A Fife firm that sells retina scanning devices around the world plans to invest nearly £15 million ($18m) after another year of record sales.
Dunfermline-based Optos makes machines capable of scanning the outermost edges of the retina.
In 2021 Optos, which reports its revenue in US dollars, saw its sales rise by $16m to $133.7m.
The business has continued its success with revenue for the year to March 2022 increasing to $156.5m.
Its pre-tax profits also rose to $40.8m over the reporting period, an increase of more than $6m.
Optos boss says firm in ‘strong position’
In his strategic report published alongside the accounts, chief executive Robert Kennedy said the company is in a strong position.
“The directors recognise the challenging environment the company is continuing to successfully navigate,” Mr Kennedy said.
“This is made possible by the highly engaged and hardworking Optos team.
“Through their continued hard work, support and flexibility we continue to support objectives and customers.”
He outlined plans for the firm to invest in the year ahead.
Optos remains the only firm that can take an ultra-wide 200-degree image of the retina in a single capture.
The firm manufactures between 2,500 and 3,000 devices a year in Dunfermline.
Mr Kennedy said: “The company is committed to investing into new product development with research and development spend of $18.6m in-year.”
Earlier this year, it launched an AI-based solution to detect vision-threatening diseases.
Its latest invention facilitates early detection, management, and effective treatment of diabetic retinopathy (DR), which is a leading cause of blindness among adults.
Risks to Fife retina scanning firm
He also outlined the principal risks to the business.
“The company’s devices are complex, and growth is dependent on it being able to manufacture and service its devices in a cost-effective and repeatable way.
“The risk of supply chain shortages, such as those relating to the current silicon crisis and wider, are managed by a cross-functional team to ensure our ability to manufacture.”
He said the silicon crisis had “significantly” impacted on purchasing patterns.
“We were successful in ensuring customers service needs were satisfied and prioritised throughout the year.
“However during our fourth quarter the shortages did temporarily impact our ability to install limited product lines to new customers.”
Mr Kennedy said the firm continues to monitor the impact of Covid-19.
He said the firm has increased its resources in light of the conflict in Ukraine and new restrictions in China.
Optos was founded by Douglas Anderson in 1992.
He set up the business after his young son went blind in one eye after a retinal detachment was detected too late.
It was acquired by Japanese camera company Nikon in 2015.
Conversation