Revenio Group

The development of the iCare ILLUME solution has been fast and the pilots have quickly progressed to actual customer use in Europe, which also means (so far small) income flow to the company. The path from a growth initiative to a medium-term growth driver seems to progress very well in Europe based on the first examples, but the steps are still unclear in the US.

Q1 results were slightly below our expectations, but the outlook is unchanged, and we think the value creator story is on track. The challenge is again the high valuation (2023e EV/EBIT above 30x) and hence the moderate expected return.

We expect the company's net sales to continue to grow at a brisk pace, with profitability expected to remain largely unchanged, so earnings will grow broadly in line with net sales. We don’t expect significant changes in the market situation, so the demand situation should remain good. In addition to the development of the core business, we are interested in comments on the development of the company's new growth initiatives (in particular HOME2 and ILLUME).

Under the iCare brand, Revenio offers world-class tonometers, fundus imaging devices and perimeters. In recent years, the company has added software solutions to its offering, moving from being an equipment provider to a holistic eye diagnostics solution provider.