Optomed (OPTOMED) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue declined 6.4% year-over-year to €3.5 million, mainly due to Devices segment softness; both Devices and Software segments saw decreases.

• Major strategic developments included FDA clearance for Optomed Aurora-AEYE and a joint venture in China.

• Cash position strengthened to €12.1 million, supported by a €7.9 million share issue.

• Adjusted EBITDA for Q2 2024 was -€0.8 million, impacted by increased credit risk accrual for a Chinese client.

• Cooperation agreement signed with Toku Eyes for AI-based disease detection.

Financial highlights

• Q2 2024 revenue: €3.5M (-6.4% YoY); gross margin: 69.9% (+3.5pp YoY); H1 2024 revenue: €6.8M (-5.4% YoY).

• Adjusted EBITDA: -€0.8M; Q2 net loss: -€1.8M; H1 net loss: -€2.9M; EPS: -€0.10.

• Q2 2024 EBITDA: -€1.2M (-33.8% margin); adjusted EBITDA margin: -22.9%.

• Cash and cash equivalents at end of Q2: €12.1M (up from €5.7M YoY).

• Cash flow from operations in Q2: -€0.56M; H1: -€1.07M.

Outlook and guidance

• Full year 2024 revenue is expected to grow compared to 2023; outlook remains unchanged.

• Positioned for the next phase of growth following strategic moves in the US and China.