended 30 September 2006 on 30 November 2006.
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Enquiries
Optos plc | |
John McNeil, Director of Communications & Assistant Company Secretary | +44 (0) 7870 240 325
+44 (0) 1383 843 337 |
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Note to Editors
Optos plc is a leading and rapidly growing medical technology company for the design, development, manufacturing and marketing of devices that image the retina, the light-sensitive area at the back of the eye. Optos' platform technology is the Panoramic200 Scanning Laser Ophthalmoscope device - known as the P200. In a quarter of a second the P200 device produces a high resolution image of up to 200 degrees or approximately 82 percent of the retina in a single capture. The image - branded the optomap® Retinal Exam - provides eye care practitioners with clinically useful information that facilitates the early detection of disorders and diseases evidenced in the retina, such as glaucoma, diabetic retinopathy and age-related macular degeneration.
The Company has recently gained regulatory clearance (CE and FDA 510(k)) to market a second device - P200MA. The P200MA is aimed at the specialist ophthalmic and medical as opposed to the primary care market. It is designed to produce an angiographic retinal image called optomap® fa that supports medical procedures by providing enhanced diagnostic, monitoring and treatment capabilities. Retinal imaging can also indicate evidence of non-eye or systemic diseases such as diabetes, hypertension and certain cancers. Optos’ technology provides an unequalled combination of wide-field retinal imaging, speed and convenience for both practitioner and patient and can help save sight and save lives.
Optos estimates that its P200 device is targeting a recurring US$2 billion market opportunity. Approximately 8.0 million optomap® Retinal Exams have been conducted in the Company’s existing markets, currently the US, Canada, UK and Germany, to date. Optos had revenues of US$48.4 million in 2005, its last full financial year and as at 31 March 2006 had approximately 220 employees serving more than 2,250 customers. Optos plc is headquartered in Dunfermline, Scotland and was admitted to the Main Market of the London Stock Exchange on 15 February 2006 trading under the symbol OPTS.