Could this be the implementation of Optomed’s “playbook”. It still bothers me why Optomed changed its reporting method some time ago, and could this be the reason for it?
Ubetec: Balance sheet protection and cash flow buffer
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Recurring SaaS revenue: Ubetec’s contracts (such as Veikkaus’s 0.9 million euro two-year contract and the market’s 64 potential license applicants) are recognized over time. Continuous data vaulting and regulatory reporting will bring predictable, high-margin cash flow starting from 2027.
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Non-dilutive financing: The RegTech business will act as an efficient internal funding source in the near future, reducing the need for share issues that erode shareholder value. It covers the group’s fixed costs and provides peace of mind for the commercialization of health technology.
| Business Area | Role in Portfolio | Nature of Revenue | Market Target |
|---|---|---|---|
| Ubetec (RegTech) | Cash flow machine & balance sheet support | Recurring SaaS / ARR (pro-rated) | Finland 2026–2028 (64 operators) |
| Aurora AEYE (MedTech) | Valuation multiple scaler | Hardware + recurring AI service | United States & global markets |
The market has long priced high risk into Optomed due to slowly progressing device sales and cash adequacy. In my view, if successful, Ubetec removes the immediate balance sheet/cash risk by bringing predictable and high-margin revenue. That upcoming deal with Veikkaus announced on Friday was a fantastic opening move, and a large portion of those 64 license applicants will likely seek out a player that has even been involved in drafting future regulation and operates in a very strong alliance.
In addition, for an international operator unfamiliar with Finnish regulatory practices, choosing Ubetec is the safest route to avoid violating license conditions. The company’s background as a provider of regulatory statements and Optomed Software’s regulatory expertise remove regulatory risk from the operators.