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    REG1V   FI0009010912

REVENIO GROUP OYJ

(REG1V)
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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Revenio Group Corporation: Interim report January 1 - March 31, 2021

04/23/2021 | 02:01am EDT

Revenio Group Corporation, Stock Exchange Release, April 23, 2021 at 9.00

The figures in parentheses refer to the corresponding period in the previous year unless otherwise stated.

Exceptionally high organic growth driven by the company’s main products

January–March 2021

  • Net sales totaled EUR 16.8 (11.9) million, showing an increase of 40.8%
  • The currency-adjusted growth of net sales in January–March was 44.5%, or 3.7 percentages stronger than the reported growth
  • The strong development of business was attributable to good sales performance in all of Revenio’s key markets. The development of the sales of imaging devices was also positive in the first quarter and there is a willingness to also invest in capital equipment
  • Operating profit was EUR 4.6 (2.4) million, representing 27.5% of net sales and growth of 90.4%. Operating profit adjusted with non-recurring acquisition costs of EUR 0.6 million was EUR 5.2 million, representing 31.3% of net sales, an increase of 116.6%
  • EBITDA was EUR 5.3 (3.1) million, up 72.2%. EBITDA adjusted with non-recurring acquisition costs of EUR 0.6 million was EUR 5.9 million, representing 35.3% of net sales, an increase of 92.9%
  • In March, Revenio announced the acquisition of Oculo. The execution of the transaction is expected to take place in the beginning of the second quarter of 2021. Oculo is an Australian eye care software platform that combines clinical communication, telehealth, remote patient monitoring, and data analytics capabilities
  • Cash flow from operations totaled EUR 0.6 (-0.3) million
  • At its Capital Markets Day held in March, Revenio presented its updated strategy that focuses on clinical eye care solutions
  • Undiluted earnings per share came to EUR 0.141 (0.075)
  • The Annual General Meeting was held on March 17, 2021

Key consolidated figures, EUR million


1-3/20211-3/2020Change-%1-12/2020
Net sales16.811.940.861.1
Gross margin12.08.540.743.3
Gross margin - %71.771.7-0.171.0
EBITDA5.33.172.221.7
EBITDA-%31.525.85.735.5
Operating profit, EBIT4.62.490.417.1
Operating profit-%, EBIT27.520.47.228.1
Return on investment-%, ROI5.22.62.618.1
Return on equity-%, ROE5.63.02.619.9
Undiluted earnings per share0.1410.075
0.505






3/31/20213/31/2020Change, %-point
Equity ratio-%60.361.1-0.8
Gearing-%6.56.10.4

Financial guidance for 2021

COVID-19 pandemic continues to cause uncertainty related to the markets. Revenio Group’s exchange rate-adjusted net sales are estimated to grow strongly from the previous year and profitability is to remain at a good level without non-recurring items.

President and CEO Jouni Toijala comments on the first quarter of 2021:

“Our performance in the first quarter was exceptionally strong in terms of net sales growth. The demand for intraocular pressure measurement devices and probes remained high in the first quarter. Sales of retinal imaging devices turned to growth and there are signs of a recovery to the pre-pandemic level. Our sales grew very strongly in all of our main markets.

Our strategy development effort culminated in our Capital Markets Day event held in March, where we presented our updated strategy that is focused on eye care solutions. Our objective is to improve the quality of clinical diagnostics with targeted product innovations and to transform clinical care pathways with software solutions focused on eye care. In line with our strategy, we will continue to build iCare brand awareness and enhance the client experience. At the same time, we will nurture our unique culture and values. Our goal is to continue strong profitable growth. As we are focusing on the eye care market, we are actively seeking commercial partners for our non-core businesses Cutica and Ventica.

The Oculo acquisition that we announced in March is an integral part of our strategy and it represents a significant step toward software connected eye care. The acquisition strengthens our expertise in clinical software solutions for eye care and supports our position as a key player in the field of comprehensive clinical eye diagnostics solutions. The significance of eye-related telehealth and technology-enhanced eye care models is growing rapidly, and we want to take an active role in this development. Software solutions significantly enhance the patient eye care pathway and the processes of eye care professionals. The cloud-based Oculo software platform is transforming eye care by enabling and enhancing clinical collaboration, bridging disconnected data silos for sharing data and images, and facilitating better and more cost-effective patient care in the eye care market. The execution of the transaction is expected to take place in the beginning of the second quarter of 2021.

Our EBITDA was EUR 5.3 million, despite of the non-recurring expenses of EUR 0.6 million related to the Oculo acquisition. Revenio’s relative investment level in R&D and sales and marketing will be on a somewhat higher level during 2021 and 2022 than historically. Sales of the Oculo software solution will increase the recurring revenue portion of the Revenio sales going forward and also improve the gross margin.

DRSplus has received very positive feedback from the market and the demand for the product is high around the world.

iCare HOME2 was launched in March and the sales of the product will start during the second quarter. The new iCare PATIENT2 mobile app allows patients to monitor their intraocular pressure measurement results via iOS or Android mobile devices and conveniently send the results to professionals to be monitored via the iCare CLINIC cloud service. iCare HOME2 and PATIENT2 give patients the opportunity to actively participate in the treatment process by submitting valuable data to health care professionals. This substantially improves the patient’s eye care pathway and the processes of eye care professionals.

Our strong performance in the first quarter again underscored the strong capabilities and efficiency of our organization, which is something that I am very happy about.”

Impact of the COVID-19 pandemic and actions taken

The risks and uncertainties related to the global COVID-19 pandemic were present in the global business environment in the first quarter of 2021 and the pandemic continues to create an atmosphere of uncertainty globally.

The entire Revenio Group has worked largely remotely, to the extent allowed by various job duties, since the early stages of the pandemic. Meetings have mostly been conducted remotely. The remote work recommendation has been continued for the time being, taking the guidelines issued by the local authorities into consideration. The sales and marketing organization has arranged a number of product webinars for customers and distributors, and we have received positive feedback on these. Revenio has continued its research and development projects without interruption in spite of the COVID-19 pandemic.

The pandemic impact on our supply chain has been limited. The COVID 19 situation demands more emphasis on hygiene to which our tonometers and disposable probes suite well resulting in additional sales. Imaging devices, on the other hand, are capital goods, and their market is expected to recover more slowly, as they require both face-to-face presentations and physical installation and deployment.

Revenio’s balance sheet and operating profit remained strong throughout the review period. The COVID-19 pandemic has not had a significant impact on Revenio’s financial position. No material changes have been observed in customers’ liquidity.

FINANCIAL REVIEW

INTERIM REPORT JANUARY 1–MARCH 31, 2021, TABLES

Accounting policies applied in the preparation of the interim report

This interim report is not prepared in accordance with IAS 34. Revenio Group adheres to half-year reporting
in accordance with the Securities Markets Act and, for the first three and nine months of the year, publishes
interim reports to present key information on the Group’s financial performance. The financial figures presented in this interim report are unaudited. The financial statement bulletin and the interim report for 1–6/2021 are drawn up in accordance with IAS 34 Interim Financial Reporting.

This report has been drawn up in accordance with the same principles as the financial statements for 2020, with the exception of the following amendments to the existing standards, which the Group has applied as of January 1, 2021:

Amendments made as part of Phase 2 of Interest Rate Benchmark Reform to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16.

In the management’s estimate, the adoption of the above-mentioned standards does not have a significant impact on the Group’s financial statements.

Consolidated comprehensive income statement (EUR million)


1–3/20211–3/20201–12/2020





NET SALES16.811.961.1
Other operating income0.00.11.3
Materials and services-4.8-3.4-17.7
Employee benefits-3.1-2.9-12.7
Depreciation, amortization, and impairment-0.7-0.6-4.6
Other operating expenses-3.7-2.7-10.2
NET PROFIT/LOSS4.62.417.1
Financial income and expenses (net)0.10.0-0.4
PROFIT BEFORE TAXES4.72.416.7
Income taxes-1.0-0.4-3.4
NET PROFIT3.72.013.4
Other comprehensive income items0.20.1-0.6
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD3.92.112.8
Earnings per share, undiluted, EUR0.1410.0750.505
Earnings per share, diluted, EUR0.1410.0750.504


Consolidated balance sheet (EUR million)


3/31/20213/31/202012/31/2020




ASSETS


NON-CURRENT ASSETS


Tangible assets2.01.82.0
Goodwill50.450.450.4
Intangible assets16.619.216.9
Right-of-use assets0.80.90.9
Other receivables0.10.10.2
Deferred tax assets0.00.00.0
TOTAL NON-CURRENT ASSETS70.072.470.4
CURRENT ASSETS


Inventories5.53.84.9
Trade and other receivables7.95.99.3
Deferred tax assets1.41.01.0
Cash and cash equivalents21.923.928.9
TOTAL CURRENT ASSETS36.634.644.0
TOTAL ASSETS106.6107.0114.4
SHAREHOLDERS’ EQUITY AND
LIABILITIES



SHAREHOLDERS' EQUITY


Share capital5.35.35.3
Fair value reserve0.30.30.3
Reserve for invested unrestricted capital52.551.752.5
Other reserves0.30.30.3
Retained earnings/loss8.210.014.0
Translationdifference-0.10.2-0.3
Own shares held by the company-2.2-2.4-2.3
TOTAL SHAREHOLDERS' EQUITY64.365.469.7
LIABILITIES


NON-CURRENT LIABILITIES


Deferred tax liabilities3.94.13.9
Financial liabilities22.425.422.4
Lease liabilities0.30.50.4
TOTAL LONG-TERM LIABILITIES26.530.126.6
CURRENT LIABILITIES


Trade and other payables11.47.512.6
Provisions0.30.40.3
Financial liabilities3.63.24.6
Lease liabilities0.50.40.6
TOTAL CURRENT LIABILITIES15.811.518.1
TOTAL LIABILITIES42.441.644.7
TOTAL SHAREHOLDERS' EQUITY


AND TOTAL LIABILITIES106.6107.0114.4


Consolidated statement of changes in equity (EUR million)











Reserve for






invested





ShareunrestrictedOtherRetainedTranslationOwnTotal

capitalequityReservesEarningsdifferencesharesEquity
Balance 1 Jan 20215.352.50.614.0-0.3-2.369.7
Dividend distribution0.00.00.0-8.50.00.0-8.5
Disposal and purchase of own shares0.0-0.20.00.00.00.20.0
Other direct entries to retained earnings0.00.00.0-1.10.00.0-1.1
Used option rights0.00.20.00.00.00.00.2
Total comprehensive income0.00.00.03.70.20.03.9
Balance 31 March 20215.352.50.68.2-0.1-2.264.3










Reserve for






invested





ShareunrestrictedOtherRetainedTranslationOwnTotal

capitalequityReservesEarningsdifferencesharesEquity
Balance 1 Jan 20205.351.20.68.00.1-0.764.4
Disposal and purchase of own shares0.00.00.00.00.0-1.6-1.6
Other direct entries to retained earnings0.00.00.0-0.10.00.0-0.1
Used option rights0.00.50.00.00.00.00.5
Total comprehensive income0.00.00.02.10.10.02.2
Balance 31 March 20205.351.70.610.00.2-2.465.4

Consolidated cash flow statement (EUR million)


1-3/20211-3/20201-12/2020




CASH FLOW FROM OPERATIONS


Profit for the period3.72.013.4
Adjustments:



Depreciation, amortization, and
impairment
0.70.64.6

Other non-cash items-0.70.10.5

Interest and other financial expenses0.10.10.4

Interest income and other financial income-0.10.00.0

Taxes1.00.43.4
Change in working capital:



Changes in sales and other receivables1.40.5-2.9

Changes in current assets-0.7-0.4-1.4

Changes in trade and other payables-1.9-2.31.0
Change in working capital, total-1.2-2.1-3.3
Interest paid
-0.1

-0.1

-0.3
Interest received0.00.00.0
Taxes paid-2.7-1.3-3.4
NET CASH FLOW FROM OPERATING ACTIVITIES0.6-0.315.2
CASH FLOW FROM INVESTING ACTIVITIES


Purchase of tangible assets-0.2-0.2-0.8
Purchase of intangible assets-0.1-0.1-0.7
Loans granted0.00.0-0.1
NET CASH FLOW FROM INVESTING ACTIVITIES-0.3-0.3-1.6
CASH FLOW FROM FINANCING ACTIVITIES


Repayments of loans-1.1-1.1-2.2
Dividends paid-6.60.0-7.9
Share subscription through exercised options0.20.51.3
Acquisition of own shares0.0-1.6-1.6
Payments of lease agreement liabilities-0.2-0.2-0.7
NET CASH FLOW FROM FINANCING ACTIVITIES-7.6-2.3-11.1
Net change in cash and credit accounts-7.2-2.92.6
Cash and cash equivalents at beginning of period28.926.726.7
Effect of exchange rates0.20.1-0.4
Cash and cash equivalents at end of period21.923.928.9

Key consolidated figures, EUR million


1-3/20211-3/20201-12/2020




Net sales16.811.961.1
EBITDA5.33.121.7
EBITDA-%31.525.835.5
Operating profit4.62.417.1
Operating profit-%27.520.428.1
Profit before taxes4.72.416.7
Profit before taxes, %28.120.027.4
Net result for the period3.72.013.4
Net result for the period, %22.316.621.9
Gross capital expenditure0.20.62.4
Gross capital expenditure-% from net sales1.14.73.9
R&D costs1.31.24.6
R&D costs-% from net sales8.010.07.5
Net gearing-%6.56.1-2.4
Equity ratio-%60.361.160.9
Return on investment-% (ROI)5.22.618.1
Return on equity-% (ROE)5.63.019.9
Undiluted earnings per share, EUR0.1410.0750.505
Diluted Earnings per share, EUR0.1410.0750.504
Equity per share, EUR2.412.462.61
Average no. of employees144121143
Cash flow from operating activities0.6-0.315.2
Cash flow from investing activities-0.3-0.3-1.6
Net cash used in financing activities-7.6-2.3-11.1
Total cash flow-7.2-2.92.6

Alternative growth indicators used in financial reporting

Revenio has adopted the guidelines of the European Securities and Market Authority (ESMA) on Alternative Performance Measures. In addition to the IFRS-based key figures, the company will publish certain other generally used key figures that may, as a rule, be derived from the income statement and balance sheet. The calculation of these figures is presented below. According to the company’s view, these key figures supplement the income statement and balance sheet, providing a better picture of the company’s financial performance and position.

Revenio Group’s net sales are strongly affected by fluctuations in the exchange rate between the euro and the US dollar. As an alternative growth indicator, we also present our net sales with the exchange rate effect eliminated.

Alternative growth indicator (EUR thousand)1-3/20211-3/2020
Reported net sales16,76311,903
Effect of exchange rates on net sales354-165
Net sales adjusted by the effect of exchange rates17,11611,738
Growth in net sales, adjusted by the effect of exchange rates44.5 %
Reported net sales growth40.8 %
Difference, % points3.7 %

Alternative profitability indicator EBITDA (EUR thousand)
EBITDA = Operating profit + depreciation + impairment

As an alternative growth indicator, the company also presents profitability as an operating margin (EBITDA) key figure.

Alternative profitability indicator (EBITDA) (EUR thousand)1-3/20211-3/20201-12/2020
Operating profit, EBIT4,6132,42317,130
Depreciation, amortization, and impairment6706454,563
EBITDA5,2833,06821,693


Operating profit adjusted by non-recurring costs (EUR thousand)1-3/20211-3/20201-12/2020
Operating profit, EBIT4,6132,42317,130
Impairment losses related to Cutica

1,937
Non-recurring costs of the acquisition63400
Adjusted operating profit, EBIT5,2472,42319,067


EBITDA adjusted by non-recurring acquisition costs1-3/20211-3/20201-12/2020
(EUR thousand)


EBITDA5,2833,06821,693
Non-recurring costs of the acquisition63400
Adjusted operating profit, EBITDA5,9173,06821,693

Formulas

EBITDA=
EBITDA = Operating profit + amortization + impairment
Gross margin=
Sales revenue – variable costs
Earnings per share=
Net profit for the period (attributable to the parent company’s shareholders)
Average number of shares during the period – own shares purchased
Profit before taxes=
Operating profit + financial income – financial expenses
Equity ratio, %=100 xShareholders’ equity on the balance sheet + non-controlling interest
Balance sheet total – advance payments received
Net gearing, %=100 xInterest-bearing debt – cash and cash equivalents
Total equity
Return on equity (ROE), %=100 xProfit for the period
Shareholders’ equity + non-controlling interest
Return on investment (ROI), %=100 xProfit before taxes + interest and other financial expenses
Balance sheet total – non-interest-bearing debt
Equity per share=
Equity attributable to shareholders
Number of shares at the end of the period

General statement
This report contains certain statements that are estimates based on the management’s best knowledge at the time they were made. For this reason, they involve a certain amount of inherent risk and uncertainty. The estimates may change in the event of significant changes in the general economic conditions.

Revenio Group Corporation
Board of Directors

For further information, please contact:
Jouni Toijala, President & CEO, tel. +358 50 484 0085
jouni.toijala@revenio.fi

Robin Pulkkinen, CFO, tel. +358 50 505 9932
robin.pulkkinen@revenio.fi
www.revenio.fi

DISTRIBUTION:
Nasdaq Helsinki Oy
Financial Supervisory Authority (FIN-FSA)
Principal media
www.revenio.fi

Revenio Group in brief
Revenio is a health tech group operating in the international market and a global leader in ophthalmological devices and software solutions. Revenio Group’s ophthalmic diagnostic solutions include intraocular pressure (IOP) measurement devices (tonometers), retinal imaging devices, and perimeters under the iCare brand. The main tools for the detection and diagnosis of glaucoma and its monitoring during treatment are intraocular pressure measurement (tonometry), retinal imaging, and visual field tests (perimetry).

Revenio Group comprises Revenio Group Corporation, Icare Finland Oy, Icare USA Inc., Revenio Italy S.R.L, CenterVue SpA, Revenio Research Oy, Done Medical Oy, and Oscare Medical Oy.

In 2020, the Group’s net sales totaled EUR 61.1 million and its operating profit amounted to EUR 17.1 million. Revenio Group Corporation is listed on Nasdaq Helsinki with the trading code REG1V.

© Modular Finance, source Nordic Press Releases

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Financials
Sales 2021 77,9 M 91,4 M 91,4 M
Net income 2021 17,4 M 20,5 M 20,5 M
Net Debt 2021 1,60 M 1,88 M 1,88 M
P/E ratio 2021 87,2x
Yield 2021 0,61%
Capitalization 1 519 M 1 783 M 1 783 M
EV / Sales 2021 19,5x
EV / Sales 2022 16,2x
Nbr of Employees 167
Free-Float 86,2%
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Revenio Group Oyj Technical Analysis Chart | REG1V | FI0009010912 | MarketScreener
Technical analysis trends REVENIO GROUP OYJ
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Mean consensus HOLD
Number of Analysts 4
Last Close Price 57,20 €
Average target price 63,17 €
Spread / Average Target 10,4%
EPS Revisions
Managers and Directors
Jouni Erik Toijala President & Chief Executive Officer
Robin Allan Pulkkinen Chief Financial Officer
Pekka Veikko Juhani R÷nkń Chairman
Mika Salkola Director-Research & Development
Ari Isomńki Operations Director
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