LONDON, UK, 15 May 2014 – Optos plc (LSE: OPTS), a leading medical retinal imaging company, today publishes its interim results for the first half of its financial year ending 30 September 2014 (H1 FY14). All figures are reported in US$ and are unaudited.
except per share data (cents)
|Six Months to
31 March 2014
|Six Months to
31 March 2013
|Revenue and other operating income(1)||72.7||73.0||(0.3)|
|Operating profit / (loss)||0.5||(0.6)||1.1|
|Profit before tax||1.6||0.7||0.9|
|Profit after tax||1.0||0.4||0.6|
|EPS (diluted) – cents||1.3||0.5||0.8|
|Cash flow before tax and financing||3.8||(4.7)||8.5|
Today we report headline revenue(1) for H1 FY14 of $72.7m in line with expectations and comparable to last year ($73.0m) up 8% on an underlying(2) basis, with an improved cash position.
During H1 FY14 we:
Daytona continues to be well received by the market and is the main driver of our new customer growth. Since the market launch just under 2 years ago, we have placed over 2,000 Daytona devices and now represent over 30% of the installed base. We have continued to make good progress on reducing the Daytona unit cost.
“We are pleased to report another strong increase in the number of new customers and our installed base of devices, principally as a result of Daytona’s continuing traction in the market place. Our financial discipline has allowed us to achieve this while keeping costs flat resulting in improved cash flow and a marked reduction in net debt, a trend we expect to continue. Our R&D pipeline is progressing well and we remain excited by its potential.
“As we flagged in our preliminary results, and in line with previous years, we expect a significant second-half weighting to our business. As we progress through this period, the visibility on our order book, coupled with an ongoing focus on reducing the cost of Daytona and improving operational effectiveness suggests we are well positioned to meet our expectations for the full year.”
We remain confident in our future prospects:
We expect to meet the guidance given at the start of the year.
Roy Davis, CEO
Rob Kennedy, CFO
|Tel: 01383 843 300|
Ben Atwell / Mo Noonan / Simon Conway
|Tel: 020 3727 1000|
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 acquisition of OPKO instrumentation in 2011 brought 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. In 2012 we 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 www.optos.com.
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.