Strong growth in installed base yields significant reduction in net debt
LONDON, UK, 10 October 2014 – Optos plc (LSE: OPTS), the leading medical retinal imaging company, today provides a pre-close trading update for the financial year ended 30 September 2014 (“FY14”), ahead of the publication of its Preliminary Results on 19 November 2014. All figures, which are reported in US dollars (US$), are unaudited.
Revenues and adjusted Profit before tax* for the year to 30 September 2014 are expected to be in line with market consensus**, before accounting for the early renewal of a US corporate account which, once included, will result in both being slightly above market consensus.
During the year, we continued to make excellent progress in attracting new customers. We added 1,500 new customers (a record performance), increasing our installed base by 24%. We continued to make progress with corporate accounts globally. This included, as indicated above, the early renewal of a strategic corporate account in the US who upgraded their stores to Daytona devices.
Cash generation was strong during the year, especially in the second half of FY14 and we expect to report further improvement in net debt to around US$12 million (vs US$39 million at 30 September 2013).
Roy Davis, CEO, commented:
“We continued to see strong demand for our products during the year, particularly Daytona. This has translated into another record year of placements with new customers. It has also resulted in a robust cash performance that has allowed us to reduce net debt significantly. Our pipeline of new products is progressing to plan and we remain excited about the future.”
*Excludes exchange rate translation and other exceptional costs such as restructuring, consistent with previous years.
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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 autofluorescence 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 optomaps® 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 optomaps® 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.