Optomed is planning an initial public offering and listing on Nasdaq Helsinki
Optomed Ltd, one of the leading providers of handheld fundus cameras, is planning an initial public offering (“IPO”) and a listing of its shares on the official list of Nasdaq Helsinki Ltd (“Nasdaq Helsinki”).
Optomed, a Finnish medical technology company, develops and commercializes modern, handheld and easy-to-use fundus cameras that are suitable for any clinic for diagnosing and tracking the progression of ocular diseases affecting the fundus, such as diabetic retinopathy, the leading cause of vision loss in working-age adults. The Company comprises two complementary and synergistic business segments: Devices and Software. Optomed combines handheld devices with screening software and automated grading capabilities through Artificial Intelligence with the aim to transform the diagnostic process of blinding eye-diseases. Optomed’s proprietary optical technology is protected by the Company’s 52 international patents.
Optomed’s products are sold in more than 60 countries and its customers include international healthcare organizations, hospitals and global medical technology companies (OEMs) and distributors. The Company employs 105 professionals as at 30 September 2019, is headquartered in Finland and has a subsidiary in China. In 2018, Optomed’s revenue amounted to EUR 12.7 million and pro forma revenue, including the acquisition of Commit; Oy amounted to EUR 14.5 million of which the Devices segment represented 52 percent and the Software segment represented 48 percent.
The planned IPO is expected to consist of both a primary offering by the Company and a secondary offering by certain shareholders in the Company.
‘I am very proud that, as a result of our long-term and hard work Optomed has developed into one of the leading equipment suppliers in the fast growing handheld fundus camera segment. In addition to current opportunities, we can expand to a much larger market as we combine our devices with software and artificial intelligence in a way that enables also non-specialist staff to perform screenings at local healthcare centers,’ says Seppo Kopsala, CEO and the founder of Optomed.
‘Our target is to provide innovative and affordable screening solutions to reach all patients in need of such solutions globally. The planned offering would support our targets by enhancing our competitiveness and increasing the awareness of handheld fundus cameras and their potential in preventing avoidable blindness caused by diabetes’ adds Kopsala.
‘In addition to the aging population growth and rising life expectancy, the number of diabetics and people with blinding eye diseases is increasing worldwide. However, most vision problems could be avoided if detected early enough. Optomed’s high-quality products and innovative screening solutions can already now improve the efficiency of the screening process and reduce the societal costs of blinding diseases. We believe one of the most exciting and significant changes in healthcare is the breakthrough of artificial intelligence. That is why we aim to be one of the pioneering companies bringing artificial intelligence to eye disease screenings worldwide. Optomed’s target is to deliver an average annual organic revenue growth above 20% in the long-term. The planned IPO would improve Optomed’s ability in pursuing its growth strategy and broadening its ownership base,’ comments Petri Salonen, Chairman of Optomed’s Board of Directors.
The Company expects the global market for handheld fundus cameras to develop favourably and believes that the increase in awareness of diabetic retinopathy supports the Devices and Software businesses. The Company’s growth for the full year 2019 is expected to be low single digit growth, compared to 2018.
Information on the IPO
The contemplated IPO is expected to consist of both a primary offering by the Company and a secondary offering by certain shareholders in the Company. The Company and its current shareholders would be subject to customary lock-up arrangements. Optomed’s shareholders include inter alia Cenova Capital (China), a subsidiary of Halma Plc, Robert Bosch Venture Capital GmbH, Aura Capital group, Suomen Teollisuussijoitus Oy, Seppo Kopsala, Mankato Capital Ltd, Cliff Swallow Investment Ltd, Uppland Kapital AB, Markku Virta and David Oak.
The objective of the contemplated IPO and Listing is to improve the Company’s ability to successfully pursue its growth strategy and invest in its business in order to remain at the forefront of developing complete screening solutions against blinding eye diseases and expand into new markets. The contemplated IPO and Listing on Nasdaq Helsinki will also allow Optomed to obtain access to capital markets and broaden its ownership base with both domestic and foreign investors, which would increase the liquidity of the shares. Furthermore, the IPO is expected to strengthen Optomed’s recognition and brand awareness among customers, business partners and investors, and thus enhance Optomed’s competitiveness and the awareness of handheld fundus cameras. The increased liquidity would also enable Optomed to use the shares more effectively as a means of consideration in potential acquisitions and remuneration of personnel.
In connection with the IPO, the objective would be to raise gross proceeds of approximately EUR 20 million before fees and expenses in relation to the share issue.
Carnegie Investment Bank AB is acting as the sole global coordinator and bookrunner in the contemplated IPO, and Swedbank AB (publ) in co-operation with Kepler Cheuvreux as the joint bookrunner (together with the sole global coordinator, the “Managers”). Hannes Snellman Attorneys Ltd is acting as the legal advisor to the Company. White & Case LLP is acting as the legal adviser to the Managers.
Read more information here.
CEO, Optomed Ltd
CFO, Optomed Ltd
CLO, Optomed Ltd