Modulight's reported figures were neutral compared to our forecasts; the report showed positive signs of increased order book and an increase in the number of hospitals using the products.

Modulight will publish its Q4 results on Friday, February 21 at 1:00 pm EET. We expect moderately growing revenue from Phase III clinical projects and ophthalmic lasers.

The fourth part of our series of articles focusing on investing in Life Science companies deals with value creation in drug development companies through M&As and licensing agreements.

Antti Siltanen, Life Science Analyst, PhD, talks about life science companies as investments.

The third part in our series of articles on investing in Life Science companies deals with regulatory issues. Regulatory processes are demanding and time-consuming, and failure to comply can be disastrous for a drug development company.

Modulight's revenue was well below our expectations, but profit and cash flow were close to our forecasts. Revenue was negatively impacted by the transition to the PPT (pay-per-treatment) model and delays in prototype deliveries.