Monday, January 23, 2012

OPTS - nice little update

OPT (Optos) is a medical retinal imaging company. It takes pictures of your eyes, basically. It can be used in medical diagnosis. The company's uinique selling point is that it can image a much wider range of the retina than competitors. There is even talk that it may help in the diagnosis of Alzheimers - although the company does not reference that in its IMS.

OPTS has a market cap of 149, is trading on a PER of 10.8, has net debt of 16m. and interest cover of 10.5. Its ROE is 23%. Revenues had increased from 66m in 2010 to 91m in 2011. Looks like a really nice GARP company. The share price has been very volatile the last year. I own a very small amount of this stock, and I'm beginning to wish I had bought more.

It released a cracker of an IMS today for Q1FY12, against comparatives of Q1FY11. Revenues up 20%, 11% on a like-for-like basis. In terms of devices, 32 rentals have been de-installed, 59 are new, and there are 425 renewals. The company is aiming to transition customers from P200 to Daytona.

Daytona (their latest and greatest product) is on track to launch in 2012Q1, with design optimisation nearing completion, and manufacturing scale-up underway. Clinical studies commencing in 4 centres to support the market launch.

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