While the launch of Optos' (OPTS) Daytona retinal mapping machine two years was hit by high development costs, these full-year figures from the medical technology company suggest that decent progress is now being made.
Optos successfully installed a record 1,640 Daytona machines in the period - which helps explain the solid revenue growth - and the group's customer base rose 24 per cent last year to more than 7,000. In fact, Optos has now installed more than 3,000 devices since Daytona's launch. Sales of its clinical 200Tx device were also strong, with more than 200 machines installed. Meanwhile, rising earnings and a reduction in inventory helped cut the net debt pile by 69 per cent to $12.2m (£7.8m).
With more than 70 per cent of group sales originating in the US, it's unsurprising that chief executive Roy Davis described the group as "more of a US company than a UK company". However, further geographic diversification could be on the horizon and, looking forward, Mr Davis reckons that Optos has a "real opportunity" to sell products in the Middle East and Europe.
Broker Numis Securities expects adjusted pre-tax profit of $24.8m for 2015, giving EPS of 22.9ȼ (from $17.7m and 16.5ȼ in 2014) rising to $38.2m and 35ȼ in 2016.
| OPTOS (OPTS) | ||||
|---|---|---|---|---|
| ORD PRICE: | 220p | MARKET VALUE: | £160m | |
| TOUCH: | 210-219p | 12-MONTH HIGH: | 236p | LOW: 148p |
| DIVIDEND YIELD: | NIL | PE RATIO: | 20 | |
| NET ASSET VALUE: | 187p* | NET DEBT: | 9% | |
| Year to 30 Sep | Turnover ($m) | Pre-tax profit ($m) | Earnings per share (ȼ) | Dividend per share (ȼ) |
|---|---|---|---|---|
| 2010 | 106 | 12.7 | 18.1 | nil |
| 2011 | 143 | 22.0 | 31.0 | nil |
| 2012 | 193 | 23.4 | 32.7 | nil |
| 2013 | 158 | 9.5 | 13.2 | nil |
| 2014 | 169 | 12.2 | 16.8 | nil |
| % change | +7 | +28 | +27 | - |
Ex-div: - Payment: - *Includes intangible assets of £44.8m or 62p per share £1=$1.56 | ||||
