The financial overview includes financial development, key figures, financial definitions, risk management, and the financial targets for each business unit that were adopted by Tobii’s Bord of Directors in preparation for the listing on Nasdaq Stockholm in April 2015.
Tobii Dynavox's long term goal is to deliver revenue growth in excess of 10% per year, with an EBIT margin of 20%.
Tobii Pro's long term goal is to deliver revenue growth in excess of 15% per year, with an an EBIT margin in excess of 15%. In the mid-term (next 2-3 years), Tobii Pro's target is to deliver revenue growth of 10% with an EBIT margin of 10%.
Tobii Tech's goal is to become cash flow positive by 2018. Until then, the business unit plans for a SEK 400 million negative cash flow due to significant investments in core technology.
The combined finacial targets for the three business units indicate positive earnings before tax for the Group as of 2017. The Board estimates that the Group is fully financed to carry out the proposed business plan which extends to the end of 2018, at which time the Group in its entirety is expected to be cash flow positive with support from the capital acquired from the listing of its shares on the stock exchange.
Financial targets represent forward-looking information. Forward-looking information means that no guarantee can be given regarding future earnings or development and the actual results may differ from those expressed in forward-looking information.
Tobii has shown organic growth each year since its inception in 2001. In addition, a few strategic acquisitions have further contributed to the Group’s development, the latest being the acquisition of DynaVox Systems LLC in May 2014.
Net sales have since 2008 grown by a compound annual growth rate of 21% and around 16% excluding acquisitions. Tobii’s net sales reached SEK 621 million in 2014, and SEK 745 million on a pro forma basis had DynaVox Systems LLC been part of the Group as of January 1, 2014.
The business units Tobii Dynavox and Tobii Pro are profitable with adjusted EBIT margins of 12% and 8% respectively in 2014. The business unit Tobii Tech invests heavily to develop its eye-tracking technology to meet demands from future volume markets and had a negative impact on the Group’s EBIT with SEK -122 million in 2014.
*Adjusted for non-recurring items related to acquisition of DynaVox Systems LLC in 2014.
**Adjusted for non-reccuring items related to the IPO.