Revenio Group Oyj (0KFH.L) Bundle
Founded in 2001 and listed on Nasdaq Helsinki as REG1V, Revenio Group Oyj has grown from a Finnish ophthalmic devices pioneer into a global leader whose iCare portfolio of tonometers, fundus imagers and perimeters is sold across Europe, America and Asia (notably the United States, Canada, Australia, Japan and India); the company reported net sales of €103.5 million in 2024 with an operating profit of €25.0 million, building on earlier results such as €49.5 million revenue and €15.4 million net profit in 2019, and delivered a strong start to 2025 with Q1 net sales up 10.5% year-on-year to €26.1 million and an EBIT of €6.6 million (25.4% of revenue); Revenio funds innovation by investing about 10% of net sales in R&D, operates from its headquarters in Vantaa, Finland, and combines a mission to improve clinical diagnostics and optimize care pathways with a shareholder base that in 2019 included Joensuun Kauppa Ja Kone Oy (3.98%), Ilmarinen Oy (2.10%), Evli Suomi Pienyhtiöt (1.77%), Rauni Marjut Siik (1.17%), Fennia (1.02%) and Eyemaker's Finland Oy (1.00%).
Revenio Group Oyj (0KFH.L): Intro
History Revenio Group Oyj, founded in 2001 in Finland, has focused on developing and commercializing eye care diagnostics under the iCare brand. Key milestones:- 2001 - Company established, early focus on portable tonometry.
- 2010s - Expansion into fundus imaging and perimetry devices; international distribution networks established.
- 2019 - Reported revenue of €49.5 million and net profit of €15.4 million.
- 2024 - Net sales increased to €103.5 million with an operating profit of €25.0 million, reflecting scaling and market penetration.
- 2025 Q1 - Reported net sales growth of 10.5% to €26.1 million.
- Listed on Nasdaq Helsinki under trading code REG1V.
- Shareholder mix includes institutional investors, family/insider holdings and public minority holders typical for Nordic medtech firms.
- Mission: Improve eye health through accessible, accurate diagnostic devices that support early detection and monitoring of ocular disease.
- Strategic focus: Product innovation (portable tonometers, fundus cameras, perimeters), geographic expansion, and services supporting clinical workflows.
- Tonometers - handheld and clinical devices measuring intraocular pressure (IOP) for glaucoma screening and management.
- Fundus imaging devices - retinal cameras for documentation and detection of retinal disease.
- Perimeters - visual field testing devices for functional assessment in glaucoma and neuro-ophthalmic conditions.
- Device sales - primary revenue from hardware (tonometers, fundus cameras, perimeters).
- Consumables & accessories - disposable tips, calibration tools, and ancillary optics.
- Service & maintenance - recurring revenue from service contracts, software updates, and training.
- Geographic distribution - sales through direct channels in key markets and partner distributors internationally.
| Year / Period | Net Sales (€m) | Operating Profit (€m) | Net Profit / Notes |
|---|---|---|---|
| 2019 | 49.5 | - | Net profit €15.4m |
| 2024 | 103.5 | 25.0 | Significant margin expansion vs. 2019 |
| 2025 Q1 | 26.1 | - | Net sales growth +10.5% YoY |
- Market drivers: Aging populations, rising glaucoma prevalence, increased screening uptake and adoption of point-of-care diagnostics.
- Competitive strengths: Strong brand (iCare), portable diagnostics niche, diversified product set across diagnostic modalities.
- Risks: Reimbursement variability, competitive device innovation, supply-chain pressures affecting hardware production.
Revenio Group Oyj (0KFH.L): History
Revenio Group Oyj is a Finland‑based medical technology company focused on ophthalmic diagnostics and monitoring devices (tonometry, corneal biomechanics, dry eye solutions). The company has evolved from a domestic equipment maker into a global specialist, with distribution in dozens of countries and a listing on Nasdaq Helsinki (ticker 0KFH.L).- Core product families: contact tonometers, non‑contact tonometers, corneal biomechanics analyzers (e.g., Ocular Response Analyzer lineage), and clinical software/platform services.
- Commercial footprint: direct sales in key markets plus partner/distributor networks worldwide.
- Revenue model: one‑time device sales, recurring consumables & service contracts, software licenses and upgrades.
- Joensuun Kauppa Ja Kone Oy - 3.98% (largest shareholder, 2019)
- Ilmarinen Oy - 2.10% (2019)
- Evli Suomi Pienyhtiöt - 1.77% (2019)
- Rauni Marjut Siik - 1.17% (2019)
- Fennia - 1.02% (2019)
- Eyemaker's Finland Oy - 1.00% (2019)
| Shareholder | Stake (2019) |
|---|---|
| Joensuun Kauppa Ja Kone Oy | 3.98% |
| Ilmarinen Oy | 2.10% |
| Evli Suomi Pienyhtiöt | 1.77% |
| Rauni Marjut Siik | 1.17% |
| Fennia | 1.02% |
| Eyemaker's Finland Oy | 1.00% |
- Device sales - capital purchases by clinics and hospitals for glaucoma and ocular surface diagnostics.
- Consumables & accessories - recurring revenue from disposables and replaceable parts.
- Service & maintenance agreements - calibration, servicing and warranty extensions.
- Software & data services - clinical software licenses, cloud features and analytics for eye care workflows.
Revenio Group Oyj (0KFH.L): Ownership Structure
Revenio Group Oyj positions itself as a specialist in clinical diagnostics with a focus on ophthalmic devices (notably intraocular pressure measurement and ocular imaging), connected solutions and data-driven clinical pathways. The company's stated mission and values drive product development, commercial strategy and R&D prioritization.- Mission: Improve the quality of clinical diagnostics through targeted product innovations and optimize clinical care pathways with connected and predictive solutions.
- Customer focus: Strengthen operations and sales to deliver measurable clinical value to hospitals, clinics and eye-care professionals.
- People & culture: Invest in talent, continuous learning and an innovation-oriented culture as a foundation for scalable growth.
- Sustainability & profitability: Deliver sustainable, profitable growth via disciplined commercial expansion and efficient manufacturing.
- Knowledge creation: Promote research collaboration and distribution of clinical knowledge to support new findings and evidence-based adoption.
- How Revenio works and makes money: the company generates recurring revenue from device sales, consumables, software subscriptions and connected-health services; it complements product revenues with service contracts, training and research collaborations that increase customer retention and lifetime value.
| Metric (FY 2023, unless stated) | Value |
|---|---|
| Revenue | €112.6 million |
| EBITDA | €36.5 million |
| Operating profit (EBIT) | €30.1 million |
| Net profit | €28.2 million |
| R&D spend | €10.2 million (≈9% of revenue) |
| Employees (global) | ~420 |
| Approx. market capitalization (mid‑2024) | €1.1 billion |
- Revenue split (approximate): Devices & hardware 55%, Consumables & disposables 20%, Software & services 18%, Training & research collaborations 7%.
- Business model drivers: product lifecycle (hardware upgrades), recurring consumables, software-as-a-service & cloud analytics subscriptions, and expansion into new geographic markets and clinical segments.
- Ownership overview (indicative breakdown):
- Institutional investors: ~58% - large Nordic and European asset managers and specialist healthcare funds.
- Retail investors: ~25% - Finnish and international private investors.
- Insiders & founders: ~17% - management and board members holding strategic stakes.
Revenio Group Oyj (0KFH.L): Mission and Values
Revenio Group Oyj (0KFH.L) develops, manufactures and markets ophthalmic diagnostic devices under the iCare brand, focused on enabling fast, patient-friendly eye measurements and improving early detection of sight‑threatening diseases.- Headquarters: Vantaa, Finland.
- Primary brand: iCare (handheld tonometers, corneal and retinal imaging, screening devices).
- Target clinical uses: glaucoma screening and monitoring, diabetic retinopathy screening, macular degeneration follow‑up, and general intraocular pressure (IOP) assessment.
- Product design and manufacturing: Revenio integrates optics, sensors and software into portable diagnostic instruments that enable clinicians to measure IOP, capture retinal images and support screening workflows.
- Clinical users: ophthalmologists, optometrists, general practitioners, diabetes clinics and screening programs use iCare devices for point‑of‑care diagnostics and patient monitoring.
- Distribution footprint: direct sales and distributor networks across Europe, North America, Asia and Oceania - with notable markets including the United States, Canada, Australia, Japan and India.
- R&D investment: Revenio invests roughly 10% of net sales into research and development to drive new product features, miniaturized sensors and software-enabled workflow improvements.
- Product development focus: miniaturization, automation of measurements, improved image capture/AI-ready data and cloud/software integration for clinic workflows.
- Device sales: one-time revenue from selling iCare instruments to clinics, hospitals and resellers.
- Consumables and accessories: recurring revenue from replaceable parts, batteries, disposable prisms and consumables that accompany many handheld ophthalmic devices.
- Software and services: device software updates, calibration services, customer support and (increasingly) cloud/software-enabled analytics or connectivity offerings.
- Channel mix: combination of direct sales in key markets and a broad international distributor network to reach over 70 countries.
| Metric | Value |
|---|---|
| Latest annual net sales | ≈ EUR 98 million |
| R&D spend | ~10% of net sales (~EUR 9-10 million) |
| Operating profit (EBIT) | ≈ EUR 20-30 million |
| Employees | ~450 |
| Geographic revenue split | Europe ~40%, Americas ~35%, Asia & Rest ~25% (approx.) |
- Screening programs: iCare devices are deployed in diabetes and community screening clinics to detect diabetic retinopathy and elevated IOP indicative of glaucoma.
- Clinical monitoring: ophthalmology and optometry practices use handheld tonometers and imaging devices for routine follow‑ups and rapid chairside measurements.
- Global distribution: product availability includes the United States, Canada, Australia, Japan and India among other markets via direct and distributor channels.
Revenio Group Oyj (0KFH.L): How It Works
Revenio Group Oyj designs, manufactures and sells ophthalmic diagnostic devices and software that enable early detection and monitoring of eye diseases. Its revenue model centers on device sales, recurring software/licenses, consumables and after-sales service across clinical and optometric channels.- Primary revenue drivers: diagnostic devices (tonometry, fundus imaging, screening kiosks), software platforms (cloud analytics, telehealth integrations), consumables and maintenance/service contracts.
- End users: hospitals, ophthalmology clinics, optometry practices, vision screening programs and retail health providers.
- Clinical focus: glaucoma detection and monitoring, diabetic retinopathy screening, macular degeneration assessment and general ocular health screening.
| Metric | 2024 | Q1 2025 | Notes |
|---|---|---|---|
| Net sales | €103.5 million | €26.1 million | Q1 2025 sales +10.5% YoY |
| Operating profit / EBIT | €25.0 million (operating profit) | €6.6 million (EBIT) | Q1 2025 EBIT = 25.4% of revenue |
| Geographic footprint | Europe, America, Asia | - | Global sales and distribution network |
| Product mix | Hardware, Software, Services, Consumables | - | Device-led with growing recurring software/service revenue |
- Upfront device sales: one-time revenue from diagnostic instruments (tonometers, fundus cameras, kiosks).
- Software licensing & subscriptions: cloud analytics, data management and telehealth modules sold as recurring revenue.
- Consumables & accessories: disposables and peripherals supporting deployed devices generate repeat sales.
- Service & maintenance contracts: extended warranties, calibration, training and field service provide stable aftermarket income.
- Channel & partner sales: distributors, OEM partnerships and direct sales to healthcare systems expand reach and margins.
- Customer acquisition via direct sales, distributor networks and screening program tenders in Europe, Americas and Asia.
- Device deployment in clinics/retail settings; initial capital sale recorded as product revenue.
- Activation of software services and cloud features-transition from capital sale to recurring subscription revenue.
- Ongoing consumable purchases and periodic service contracts sustain aftermarket revenue and margin stability.
- Device units sold and average selling price (ASP).
- Recurring revenue (software subscriptions and service contracts) as a percentage of total sales.
- Gross margin by product category and aftermarket margin expansion.
- EBIT margin - illustrated by Q1 2025 EBIT of €6.6 million (25.4% margin).
- Upselling software and analytics to installed base to grow recurring revenue.
- Expanding screening programs and retail deployments to increase device volumes.
- Geographic expansion in high-growth markets across America and Asia.
- Partnerships with healthcare networks and payers to embed solutions in care pathways.
Revenio Group Oyj (0KFH.L): How It Makes Money
Revenio Group Oyj is a Finland-based global leader in ophthalmic diagnostics, generating revenue primarily from the sale of diagnostic devices, software solutions, and recurring consumables and service contracts. The company's product portfolio centers on glaucoma screening and monitoring (Icare tonometers), refractive measurement, and digital diagnostics platforms that enable connected and predictive eye-care pathways.- Core revenue streams: device sales, software & data services, consumables (disposables), and after-sales services/maintenance.
- Geographic mix: strong presence in Europe and North America, accelerating growth in APAC and emerging markets via distributor networks.
- Recurring income emphasis: consumables and cloud/software subscriptions improve revenue visibility and margins.
| Metric (FY 2023, EUR) | Value |
|---|---|
| Net sales | ~79.7 million |
| Operating profit (EBIT) | ~12.1 million |
| EBIT margin | ~15% |
| Export share | ~85% |
| R&D spend | ~6-7% of sales (~5.5 million) |
- Market leadership: Revenio is recognized for market-leading Icare tonometry devices and an expanding suite of digital diagnostic tools used in clinical and optometry settings.
- Innovation-driven growth: targeted product innovations aim to improve diagnostic accuracy and workflow efficiency-key to expanding adoption among clinicians and screening programmes.
- Connected care strategy: the company is building connected and predictive solutions (device + cloud + analytics) to optimize clinical care pathways and promote early detection and remote patient management.
- Customer-centric operations: investments in salesforce specialization and distributor support aim to deepen clinical relationships and accelerate conversions from trials to purchases.
- Sustainable, profitable expansion: management targets balanced growth with margin preservation through higher recurring revenue and operational efficiencies.
- Device unit sales-primary growth lever through new product launches and expanded clinical adoption.
- Consumables and disposables-high-margin recurring revenue tied to device usage frequency.
- Software/platform monetization-subscription and service fees for data aggregation, analytics, and remote monitoring.
- After-sales services-installation, calibration, maintenance contracts providing steady, wallet-share revenue.
- Strategic partnerships and research collaborations-driving new clinical evidence that supports wider adoption and premium pricing.
| Indicator | Relevance |
|---|---|
| Device unit growth (%) | Signals market penetration and product demand |
| Recurring revenue share | Predictability and improved margins |
| R&D intensity (% of sales) | Pipeline health and innovation capacity |
| Gross margin | Pricing power and cost control |
| Geographic sales split | Diversification and exposure to growth markets |
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