UPDATE 2-Optos posts lower FY results, sees higher FY10 rev

* FY adj oper profit falls 27 pct to $8.5 mln

* FY rev falls 3.6 pct to $97.2 mln

* Sees 2010 rev comparable to 2008 levels

* Says about $65 mln of rev secured for FY10

* Shares fall 1 pct (Adds comments from CEO, CFO & analyst, share movement)

By Shivani Singh

BANGALORE, Dec 2 (Reuters) - Retinal imaging technology company Optos (OPTS.L) posted lower full-year results as a fall in sales of its devices offset growth in its pay-per-patient business.

However, the Scottish group, whose equipment are used to examine the retina, said it expected fiscal year 2010 revenue to return to 2008 levels.

About $160 million of future revenue has been secured, of which about $65 million is for the financial year ending Sept. 30, 2010, Chief Financial Officer Christine Soden told Reuters.

"We have got a good slug of this year's revenue in the bag," she said.

Optos expects improved gross margins in 2010, helped by overhead savings, Soden said.

The company, which has cut more than 50 jobs in the year ended Sept. 30, said it saw a 10 percent to 20 percent fall in overheads in the year.

Soden said capital expenditure in 2010 would be about 20 percent less than the prior year.

Brokerage Piper Jaffray said, "As relatively few new instruments are being placed, capex is reduced significantly allowing Optos to continue to aggressively reduce its debt".

Net debt fell 26.4 percent to $46.2 million at September-end.

Piper Jaffray has an "overweight" rating and a 143 pence price target on Optos' shares.

EXPANSION PLANS

Optos is developing a smaller, lower-cost device to expand its footprint in countries including Japan, India, China, Korea and Australia, Chief Executive Officer Roy Davis said.

The company currently gets about 85 percent to 90 percent of its revenue from North America and the rest from Europe.

For the year ended Sept. 30, the company's operating profit before special items was $8.5 million, compared with $11.7 million a year ago, Optos said.

Total revenue fell to $97.2 million from $100.8 million last year, while revenue from device sales slumped 71 percent to $2.5 million.

However, pay-per-patient revenue rose 2 percent to $93.5 million, modestly ahead of its expectations, the company said.

Under the pay-per-patient model, Optos installs its medical devices at clinics for a fixed term and receives monthly payments for a minimum number of eye examinations.

Contract renewal rate was at 85 percent and the company is targeting renewal rates in excess of 80 percent for 2010, Optos said.

Optos shares, which had risen more than 60 percent in the past six months, were down 1 percent at 94 pence at 1111 GMT on Wednesday on the London Stock Exchange. (Reporting by Shivani Singh; Editing by Deepak Kannan and Gopakumar Warrier) ((shivani.singh@thomsonreuters.com; +91 80 4135 5800; Reuters Messaging: shivani.singh.thomsonreuters.com@reuters.net))