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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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
    }
  }
}


revenio-valuation-would-have-required-perfection

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Juha Kinnunen

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.

In analyzing Revenio’s growth regarding the analysis of clinical findings, I believe a key factor is how effectively Revenio can lock in its device users to use only Revenio’s algorithms and software for analysis, rather than those of a competitor. In my opinion, the best way to lock users into this pipeline would be for Revenio to turn the software into a “one-stop shop”—where data from the diagnostic device goes directly into Revenio’s software, allowing both fundus images and perimetry results to be viewed in the same program. And why not OCT images later as well, if Revenio eventually expands into OCT devices. Just add tabs to the top bar of the software for viewing different diagnostic results. I, for one, would welcome the option of being able to do everything with a single software. No time is wasted waiting for another program to start when, for instance, you want to check the perimetry findings right after viewing an OCT.

I have been trying for a long time to form an understanding of the impact of the ongoing AI revolution on Revenio’s business in the long term. My investment hypothesis is that AI will enable the identification of systemic diseases from the fundus (eye ground) significantly more broadly than before. Eye scanning will become a procedure comparable to measuring blood pressure, used to monitor general health and diagnose numerous different diseases. Based on this hypothesis, I have drafted two scenarios for Revenio. Optimistic scenario Revenio’s moat in easy-to-use imaging devices deepens further as scans are needed extensively in healthcare and are performed mainly by personnel other than eye specialists. Regardless of which party has produced the AI, it is completely dependent on the high-quality data generated by Revenio. AI used in health technology is clinically validated and strictly regulated, which keeps general-purpose AIs at bay. AI development in general is moving in a direction where Big Tech’s AI models are not the best at everything; instead, specific winners emerge for different scientific fields. Pessimistic scenario AI develops so far that it can extract the data it needs even from lower-quality scans or images, and expensive measurement technology is no longer required. Big Tech AIs overtake Revenio’s algorithms and make better diagnoses from eye scans. Revenio’s own algorithms become worthless. Conclusions Personally, I emphasize the growth opportunities of the optimistic scenario and believe that health technology will remain strictly regulated in the future. However, I must admit that painting the pessimistic scenario felt frighteningly easy. I would be interested to hear thoughts from those more familiar with Revenio regarding my hypothesis and scenarios. Am I exaggerating the opportunities or the risks?

Hi @MolskisPabrai, I looked into this directly with Revenio, as one always has to be careful with these FDA interpretations. I received some sensible answers, which I’ve tried to put into “plain language” here without the fancier terms. Hopefully, I’ve understood the details correctly myself and haven’t oversimplified them too much. If I were to summarize, it’s a good thing, but not a silver bullet by any means. The company mentioned that it had already used this opportunity previously when obtaining marketing authorization for the IC200 tonometer’s new feature, Quick Measure. This was possible even before this new relaxation regarding the use of “real-world” data because the data was traceable (data collected in connection with a clinical trial). In the future, Revenio could use clinical data, for example, in connection with post-market surveillance or to demonstrate the effectiveness of HOME2 in the care pathway—or something similar. According to the company, this won’t necessarily have an impact on marketing authorizations. This is because data is primarily only collected from measurements, and the software doesn’t systematically collect data from, for example, corresponding GAT measurements or CCT. So, there needs to be a reference in the study, unless I misunderstood. The company could likely better utilize this relaxation, for example, in connection with the RedCad marketing authorization. However, this requires that care practices and device usage be consistent, for example, in the EU (cf. USA). We could strengthen our data and potential clinical evidence with device data already accumulated in the EU and other countries. The US vs. EU comparison won’t be easy here because, for example, disease classifications are different. Furthermore, the guidelines governing software and clinical validation remain in effect for that application. Additionally, the analysis must be reproducible and the origin of the data verifiable, even though the patient does not need to be identifiable. Demonstrating efficacy this way specifically might still not be realistic, but this will certainly be useful in demonstrating safety and usability, usage rates, and the like. FDA reviewers apparently also get more flexibility, as the announcement stated that discretion can be used on an “application by application” basis. However, some general guidance is forthcoming, after which a clearer policy on the matter will start to form. The company did not comment on the potential data of other companies or their lack thereof.

Inderes              Muutos F-Securen johtoryhmässä – Talousjohtaja vaihtuu - Inderes    Muutos F-Securen johtoryhmässä – Talousjohtaja vaihtuuF-Secure Oyj | Pörssitiedote | 18.12.2025 klo 9.00F-Securen talousjohtaja ja johtoryhmän jäsen Sari Somerkallio on päättänyt jättää F-Securen...                             Robin seems to be joining F-Secure

Jouni and Robin were a powerful duo. They inspired trust when you met them. It’s difficult to find a replacement, but let’s hope for the best.

CFO Robin Pulkkinen is leaving Revenio. I had discussions with Robin at general meetings for about 10 years. An extremely competent guy, the acquisition of Centervue together with Hilden was a great value-creating move for shareholders. A shame.                   Tärkeimmät talousuutiset | Kauppalehti – 18 Dec 25              Muutos johtoryhmässä: Robin Pulkkinen jättää tehtävänsä    Tärkeimmät ajankohtaiset talousuutiset, pörssikurssit ja kattavat sijoittajapalvelut löydät Kauppalehdestä.

Good morning! Thanks for the good question @MolskisPabrai - I’ll find out what that could mean in practice and get back to you as soon as possible.

Revenio Group

Net sales growth was excellent, and the company also raised its net sales guidance for the full year, but profitability was clearly below estimates in Q2. Some of the reasons behind this were...

<p>Net sales growth was excellent, and the company also raised its net sales guidance for the full year, but profitability was clearly below estimates in Q2. Some of the reasons behind this were rapidly passing but our earnings estimates did, however, decrease by 5-10%. The share was already priced for perfection, so we do not feel there is justification for additional purchases at the current valuation. </p> 

	2020	21e	22e
Revenue	61.1	80.1	103.4
growth-%	23.4 %	31.3 %	29.0 %
EBIT (adj.)	19.2	24.7	34.9
EBIT-% (adj.)	31.4 %	30.9 %	33.7 %
EPS (adj.)	0.58	0.75	1.02
Dividend	0.32	0.40	0.55
Dividend %	0.6 %	1.8 %	2.5 %
P/E (adj.)	86.6	30.1	21.9
EV/EBITDA	61.5	23.3	16.0

Revenio: Valuation would have required perfection

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Key Estimate Figures05.08.2021

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