Q3 2024 Revenio Group Oyj Earnings Call Transcript
Key Points
- Revenio Group Oyj (OHEL:REG1V) reported an 8.9% increase in net sales for Q3, reaching EUR23.9 million, with currency-adjusted growth at 15.1%.
- The company successfully launched new products, including the tonometer 500 and tono pro, which have received positive market traction.
- Revenio Group Oyj achieved regulatory approvals in China for several products, expanding their market presence in the region.
- The acquisition of Tiron Retina enhances their AI capabilities, allowing for better margins and control over business models.
- The company's net cash flow from operations for the first nine months was EUR14.1 million, a significant increase from EUR5.6 million the previous year.
- Operating profit decreased to EUR5.5 million from EUR6 million last year, impacted by currency headwinds.
- The CMS decision not to grant a reimbursement code for the home tonometer could affect sales growth in the US.
- FX impacts led to a drop in gross margin below 70% for the quarter.
- There were increased direct costs, including significant marketing expenses and higher personnel costs due to bonus accruals.
- The company faces challenges with FDA-related costs and delays in clinical trials, impacting future product launches.
Good afternoon and welcome to Revenio Group Q3 earnings call. My name is Jouni Toijala, and I'm the group CEO and we have here as well. Robin Bin and our CFO today, I'm going to start by going through the highlights for the Q3. So a bit of the numbers then highlights from the business and products. Then Robin is going to go through in more detail, the financials and then finish up with the shareholders and reiterate the financial guidance.
So let's jump to the Q3. So a good quarter in terms of the organic sales growth for us, net sales EUR23.9 million, an increase of 8.9% from the last year, which was at EUR22 million. And it should be noted that we got quite a lot of currency headwind from the US dollar EUR exchange rate. So if you look at the growth from the currency adjusted point of view, so July September Q3 growth was actually 15.1% operating profit, 23% from the net sales. So EUR5.5 million down from EUR6 million last year and here perhaps a couple of comments related to profitability. So
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