Revenio Group Corporation | Stock Exchange Release | April 28, 2026 at 09:00:00 EEST
Very strong quarter in the US and EMEA, non-recurring costs weighed on profit - announced Visionix acquisition to accelerate growth and value creation
This release is a summary of Revenio's Interim Report January-March 2026. The complete report is attached to this release as a PDF file and is also available on the company website at www.reveniogroup.fi/en/
January-March 2026
- Net sales totaled EUR 27.3 (26.1) million, up by 4.8%
- The currency-adjusted net sales increased 8.4%
- Operating profit was EUR 2.4 (6.6) million, or 8.8% of net sales, down by 63.8%
- Adjusted operating profit was EUR 5.8 (6.6) million, or 21.3% of net sales, down by 12.2%
- EBITDA was EUR 3.5 (7.7) million, or 12.8% of net sales, down by 54.9%
- Cash flow from operations totaled EUR -3.4 (4.7) million
- Earnings per share came to EUR 0.092 (0.157)
- The Annual General Meeting for April 15, 2026 was cancelled and a new AGM will be held after the review period on May 12, 2026. The Board proposes that no dividend for the financial year 2025 will be paid.
Key figures
| MEUR | 1-3/2026 | 1-3/2025 | Change-% |
| Net sales | 27.3 | 26.1 | 4.8 |
| Gross margin | 18.7 | 19.0 | -1.3 |
| Gross margin - % | 68.4 | 72.6 | -5.8 |
| EBITDA | 3.5 | 7.7 | -54.9 |
| EBITDA - % | 12.8 | 29.6 | -57.0 |
| EBITA | 2.8 | 7.1 | -60.1 |
| EBITA-% | 10.3 | 27.0 | -62.0 |
| Operating profit, EBIT | 2.4 | 6.6 | -63.8 |
| Operating profit-%, EBIT | 8.8 | 25.4 | -65.5 |
| Adjusted operating profit, EBIT | 5.8 | 6.6 | -12.2 |
| Adjusted operating profit-%, EBIT | 21.3 | 25.4 | -16.2 |
| Return on investment-%, ROI | 2.9 | 5.0 | -42.0 |
| Return on equity-%, ROE | 2.1 | 3.8 | -44.7 |
| Earnings per share | 0.092 | 0.157 | |
| 31.3.2026 | 31.3.2025 | Change, %-point | |
| Equity ratio-% | 79.1 | 80.2 | -1.1 |
| Gearing-% | -10.1 | -9.7 | -0.4 |
Financial guidance for 2026
Due to the transaction announced on April 13, 2026, Revenio withdraws its previous financial guidance and will provide updated financial guidance for 2026 after the completion of the transaction.
Revenio's previous financial guidance, published on February 11, 2026:
Revenio Group's exchange rate-adjusted net sales are estimated to grow 8-15 percent from the previous year and profitability, excluding non-recurring items, is estimated to remain at a good level.
President and CEO Jouni Toijala
The execution of our growth strategy is progressing as planned toward the conclusion of our strategy period at the end of 2026. The year 2026 started very strongly in the United States on a US dollar basis. In addition to the United States, sales were particularly strong in France, the United Kingdom, and Germany. In the APAC region, market conditions remained challenging, primarily due to unfavourable currencies. In addition, the comparison period included exceptionally large deliveries. We invoice our products in euros in all markets except the United States. Currency-adjusted net sales increased by 8.4% in the first quarter. Reported net sales increased by 4.8% to EUR 27.3 (26.1) million in the first quarter. Compared to the reference period, the strengthening of the euro by more than 11% against the U.S. dollar had a negative impact on the growth of net sales in euros. Currency-adjusted growth was at a good level, especially considering the strong 12.0% growth in the comparison period.
The price increases implemented in the United States at the beginning of the year began to be reflected in improved gross margins and profitability from February onwards. However, gross margin percentages were adversely impacted by tariffs and product mix, particularly due to the very strong growth in fundus imaging device sales.
Sales during the review period were generated from our normal order flow, and unlike in the comparison period, there were no significant one-off orders at the beginning of the year. As previously communicated, we continue to negotiate several interesting, larger-than-usual opportunities, the timing and realization of which remain difficult to predict.
Profitability was impacted by one-off acquisition-related costs
Operating profit amounted to EUR 2.4 (6.6) million, a decrease of 63.8%. Operating profit was impacted in particular by non-recurring costs of approximately EUR 3.1 million related to the Visionix acquisition. In addition, operating profit was affected by one-off costs related to organizational changes. Adjusted for non-recurring items, operating profit was EUR 5.8 (6.6) million, representing 21.3% of revenue, a decrease of 12.2%.
Cash flow from operating activities declined to EUR -3.4 (4.7) million. The decrease was primarily driven by lower reported results driven by transaction costs, increased accounts receivable following strong sales toward the end of the review period, lower accounts payable, and somewhat higher tax payments compared to the previous year. Fewer-than-expected one-off costs related to the U.S. regulatory approval process for iCare Screening Solutions were recorded during the period.
Combining forces with Visionix - focus on implementing a nimble and lightweight operating model
On April 13, 2026, after the review period, we announced the acquisition of Visionix. The transaction represents a strategically significant milestone in our company's history, strengthening our position as a global leader in ophthalmic diagnostics while accelerating the execution of our growth strategy and value creation.
By combining Revenio's strengths in intraocular pressure measurement, fundus imaging, and screening solutions with Visionix's diagnostic expertise, we are building a comprehensive offering covering the entire care pathway. This enables us to meet the growing demand for early detection and diagnosis of eye diseases. At the same time, we gain access to the rapidly growing OCT market (Optovue), with an estimated value of approximately USD 0.7 billion, which is becoming the standard of care in the industry. The acquisition significantly strengthens our global market position. It creates a platform for value creation through revenue growth and scalability by leveraging synergies in cross-selling, product development, and operational efficiency. A key element of the integration plan is the rollout of Revenio's nimble and lightweight operating model across the organization. The integration plan has been under preparation for several months, and we will initiate the integration of the organizations without delay following the completion of the transaction.
In addition to highly complementary product and software portfolios, our value base and corporate cultures are well aligned. Strong customer focus, high-quality standards, and a commitment to continuous innovation provide an excellent foundation for successful integration and the realization of synergies.
Following the completion of the transaction, we will focus on disciplined execution of the integration, realization of synergies, and ensuring business continuity and high customer satisfaction across all markets. Our integration efforts will be guided by clear priorities: rapid capture of commercial opportunities, development of the product portfolio, and enhancement of operational efficiency.
The planned rights issue to finance the acquisition supports maintaining a balanced capital structure post-transaction and offers existing shareholders the opportunity to participate in the company's next phase of growth. The aim of the offering is to ensure sufficient financial flexibility to execute our strategy. Our largest shareholder, William Demant Invest, and the sellers of Visionix have committed to subscribe for their pro rata share (approximately 31% in total) of the offering.
The sellers of Visionix have committed to remain significant shareholders in the combined company and to participate materially in the rights issue. Their representatives are also proposed to join the Board of Directors at the upcoming General Meeting, further strengthening long-term commitment and bringing valuable expertise to the development of the company. This commitment reflects their confidence in the growth prospects of the combined company and its ability to create shareholder value.
We will host a Capital Markets Day (CMD) in autumn 2026, where we will provide an update on the integration progress and our ongoing strategy update, and outline our direction for the next strategy period 2027-2030.
Faster-than-market growth and a clear path to strong profitability
We are targeting an annual growth rate corresponding to 3x the market growth rate as well as an EBITDA margin of 25% during years 2028-2029, and an EBITDA margin approaching 30% beyond 2030.
Focus on accelerating growth and value creation
Our long-term ability to combine growth and profitability has been a key driver of Revenio's success, and we will continue to build on this foundation in the years ahead. The Visionix acquisition significantly expands our scale of operations and increases our addressable market approximately 2.5-fold, strengthening our position as a globally relevant player in ophthal-mic diagnostics. With our expanded product and technology portfolio, we are better positioned to address customer needs more comprehensively and to develop new data- and AI-driven solutions that improve quality and effectiveness of care.
Our operating environment continues to be characterized by multi-layered geopolitical uncertainty, affecting, among other things, international trade and currency markets. In these conditions, our proven flexibility and ability to adapt remain our key strengths.
I would like to thank our customers, partners, employees, and shareholders for their trust and commitment to Revenio. Our focus is now on the successful completion of the Visionix acquisition and careful preparation for integration to ensure a smooth combination and effective realization of synergies. I am confident that by combining our expertise and strengths, we are building a solid foundation for profitable growth and long-term shareholder value creation.
Financial reporting in 2026
The half-year report H1/2026 will be published on Thursday, August 6, 2026, and the interim report Q3/2026 will be published on Thursday, October 29, 2026. The closing of the Visionix transaction will potentially have an impact on the group's reporting dates for the coming releases.
Audiocast and teleconference
Revenio will hold a live audiocast and teleconference call for analysts, investors, and media in English at 3.00 p.m. (EEST) on April 28, 2026. CEO Jouni Toijala and CFO Robin Pulkkinen will present the Interim report.
The webcast can be watched live at: https://revenio.events.inderes.com/q1-2026
To ask questions, please join the teleconference by registering using the following link: https://events.inderes.com/revenio/q1-2026/dial-in
Phone numbers and the conference ID to access the conference will be provided after registration. To ask a question, please press #5 on your telephone keypad to enter the queue.
A recording of the webcast will be published on www.reveniogroup.fi/en after the event.
For further information, please contact
CEO Jouni Toijala: +358 50 484 0085
jouni.toijala@revenio.fi
CFO Robin Pulkkinen, tel. +358 50 505 9932
robin.pulkkinen@revenio.fi
Distribution
Nasdaq Helsinki Oy
Financial Supervisory Authority (FIN-FSA)
Principal media
www.reveniogroup.fi/en
Revenio Group in brief
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, microperimeters, and perimeters as well as software solutions under the iCare brand.
In 2025, the Group's net sales totaled EUR 109.7 million, with an operating profit of EUR 25.4 million. Revenio Group Corporation is listed on Nasdaq Helsinki with the trading code REG1V
