Revenio Group Corporation: Interim Report January 1 - September 30, 2016

Revenio Group Corporation, Stock Exchange Release, October 31, 2016 at 9:00 am

Interim Report January 1-September 30, 2016

Due to an amendment to the Securities Market Act, which came into force on November 26, 2015, the descriptive sections of Revenio's interim reports Q1/2016 and Q1-Q3/2016 will be shorter and more concise than before. The table sections will be reported in accordance with previous practices. The figures are unaudited.

Revenio Group Corporation has adopted the publication procedure enabled by the Financial Supervisory Authority's Regulations and guidelines 7/2013 (Disclosure obligation on issuers) and is publishing its Interim Report for January-September 2016 as an appendix to this stock exchange release. This release is a summary of Revenio Group Corporation's Interim Report January-September 2016, which is available in full in the pdf file attached to this stock exchange release, and on the company website at .  

Third quarter operating profit grew strongly by 17.6%

July-September 2016 in brief, continuing Group operations

  • Net sales totaled EUR 5.8 (5.3) million, showing an increase of 8.7 per cent.
  • Operating profit was EUR 1.9 (1.6) million, up by 17.6 per cent
  • Strong growth in probe sales continued, amounting to EUR 1.7 (1.4) million, or 29.3 per cent of net sales
  • An application has been filed for a CE marking for the asthma product to be named Ventica
  • Factors contributing to operating profit growth included probe production process enhancement and a reduction in other operating costs
  • Earnings per share, undiluted EUR 0.20 (0.17)

January-September 2016 in brief, continuing Group operations

  • Net sales amounted to EUR 16.8 (14.8) million, up by 13.6 per cent from the previous year
  • Operating profit was EUR 4.9 (4.5 million), an increase of 8.6 per cent
  • Earnings per share, undiluted EUR 0.49 (0.47)
  • Sales permit for Icare ic100 granted in the United States
  • Revenio will have a new CEO as of January 1, 2017

Key figures, continuing operations, EUR million:

  1.7-30.9.2016 1.7-30.9.2015 Change
1.1-30.9.2016 1.1-30.9.2015 Change
Net sales, Group5.85.38.716.814.813.6
Operating profit,
Net sales,
Health Tech
Operating profit,
Health Tech
Undiluted earnings
per share
Cash flow from
operating activ-
     30 Sep 2016 30 Sep 2015 Change %point
Equity ratio-%   78.983.0-4.1
Gearing-%   -36.4-44.27.8

Financial guidance for 2016

Net sales growth is expected to remain strong. Profitability is expected to remain at a healthy level despite growth investments.

Olli-Pekka Salovaara, President & CEO, comments on third quarter of 2016:

"During the period, Icare tonometer sales developed well in countries with significant growth potential, such as China, Canada and Russia. The United States remains our single largest market and our customers' positive reactions towards our new products create positive expectations for the future.

During the review period the probe production process enhancements were completed thus having a positive impact on the strong operative profit. Furthermore, in the absence of the sales permit, no costs have incurred in relation to the Icare HOME tonometer launch in the United States.

Sales of the Icare ic100 tonometer, launched in Europe at the beginning of the year, had a good start. The Icare ic100 was granted a sales permit in the United States in April, and the product launch is currently under way.

Feasibility studies of the Icare HOME tonometer have been completed, and we expect to file a sales permit application with the FDA by the year-end, as planned.

Development projects involving skin cancer and asthma-related products are moving forward as planned.

The sales growth on third quarter was not what we expected, but I believe that the fourth quarter of the year will be stronger what comes to sales."

General statement

This report contains certain statements that are estimates based on the management's best knowledge at the time they were made. For this reason, they involve a certain amount of inherent risk and uncertainty. The estimates may change in the event of significant changes in general economic conditions.

Revenio Group Corporation
Board of Directors

For further information, please contact:
Olli-Pekka Salovaara, President & CEO, tel. +358 40 567 5520

Nasdaq Helsinki Oy
Financial Supervisory Authority (FIN-FSA)
Principal media

The Revenio Group in brief

Revenio is a Finnish, globally operating health technology corporation whose worldwide success is based on a strongly patented intraocular pressure measurement technology. The Revenio Group consists of Icare Finland Oy, Revenio Research Oy and Oscare Medical Oy, in which Revenio holds a 53% interest. The common denominators of Revenio's business operations include screening, follow-up and the global need to make cost savings through preventive health care. Revenio seeks vigorous growth in health technology. Revenio aims to develop even more efficient and easily adopted methods for the early-stage detection of diseases with significance for public health. The focus of Revenio's screening technology is on the early detection of glaucoma, osteoporosis, skin cancer and asthma, and the monitoring of these during the treatment process.

In 2015, Revenio Group's net sales totaled MEUR 20.3, with its operating margin for continuing operations standing at 28.4%. Revenio Group Corporation is listed on Nasdaq Helsinki.

Revenio Group Corporation Interim Report Q3 2016

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Revenio Group Corporation via GlobeNewswire