AGM Statement
28.02.2008
LONDON, UK, 28 February 2008 – Optos plc (LSE: OPTS), a leading medical technology company for the design, development, manufacturing and marketing of retinal imaging devices, is today holding its Annual General Meeting (the “AGM”) commencing at 11h00GMT at the offices of Maclay Murray & Spens LLP, One London Wall, London, EC2Y 5AB. Management will be making a presentation to shareholders. The Company will make a separate announcement on the voting results of its proposed shareholder resolutions
For the full year ended 30 September 2007 the Company generated $86.8 million in revenue, $6.5 million in EBIT and delivered EBT of $1.6 million. EBIT margin for the Group was 7.5% for the full year, up from 6.4% in the prior year. Results in North America demonstrated continued strong performance with revenue of $82.2 million for the year. Profit from operations in North America is being reinvested in growing the Company’s newer European business.
“2007 was another outstanding year for the Company - looking ahead we are confident that we have the right strategies in place to significantly expand our margins and grow profitability across the Group,” said Thomas W. Butts, Chief Executive Officer. “These include increasing patient utilisation in all customer practice locations, lowering the unit cost of future device placements, achieving reduced overhead to sales ratios as the business expands and leveraging the extended asset life of our devices once they are fully depreciated.”
Management will confirm that the Company’s recurring revenue model is providing reliable growth against the general US market weakness which is resulting in a longer sales cycle and that it still expects 20%-25% year over year revenue growth and a customer contract renewal rate of 85% for the year ending 30 September 2008.
A copy of Management’s presentation to shareholders and can be viewed on http://www.optos.com/us/About-Optos/Investor-Relations/Presentations
A copy of all of the resolutions passed at the AGM will be submitted to the UK Listing Authority (“UKLA”) and will shortly be available for inspection at the UKLA Document Viewing Facility located at:
Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
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Enquiries
Optos plc +44 (0) 1383 843 337
John McNeil, Company Secretary +44 (0) 7870 240 325
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. Retinal imaging can also indicate evidence of non-eye or systemic diseases such as diabetes, hypertension and certain cancers. The Company has regulatory clearance (CE and FDA 510(k)) to market a second device - P200MA. 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 is incorporated in Scotland under the Companies Act 1985 with registered number SC139953. The Company maintains its Registered Office at Queensferry House, Carnegie Business Campus, Dunfermline, Scotland KY11 8GR United Kingdom.
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.