Strong Revenue Performance Enables Investment for Future Growth


LONDON, UK, 21 November 2012 – Optos plc (LSE: OPTS), the leading medical retinal imaging company, today announces its preliminary results for the year ended 30 September 2012. The results are denominated in $US, the Company's reporting currency.


Financial Summary



except per share data (cents)

Year ended

Year ended

% Change



Revenue and other operating income 




Operating lease & variable revenues from rental of devices




Device sales - outright




Device sales under finance leases




Service & warranty revenues




Other operating income (1)




Gross profit




Operating profit before exceptional items




Profit before tax and exceptional items




Profit before tax 




Profit after tax 




EPS  (diluted) - cents




Cash flow from operating activities




Net debt (cash less lease finance liabilities and loan)





Strong financial performance ahead of expectations

  • Revenue and other operating income(1) up 37% to $196.4m
  • 15% underlying revenue growth(2)
  • $21.0m revenue from Daytona, our next generation desktop retinal imaging device, with 329 devices installed this year
  • Timing of manufacturing scale up of Daytona contributed to a fall in gross margin from 64% to 57%(3)
  • In a year of significant investment, profit before tax and exceptional items increased 16% to $26.3m versus $22.7m last year
  • Diluted EPS post-exceptional was 25% lower at 23.9 cents from 31.8 cents reflecting acquisition-related charges, and for the first time, a net tax charge on profits
  • Investment in the business, and the increase in self-funded finance leases, contributed to a cash decrease of $3.6m in the year
  • A three year bank facility of $30m was taken on to finance the OPKO acquisition, contributing to a net debt increase to $47.9m

Increased geographical reach

  • Our two geographic segments both grew in double digits 
    • North American sales grew 26% to $147.8m
    • International sales grew 85% to $48.6m
  • Strengthened positions in Europe, Middle East and Asia

Investment in the product range

  • Completion of manufacturing scale-up and market roll-out of Daytona
  • Continued progress on the development project to combine our ultra wide-field retinal imaging technology with ocular coherence tomography ("OCT") into a single device

Accelerated growth in ophthalmology

  • Over 320 200Tx devices installed globally, including into key ophthalmology centres in the USA, Germany, Jeddah, Dubai, Abu Dhabi, as well as Japan

Clinical data continues to demonstrate the importance of wide-field imaging in the management and treatment of disease

  • Joslin Diabetes Centre study compared our UWF non-dilated optomap® images favourably with the current benchmark procedure for assessing diabetic retinopathy severity

Roy Davis, CEO, commented: "Optos has delivered a very strong revenue performance enabling the Company to invest for future growth. The last financial year saw the beginning of a new significant chapter in the evolution of Optos with the market launch of Daytona. We have been delighted with the response to its introduction. We believe Daytona will be a pivotal platform for the expansion of our product offerings and international reach, aided by the growing body of clinical evidence that confirms the critical importance of the periphery in retinal diagnostics.

"Our priorities for the current financial year are to execute on growing the Daytona customer base, to continue our expansion into the ophthalmology market with the 200Tx device and to drive further operational efficiency.

"During FY13, we expect to deliver revenue growth in high single digits and to see modest gross margin accretion as Daytona reaches volume production."


(1) Other operating income represents income from the extension of previously recognised finance leases ($2.3m extended finance leases; $0.9m, capital sales).

Excluding the allocation of other operating income, outright sales grew to $63.2m versus $37.6m in FY11 and finance leases grew to $61.9m versus $19.8m in FY11. Including an allocation of other operating income, FY12 outright sales were $64.2m and finance leases were $64.1m.

(2) Underlying revenue growth is calculated by treating all payments receivable in the period from rental contracts as operating leases, including revenues from outright device sales and service contracts but excluding revenues from Opto Global and Accutome products.

(3) Includes other operating income.


Optos plc
Roy Davis, CEO
Louisa Burdett, CFO

Tel: 01383 843 300

FTI Consulting
Ben Atwell / Mo Noonan / Simon Conway

Tel: 020 7831 3113

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. We have recently introduced Daytona, our next generation imaging device. Daytona is a desk top device with multiple imaging modalities and was designed to enable us to globalise our ultra widefield technology. Our expanded product range includes visual acuity, perimetry and treatment laser products

For more information please visit our website

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.


View the full press release