contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

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.

A suitable mix of cash, stock, and debt would certainly enable even a larger acquisition. Revenio’s share price decline last year is a bit of a double-edged sword when using their own stock as currency. From the seller’s perspective, this is a good thing (if there’s a directed issue to the seller), as they receive more shares. On the other hand, lowered valuation levels should also be reflected in the price of the target company, meaning less is paid for it. At least that’s how I’ve interpreted it—that prices for unlisted companies in the sector have also rationalized and are no longer stuck at the hype multiples of the COVID years. In the CenterVue acquisition, a directed issue was made to institutional investors. At that time, 2.35 million new shares were issued at a price of 18 euros per share. Of course, existing cash reserves were also used to pay the purchase price. This wasn’t financed with debt (VPO), even though borrowing would have been cheap at the time. Revenio’s balance sheet is currently so strong that using debt is, in my opinion, absolutely sensible. The cost of capital could be lowered and the return on equity increased simply by changing the capital structure (adding more debt). Right now, the balance sheet is as conservative as it gets. It’s been 7 years since that acquisition, and the share price is hovering at exactly the same levels. Revenio’s revenue was 31 MEUR (2018), 49.5 MEUR (2019), and 110 MEUR (2025). At least the EV/sales multiples have come down  As have the earnings multiples.

Strategically speaking, using its own shares to acquire a smart OCT firm would obviously make sense. The target could be in that EUR 200+ M valuation range. It would result in dilution for current shareholders, but we would certainly have quite a strong player on our hands.

This is a bit tricky to answer, as acquisitions can of course be financed in many ways. But if we ignore share issues and using their own shares for now, Revenio’s balance sheet could very conservatively withstand at least 2x EBITDA in pure debt. That would be around 60 MEUR, if you trust our 2026 forecast. If they buy an entity that is already generating good cash flow, 3x would probably still be relatively painless, but then the focus would need to be on reducing the debt level. So perhaps something like 100 MEUR could be feasible for a strategically important acquisition that also directly generates more cash flow. In that case, the debt-servicing capacity would also directly improve. 4x would then be a risky level, at least in my opinion, and the market would probably start pricing in some degree of financial risk. And I don’t believe that the traditionally conservative Revenio would take on such large amounts of debt. But Revenio does have a lot of room to maneuver as such, because profitability is strong and cash flows are fundamentally good.

Yeah, my AI detector saw it in Jouni’s eyes in the interview that OCT will be in Reve’s portfolio within the current year : ) Juha’s extensive report stated just over a year ago: “In our view, the most obvious area for expanding Revenio’s device offering is Optical Coherence Tomography (OCT), which belongs to the imaging market. This accounts for about 500 MEUR of the roughly 1.3 billion dollar imaging market, and Revenio currently has no offering in this segment. We expect Revenio to grow into this area in the medium term either through its own product development (extremely challenging) or through an acquisition (valuation levels are high). Expansion through an acquisition could even be rapid if the pieces fall into place.” Gemini gave an even bolder estimate: “The global size of the ophthalmology optical coherence tomography (OCT) market is estimated to be in 2026 approximately 1.61 – 2.19 billion dollars. Ophthalmology applications make up the largest part of the total OCT device market, and their share is estimated at approximately 69.2 %” In light of these figures, it’s pretty clear that Reve should get a device too, especially since the OCT market’s share of the whole pie also seems to be in strong growth. Exciting year ahead. Apparently, those ongoing US customs etc. messes have weighed on the valuations of Reve and Opto as well. Both still have fairly decent growth figures.

It would certainly be an excellent fit for Revenio. The company in question has an interesting story, as it was listed on the Warsaw Stock Exchange from 2008 to 2010, when Canon bought the company and delisted it. In 2014, the founding family bought the company back from Canon. Their OCT devices are known for their ease of use, just like Revenio’s iCare.

Four years ago, I was looking into OCT players and wrote here, when the share price was over EUR 40, that Optopol from Poland would be the best fit for Revenio’s product portfolio and could be acquired through a share swap. It is just over a third of Revenio’s size. Time has passed, but I still think it’s a perfect fit. Let’s hope for the best.

Acquiring OCT technology in one way or another would certainly be a great addition to Revenio’s product portfolio. Don’t Thirona’s AI algorithms analyze specifically OCT images? So, Revenio currently owns the “intelligent brains,” but doesn’t own the “eye” used to take the OCT images. After this, they would have the entire value chain and the data it produces pretty well in-house. It’ll be interesting to see what happens. I’d imagine we won’t have to wait very long for any strategic moves. Hopefully

Revenio Group

Under the iCare brand, Revenio offers world-class tonometers, fundus imaging devices and perimeters. In recent years, the company has added software solutions to its offering, moving from being an equipment provider to a holistic eye diagnostics solution provider. 

<p>Under the iCare brand, Revenio offers world-class tonometers, fundus imaging devices and perimeters. In recent years, the company has added software solutions to its offering, moving from being an equipment provider to a holistic eye diagnostics solution provider. The core business is growing very profitably, the market has sound growth drivers, and the company’s products have strong competitive advantages. At the same time, the company is creating future growth by developing new growth initiatives, of which Revenio has an excellent track record. </p> 

	2022	23e	24e
Revenue	97.0	111.4	129.6
growth-%	23.1 %	14.9 %	16.3 %
EBIT (adj.)	30.9	34.0	39.5
EBIT-% (adj.)	31.8 %	30.5 %	30.5 %
EPS (adj.)	0.86	0.98	1.15
Dividend	0.36	0.42	0.55
Dividend %	0.9 %	2.3 %	3.0 %
P/E (adj.)	44.6	18.9	16.2
EV/EBITDA	30.6	12.8	10.6

Revenio: Holistic value creation on the horizon

Key Estimate Figures18.03.2023

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