Fife-based medical retinal imaging company Optos has reported another strong year of trading, with a record 1,500 new customers.
In a pre-close trading update yesterday for the financial year to September 30, the company said there had been strong demand for products and a significant reduction in net debt.
Revenues and adjusted profit before tax were expected to be in line with market consensus.
The early renewal of a US corporate account, once included, should result in both being slightly above market consensus.
Chief executive Roy Davis said: “We continued to see strong demand for our products during the year, particularly Daytona.
“This has translated into another record year of placements with new customers.
“It has also resulted in a robust cash performance that has allowed us to reduce net debt significantly.
“Our pipeline of new products is progressing to plan, and we remain excited about the future.”
A total of 1,500 new customers were added, and progress was made with corporate accounts globally.
These included the early renewal of a strategic corporate account in the US whose stores were upgraded with Daytona imagers, the company’s flagship product.
Cash generation was strong during the year, especially in the second half, and Mr Davis said the company expected to report a further reduction in net debt to around $12 million from $39m at September 30 last year.
Optos, of Dunfermline, aims to be the leading provider of devices and solutions to eyecare professionals for improved patient care.
The company’s devices produce ultra-wide-field, high-resolution digital images optomaps of approximately 82% of the retina.
Optos was founded in 1992 by Douglas Anderson after his then five-year-old son went blind in one eye when a retinal detachment was detected too late.
Although his son was having regular eye exams thy proved uncomfortable for a child, which made it impossible for the doctor to conduct a complete exam and view the entire retina.
Mr Anderson set out to commercialise a patient-friendly retinal image product that encompassed a digital wide-field image of the retina in a single capture.
Earlier this week Optos revealed a potential £10m tie-up with the academic sector to develop new sight-loss detection technologies.
The company will work with scientists and clinicians from NHS Greater Glasgow and Clyde and with the universities of Strathclyde and Kent to bring forward innovative imaging systems capable of identifying sight-threatening eye disease at an earlier stage.