Pre-Close Trading Statement
9/28/2006
LONDON, 28 September 2006 – Optos plc (LSE: OPTS), a leading medical technology company for the design, development, manufacturing and marketing of retinal imaging devices, is today providing a pre-close trading update ahead of its preliminary results announcement on 30 November 2006.
Revenue for the year ended 30 September 2006 is expected to be approximately $67 million, representing an increase of approximately 38% over the same period last year, reflecting the Company’s continued success in deepening penetration in its existing markets, currently the USA, Canada, UK and Germany.
Optos expects to close the financial year with approximately 2,600 customers, which would represent an increase of approximately 30% over the same period last year. An estimated 3.4 million optomap® Retinal Exams will have been performed, representing a year over year increase of approximately 36%. Customer renewals remain a key revenue driver and continued at a strong rate, with a 90% renewal rate expected for the full year.
The USA remains the principal market for the Company’s core optomap® Retinal Exam product. Optos continues to drive its penetration within the independently owned and operated eye-care practice sector. During the year the Company broadened its focus to also include multiple locations operating within the retail chain network, which has been determined to hold significant upside potential. A dedicated national account team has been established in the USA to generate further commercial growth from within this customer market segment.
Optos has recently negotiated a reduction in the borrowing rate for its vendor financing arrangements.
The Board of Directors believe that the Company will report full year results that are in line with market expectations, confirming that the commitments made at the time of the IPO in February 2006 have been met.
Enquiries
Optos plc - John McNeil, Director of Communications & Assistant Company Secretary
+44 (0) 1383 843 337
+44 (0) 7870 240 325
Citigate Dewe Rogerson - David Dible / Kevin Smith / Yvonne Alexander
+44 (0)20 7638 9571
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 8.5 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.
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.