Annual Report and Accounts 2006 - Optos

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“The optomap® Retinal Exam has helped me build my practice as well as my confidence as a practitioner.” Jacqueline Campisi, O.D., Connnecticut, USA Case Study 2: Connnecticut, USA Early detection of central nervous system Lyme disease symptoms. An asymptomatic 6 year old child presented at Dr Campisi’s office for a back-to-school eye exam. In the course of her comprehensive examination, Dr Campisi compared last year’s optomap® Retinal Exam images to this year and noticed swollen optic nerves on the current year’s optomap® Retinal Exam images. Dr Campisi referred the child to a paediatric ophthalmologist and paediatric neurologist at Children’s Hospital for a complete work-up. A CAT scan and Lumbar puncture were performed and the child was admitted. The child was diagnosed with papillitis aseptic meningitis due to Lyme disease which caused the bilateral swelling of the brain and optic nerves. Most patients are light sensitive and reflexively shut their eyes when the practitioner attempts examination with an ophthalmoscope. It is particularly difficult to achieve patient compliance with a young child and a dilated manual exam would have been extremely difficult to perform. With the optomap® Retinal Exam, however, ultra wide-field images are quickly and non-invasively captured, enabling the patient, patient’s family and the doctor to interactively review the images. Because Dr Campisi recommends an annual optomap® Retinal Exam for every patient, she was able to immediately compare last year’s images to this year by placing them side by side in v2 software, which highlighted the swollen nerves. Dr Campisi remained in touch with the child’s parents and physicians during the recovery period and requested that the child return for another optomap® Retinal Exam, visual fields test and refraction in 3 to 6 months. Dr Campisi and the child’s parents credit the optomap® Retinal Exam with the early detection of Lyme disease symptoms and perhaps more acute complications from the disease later on. 12 Optos plc Annual Report & Accounts 2006
Operational and Financial Review continued North America North America remains the largest opportunity for the Company, and our excellent progress continued during the year. Revenues in North America grew by 41% to $64.7 million, with $59.3 million generated in the United States and $5.4 million in Canada. Primary care optometry remains our core customer target segment in North America, where we estimate that there are approximately 21,300 addressable practices, of which 20,000 are located in the United States. An addressable practice is one that is sufficiently clinically focused and large enough to commercially integrate the P200 device and the optomap® Retinal Exam. During the year, we installed 508 new devices in the United States and closed the year with an installed base of 2,324 P200 devices. In Canada, our installed base grew by 42 to 151. Our total installed base in North America at the year end stood at 2,475, up by 29% from 1,925 at the end of our last financial year, and representing 12% of the estimated addressable market. During the year, we extended our collaboration with electronic medical records providers and produced digital animations to promote the optomap® Retinal Exam. We also worked in partnership with Johnson & Johnson, Marco, Officemate and Eyemaginations on an exhibit that demonstrated to practitioners ways of delivering the optimum patient experience during an eye health examination. These initiatives were well received at the major optometric and ophthalmic meetings and exhibitions during the year, including the American Academy of Ophthalmology, the American Optometric Association, the South Eastern Congress of Optometry, Vision Source and Vision Expo East and West. At each of these, we secured new customer contracts and extended the contract life of many of our existing customers. We continued to operate our Optos Academy programme, which has proven popular with practitioners and practice staff at major exhibition events. These educational workshops are designed to provide attendees with updates on topics such as disease trends in primary eyecare, reimbursement guidelines and using our Retinal Exam Annual Protocol (“REAP”) to drive compliance levels, and targeted ophthalmoscopy, which is a programme we launched to explain to practitioners how they can use the optomap® Retinal Exam as the first step in every annual comprehensive examination. We believe that this type of educational support, combined with the clinical and financial benefits of having our P200 device installed in the practice, provides practitioners with compelling reasons to offer the optomap® Retinal Exam to all their patients. “Revenues in Europe grew by 24% to $3.0 million, with $2.3 million generated by our UK business and $0.7 million in Germany. ” Bruce Doney, Senior Embedded Software/ FPGA Engineer; Fiona Macpherson, Principal Engineer; and, Richard Moore, Senior Development Engineer. Our existing customer base in North America is comprised primarily of independently owned and operated eyecare practices. This customer group remains a priority, and the addressable market within this segment continues to hold significant potential. We have also determined that there are commercial opportunities within the corporate optical and eyecare chain customer segment. We have stepped up our efforts to capture new business from within this segment. A National Accounts Group under the leadership of a Senior Sales Director has been established, with the remit to secure additional business from within the eye-health focused corporate optometric chains, practices with multiple locations and military establishments. We signed an agreement with LensCrafters Inc., a leading US-based optical retail chain, where 60 of the optometric practices connected with the 1,200 retail locations owned by LensCrafters and its affiliates installed our P200 device. In the latter part of the year, a test-marketing television advertising campaign was launched in the Jacksonville, Florida area by Pearle Vision, a LensCrafters affiliate. This direct consumer campaign focused on presenting the Pearle Vision practitioner as a trusted eye healthcare provider, and has led to increased adoption rates of the optomap® Retinal Exam. We believe that the agreement with LensCrafters Inc. provides us with a valuable commercial platform to generate additional business from within LensCrafters and its affiliates. During the year, OptiCare Eye Health & Vision Centers Inc. installed the P200 device in each of its 18 eyecare practices in the state of Connecticut. Seven of the sixteen schools of optometry now use the P200 device and include the optomap® Retinal Exam as part of the curriculum and educational training programme. Our aim is to have our P200 device in every such institution to ensure that all students entering the profession have had extensive exposure to our P200 device and the optomap® Retinal Exam during their training and before being admitted to practice. In the seven existing locations, our device is being used to facilitate patient care and to assist students in the recognition of retinal conditions and abnormalities. We also advocate that the schools of optometry use the optomap® Retinal Exam as a reliable confirmation of findings 24% Increase in revenues in Europe. With $2.3 million generated by our UK business and $0.7 million in Germany. 118 Total installed base in Europe. Up by 40% from 84 at the same time last year. when teaching the use of other methods of examining the retina using conventional manual instrumentation. This is achieved by first looking at the optomap® Retinal Exam and then directing the student to find the condition using, for example, a Binocular Indirect Ophthalmoscope. This approach – which we have named Targeted Ophthalmoscopy – is recommended in all of our private practice and corporate locations as well as in the university setting. The United States is our largest country market and we believe offers the most potential for us to significantly grow our business. Accordingly, during the year, we put in place a number of initiatives designed to capitalise on the US opportunity. In the latter part of the financial year, we implemented a new programme known as Partner Visit Protocol (“PVP”), which is designed to increase practice revenue by enabling our Customer Focus Teams to work more closely with our customers to integrate the optomap® Retinal Exam deeper into their practices. Customers have welcomed this initiative and we are seeing improved revenue per site in those practices where PVP has been fully implemented. Optos plc Annual Report & Accounts 2006 13
Page 1 and 2: Revolutionising eye care helping sa
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Optos plc Annual Report & Accounts
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Annual Report and Accounts 2006 - Optos

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