Revenio Group (REG1V) Q2 2024 earnings summary

Executive summary

• Q2 2024 net sales reached EUR 25.4 million, up 14.2% year-over-year, with strong growth in the US, EMEA, and APAC regions, driven by fundus imaging devices and tonometers.

• Operating profit for Q2 was EUR 5.3 million (20.6% margin), up 12.6% year-over-year; EBITDA rose 25.6% to EUR 7.1 million.

• Earnings per share for Q2 increased to EUR 0.155.

• New iCare TonoVet Pro launched in Q2, contributing to sales momentum.

• Net cash flow from operations in Q2 was EUR 6.5 million, with H1 net cash flow at EUR 11.2 million.

Financial highlights

• H1 2024 net sales totaled EUR 49.1 million, up 7.9% year-over-year; currency-adjusted growth was 6.1%.

• H1 operating profit was EUR 10.4 million (21.2% margin), down 4.0% year-over-year; EBITDA for H1 was EUR 13.3 million, up 4.7%.

• H1 earnings per share reached EUR 0.291.

• Gross margin remained stable at 71.1% in Q2 and 70.8% for H1.

• Equity ratio improved to 74.7% at the end of Q2 2024; net gearing was -3.0%.

Outlook and guidance

• Exchange rate-adjusted net sales for 2024 are expected to grow 5–10% from the previous year.

• Profitability, excluding non-recurring items, is expected to remain at a good level.

• Clinical trial costs of EUR 1.5–2 million are planned for the year, with some costs expected in H2 and into early 2025.

• The reimbursement process for the iCare HOME2 tonometer in the US is expected to conclude in Q4 2024.

• Q3 and H2 are proceeding according to plan, with no significant changes in demand or execution.