Retinal imaging specialist reports 77% rise in pre-tax profits for six months to March 31
Retinal imaging specialist Optos has reported a 77 per cent rise in pre-tax profits for the first six months of its financial year.
The Dunfermline-based company, which develops imaging technology for eye tests, said pre-tax profits for the six months to March 31 rose to £4.3 million on a 47 per cent rise in turnover to £54 million.
Outright device sales almost doubled compared with a year ago, from £7.3 million to £14.3 million, and sales under lease agreements jumped from £1.9 million last year to £16.4 million.
Service and warranty revenues also rose from £0.9 million last year to £3.7 million.
Optos recently launched a smaller, table-top imaging device called Daytona which was cleared by the US Food and Drug Administration in August of last year.
The company said it has already received orders for 350 of the new Daytona devices and is ramping up its manufacturing capability to meet demand.
In March, Optos announced it had delivered the first shipment of Daytona, part of a total order of 160 devices it will supply to Luxottica's OPSM optometry stores in Australia and New Zealand this year.
Optos chief executive Roy Davis said: "We have delivered continued good financial results whilst investing materially in the future of the business.
“Daytona was successfully launched on time and we have secured 350 initial orders for this ground-breaking device.
“Renewals of existing contracts with associated future cashflows in excess of $45 million (£28.4 million) demonstrate continued demand for our existing range of ultra-widefield devices as well as increasing interest in our more recent product offerings.
"Our investment in building our international presence resulted in a doubling of revenues outside North America, driven by sales of 200Tx devices into ophthalmology.
“Our Lean initiative to improve product reliability, reduce build costs and improve service will ultimately lead to greater customer satisfaction.
“We believe that these investments and a significant order book for Daytona position us well for a strong performance in the second half and beyond.”
Optos is a global leader in the design and manufacture of ultra-widefield, high resolution digital imaging equipment such as its Optomap Scanning Laser Ophthalmoscope.
An Optomap image provides an ultra-wide view of up to 82 per cent of the retina in one capture.
The device is used as a screening tool to detect a range of diseases including diabetes and Alzheimer's Dementia, hypertension and certain cancers.