I guess it’s just that the OP Small Cap Fund has had to sell as investors have withdrawn their money from the fund. As I wrote earlier, it has been on the selling side in at least the following companies in February: Alma Media, Bittium, Bioretec, Deetee, F-Secure, Leaddesk, Optomed, and Nokian Renkaat. So it’s more about the fund itself than Optomed’s fundamentals. Juha Kinnunen also seemed to talk about this in a video a few days ago. It’s worth watching. It offers excellent insights, and at least I share Juha’s view on Optomed’s situation.
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I don’t know – some might have this mandatory sale in their rules, others might not. However, as an owner, I would be concerned about my fund managers who don’t sell shares in such a rapid decline in good time. Perhaps some funds have such strong conviction that a downturn won’t lead to action – who knows. OF COURSE, AS MENTIONED ABOVE, owners also withdraw money from funds, which causes selling pressure and a drop in share price.
Does anyone have any idea how large a share of the software business was accounted for by the Veikkaus / Police Administration project? Which, apparently, was the sole client for the entire consulting operation.
And is the entire project and consequently the business potentially (interpreting the CEO’s evasive/unclear answers) being phased out now?
Revenue from 2021 - 2024 has been quite consistently 15M each year. Last year, there was finally a jump to 17M euros when the equipment segment improved by over 40%.
The share of the software business in the 2025 revenue (17.1M) was 9.7M, while equipment, despite excellent percentage growth, was still “only” 7.6M, meaning:
2025 SOFTWARE 9.5M/17.1M = 56% OF REVENUE.
2024 SOFTWARE 9.7M/15M = 65% OF REVENUE.
If the billing from this one client’s consulting has been 1M per year, there’s no need to worry. If equipment grows by, say, 50% in 2026, that million in lost revenue is nothing, because equipment would simultaneously grow by almost 4M. A nice revenue growth (3M / 17.1M = 17.5% plus) then.
But if the consulting billing from the single client, which might now be ending completely, has been 9M per year, the situation would be quite dire.
Even doubling the equipment business would only bring in 15.2M in revenue, which is the same as 2024.
Unfortunately, the company does not openly disclose figures within the segments.
There are certainly good and justified reasons for this from the company’s perspective.
So, does anyone have even an educated guess as to how big a dent in revenue there would be if the consulting billing, which was dependent on a single client, were to cease now?
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Revenue is a poor metric here, as from the perspective of the company’s valuation, one million device RR (recurring revenue) sales are worth the same, or more, than 10 million in “bodyshopping” for Veikkaus.
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I understand your valid and good point.
Especially if it weren’t a growth company expecting (significant) growth.
If, according to my (speculative) worst-case scenario, 9M euros were to be removed from revenue for this fiscal year, it would be a devastating blow to the company’s growth story.
Secondly, according to the CEO’s own words: “The reason it (consulting business, apparently; Balle’s note) is there is that it has been a profitable business so far, there has been one client so far, it has been a fairly easy-to-manage business…”
It has been… so far… profitable… and easy-to-manage business.
So far, this consulting has played a big(?) and “easy-to-manage” role in profitability.
If its share has been significant for the software business, it doesn’t look good.
Now I am really interested in what the share of this one client’s consulting has been (so far, now possibly ending) in the company’s annual revenue.
Edit. Corrected a typo and made some minor adjustments.
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Hopefully that one client doesn’t read those comments.
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I don’t understand this line of thinking, as there have been no growth expectations for the consulting business. Perhaps expectations that it would generate half a million in annual cash flow ad infinitum… in which case its contribution to the company’s valuation would be a handful of millions.
…in which case everything would be perfectly fine and excellent.
A loss of 500K in revenue would be insignificant. Especially since it doesn’t even belong to the company’s industry or assumed core competence.
As I tried to explain earlier with my imperfect style, the company doesn’t provide any insight into the size of its consulting business. That’s why, when outlining the significance of consulting for the company’s revenue, its numbers varied between 1 and 9M.
The enormous range I provided predicts 100% uncertainty and cannot contain any probabilities.
Precisely for this reason, I would greatly appreciate more transparent disclosure of figures from Optomed.
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Cash flow, not revenue. 50 characterscharacterscharacters.
Cary Medical Management Adopts Optomed Aurora AEYE
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They’re starting to show up, and the best part is that we’ve started making reference videos => real marketing by Optomed, almost unprecedented 
Additionally, when asked where the cameras are, Himberg mentioned North Carolina as one location, and now it’s confirmed for at least one place (reinforces/supports that his words can be trusted). Now, let’s get Big Pharma in on the action 
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Kuulinko oikein. Hedis quality metrics have improved by 15 to 20 percent?
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Yes, you heard right. This probably meant a lot to insurance companies (payers).. #notbad
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@Antti_Siltanen has written an excellent article, it fits right in here.
“If the product is sound and the groundwork has been done well, once the flywheel gets going, it can lead to excellent results in the long run.” Slow and steady wins the race.
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And this fits the theme: the roadmap to the China market seems to be progressing, as the Chairman of the Board is meeting potential customers;
Edit. Optomed is quite active in China now, as Mr. Huhtinen was in his sales trousers just a couple of weeks ago. Could things finally start happening there (too)?
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And Himberg is pressing @usa. Now there’s a sense of purpose
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Yeah… @china had a camera in hand/on the table, so maybe there was some trading going on after all
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Huhtinen visited China a few weeks ago, now the chairman visited. So now there was a need for the right to sign. Next week we will hear what has been signed?
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This Wood & Company conference is also interesting. Based on the picture, Lumo is on display in New York by Airee. Airee is now heavily marketing Lumo all over the world.
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Or did they just find an excellent dumpling place that they had to go and test with shareholders’ money? It’s nice to travel. Based on the results of the last few quarters, more emphasis has been placed on fun than profit.
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