Many thanks for your questions, but it’s just Juha Well, the honest answer is that we dont know yet, but here are my basic assumptions. As far as I know, new Maia isn’t going to be groundbreaking, just new model due to end of life. Certainly it is hoped to be somewhat improved in everyway (including new components), but I’m not expecting it to be a significant growth driver in the future as it is somewhat a niche product. High-end quality product nevertheless. However, it will have an impact after launch because currently Revenio hasn’t been able to sell any solution and there has been demand. I suppose roughly >5 MEUR of annual revenue with solid gross margins could be a good guess when it comes to earnings - but we dont have a model going to product levels, as they aren’t published. So we’ll see. When it comes to iCare ILLUME screening solution it’s very interesting to see, especially when combined with AI later on. It should be a solid end-to-end solution, Revenio (or iCare) have a strong brand and plenty of loyal customers - and the early indications have been promising. However, it’s difficult to estimate how the market will develop. AI market is currently in the US due to lack of reimbursements in most of Europe, and I believe that US market will be paving the way for the rest of the world. Another Finnish company Optomed just got FDA approval for hand-held fundus camera combined with AEYE Health AI, and they are currently launching and looking for a breakthrough in US primary care. We’ll see how it goes and how the market responds in a new area and to a hand-held. Very difficult to compare with others or think about the market position, as the market is still forming. Currently I believe that ILLUME (with AI) will be a significant growth and earnings driver over the long-term, but I’m not expecting much in the coming 1-3 years. Typically these things take plenty of time in a conservative industry, but maybe it’s different this time. FDA is difficult to predict nowdays, and certainly there are significant costs related to the process (see Q1 update). But in my opinion the risks are still limited, and not much is priced in when it comes to the new solutions. Certainly failure would weaken the growth outlook for the coming years, and if significant, could hinder Revenio access to market and therefore weaken company’s position also going forward (competitors solidifying market share before it). But I would still look at this more as an opportunity for new market areas and overall solutions and remind that great majority of Revenio’s current business isn’t tight to this. Interesting times. New markets are forming and old ones are changing. Still I would expect the change to be more like an evoluation than a revolution - even with AI coming into play. Hope these ramblings were helpful, wrote without notes so mistakes are possible

Nice to see that we some have interest in Revenio also behind to the Gulf of Bothnia I’m visiting our Stockholm office, so I decided to see also what’s happening here. Sorry I haven’t been participating more in conversations - if you have questions about Revenio, tag me and I’ll try my best to answer I guess it’s safe to say now that last years crash to around 20 € levels was a good buying opportunity as we thought at the time (buy recommendations in Autumn of 2023). Business seems to be getting back to profitable growth and outlook for the coming years is solid at least in my humble opinion. Generally strong fundamentals stayed intact despite a weak period. The correction was quite sharp once sentiment started to improve. Now that the share price hovers around 30 €, valuation is no longer “cheap” and company needs to deliver earnings growth in the coming quarters. I’m quite confident that it will happen. Of course the share price is also higher then our target price (28 €) and our recommendation is still acuumulate. One might reasonable wonder how the conflict should be interpreted, so here’s a general guideline - both will naturally be evaluated in the next update, but until then recommendation trumps over the target price. Let’s see how things develop

Better late than never! I’ll try to be active now and compensate historical lapses

Q3-resultatet var lägre än förväntat på grund av valutakurseffekter och ökad kostnadsstruktur, men förvärvet av Thirona Retina förbättrar långsiktiga tillväxtmöjligheter. Värderingen (2025e EV/EBIT 21x) är attraktiv om bolaget kan upprätthålla vinsttillväxten. Intäktsökningen i Q3 var 15 % justerat för valutakursförändringar, med tillväxt i försäljningen av tonometrar och tvåsiffrig tillväxt inom bildbehandlingsutrustning. Revenios prognos för 2024 förblir oförändrad, och bolaget förväntar sig en intäktsökning på 5–10 % justerat för valutakursvariationer. Små negativa faktorer för framtida potential inkluderar avsaknaden av en separat ersättningskod i USA för HOME2-enheten samt en möjlig FDA-fördröjning för AI-partnern. Thirona bidrar också till ökade kostnader, vilket har minskat vinstprognoserna för 2025 med cirka 5 %. Med förväntad vinsttillväxt förblir värderingen attraktiv, och bolagets långsiktiga potential förblir stark. Inderes Revenio Q3'24: Slight increase in cost structure - Inderes Q3 results were below our expectations, but the main reason for the disappointment was negative FX effects. However, our forecasts for the next few years have been lowered slightly as the company's cost structure has slightly ballooned, but we...

Revenio publicerar sitt Q3-resultat på torsdag. Förväntningarna är god omsättningstillväxt och en betydande resultatförbättring efter en svag jämförelseperiod. Lönsamheten påverkas av löneinflation och kostnader relaterade till FDA-ansökan. Kvartalets höjdpunkter var förvärvet av Thirona Retina och lanseringen av tonometern iCare ST500, som står i centrum för framtida tillväxtutsikter. Inderes Revenio Q3'24 preview: Interesting quarter behind - Inderes Revenio will announce its Q3 results on Thursday at about 9.00 am EET. We expect the company to deliver good revenue growth and a significant improvement in earnings, helped by a very weak Q3'23 by the company's standards.

Revenios dotterbolag Icare lanserade igår tonometern iCare ST500, som kombinerar de viktigaste funktionerna i iCare-teknologin för ögontrycksmätning med en modern design baserad på spaltlampa. Enhetens teknologi motsvarar modellen IC200, men dess användning och design skiljer sig avsevärt. Lanseringen stöder företagets strategi och ökar marknadsandelen. Inderes Revenio’s Icare launched slit lamp tonometer - Inderes Revenio's subsidiary Icare yesterday announced the launch of the iCare ST500 packing the essential features of iCare rebound tonometry technology into a modern slit lamp-based design.

Revenio has brought a lot of joy to Finnish investors, and a bit to foreign ones as well. Its stock has risen significantly over the years, although it has been a bit calmer lately. Below are the analyst’s comments, as the company will soon publish its Q2 report. Inderes Revenio Q2'24 preview: Back to earnings growth - Inderes Revenio will announce its Q2 results next week on Thursday at about 9.00 am EEST. We expect Revenio's revenue and result to return to a clear upward trend, helped by the company's exceptionally weak Q2'23 comparison period. Together with revenue,...