Increased Underlying Revenues and Profits whilst Investing Significantly in Future Growth

LONDON, UK, 17 May 2012 – Optos plc (LSE: OPTS), a leading medical retinal imaging company, today announces its unaudited interim results for the six month period ended 31 March 2012.  The results are denominated in $US, the Company's reporting currency.

• Daytona successfully launched on schedule 
  • Strong order position >350 devices
  • Manufacturing ramping up
  • Excellent customer feedback on early placements
• Continued strong financial performance
  • 17% underlying(2) revenue growth with overall revenues up 49% (H1 2011: overall growth 22%) 
  • Like-for-like(3) revenues (excluding newly acquired products) up 11% (H1 2011: 17%)
  • Excluding exceptional items, operating profit up 24% and pre-tax profit up 77%
• Significant investment in building and positioning Daytona, improving 200Tx design and integration of OCT
  • Cash neutral in period excluding OPKO acquisition and related costs ($19.3m) and Daytona R&D ($3.1m)
• Seasonality in business favours second half-further revenues with improved margins are anticipated
  • Increasing Daytona and OCT sales
  • Continued drive into ophthalmology with more efficient 200Tx devices
  • Further geographic expansion

The CEO of Optos, Roy Davis, commented:  "We have delivered continued good financial results whilst investing materially in the future of the business.  Daytona was successfully launched on time and we have secured 350 initial orders for this ground-breaking device.  Renewals of existing contracts with associated future cashflows in excess of $45m demonstrate continued demand for our existing range of ultra-widefield devices as well increasing interest in our more recent product offerings. 

"Our investment in building our international presence resulted in a doubling of revenues outside North America, driven by sales of 200Tx devices into ophthalmology. Our Lean initiative to improve product reliability, reduce build costs and improve service will ultimately lead to greater customer satisfaction.  We believe that these investments and a significant order book for Daytona position us well for a strong performance in the second half and beyond."

1. As guided, the Group will be subject to a full tax charge for the year at an expected overall rate of 31%. The first half charge further includes $0.4m of one-off charges relating to prior year adjustments
2. Underlying revenue growth is calculated by treating all payments receivable in the period from rental contracts as if they were operating leases, together with revenues from outright device sales and service contracts.
3. Like-for-like underlying revenue growth is adjusted further to exclude revenues derived from the OPKO Instrumentation and Opto Global acquisitions to the extent 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 

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.

Download the full details of the Interim Results