Eye scanner firm Optos reveals drop in headline revenues

Optos, the medical retinal imaging company, unveiled Tuesday a four per cent dip in headline revenues amid a tough European economy.

The eye scanner firm reported $40.3m in headline revenues for the three months to December 31st, compared to $41.9m the previous year, driven by a drop in finance and operating leases as more customers opted to buy devices outright.

However, Optos had a strong underlying revenue growth of 18% compared to the year earlier, buoyed by a large volume of capital sales.

The group won 274 new customers during the first quarter of the year which it said was traditionally its weakest period. Optos sold 267 of its Daytona devices during the period to new and existing customers.

The company also rented out 250 Daytona devices to a major corporation for a year.

Chief Executive Officer, Roy Davis, said he was encouraged by the results given the strain of the economy.

"Our underlying revenue growth for (the first quarter) was positive, against a robust comparable period," he said.

"Whilst continuing economic difficulties in Europe have adversely affected trading conditions in this relatively modest market for Optos, trading elsewhere was strong in December and continues to be so in the first weeks of the second quarter."

Shares fell 3.95% to 188.25p at 9:30 Tuesday.

RD