Optomed - Health technology company

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Good day!

There has been a lot of talk about Lumo and how it changes the game by combining several AI algorithms, which made me want to comment a bit. My understanding is that Aurora IQ could also incorporate as many algorithms as one would want, so there’s no change there. Naturally, Lumo is presumably used for more diverse research, which over time could lead to (FDA) approved algorithms for various indications. Development progresses, but it takes time.

Then, if you meant that there would be three different algorithms for diabetic retinopathy, I don’t really know how that would change the picture. The customer only needs one good one. If one wants to run three and observe the differences, perhaps they might pay more for that. But I don’t really see this as a likely, significant additional revenue stream. And indeed, in my opinion, this would already be possible with IQ, if there were demand.

Optomed does not develop algorithms itself, so pricing is not solely in its hands either. When agreements are made on revenue sharing and other terms, the outcome largely depends on pricing power. In handheld devices, Optomed likely has quite good pricing power, as there may not necessarily be alternatives on the other side – but on the other hand, a pioneering algorithm can also be unique and desired. Then, when there are many competitive algorithms, as there are now in diabetic retinopathy, the situation can change. And so, we are now only talking about revenue sharing, i.e., what Optomed would get from this, and then there is pricing separately. That depends on the added value offered to the customer (potentially high), future reimbursement decisions (a mystery?), and other possible incentives (e.g., HEDIS now).

Platform fees naturally sound great, and they can be achieved if we gain market position and can offer partners added value through this (incl. software). And then new AI algorithms are needed, their approvals and reimbursements, etc. Of course, approvals for Lumo too. Perhaps I would still look at the sales of Aurora AEYE, because through its success, that position can now be gained.

These messages give a bit of a feeling that all this is just around the corner. Mainly for that reason, I’m trying to put a bit of a damper on things. Everything takes time, just like with Aurora AEYE. In the long run, anything is possible, but there are many steps in between on this long march.

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From this Lumo-algo revenue sharing post of yours, I get the feeling you are only looking at the US market?
Optomed itself communicates much more strongly about other markets as well.

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Optomed has communicated very clearly that the United States is the main market. It is the largest, most developed, and has the support and infrastructure in place. As far as I understand, it is the only large market that supports autonomous AI and is open (China, for example, is not). In addition, it tends to be that success in the United States correlates with the rest of the world. If you develop a new AI algorithm, you seek FDA approval to enter the market (with the possible exception of Chinese companies). Of course, cameras go everywhere, but when we talk about AI and its pricing, as in this case, it is very justified to discuss the matter from a US perspective. And the prices there are the highest, by the way.

And then, since the United States has been discussed a lot and those market factors have been covered, it’s easy to use them to explain, for example, pricing-related factors. One could talk all day here about each EU country (or the UK), which have different systems and opportunities, but then nothing else would get done. If the EU were a unified market, it would certainly be discussed a lot, but it is not, at least for now. A single EU country is unfortunately insignificant compared to the USA. If another large country starts to lead, I will shift my focus there as well.

For these reasons, I focus on the United States, at least when talking about AI. It’s great if support comes from elsewhere, and there has been excellent discussion here about orders or opportunities from around the world. That’s great.

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It should also be added that Optomed is the only handheld camera with FDA approval combined with AI. Granted, not Aurora AEYE nor Lumo, but nevertheless. That is probably the most attainable competitive advantage in the United States, as it excludes competitors. One cannot enter there with any local CE approvals. It is not sustainable, naturally, and its influence spreads globally, but it is still one more reason to focus on the United States.

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Ok, however, Optomed justifies its strong growth guidance, for example, with Lumo sales in H2, and that doesn’t concern the US market. But it’s good to know that the forecasts are heavily US-weighted, so the rising AI market camera sales boost elsewhere is then on top of that.

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:sun_with_face:…nice days!

Yes, I meant for different indications. Diabetes, cardiovascular diseases, memory disorders (Alzheimer’s). Those as examples.

If we consider this Lumo thing now, it already has CE approval. In addition, Aeye and Toku algorithms also have CE approvals. So Optomed can already sell the Lumo-Aeye-Toku package not only in Europe but also around the world, excluding USA, China, and Japan. Doesn’t this CE approval entitle them to this, as long as registration is handled in each country? This has been stated at least regarding Bioretec.

In South Africa, as I understand it, Optomed’s camera-AI combination is already in use, and isn’t it Aurora Aeye? If I recall correctly, Himberg stated in a video some time ago that AI is in use there, or is my memory playing tricks on me?

How ready is Europe to adopt AI in healthcare? I’d guess very well… those efficiency and cost-saving aspects. Hasn’t Aiforia, for example, done quite well commercially with its AI gadget?

The rest of the world… same here… AI will break through.

Even in Finnish health centers, a Lumo-diabetes-cardiovascular-Alzheimer AI combination would be an effective and necessary package.

:sun_with_face: sunny greetings

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We started this discussion when I commented on AI pricing. We’ve gone quite far from that now, but let me clarify: I wasn’t commenting on this year’s revenue, but naturally, AI is currently a very small part of Optomed’s revenue; devices (capex) are a larger part, and software is an even significantly larger part.

As I said, devices go everywhere and have been going for years already. Of course, our forecasts inherently include devices everywhere, but if large amounts of AI revenue are now pushing in from somewhere other than the US, that would indeed be a positive thing.

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I don’t really know what to say to this. Of course, AI will break through in healthcare. In Europe and globally. And there is a lot of evidence that algorithms could screen all sorts of things from eyes. Cardiovascular and neurological indications from eyes, in particular, have been discussed at length and earnestly. Toku is probably the furthest along, as it has had FDA Breakthrough Device status for years. There are long stories about all of these in a comprehensive report.

So, we seem to be roughly on the same page, but then there are the conclusions. Do you mean that Optomed’s (Lumo) sales will explode globally (excluding USA, China, and Japan) because of these CE marks?

In my opinion, that’s an optimistic idea. Since arguing about future scenarios is difficult, I seek support from the past. The first AI algorithm for diabetic retinopathy (IDx) received FDA approval, if I recall correctly, in 2018. Not just a CE mark, but proven effective and good in clinical trials. A big step in itself. Now it’s 2025, and a big breakthrough still hasn’t been made; it’s still expected to become mainstream. Furthermore, at the end of 2024, Optomed’s large order went to a screening operator that did not use AI. This is where Optomed’s place is right now. The point is simply that these things always take time.

Toku doesn’t even have FDA approval yet, nor the other “infrastructure” that has been built around DR over the years. Surely everything is faster now that AI has become “everyday,” but healthcare is still a conservative field, and big moves aren’t made there without all bases being covered. I emphasize that I’m not saying that devices won’t sell, AI won’t be used, and things won’t progress. They do sell, and revenue is growing. Oculomics is growing and developing, that’s clear. But Optomed itself doesn’t expect Lumo to be Optomed’s best-selling product for a long time yet.

But yes, let’s hope you’re right. It would be great if this took off and we got a new true success story here.

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Exactly. And this brings us back to the fundamental question from an investor’s perspective: Is a significant change in the share price expected (which is heavily debated and awaited here)? Presumably: No. We are still in the same position where potential exists, but there are no proven results. While waiting for those.
If you have faith, hope, and return expectations, then I recommend it. And if better investment opportunities (with proven track records) are desired, I recommend changing horses.
If the interim report contains the same jargon again, I’m out of here. Kopotikopkop.

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What kind of figures are people expecting from Optomed? I myself haven’t seen any figures other than Juha’s and Redeye’s. Some always say that there’s no progress and nothing will come of this; it would be interesting to know on what timeline you expect things to happen and with what kind of figures. In my opinion, what Optomed has communicated has also happened, even if not with an “everything here right now” mentality.

It would be nice if we started seeing similar growth figures as in the last quarter going forward.

I myself would be very disappointed this year if we didn’t strongly surpass last year’s figures; it shouldn’t be difficult to achieve that, as the figures were rather weak, excluding that one large order.

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I’m probably thinking too simply about this, but in short: the ophthalmologist’s interpretation has clearly been the most expensive and slowest component of any fundus imaging, and now its cost and availability fall into a completely different category in indications where AI interpretation is possible.

Especially for screening applications, it can be said that this enables the creation of entire markets. In screening applications, portable devices also bring a slight additional advantage with flexible use and location.

Toku was mentioned; it also seems to be celebrating a US, EU, UK, and Switzerland data privacy certificate on LinkedIn right now, meaning it intends to do business elsewhere than just the USA. And it doesn’t do it without cameras.

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Hello again!

I haven’t used the word ‘explode’ nor have I even thought that way. But when you have the permits, sales can be started :+1:

To this, one could comment that the CPT code for retinopathy AI screening was approved in the USA only in 2021. This made it financially viable in primary healthcare.

Furthermore, this IDx is only used on a desktop computer. External experts of Optomed have also stated that handheld cameras will capture 70-80% of the screening market (primary healthcare). And Optomed will not be alone in this US primary healthcare handheld camera market; quality competitors will emerge.
There are certainly enough pieces of that cake to share.

We are eagerly awaiting Q2 day.

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This would be an interesting discussion in my opinion :slight_smile: Now it feels like there’s a lack of concrete information, making it hard to grasp the matter. My expectations are naturally visible, and the report provides the justifications. It’s so difficult to predict that if the next few years were even in the ballpark, I’d be satisfied. But it would be really nice to hear the active members of the thread’s estimates for the future, even with a few key figures.

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You didn’t use it, I apologize for the colorful language. It just felt like you were highlighting this as the most important thing right now.

Yep, part of the process. Some kind of process will eventually be ahead for others too, although now something can probably be applied ready-made (see Grok’s answer below). It’s somewhat amusing that I’ve just heard how money can be made outside the US market, but the lack of a CPT code for Americans apparently still works as a counter-argument. The market could have formed elsewhere, but we are still in the very early stages. And that, of course, is also an opportunity.

Conclusion

Currently, no CPT code specifically addresses CVD risk evaluation using retinal images at the point of care. CPT 92250 or 92229 may be used for retinal imaging, depending on whether the analysis is manual or AI-based, but their applicability to CVD risk assessment depends on payer policies and medical necessity. For precise coding, consult the payer and ensure robust documentation. If you’re exploring emerging AI tools for CVD risk, verify FDA approval and payer coverage before billing. For further details, refer to payer resources or the AMA CPT guidelines.

Yes, it might go that way, time will tell. There are market studies for every need, and they are usually quite optimistic, for example, regarding market growth. It’s always fun to look at old studies and see how markets have actually developed in the end. I can’t remember a single instance where things progressed faster than anticipated. I myself have been caught in this trap too often. In the real world, things tend to move slower, and predicting the future is difficult. That much I do know :sweat_smile:

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AEYE tiedottaa yhteistyösopimuksesta apteekkijakelijan kanssa USA:ssa. Tästä voi ajan kanssa poikia isojakin soppareita apteekkiketjujen kanssa.
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AEYE Health and Ford Medical Partner to Bring Fully Autonomous, Reimbursable AI Diabetic Eye Exam Screening Solutions to Pharmacies

NEW YORK, July 15, 2025 /PRNewswire/ – AEYE Health, a leader in AI-powered retinal diagnostics, announces its strategic partnership with Ford Medical, a healthcare distributor dedicated to supporting non-acute care providers. The collaboration will bring AEYE’s fully autonomous diabetic eye exam screening solutions to pharmacies and non-acute centers nationwide - making early detection of diabetic retinopathy easier, on-the-spot and more widely accessible for patients.

With diabetes rates on the rise, pharmacies have become vital access points for retinal screening. Diabetic retinopathy is the leading cause of blindness among the working-age population - yet it is preventable in the vast majority of cases. Unfortunately, most diabetic patients are not screened annually, as recommended by clinical guidelines. AEYE-DS, AEYE Health’s AI-driven technology, enables point-of-care screening for patients who may not regularly see an eye specialist - enhancing care outreach, expanding pharmacy services, and creating new revenue opportunities. AEYE-DS is the first and only FDA-cleared AI solution compatible with a portable camera, making retinal screening truly feasible in a pharmacy setting.

Through this partnership, Ford Medical will distribute AEYE Health’s FDA-cleared AI screening solutions, enabling pharmacies and non-acute centers to offer an in-house, non-invasive eye exam that delivers immediate diagnostic results without the need for a specialist. The solution closes care gaps and is fully reimbursable under an existing CPT code, empowering point-of-care providers to prevent vision loss.

“We’re excited to collaborate with Ford Medical to bring AEYE-DS into pharmacies and non-acute centers - a strategic step toward making diabetic eye exams more accessible than ever,” said Zack Dvey-Aharon, Ph.D., CEO & Co-Founder of AEYE Health. “By integrating fully autonomous AI into everyday care settings, we’re making it much easier to detect disease early and prevent blindness for millions at risk.”

“This partnership with AEYE Health represents a major step forward in making AI-driven diagnostics more accessible,” said Scott Greenberg, Vice President of Sales at Ford Medical. “We’re giving non-acute providers the ability to deliver real clinical value through early detection - keeping patients healthier and helping providers grow their impact and their business.”
..

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This BeamMed is already ”old” news, and this has probably also appeared recently on this forum, courtesy of @Sheikki.

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Jeez… thanks for the info. I deleted my unnecessary post because it wouldn’t have brought any added value.

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Good summer evening to the forum.

My interest in Optomedia arose in the spring, and as summer reading, I waded through over 3900 forum messages and watched InderesTV’s clips about the company.

Something is bothering me about the story, however.
New residents are coming in on a conveyor belt. Distributors are increasing. No need to even invest in the smallest ones. The only FDA approval on the market. Etc. etc. This same thing is repeated in the CEO’s quarterly interviews.

Q3/2024 interview:
Kinnunen: Tried to get a sense of the potential active installed base of devices. So shouldn’t they then be capitalized on the balance sheet because, you apparently manufacture them and incur the cost that way? There should be capitalization on the balance sheet because it generates future revenue?
Himberg: Yes, you’re right, yes indeed.
Kinnunen: Well, at least in Q3, this was not yet significantly noticeable.
Himberg: Possibly, yes.

I tried to examine the Q1/2025 report. But on which line, specifically, are the devices added to the balance sheet?

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Earlier, a distributor agreement with Ford Medical was brought up. Just as a reminder, a similar distributor agreement was made last year with Diabetes Testing Centers. They also have a very extensive customer network.

Enough time has passed now that it’s fair to assume that cameras have also been delivered to customers through this distributor, and hopefully in good quantities. On top of that, with Optomed’s and Aeye’s sales… I eagerly await the Q2 results.

Kind regards, a positive optimist

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Here is one example of a large player in the US market, which is a potential Optomed customer. It has clinics and pharmacies, and quite a good number of them.

They previously used a handheld camera but stopped using it quite quickly. I don’t remember the brand of that camera, but Sheikki brought this up earlier. This was before Optomed received its FDA approval.

Below is a link to an article about the opening of a new pharmacy, and below that is “about cvs health” which introduces the company. If they become a customer, a few cameras will go there :grin:.

CVS Health.

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