Annual Report and Accounts 2006 - Optos

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Who we are: Optos plc is a leading and rapidly growing medical technology company. What we do: Optos designs, develops, manufactures and markets devices that image the retina, the light-sensitive area at the back of the eye. Optos’ platform technology is the Panoramic200 Scanning Laser Ophthalmoscope device – known as the P200. In a quarter of a second, the P200 device produces a high-resolution image of up to 200 degrees or approximately 82% of the retina in a single capture. The image – branded the optomap® Retinal Exam – provides healthcare practitioners with clinically useful information that facilitates the early detection of disorders and diseases evidenced in the retina, such as glaucoma, diabetic retinopathy and age-related macular degeneration. Retinal imaging can also indicate evidence of non-eye or systemic diseases such as diabetes, hypertension and certain cancers. Optos’ technology provides an unequalled combination of wide-field retinal imaging, speed and convenience for both practitioner and patient, and can help save sight and save lives. Optos estimates that it is targeting a recurring US$2 billion market opportunity. Where we operate: Optos plc is headquartered in Dunfermline, Scotland, with operations in North America and Europe, currently the United States, Canada, the UK and Germany. Contents Highlights 01 The History of Optos 02 A Closer Look at Optos 04 optomap® Retinal Exam 06 Chairman’s Statement 08 Operational and Financial Review 10 Board of Directors 18 Corporate Governance 20 Corporate Social Responsibility 24 Directors’ Remuneration Report 25 Directors’ Report 32 Statement of Directors’ Responsibilities 34 Independent Auditors’ Report 35 Consolidated Income Statement 36 Consolidated Balance Sheet 37 Consolidated Statement of Changes in Equity 38 Consolidated Cash Flow Statement 39 Notes to the Consolidated Financial Statements 40 Independent Auditors’ Report (Company) 64 Company Balance Sheet 65 Notes to the Company Financial Statements 66 Glossary of Terms 74
Highlights Year ended Year ended 30 Sept 2006 30 Sept 2005 Change $m $m % Revenue 67.7 48.4 40% Operating profit before share-based payments 6.5 4.5 46% Operating profit after share-based payments 4.3 3.3 32% Loss before tax (1.1) (2.6) Profit/(loss) after tax 10.8 (2.2) Cash flow from operating activities 26.7 16.8 59% EPS (basic) $0.18 $(0.05) 40% increase in revenue to $67.7 million 46% increase in operating profit before share-based payments 58% reduction in loss before tax to $1.1 million for the year “Our operational progress is firmly reflected in our financial performance and I am very pleased to report a strong set of results, with revenues up 40% to $67.7 million for the year.” Dr John Padfield, Chairman Revenue $m 06 05 04 29.8 03 14.3 Installed base of P200 devices 06 05 04 1,368 03 657 Number of optomap® Retinal Exams 06 05 04 1.6m 48.4 2,009 2.5m 67.7 2,593 3.4m Solid financial performance > 40% increase in revenue to $67.7 million > 58% reduction in loss before tax to $1.1 million for the year > $1.5 million profit before tax in the second half of the year > Lower borrowing margin for vendor financing agreed Strong operational progress on key performance indicators > 29% increase in installed base of P200 devices to 2,593, up from 2,009 in 2005 > 34% increase in retinal exams to 3.4 million, up from 2.5 million in 2005 > 89% contract renewal rate, consistent with 2005 renewal rate Excellent performance in North America > 41% increase in revenue to $64.7 million, up from $46.0 million in 2005 > 29% increase in installed base of P200 devices to 2,475, up from 1,925 in 2005 > National Accounts Group established to target corporate optical retail chains, with encouraging initial success within LensCrafters Inc., Pearle Vision and OptiCare Eye Health & Vision Centers Inc. European operations performing to plan > 24% increase in revenue to $3.0 million, up from $2.4 million in 2005 > 40% increase in installed base of P200 devices to 118, up from 84 in 2005 > 15% increase in UK installed base to 77, up from 67 in 2005 > 141% increase in German installed base to 41, up from 17 in 2005 > Strengthened German market infrastructure with new office and appointment of Managing Director 03 0.8m Optos plc Annual Report & Accounts 2006
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Optos plc Annual Report & Accounts
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Annual Report and Accounts 2006 - Optos

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