Retinal imaging firm reports "very positive" market response to its new Deytona device
Retinal imaging firm Optos has reported surge in revenue and profit for the year as sales of its new Daytona desktop imaging device exceed expectations.
Dunfermline-based Optos, which develops imaging technology for eye tests, said it had increased its borrowing by $11.5 million to fund the business “through the relatively investment heavy stage of a global new product introduction for Daytona”.
Optos had agreed a $30 million three-year loan facility with Lloyds Banking Group in September 2011 to fund its acquisition of a division of US-based Opko Health.
The Dunfermline-based company, which reports reports its financial results in US dollars, said revenues for the year rose 37 per cent to $196.4 million (£123.2 million) and pre-tax profits rose nearly 16 per cent to $26.3 million (£16.5 million).
Optos said outright device sales rose more than seven per cent on the previous year to $64.2 million (£40.2 million) with $21 million (£13.8 million) in revenue generated from sales of its Daytona desktop imaging device.
The company sold a total of 329 Daytona devices in the financial year, which had “exceeded expectations”, adding the market response to the device has been “very positive”
Optos officially launched the Daytona device for commercial sale on October 1.
Margins on Daytona sales dropped from 64 per cent the previous year to 57 per cent, which Optos said was a result of the timing of its manufacturing scale up for the device.
Optos said 25 per cent of its sales are now made outwith its key North American market, up from 18 per cent last year and overall sales in the North American market rose by 26 per cent year on year and by 85 per cent internationally.
Chief executive Roy Davis said: "Optos has delivered a very strong revenue performance enabling the company to invest for future growth.
“The last financial year saw the beginning of a new significant chapter in the evolution of Optos with the market launch of Daytona.
“We have been delighted with the response to its introduction.
“We believe Daytona will be a pivotal platform for the expansion of our product offerings and international reach, aided by the growing body of clinical evidence that confirms the critical importance of the periphery in retinal diagnostics.
“Our priorities for the current financial year are to execute on growing the Daytona customer base, to continue our expansion into the ophthalmology market with the 200Tx device and to drive further operational efficiency.
“During 2013, we expect to deliver revenue growth in high single digits and to see modest gross margin accretion as Daytona reaches volume production.”