Some suggestions:
- What is the roadmap for integrating Visionix’s OCT technology (Optovue) into the Revenio/iCare ecosystem? Should one expect primarily software/cloud integration (e.g., via iCare ILLUME) in the short term, or are there already plans for combined hardware solutions?
- Visionix CEO mentioned an ongoing internal program aimed at improving their gross margin by 4-5%. Are the financial benefits of this specific program included in Revenio’s communicated €20 million synergy target, or should this be viewed as an additional upside?
- Regarding the rights issue planned for H2: How will management and the board balance the timing of the issue to minimize dilution for current shareholders? Are there specific market conditions or internal milestones that need to be met before pulling the trigger?
- Revenio’s historical M&A has consisted of smaller bolt-on acquisitions. Given the scale of Visionix, how does management plan to navigate this new organizational complexity, and what structural safeguards are in place to ensure Revenio maintains its historical operational agility?
- The pre-synergy multiple paid for Visionix appears higher than what private equity (KKR) recently paid to take Topcon private. But given that this deal has been two years in the making, how do the insights gained from the due diligence justify paying a premium multiple, and how has it helped map out the operational risks?
Thanks.