On January 11th, EOS Imaging published its financial results for Q4 2020. These showed that sales contracted slightly during the quarter although remained significantly higher for the year. During the quarter, total sales revenue reached €7.66m, compared with €7.82m during Q4 2019, a decrease of approximately -2% year-on-year. This took full-year 2020 sales revenue to €22.83m, compared with €20.09m during 2019, an increase of approximately +19% year-on-year. When removing the effects of currency movements, sales revenue was +19.3% higher year-on-year.
Although sales revenue was lower during the fourth quarter, equipment orders grew strongly. The company booked €8.1m in orders during the quarter, compared with €5.4m in Q4 2019, an increase of approximately +50% year-on-year. CEO, Mike Lobinsky commented: “the company experienced a solid rebound in equipment orders in the second half of the year driven by the strong adoption of EOSedge system”. The EOSedge system is the companies latest platform, originally launched during December 2019. One of its features includes significantly reduced patient dose via the companies Flex Dose™ technology, which uses body morphology in order to modulate the radiation dose throughout a scan. The system also incorporates two hybrid CdTe-CMOS dual-energy photon-counting detectors which are able to deliver exceptional image quality at a lower dose.
During 2020, the company booked 40 equipment orders, representing a total value of €18.3m. This is compared with 56 orders in 2019, which represented a total value of €24m. The lower order intake was driven predominately by the Coronavirus pandemic as customers deferred capital spending decisions during the first half of 2020. Despite the headwinds from the pandemic, sales grew strongly for the year, driven by higher sales from both equipment and services. Equipment sales reached €10.91m, compared with €8.45m in 2019, an increase of approximately +30% year-on-year. Service and maintenance revenue reached €12.04m, compared with €10.45m in 2019, an increase of approximately +15% year-on-year.
From a geographical perspective, sales growth was driven by all major regions. In the EMEA, the company received 12 orders during 2020 and entered into new markets including Sweden, Poland, Romania and Algeria. Europe remains the companies largest market in terms of revenue and has installations at a number of world-referenced hospitals such as Guy’s and St Thomas Hospital in London, Hôpital Kremlin Bicêtre in Paris and the Erasmus Medical Center in Rotterdam. In North America, the company reported 10 orders during 2020 which included its first military facility. Sales continue to be predominately driven by hospitals, top paediatric centers as well as private orthopaedic and spine practices. In Asia, the company reported 18 orders during 2020, of which, 10 were from customers based in China. In addition, the company received orders from the Samsung Medical Center, a well-known and major private healthcare provider in South Korea as well as from the Juntendo University Hospital in Japan.