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.

• Operating profit for Q2 was EUR 5.3 million (20.6% margin), up 12.6% year-over-year; adjusted operating profit was EUR 6.0 million (23.5% margin), reflecting a 9% increase.

• EBITDA for Q2 rose 25.6% to EUR 7.1 million; net cash flow from operations was EUR 6.5 million.

• Earnings per share for Q2 increased to EUR 0.155 from EUR 0.122.

• Sales of fundus imaging devices and tonometers were particularly strong; new iCare TONOVET Pro launched in Q2.

Financial highlights

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

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

• H1 earnings per share reached EUR 0.291, up from EUR 0.281.

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

• Net cash flow from operations for H1 was EUR 11.2 million, up sharply from EUR 0.1 million a year ago.

Outlook and guidance

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

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

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

• Clinical trial costs of EUR 1.5–2 million planned for the year, with most expected in H2 or early next year; iCare ILLUME clinical trials and US reimbursement process ongoing.