Revenio Group Oyj

Latest Results (22.01.2026):

Revenio Group Oyj — Q4/2023: Revenio reported solid Q4 2023 results with net sales of EUR 29.1m (+3.1% y/y), strong profitability (operating profit EUR 9.5m, 32.6% margin) and EPS of EUR 0.270. Full-year 2023 net sales were EUR 96.6m (-0.4% y/y reported; +2.2% currency-adjusted), with operating profit EUR 26.3m (27.3% margin) and EPS EUR 0.719. Cash flow and working-capital items weighed on operating cash conversion for the year.

Q4 top-line and margins

Net sales Q4/2023: EUR 29.1m (+3.1%). Operating profit Q4: EUR 9.5m (32.6% of sales). EBITDA Q4: EUR 10.5m (36.1% of sales).

Full-year 2023 summary

Reported net sales 2023: EUR 96.6m (-0.4%); currency-adjusted growth: +2.2%. Operating profit: EUR 26.3m (-11.3% y/y). EBITDA: EUR 30.3m (-8.5%). Adjusted operating profit (excl. one‑time costs): EUR 27.3m.

One-off items and adjustments

2023 included EUR 1.0m of non‑recurring one‑time project costs that reduced operating profit and EBITDA; adjusted figures presented remove this impact (adjusted EBITDA down 5.6% y/y).

Profitability vs. cash flow

Strong margins but weaker cash conversion: cash flow from operations Q4 was EUR 5.2m (vs EUR 11.7m a year earlier) and for 2023 EUR 10.9m (vs EUR 23.2m), pressured by higher sales receivables, working‑capital movements and increased taxes.

Balance sheet and liquidity

Cash and equivalents at 31.12.2023: EUR 21.5m. Net debt was negative EUR -3.6m (net cash) and equity ratio improved to 72.7% (from 66.8%). Liquid assets fell vs prior year (EUR 32.1m at 31.12.2022).

Dividend and shareholder actions

Board will propose a dividend of EUR 0.38/share for 2023 (up from EUR 0.36 paid in April 2023). AGM scheduled for April 4, 2024 (proposal in the report).

Operational highlights

Q4 strength driven by retinal imaging and tonometry: particularly strong sales of iCare IC200 (with Quick Measure), iCare DRSplus and EIDON family. Significant screening orders (Germany) and notable orders in the U.S. iCare ILLUME customer uptake continued; CMS reimbursement application submitted for iCare HOME2 in the U.S.

Outlook and strategy

Guidance 2024: exchange rate‑adjusted net sales estimated to grow 5–10% and profitability (excluding non‑recurring items) expected to remain at a good level. Strategy 2024–2026 targets growth three times market rate from 2025 via diagnostics, connected solutions and selective M&A.