Revenio: Visionix integration progresses as planned
Summary
- Revenio announced progress in the Visionix acquisition integration, with organizational changes in the US leading to personnel reductions, while maintaining its synergy and long-term EBITDA improvement targets.
- The company is restructuring its US operations to eliminate task overlaps, with similar assessments planned for other countries, and restructuring costs estimated at 20 MEUR.
- Revenio aims to improve EBITDA by over 20 MEUR through synergies by the end of 2029, with expected cost synergies of around 14 MEUR and potential additional sales synergies.
- A new strategy is being developed, to be presented in the second half of 2026, with the integration progressing as planned and no immediate need for estimate changes.
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Translation: Original published in Finnish on 08/03/2026 at 08:30 am EEST
On Friday, Revenio published an update on the progress of the Visionix acquisition integration, which was carried out in May. The company announced that it had initiated organizational changes in the US that led to personnel reductions and reiterated its estimate of achievable synergies and its long-term EBITDA improvement target. The integration appears to be progressing in line with our estimates, although information remains limited.
The streamlining of the US organization has begun
Revenio is currently building the structure of the combined company, and planning has progressed furthest in the US operations. The company has identified overlaps in tasks and responsibilities in the region, which have led to local staff cuts. The company did not disclose the number of personnel reductions. According to the company, similar operational assessments will be carried out in other countries as the integration progresses. We expected the creation of the new structure to require drastic measures, and we estimate that restructuring costs will total 20 MEUR, which will weigh on reported profitability in the coming years.
Synergy target remains unchanged, and the strategy is prepared
Work since the completion of the acquisition has so far focused on harmonizing culture, organizational structures, and systems. Regarding financial value creation, "Revenio aims to improve EBITDA by over 20 MEUR through joint value creation and synergies by the end of 2029." The long-term target is in line with previous communications, and we estimate the company will achieve cost synergies of around 14 MEUR within the set target window. On top of these, we estimate that sales synergies, which are subject to more volatility, could bring additional potential to profitability.
Revenio also announced that it is currently developing a new strategy, which the company will present at a CMD in the second half of 2026. We consider the given situation report to be confidence-inspiring and estimate that the integration is progressing as planned. The release does not create pressure for estimate changes, but we will update our estimates before the Q2 earnings release to reflect the consolidation of Visionix at the end of May.
Revenio is a global provider of comprehensive eye care diagnostic solutions. The group offers fast, user-friendly, and reliable tools for diagnosing glaucoma, diabetic retinopathy, and macular degeneration (AMD). Revenio’s ophthalmic diagnostic solutions include intraocular pressure (IOP) measurement devices (tonometers), fundus imaging devices, and perimeters as well as software solutions under the iCare brand. In 2023, the Group’s net sales totaled EUR 96.6 million, with an operating profit of EUR 26.3 million. Revenio Group Corporation is listed on Nasdaq Helsinki with the trading code REG1V.
Read more on company pageKey Estimate Figures29.04
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 109.7 | 194.2 | 278.7 |
| growth-% | 6.0 % | 77.0 % | 43.5 % |
| EBIT (adj.) | 26.5 | 33.2 | 48.7 |
| EBIT-% (adj.) | 24.2 % | 17.1 % | 17.5 % |
| EPS (adj.) | 0.70 | 0.82 | 0.89 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | 27.7 | 15.5 | 14.2 |
| EV/EBITDA | 16.7 | 19.8 | 9.9 |
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