LONDON, UK, 20th March 2013 – Optos plc (LSE: OPTS), a leading medical retinal imaging company, provides an update on current trading in advance of its interim results announcement on 16th May 2013.
Extension of OPSM Daytona contract
- Further to the announcement in the Interim Management Statement of 22nd January 2013 that Optos would supply 250 Daytona ultra-widefield retinal imaging devices to a major corporate, we are pleased to provide further details of that agreement today.
- During the 12-month period commencing March 2013, Optos will deliver to OPSM, the leading optometry chain in Australia and New Zealand, 250 Daytona devices on rental contracts, on top of the 160 devices already installed in 2012, bringing the total number of Daytona’s supplied to OPSM to 410. All OPSM stores will now have the unique ultra-widefield technology as part of their capability to provide world leading eye care.
- As part of the agreement, OPSM’s exclusivity over the commercial supply of Daytona devices in Australia and New Zealand has been extended to 2016. Optos and OPSM will also share future technology development and are adopting a partnership approach to market commercialisation.
- Daytona continues to receive positive market feedback. Interest in the device continues to build but sales are softer than we had hoped for at this stage of its launch.
- As with all new products, we are developing and rolling out updates and enhancements to Daytona, including a new version of the software. Consequently, some customers are waiting to order machines which has contributed to lower sales in the first half of the year.
- Additional cost has been incurred to cover these updates, although other overheads have been managed to help offset the impact.
- Renewal business remains as expected.
- Geographically, Europe remains challenging, as we highlighted in our Interim Management Statement of 22nd January 2013.
- Net debt is expected to increase at the interim stage as a result of the drivers outlined above, including the shift to a higher rental sales mix, such as with the new OPSM rental deal.
Roy Davis, CEO, commented: “Q2 performance will be lower than planned, however, the additional order of 250 devices by a major corporate such as OPSM is a clear demonstration of both the value and potential of our technology. This will effectively make Daytona an OPSM network-wide technology. We believe this validates not only the importance of Daytona to eye care practices, but also our strategy to partner with OPSM in Australia and New Zealand.
“Given positive feedback from the market and our sales teams, and as we move into our historically stronger second half, our expectations for the full year remain unchanged, although it will be more weighted to the second half than previously anticipated, as it was last year”.
Roy Davis, CEO
Louisa Burdett, CFO
|Tel: 01383 843 300|
Ben Atwell / Simon Conway / Mo Noonan
|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.
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.
Daytona represents the next generation of Optos ultra-widefield retinal imaging technology, and has been scaled to accommodate smaller office spaces while providing high resolution imaging, and adding new auto-fluorescence capabilities. Weighing only about 25 kg, Daytona’s new, ergonomic body is designed to increase patient comfort, as well as make it easier to correctly position the eye. In addition to the smaller, sleeker design, Daytona features an improved user interface with its intuitive, workflow based software. Daytona also offers “plug-n-play” installation, a modular robust build-design to simplify product support, image review capabilities and electronic image storage options. Daytona was designed to allow the globalisation of the core Optos imaging technology, giving the opportunity to offer the benefits of optomap technology to more eyecare professionals and their patients around the world.
The acquisition of OPKO instrumentation in October 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.
Our expanded product range now includes ultra-widefield imaging, OCT, 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.