That’s how I would interpret it myself based on the Retina Labs news and their website. However, the million-dollar question is why AI isn’t being adopted now, as screening is being expanded to new areas? Could old screening contracts still cover the new areas, or is the implementation of processes so slow that they start with just the camera first? Or could there still be resistance to change or anti-AI sentiment from doctors, etc.?
In any case, it looks positive that there is a market for Aurora in screening covered by Medicaid. It’s a bit puzzling why an AI component wouldn’t already be included in such an activity, where AI analysis would be a perfect fit. What is still the holdup?
Based on public descriptions, Retina Labs’ model looks more like a teleretina / human overread chain (capture → transmission → interpretation → report) than a 92229-type “AI interprets without physician overread” model.
Retina Labs’ own materials contain references to Optomed cameras being in their portfolio (Aurora IQ mentioned in an “on-location/nursing home calls” style). However, this doesn’t yet prove that the WV program specifically is 100% Optomed.
Why AI isn’t necessarily adopted immediately, even when expanding?
Contract + reimbursement model: A “gap closure / teleoverread” contract may have been established with the payer. AI changes the pricing, liability distribution, and the process.
92229 vs. teleoverread: Autonomous AI practically requires a point-of-care autonomous result without an ophthalmologist’s interpretation. If the current pipeline is built for overread, AI is not a “flip of a switch.”
Indication limitations: AI products (such as AEYE-DS) have precise indications for use and patient restrictions. A payer may want a broader clinical interpretation than just “more-than-mild DR.”
Operational scaling first: When expanding to a new city, the logistics (technicians, scheduling, reporting) are built first. AI attach often follows only once the basic pipeline is stable.
Resistance to change / med-legal: Autonomous AI changes liability and the operating model (how the result is communicated, how follow-up care is directed, what is done with non-diagnostic cases).
This actually supports the Optomed story: “fleet first, AI later.” Optomed has communicated itself that many sold devices can be converted into Aurora AEYE products in the coming years → meaning the AI attach may not necessarily be visible in the very first expansion wave.
How to spot the pivot to AI?
If Retina Labs/Wellpoint shifts to an AI model, it will generally start to appear through terms such as:
“CPT 92229”, “autonomous AI”
“instant/on-the-spot result”
“AEYE-DS”
“no physician overread required”
In short: In my opinion, the WV cases are a positive signal of the demand for handheld cameras and the “screening operators” trend. But AI usage cannot be inferred from them yet, and it is entirely credible that the camera fleet and process are built first, with AI introduced in phases.
Optomed board member Leana Wen has shared quite a nice link (seems to have received a good amount of coverage in the Washington Post :)) Especially point 6.+++++
The use of three FDA-approved AI systems (LumineticsCore (formerly IDx-DR), EyeArt, and AEYE Diagnostic Screening) in retinopathy screening in primary healthcare. Of particular interest were the technical performance of the devices, the efficiency of the screening process, and the economic impacts.
I’m bringing this up again. Could these be the customers Himberg promised? This is from 2023, but it’s an interesting point in the article, to say the least.
“In Mount Sinai’s tele-retina program, primary care physicians use high-quality portable digital cameras to capture retinal images during annual patient exams. Images are then uploaded to a secure technology platform, where NYEE retinal specialists access and read them and provide timely diagnoses. The implementation of validated AI software for these retinal images in the coming years could provide onsite interpretations of these scans, appropriate immediate patient referrals, and risk calculations for heart disease and stroke.”
Additionally, Tsontcho Ianchulev, MD, Professor of Ophthalmology at New York Eye and Ear ofMount Sinai and Board member of AEYE Health, says:
“This is perhaps the most exciting FDA clearance I’ve seen in recent years. Such meaningful and impactful innovation – not only on the technology and clinical care front, but also for population health. A simple click without dilation right when you visit your primary care doctor, at the pharmacy or even at home, can instantly inform you about diabetic retinopathy. This can streamline care, reduce patient burden, and ultimately ensure exponential access to essential sight-saving service. Earlier systems have struggled because of efficacy, throughput, imageability, portability and need for dilation, but we see a major leap forward technologically with this holy grail system that really has it all.”
The key thing, at least for me, is that the platform strategy they’ve been talking about for a couple of years is now taking concrete shape. Once you become the de facto platform for oculomics AI diagnostics/screening, the sky is the limit.
“This partnership reflects our commitment to transforming handheld camera imaging into a scalable AI-based diagnostic platform,” says Juho Himberg, CEO of Optomed Plc. “Optomed Lumo was originally designed as an ideal AI integration platform, and the integration of Aireen’s AI into our camera reinforces this strategy, while opening doors for future AI-based solutions.”
Redeye is positive about Optomed’s partnership with Aireen and the EU approval for AI integration with the Lumo camera. As previously stated, we see solid potential in Lumo and believe it can become an important growth driver for Optomed. The partnership and approval represent a step in that direction, and we reiterate our valuation of the company.
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Overall, we view today’s news positively. The approval and partnership signal progress in Optomed’s strategy to expand the capabilities of Lumo and strengthen its position in the AI-enabled retinal imaging market. We reiterate our base case valuation of EUR5, reflecting continued confidence in the potential of the Lumo platform and the broader Devices segment.
Collaboration with Aireen reduces dependency on Aeye. Could Aireen also be a partner in other markets? It would be interesting to know if the profit-sharing arrangement is roughly the same as with Aeye or better. Or is that information also behind a smokescreen with Aeye as well? (Edit Ayesta → Aireenista)
It will definitely be involved as a tool in other markets too…… for example, they seem to be active in the Middle East as well with a smart clinic concept like that, which could actually offer quite a bit of potential for Lumo🤔
It’s unlikely that will be disclosed, just as it wasn’t in the case of Optomed and AEYE Health.
Today’s news was welcome, but the 6% rise after the market open faded to less than half of that by the close. This is understandable, as the real sales work is only just beginning now, which has been the challenge so far.
However, there is still that algorithm developed with a big pharma company in the pipeline, the commercialization of which is currently being negotiated. Wasn’t it a top 10 company in the industry, or do I remember incorrectly? We could have heard something about the outcome of these negotiations by the end of last year, but so far we haven’t. I recall there was talk of the near future back then. So, this press release could also come out very soon, and if it really involves a big pharma company, I expect the stock price will get a much bigger boost than what we saw today.
I’m heading toward the Q4 earnings release with a positive mindset. If I recall correctly, a significant sum should be recognized as revenue in the software division for the final quarter. On the hardware side, we likely won’t see as massive percentage growth as in Q3 2025, because its comparison period was weak, and now the comparison period for Q4 2025 includes that large 1.5 million device order to the US from a year ago. Device sales in Q4 2024 were 2.6 million, and for comparison, Q3 2025 was 2.3 million. If we could reach even that 2.6 million comparison figure on the hardware side, it would be about 13% growth Q-on-Q. There could be even more growth if sales have been successful. For example, between Q2 and Q3 2025, the hardware segment saw good growth from 1.4 million to 2.3 million.
Much of that Q3 growth was traditional capex sales. The implementation of potential AI algorithms in the IQ cameras sold during said quarter, which Himberg previously mentioned, might not yet be visible in Q4. But we’ll know more in a month.
Here are Juha’s comments on Optomed’s new collaboration.
Optomed announced yesterday a strategic partnership with the Czech medical technology company Aireen. Through the collaboration, Optomed’s flagship product, the Lumo fundus camera, has been approved for use together with Aireen’s AI algorithm for diabetic retinopathy screening in the EU market. The solution has received MDR Class IIb medical device approval, enabling the launch of the combination product in Europe. The news is a positive step for Lumo, but we do not expect significant revenue streams from it in the near future, and the news does not cause changes to our forecasts.
Topcon continues its acquisition spree, and the next item is in the basket. The Topcon–RemoniHealth partnership takes eye care from the clinic to the home and transforms screening into continuous remote monitoring (AMD, DR, glaucoma). This makes the Healthcare from the Eye™ strategy concrete: real-time data, earlier treatment, and better cost-efficiency for payers. A portable camera could work quite well for this🤔
