contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Juha Kinnunen

Mikael Rautanen

Revenio is a global provider of comprehensive eye care diagnostic solutions. The group offers fast, user-friendly, and reliable tools for diagnosing glaucoma, diabetic retinopathy, and macular degeneration (AMD). Revenio’s ophthalmic diagnostic solutions include intraocular pressure (IOP) measurement devices (tonometers), fundus imaging devices, and perimeters as well as software solutions under the iCare brand.

In 2023, the Group’s net sales totaled EUR 96.6 million, with an operating profit of EUR 26.3 million. Revenio Group Corporation is listed on Nasdaq Helsinki with the trading code REG1V.

Thanks for the answer! @Juha_Kinnunen What size of acquisition would be practically possible for Revenio with its current net cash and appropriate leverage?

This has been discussed here at regular intervals. In my opinion, the most viable candidate is Demant, which is already a clear major shareholder (24.48%) and could practically block other suitors. However, Demant likely doesn’t want to take Revenio off the exchange entirely; instead, they would probably prefer to own, say, 50-60%—this is, of course, speculation. If Demant were to continue its purchases, it would eventually cross the 30% threshold, at which point a mandatory takeover bid would have to be made to everyone. However, if the offer were the “minimum”—which, if I recall correctly, is the highest price paid by the buyer during the previous 12 months—it naturally wouldn’t go through. But it could be a way to accumulate a large new stake, especially in the current gloomy market sentiment. But of course, it is true that if someone really wanted to buy Revenio, Demant would also sell at a certain price. Likely, however, at a price so high that the process wouldn’t proceed to completion. So, I don’t see this as a likely scenario at the moment.

Toijala mentioned that they were too optimistic about customs issues and other matters being resolved in time, so price increases weren’t implemented. He also mentioned that the year has started well in the US. CFO Pulkkinen stated in the webcast that negotiations for large deals are ongoing and they are positive about them. These did not yet materialize in Q4, meaning Q4 was “business as usual”. Price increases are being implemented starting from the turn of the year.

There was no precise answer to this. Instead, they hyped up the strong end of the year in the US (strengthened sales team, etc.). But could it be that customers have rushed to buy in droves after hearing about the upcoming price increase?

How does @Juha_Kinnunen see Revenio itself as an acquisition target? There has been an accelerating trend of M&A in the industry over the past couple of years, and Revenio is still a fairly small player compared to many of the giants in its peer group. At the same time, Revenio is one of the sector’s brightest stars in terms of profitability, growth, and product portfolio. Now that the valuation has dropped to historically low levels, could this interest a larger player or perhaps even a private equity-led entity? Of course, one would hope that Revenio itself is in the driver’s seat in executing its M&A strategy, as they have communicated extensively. Demant is a strong major shareholder in the background, but if enough money is put on the table, surely it would start to interest them as well?

I think of it this way: recurring revenue can grow by any amount, but its relative development compared to total revenue is dependent on how much device sales grow. So, if recurring revenue grows strongly in relative terms, it might even be concerning, as it would indicate that device sales are not performing as well. For example, Medistim, which I often like to bring up. The company’s recurring revenue rose to about 74% in 2024 because device sales (capital sales) were weak. This was a negative indication for me, because device sales drive future recurring sales. The year 2025 looks significantly better, even though the relative share of recurring revenue decreased as a percentage of total revenue.   It’s also worth remembering that imaging devices do not have probe sales like tonometers do. From the comprehensive report, I found that the software license sold with imaging devices can account for about 20% of the device’s sales price.   But I would also personally hope that Revenio would report the share of recurring revenue more frequently and clearly, so that as an investor, one could better understand its nature.

I recalled that Revenio mentioned in its 2024 annual report that “recurring” revenue—i.e., revenue from the sale of software, sensors, and service contracts—was “nearly a third,” and indeed it was.  Now it was mentioned that this same share again accounted for “nearly a third.”  It would be interesting to hear whether that share grew slightly closer to that third, e.g., 30% → 32%, although in practice it has been almost flat. Hopefully, by 2026, we can state that we have reached that third or even exceeded it..

Revenio Group

Revenio is known as the global beacon of tonometers but these days the company is a noteworthy challenger in more extensive ophthalmic health technology. Imaging tools (previous CenterVue) play...

<p>Revenio is known as the global beacon of tonometers but these days the company is a noteworthy challenger in more extensive ophthalmic health technology. Imaging tools (previous CenterVue) play an increasing role in future growth and HOME products, as well as software business offer longer term growth promises. Business is growing very profitably, the market has sound growth drivers, and the products have strong competitive advantages. In addition, the company has an excellent track record of its ability to create value with investments in product development, structural reorganization, and new long-term growth templates</p> 

	2020	21e	22e
Revenue	61.1	79.3	102.5
growth-%	23.4 %	29.9 %	29.2 %
EBIT (adj.)	19.2	27.2	37.1
EBIT-% (adj.)	31.4 %	34.3 %	36.2 %
EPS (adj.)	0.58	0.82	1.10
Dividend	0.32	0.40	0.55
Dividend %	0.6 %	2.2 %	3.0 %
P/E (adj.)	86.6	22.5	16.9
EV/EBITDA	61.5	17.4	12.2

Revenio: Not a one-trick pony

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Key Estimate Figures08.06.2021

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