olivLaw · European equity research
Optomed Oyj OPTOMED.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Optomed Oyj develops handheld fundus cameras and AI-based retinal screening software, with a growing focus on the US market following FDA approval of the Aurora AEYE camera. Group revenue rose 13.7 percent in 2025 to EUR 17.096 million, but the company remains loss-making and depends on continued US sales growth.
At the close of 05 Nov 2026, Optomed Oyj (OPTOMED.HE) stock was 1.51 EUR (+0.13% on the day), with market capitalisation 29.5 m EUR, beta 0.45, 52-week range 1.35–4.13 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 58.8
- strong (55–70)
- Bollinger (20, 2)
- 1.31 – 1.52
- in the upper half of the band · %B 0.98 · band width 14.5%
- SMA 50 / 200
- 1.50 / 1.98
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.1% | −0.6% | +9.7 pp | — |
| 3 months | −5.4% | −4.2% | −1.2 pp | — |
| 6 months | −3.3% | +4.3% | −7.7 pp | — |
| Year to date | −59.9% | +7.5% | −67.4 pp | — |
| 1 year | −62.2% | +9.9% | −72.1 pp | −1.2% |
| 3 years | −44.6% | +49.8% | −94.5 pp | +6.8% |
| 5 years | −84.2% | +42.8% | −127.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 15.0 m | 17.1 m |
| Revenue YoY | unavailable | +13.7% |
| Net income | -5.5 m | -6.6 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.29 | -0.34 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -36.2% | -38.8% |
| Free cash flow | -1.9 m | -3.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.9 m EUR
- Financial debt
- 789.0 k EUR
- Net debt
- -9.1 m EUR
- Equity
- 24.0 m EUR
- Total assets
- 32.0 m EUR
- Debt / equity
- 0.03x
- Current ratio
- 2.39x
- ROE
- -27.9%
- ROA
- -20.8%
- FCF margin
- -17.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 15.0 m | 17.1 m | esef· 04 Mar 2026verified |
| Operating income | -6.0 m | -6.0 m | esef· 04 Mar 2026verified |
| Interest expense | 776.0 k | 1.3 m | esef· 04 Mar 2026verified |
| Pre-tax income | -5.5 m | -6.7 m | esef· 04 Mar 2026verified |
| Income tax | -66.0 k | -77.0 k | esef· 04 Mar 2026verified |
| Net income | -5.5 m | -6.6 m | esef· 04 Mar 2026verified |
| Diluted EPS | -0.29 | -0.34 | esef· 04 Mar 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 10.5 m | 9.9 m | esef· 04 Mar 2026verified |
| Inventories | 2.0 m | 2.4 m | esef· 04 Mar 2026verified |
| Current assets | 15.7 m | 15.8 m | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 652.0 k | 894.0 k | esef· 04 Mar 2026verified |
| Goodwill | 4.3 m | 4.3 m | esef· 04 Mar 2026verified |
| Total assets | 31.8 m | 32.0 m | esef· 04 Mar 2026verified |
| Short-term debt | 794.0 k | 789.0 k | esef· 04 Mar 2026verified |
| Long-term debt | 790.0 k | 0 | esef· 04 Mar 2026verified |
| Current liabilities | 5.6 m | 6.6 m | esef· 04 Mar 2026verified |
| Total liabilities | 8.1 m | 8.0 m | esef· 04 Mar 2026verified |
| Equity | 23.6 m | 24.0 m | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 18.8 m | 19.5 m | esef· 04 Mar 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -1.6 m | -2.5 m | esef· 04 Mar 2026verified |
| Capex | 275.0 k | 561.0 k | esef· 04 Mar 2026verified |
| Free cash flow | -1.9 m ≈ | -3.0 m ≈ | esef· 04 Mar 2026derived |
| Investing cash flow | -2.1 m | -2.4 m | esef· 04 Mar 2026verified |
| Financing cash flow | 7.1 m | 4.2 m | esef· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 29.5 m EUR
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -34.2% | 4 (vs peers) | 29% |
| Net margin · Quality | -38.8% | 3 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -4.8x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -10.3% | 0 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality3/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Optomed Oyj (OPTOMED.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 17.1 m EUR in 2025; YoY growth 13.7%; net margin -38.8%; ROE -27.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.4x
What contradicts it
- ROIC: -34.2%
- Net margin: -38.8%
- Interest coverage: -4.8x
- FCF yield: -10.3%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
| GLA1V.HEGlaston Oyj Abp | 42.1 m | 35.4 | 1.8% | 0.6% | −4.2% | −12% / −32% |
1- and 3-year price returns: for OPTOMED.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Optomed Oyj develops handheld fundus cameras and AI-based retinal screening software, with a growing focus on the US market following FDA approval of the Aurora AEYE camera. Group revenue rose 13.7 percent in 2025 to EUR 17.096 million 1, but the company remains loss-making and depends on continued US sales growth.
SWOT
Strengths
- An international patent portfolio and continuous development of cameras and software support the technology advantage cited by management.
- FDA approval for the handheld Aurora AEYE camera allows direct sales and marketing in the US, the largest market for AI screening.
- Two synergistic segments, Devices and Software, diversify the group's revenue sources.
Weaknesses
- Continued operating losses and negative operating cash flow make the company dependent on external financing.
- The Software segment's profitability weakened, particularly in non-healthcare consulting, while group-wide costs rose.
- Reliance on an external manufacturing partner for devices can create supply and cost risks.
Opportunities
- Wider reimbursement for AI screening in the US could increase sales of cameras and recurring services.
- Fragmented foreign markets served through distributors could offer further growth if regulation becomes more harmonised.
- Growing recurring Aurora AEYE revenue could stabilise the Devices segment's revenue base.
Threats
- US import tariffs already affect gross margin and could reduce price competitiveness in that country.
- New competitors entering AI screening could intensify pressure on prices and market share.
- Changes in US or other countries' regulation or reimbursement could affect the business model.
Risks
- Persistent operating losseshigh
The company has not reached operating profitability and operating cash flow remains negative, which could require further share issues.
- Dependence on the US markethigh
Recent growth relies largely on US sales, so a regulatory or reimbursement change there would have a major impact.
- Import tariffsmedium
US import tariffs have already reduced the gross margin of the Devices segment and could continue to do so.
- Decline in Software consultingmedium
Non-healthcare consulting revenue declined significantly, and the Software segment's profitability weakened.
- External manufacturing partnerlow
Device production depends on an external partner, which could limit control over deliveries and costs.
Investment thesis
What would need to be true (bull case)
- If reimbursement for AI screening expands in the US, growth in Devices revenue could continue and help narrow group losses.
- The patent portfolio and FDA approval provide a technology base that could support a competitive position in a growing market.
- Recurring Aurora AEYE and distributor revenue could make revenue more predictable over time.
What would break the thesis
- The company continues to post operating losses and negative cash flow, which could lead to further dilution for shareholders.
- US tariffs have already reduced gross margin, and price pressure could grow as competition intensifies.
- The decline in Software consulting shows part of the revenue base is vulnerable, and that segment's profitability has fallen.
What to watch
- Development of Aurora AEYE sales and recurring revenue in the USQ1 2027
- Impact of US tariffs on the gross margin of the Devices segment2026
- Profitability of the Software segment and trend in non-healthcare consulting2026
- Funding needs and any further share issuesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Optomed is a research and development driven healthcare technology company with two synergistic segments: Devices, which designs and sells handheld fundus cameras, and Software, which offers screening software for diabetic retinopathy and cancer. Founded in 2004, the company builds its competitive advantage on an international patent portfolio 1. Manufacturing and headquarters are in Finland, while subsidiaries in China and the USA handle local sales, distribution and after-sales service 1.
Segments
Devices
The Devices segment develops handheld fundus cameras for screening of diabetic retinopathy, glaucoma and age-related macular degeneration in clinics. Revenue rose 43.1 percent to EUR 7.62 million in 2025, supported by US orders and growing recurring Aurora AEYE revenue, while the gross margin was affected by US import tariffs 1.
Software
The Software segment develops and sells screening software for diabetic retinopathy and cancer, and provides consultancy for Devices projects. Revenue fell slightly to EUR 9.475 million in 2025 as non-healthcare consulting declined, while healthcare-related revenue grew 1.
Market context
The company believes the market for AI solutions for retinal imaging will grow clearly faster than the medical device market 1. In the US, CPT code 92229, introduced in 2021 for automated point-of-care retinal imaging, simplifies billing, with a national average compensation of about 45.69 USD per service 1. Outside the US the market remains fragmented by regulation and reimbursement, and the company mainly serves it through distributors 1.
Trends
- AI reimbursement codetailwind
CPT code 92229 makes billing for automated retinal screening simpler in the US, which could accelerate adoption of AI in clinics.
- Screening gap in the populationtailwind
Many adults at risk of vision loss do not see an eye doctor, and AI could reach people currently outside screening programmes.
- US import tariffsheadwind
US import tariffs began to affect gross margin in the second half of 2025, which could limit profitability of device sales.
- Fragmented regulationmixed
Regulation and reimbursement for AI solutions differ between countries, slowing international expansion beyond the US.
Competitive position
Optomed competes with producers of desktop fundus cameras and other handheld devices, and claims an advantage in image quality, patents and its own software. Competition in AI retinal screening is growing, and price and reimbursement pressure could increase as more players enter. The annual report does not give a detailed list of listed competitors.
- Desktop fundus camera makers
Traditional desktop cameras are the benchmark for image quality, which the company says its handheld cameras match or exceed.
- Other handheld fundus camera makers
The global handheld camera market is competitive, and the company differentiates through patents and design.
- AI retinal screening solution providers
Software for AI retinal screening attracts new entrants as reimbursement expands.
- Medical software and IT consultancy providers
The Software segment competes in the Finnish and Baltic IT market, where consulting demand fell in 2025.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202504 Mar 2026
- Annual report 202504 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Optomed Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.