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.

Hi Juha, I hope that it is ok that I write to you in English. Some suggestions for questions:  Carl Zeiss recently flagged weakness in the US due to investment hesitancy. Do you see similar trends, or is your new strategy targeting corporate accounts, supported by your recent senior hires, helping you decouple from this sentiment? I’m particularly interested in whether you see a divergence between CAPEX investments versus your more OPEX-oriented solutions. Regarding the AI screening rollout in the US: Can you provide an updated timeline? Specifically, are you seeing any signs that customers are delaying hardware purchases because they are waiting for the full “screening-as-a-service” approval to be in place? Given the current share price and a strong balance sheet, what’s the most efficient use of capital right now considering share buybacks vs M&A? Regarding the macro outlook: Could you comment on your ability to mitigate potential tariffs and FX headwinds? Do you see room to pass these costs on to customers to protect your gross margins?  Keep up the good work Juha, and have a nice w/e. Thanks!

A few questions came to mind!  -How does the company measure its strategic goals in practice? The current main goals do not include numerical targets, so I assume the company has internal KPIs linked to these goals below? Can you elaborate on these?   -The company has stated it focuses on creating a foundation for growth during its strategy period; now that we are moving into the final year of the strategy period, how does Jouni assess the company’s success, and what will the focus be during 2026?   -How sensitive are Revenio’s customers in the USA to uncertainty? Some of the medtech companies I follow have already reported their results, and the figures are very varied. For some, government shutdowns have made a significant dent in sales because the customers are public labs, etc. Others, on the other hand, have accelerated growth in the USA. How would Jouni assess how customer behavior changes as uncertainty increases? -What kind of pricing models does Revenio have for its software solutions? Does the new iCare ALTIUS, for example, generate new revenue, or are these provided for the customer’s use alongside product purchases? -Is a decline in multiples observable among potential acquisition targets? I assume Juha will inquire about how the recovery of Private Equity-driven customers is looking, and if there are changes from the previous quarter  . Jouni referred to R&D projects in the pipeline during the Q3 interview that might increase FDA costs. Any possible additional information regarding these would be interesting. A question for Juha: are APAC sales direct or through a partner?

Hi everyone! I thought I’d remind you of the opportunity to ask questions to Revenio’s CEO. The earnings release is this coming Wednesday, and I’ll be chatting with Jouni then as usual. Good questions are welcome – if none come in, I’ll come up with some myself  PS. I’ll return to the pressure on the share price on Monday in connection with the earnings preview.

Price movements are very difficult to assess successfully; they often seem obvious only in hindsight. Sometimes selling alone triggers further selling; on the other hand, unfortunately, it sometimes feels like someone knows more. In Revenio’s case, I’ve noticed that many of the Nordic medtech companies I own have experienced significant share price weakness lately. At the same time, I’ve come across news almost daily about the unfortunate TIN Ny Teknik fund. Investors don’t seem satisfied with the fund’s performance, and owners have started redeeming their holdings in the fund.    The performance of the TIN Ny Teknik fund has indeed been weak, and the fund’s total return turned negative last week. The fund has a significant weighting in the healthcare sector and is focused on Nordic companies.   Tin Fonder is also among Revenio’s largest shareholders, in 16th place. I’m considering the possibility that the fund might have to dump its holdings to cover fund redemptions. What I find unusual about Revenio’s decline is that the list of major shareholders doesn’t show any significant sellers.  However, it’s good to keep in mind that correlation is not the same as causation. At the turn of the year, the TIN fund had not yet sold any Revenio shares. Before that, the fund had bought just over 4,400 Revenio shares. Another thing is that the fund owns “only” just over 260,000 shares. Revenio’s trading volume in recent days has been over 50,000 shares per day. Of course, if holdings have to be reduced because of redemptions, it weighs on Revenio’s price, but would the consequence be this dramatic? What I’ve been missing during the share price drop is some kind of opinion from an analyst. There’s quite a long way to the current target price; is it still relevant, and is the view the same as before? Knowing that no significant changes have occurred in the outlook would also be helpful information for my own thoughts. Next week it’s time for the earnings release…

The dollar’s weakness has been ongoing all year and there haven’t been significant changes during Q4. They provide guidance for currency-adjusted growth anyway. Edit: Revenio’s EV/EBIT based on this year’s forecasts is 14 and, for example, Kesko’s is 17. Of course, they are companies in completely different sectors, but these valuations for growth companies have certainly become quite peculiar. And Revenio isn’t a SaaS company, although they do get software revenue in increasing amounts nowadays too. I would believe their software revenue is quite sticky compared to, for example, CRM players.

Are there any other concerns here besides the weakness of the dollar? Regarding that, the CEO also noted that the exposure is moderate ( sales,  expenses…)

Revenio’s share price is currently at the same level as it was in the spring of 2019. I wonder if the bar for the share price has been lowered so much that it will see a significant rally after the earnings announcement. At least that’s what I believe, as Revenio has continued its steady, albeit slower, growth with healthy margins. Investments have been made for future growth, even though there hasn’t been any news on the M&A front. Nevertheless, the company is growing organically quite well.

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 %	2.2 %	2.9 %
P/E (adj.)	44.6	19.6	16.8
EV/EBITDA	30.6	13.3	11.0

Revenio: Holistic value creation on the horizon

Key Estimate Figures18.03.2023

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