Translation: Original published in Finnish on 8/17/2026 at 10:00 am EEST.

Revenio announced this morning that its iCare DRSplus fundus imaging system is included in an FDA-cleared AI-based screening solution in the United States. This is the first FDA-approved combination of a Revenio imaging system and a partner's AI algorithm. After a long wait, we consider this achievement a positive step forward. We believe this approval will eliminate a source of uncertainty and bolster the drivers of the company’s device sales growth in the key US market. The news does not result in any immediate changes to the forecast.

Long-awaited FDA approval strengthens market position

The US-based iHealthScreen has received FDA 510(k) clearance for its iPredict-DR AI software, which automatically identifies patients who require screening for diabetic retinopathy from images captured with the iCare DRSplus imaging system. This is the first time DRSplus is being used as part of an FDA-approved AI solution in the US. In recent years, there have been very few such approvals anyway, which, in our view, underscores the significance of this achievement. We estimate that the partnership will strengthen the market position of Revenio's products and represent an important strategic milestone for the company that has long been anticipated. The AI partner's approval process took significantly longer than expected, which we believe created uncertainty and possibly raised questions about the product. Thus, we consider the positive decision now received to be a significant relief and a clear milestone for the company's AI strategy.

AI strategy supports profitable growth in device sales

Revenio's AI strategy is based on two key pillars: the company aims to sell its own turnkey solution while also seeking to maximize device sales by enabling its imaging systems to integrate with software from multiple algorithm vendors. The current news supports the latter point and represents an important step in that direction. iHealthScreen particularly targets its solutions for primary healthcare use, which, in our view, creates significant new sales potential for the DRSplus device in the US market. There is no information regarding a possible revenue-sharing agreement between the companies.

Revenio's proprietary RetCAD AI algorithm, acquired through the Thirona Retina acquisition, does not currently have FDA approval. However, it is utilized as part of the iCare ILLUME screening solution in Europe, and the comprehensive solution is seeking FDA approval through clinical trials in the United States. This process is still ongoing.

Long-term growth expectations for device sales boosted

While the information does not create immediate pressure to change estimates, we consider it encouraging for Revenio's long-term growth expectations for device sales. We believe the progress made strengthens market confidence in the company's growth. In our view, the market has recently focused purely on the Visionix acquisition, which is a critical factor for Revenio due to its large size. Nevertheless, we believe this news serves as a valuable reminder of the progress of Revenio's strategy in its previous business as well. We will discuss this in more detail in our next update, at the latest.