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Research

Revenio Group: New long-term opportunities created

By Juha KinnunenAnalyst
Revenio Group
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Revenio's Q1 report was very strong, especially in terms of profitability, and the long-term story continues to progress convincingly. On Wednesday, the company told about an interesting opportunity in AI, which opens new growth opportunities for the company. However, our estimates for the next few years remain largely unchanged and the share valuation (2023e P/E 55x and EV/EBIT 43x) is very high. In the long term, the expected very strong earnings growth will correct even the higher valuation multiples, but due to the strong headwind of growth companies’ pricing, we still see risks in the valuation and refrain from further purchases.

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.

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Key Estimate Figures29.04.2022

202122e23e
Revenue78.895.7115.9
growth-%29.1 %21.5 %21.0 %
EBIT (adj.)24.529.137.2
EBIT-% (adj.)31.1 %30.4 %32.1 %
EPS (adj.)0.740.871.08
Dividend0.340.460.57
Dividend %0.6 %2.1 %2.6 %
P/E (adj.)75.125.220.4
EV/EBITDA57.718.614.5

Forum discussions

Inderes Muutos F-Securen johtoryhmässä – Talousjohtaja vaihtuu - Inderes Muutos F-Securen johtoryhmässä – Talousjohtaja vaihtuuF-Secure Oyj ...
yesterday
by Jolkku
14
Jouni and Robin were a powerful duo. They inspired trust when you met them. It’s difficult to find a replacement, but let’s hope for the best...
yesterday
by Sergio
8
CFO Robin Pulkkinen is leaving Revenio. I had discussions with Robin at general meetings for about 10 years. An extremely competent guy, the...
yesterday
by Pandakarhu
22
Good morning! Thanks for the good question @MolskisPabrai - I’ll find out what that could mean in practice and get back to you as soon as possible...
12/17/2025, 7:01 AM
by Juha Kinnunen
16
The FDA has announced this week that it is changing its practices regarding medical device approval applications. Device manufacturers can now...
12/16/2025, 8:25 PM
by MolskisPabrai
25
Q3 was indeed rather boring, and it seems Q4 is progressing along the same lines. Reve also keeps a lower profile than before; they didn’t even...
12/5/2025, 2:12 PM
by Von Wangell
14
Revenio’s trading volume today, with a rising share price, is many times higher than normal. Those in the know, know, I don’t…
11/25/2025, 7:50 PM
by Sissos
17
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