LONDON, UK, 23 January 2012 – Optos plc (LSE: OPTS), a leading medical retinal imaging company, today publishes its Interim Management Statement for the three month period ended 31 December 2011, the first quarter of its FY12 financial year. All figures are reported in US$ and are unaudited.
Highlights for Q1FY12 (corresponding figures for Q1FY11, the three months ended 31 December 2010, are in brackets):
- 20% underlying* revenue growth over first quarter of prior year
- Like-for-like ** revenues (excluding newly acquired products) up 11%
- 2% increase in installed base for core devices in quarter to 4,320
- Minimal levels of de-install (32 devices in quarter)
- Overall revenues up 63% to $41.9m (Q1FY11:$25.7m)
- Revenues from outright sales of devices and products increased to $9.6m (Q1FY11: $3.7m),
- Revenues from device sales under finance leases increased to $13.2m (Q1FY11: $0.8m)
- Revenues from service and warranty up to $2.6m (FY11: $0.5m)
- Operating lease revenues continued to decline as expected to $16.6m (Q1FY11: $20.7m)
- Significant impact from finance lease rentals in the quarter driven by 59 new rentals and 425 renewals
- Renewals driven by strategy to extend customer contracts to manage the transition from P200 devices to Daytona
- Daytona on track for launch in first quarter of 2012
- Design optimisation nearing completion, manufacturing scale-up underway
- Clinical studies commencing in 4 centres to support market launch
- Acquisitions performing well
- $1.1m revenues derived from OCT products since acquisition in mid-October & integration proceeding to plan with sales force training well-advanced
- $17.5m initial cash purchase price for OPKO business funded from US$30 million revolving credit facility
- Sales (direct & indirect) derived from Opto Global business increased to $1.5m in quarter
Roy Davis, CEO, commented: “We are pleased to have delivered continued strong revenue growth in the first quarter and trading continues to be strong in the early weeks of the second quarter. We are receiving good levels of interest in Daytona and are on track for launch this quarter. There has been continued demand for our other core products, including the 200Tx from ophthalmologists and the P200C, which remains an attractive proposition in a number of markets. We continue to work on developing the clinical data to support our technology and have been pleased with the addition of OCT to our portfolio which has attracted interest from all customer segments and from distributors in our indirect markets.”
*Underlying revenue growth is calculated by treating all payments receivable in the period from rental contracts as if they were operating leases, regardless of the actual accounting treatment, together with revenues from outright device sales and service contracts.
**Like-for-like underlying revenue growth is adjusted further to exclude revenues derived from the OPKO Instrumentation and Opto Global acquisitions since they were not part of the Group in the comparator period.
Enquiries:
Optos plc Tel: 01383 843 300
Roy Davis, CEO
Christine Soden, CFO
FTI Consulting Tel: 020 7831 3113
Ben Atwell / Mo Noonan
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. Our recent acquisition of OPKO instrumentation brings 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 optomap 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.
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. Our expanded product range includes 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.