A recent press release published by EOS Imaging has reported a significant increase in its year-on-year revenue. The company — a leader in 2D/3D orthopedic medical imaging and software solutions for anatomic modeling — reports a 19% annual revenue surge.
EOS Imaging report shares performance details for 2020
According to its report, which is currently still unaudited, the company has seen €23.8 million in revenue in 2020. The amount is a total of €10.9 billion in equipment revenues, while the remaining €12.9 comes from recurring revenues. Both types have seen an increase compared to 2019, when equipment revenue brought €8.5 million while recurring revenues are as much as 11% higher.
EOS Imaging’s CEO, Mike Lobinsky, commented on the development by stating that the company has seen a solid rebound when it comes to equipment orders in the second half of 2020. He says that this is a consequence of the strong adoption of the EOSedge system.
“I was pleased with the way our team managed the unprecedented pandemic situation to continue to serve our customers globally and efficiently preserve cash,” Lobinsky further added. Finally, he concluded by mentioning that the firm closed the year with a renewed agreement with Alphatec holdings for the acquisition of EOS Imaging.
The situation changed in Q3 2020
The report notes that the firm saw a major rebound in Q3, and it managed to maintain the momentum with 18 equipment orders in Q4 2020. The weaker performance of the first half of last year is believed to be a consequence of COVID-19 and the uncertainty that the pandemic has brought.
Essentially, many capital budgets were on hold during this time, and the orders simply had to stop. But, even so, the company saw as many as 40 equipment orders for the entire year, which is not too far away from the 56 equipment orders it received in 2019.
The demand was also likely driven by the EOSedge launch, which took place in December 2019. Half of the total 2020 orders were for EOSedge, which confirms this assumption. The orders came from new, as well as legacy customers, and the growing install base continues to provide a solid, growing footprint for future, recurring revenues.
Lastly, the company saw 14 orders from 7 countries; 10 orders in North America, in total, and 18 orders in the Asia Pacific region — 10 of which came from China alone.