Optomed Oyj Class AOMXHEX: OPTOMED

Interim Report, January – March 2026, presentation

· Issued by Optomed Oyj Class A
‌Optomed Q1 2026 6th May 2026

Juho Himberg, CEO Sakari Knuutti, CFO





‌Highlights Q1

1.

Strongest quarter ever

for Aurora AEYE new subscription sales

2.

Weak quarter in

terms of revenue development

3.

Temporary uncertainty

regarding CMS proposal to remove the diabetic eye exam from the HEDIS Star Rating

during the quarter



‌Q1-2026 Key Figures

EBITDA IMPROVED IN SPITE OF LOWER REVENUE

Q1/2026

Q1/2025

Change

Revenue

3,351

4,021

-16.7%

Gross profit

2,302

2,693

-14.5%

Gross margin

68.7%

67.0%

+1.7pp

EBITDA

-701

-737

4.9%

EBITDA margin

-20.9%

-18.3%

-2.6pp

Net profit / loss

-1,101

-1,581

30.4%

Earnings per share

-0.05

-0.08

34.2%

Cash flow from operating activities

-1,432

371

-485.5%

‌Segment highlights



‌Devices Segment Q1-2026

GOOD AURORA AEYE PERFORMANCE BUT WEAKER CAPITAL SALES

1.

Q1/2026

Q1/2025

Change

Revenue

1,065

1,526

-30.2%

Gross profit

668

897

-25.6%

Gross margin

62.7%

58.8%

+3.9pp

EBITDA

-348

-297

-17.0%

EBITDA margin

-32.7%

-19.5%

-13.2pp

Optomed USA continued to grow during the quarter, driven by Aurora AEYE

2.

Capex sales affected by HEDIS uncertainty during the quarter

3.

Margins improved supported by

Aurora AEYE



‌Software Segment Q1-2026

SOFTWARE EBITDA NORMALIZED

1.

Q1/2026

Q1/2025

Change

Revenue

2,285

2,496

-8.4%

Gross profit

1,634

1,796

-9.0%

Gross margin

71.5%

72.0%

-0.4pp

EBITDA

477

521

-8.5%

EBITDA margin

20.9%

20.9%

0.0pp

Modest revenue decline primarily due to timing effects of various software deliveries

2.

The EBITDA margin stabilized at 20.9% following Q4 2025, which was affected by one-off costs

3.

General IT consulting market conditions in Finland remained weak

‌Strategic Progress

CONTINUOUS PROGRESS

1.

Aurora AEYE continues to perform: Strongest quarter ever for Aurora AEYE new subscription sales

2.

The collaboration with a global top-10 pharma company progressed with the ESG reporting capabilities build-up

3.

China: joint venture continues to develop while it remains a binary opportunity





‌Cash Flow Q1-2026

Q1 2026

Q1 2025

Loss for the financial year

-1,101

-1,581

Cash flows before change in net working capital

-541

-692

Change in net working capital

-887

1,101

Cash flows before finance items

-1,429

410

Cash flows from finance items

-3

-38

Net cash from operating activities

-1,432

371

Net cash used in investing activities

-503

-781

Net cash from financing activities

-244

-357

Net increase (decrease)

in cash and cash equivalents

-2,179

-767

Cash and cash equivalents at the beginning of period

9,909

10,467

Cash and cash equivalents at end of period

7,752

9,688

CASH POSITION AT EUR 7.8 MILLION

  • Cash flows before change in net working capital improved in spite of weakened revenue

  • Working capital outflows reduced net cash from operating activities

  • Cash position at EUR 7.8 million (12.1)



    ‌Outlook 2026

    OPTOMED EXPECTS ITS FULL YEAR 2026 REVENUE TO GROW COMPARED TO 2025

    Key items supporting our growth:

    • Strongest quarter ever for Aurora AEYE new subscription sales and growing recurring revenue base

    • Lumo sales on-going

    • AI clearance as a quality stamp seems to drive also our traditional camera sales in the US

    Areas of uncertainty and pressure on growth:

    • Software segment growth facing a difficult domestic market environment in Finland

    • Weak Q1 puts pressure on Q2-4

    • Challenges to accurately forecast the timing and size of large capital expenditure deals due to various uncertainties and market dynamics

    • Geopolitics and FOREX

    ‌Q1-2026 in summary

    • Devices revenue growth affected by timing issues and regulatory uncertainty during the quarter

    • Software segment margins normalized while revenue growth was affected by timing effects

    • Temporary uncertainty regarding CMS proposal to remove the diabetic eye exam from the HEDIS Star Rating during the quarter

    • Strongest quarter ever for Aurora AEYE new subscription sales



      ‌Appendix





      31 March 2026

      31 March 2025

      ASSETS

      Goodwill

      4,256

      4,256

      Development costs

      8,670

      8,487

      Other intangible assets

      1,009

      1,323

      Total intangible assets

      13,935

      14,066

      Total tangible assets

      1,028

      857

      Total non-current assets

      16,104

      16,318

      Inventories

      2,781

      1,713

      Trade and other receivables

      3,347

      3,046

      Cash and cash equivalents

      7,752

      9,688

      Total current assets

      13,880

      14,447

      TOTAL ASSETS

      29,985

      30,765

      LIABILITIES

      Total equity

      22,717

      22,470

      Non-current liabilities

      1,731

      2,243

      Total current liabilities

      5,536

      6,052

      TOTAL EQUITY AND LIABILITIES

      29,985

      30,765

      ‌Balance Sheet

  • Equity ratio of 75.8 (73.0) percent

  • Total borrowings of EUR

    1.3 (2.1) million

  • Net working capital was EUR 1,514 (188)

  • Interest-bearing net debt totaled EUR -6,430 (-7,621) thousand.

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