Redefining the Surgical Lens- Microscope: Optiscan Imaging and the Era of Live Digital Pathology.
- Noel Ong
- Jun 13
- 6 min read
Updated: Jun 13
In the crowded corridors of medtech innovation, like most industries, the excessive use of buzzwords is a normal day in the office—AI-powered, minimally invasive, precision diagnostics. In the case of Optiscan Imaging Limited (ASX: OIL) with transformative tech, a clear path to market, and the traction to back it up.
Optiscan Imaging Limited (ASX: OIL) is a Victorian-based company developing an AI-induced microscope. It’s a reimagining of how we see medicine—literally. With its patented digital confocal laser endomicroscopy, Optiscan is taking the guesswork out of diagnostics and the delays out of surgery. Opitiscan is all about the process to enable real-time, sub-micron visualisation of cells and tissues during surgery, without ever having to send a sample to the lab. A super microscope that can process information?
Like my recent understanding of the power and usefulness of AI globally, the realities that Optiscan is talking about are no longer science fiction; it is now looking like a reality.
Not Just the Tech—It’s the Traction
What’s turning heads now is not just the tech—it’s the traction, especially the collaboration with the prestigious US medical group, the Mayo Clinic. In mid-2024, Optiscan signed a Know-How Agreement with Mayo, kicking off a co-development project focused on robotic-assisted breast cancer surgery.
Fast-forward to 2025, and the milestones are already stacking up. Together, Optiscan and Mayo have built and tested prototypes that integrate Optiscan’s imaging system directly into robotic surgery platforms. This includes real-time, high-resolution imaging within the surgical field, validated through compatibility tests and preclinical studies.
As Optiscan CEO and Managing Director, Dr Camile Farah, commented:
“This collaboration clearly highlights the versatility of our imaging platform. It will set the stage for the platform’s application across a range of clinical settings, improving both surgical precision and patient care. Optiscan and the Mayo Clinic are now busy developing a structured development process, which will have multiple milestones to guide the design, testing, and validation of this imaging system."
“Mayo Clinic’s commitment to innovation aligns perfectly with Optiscan’s vision. The work we are doing together aims to enhance the standard of care in breast cancer surgery by integrating state-of-the-art imaging into the robotic surgical process, with potential to deliver better outcomes for patients while advancing the future of robotic-assisted surgical procedures."
A Glimpse Through the Lens: - A Surgical Microscope with an Edge.
Optiscan Imaging is not just developing next-gen medical imaging tools—it’s laying the groundwork for a globally scalable digital health platform (Figure 1). From world-first imaging precision to real-time surgical guidance, the company’s unique positioning spans multiple high-growth markets. For us, retail layman investors, a super-surgical microscope?
Figure 1: OIL’s Growing Footprint & Sales Pipeline (source: OIL)
Here's how Technology, Markets, and Momentum are coming together for Optiscan:
A Technology with Clarity—Down to the Sub-Micron
Optiscan’s platform represents a generational leap in imaging. At its core is a digital confocal laser endomicroscopy (CLE) system capable of delivering live images at 1000x magnification with a resolution of 0.55 microns. That’s sub-cellular precision—enough to differentiate between healthy tissue and cancerous margins as a procedure is underway.
What makes this breakthrough particularly compelling is that it’s tissue-agnostic and doesn’t rely on time-consuming image stitching or mosaicking. With Z-stack capability, it can section tissues in 3D, layer by layer, giving a surgeon or pathologist an unprecedented live look into what’s happening at a microscopic level. Add to that its ability to integrate seamlessly with AI pipelines and robotics, and you're no longer talking about a tool—you’re looking at a platform.
And that platform is now getting noticed.
The Market Opportunity – Scaling Across Verticals
Optiscan isn’t limiting itself to clinical use. The company has its sights set on five major verticals: Clinical, Veterinary, Life Sciences, AI, and Robotics.
Its expanding product suite includes (Figure 2):
InVue™ – Focused on surgical applications
InForm™ – For digital pathology
InVivage® – Specialised for oral diagnostics
ViewnVivo® – A life sciences tool gaining traction in the US, EU, and China
Together, these products are targeting segments worth:
$10 trillion in global clinical care
$144 billion in life sciences
$20.9 billion in AI-powered diagnostics
Figure 2: Expanding Product Range - Clinical & Life Sciences (source: OIL)
With distribution agreements already in place across APAC, China, Europe, and the US, Optiscan is building a commercial presence to match its technological edge.
This is not a company chasing niche opportunities. This is a platform approach with global scalability.
Real Momentum, Not Just Hype
While the vision is big, the delivery is what matters—and Optiscan is delivering.
In just 12 months:
• It has hit all key milestones in its Mayo Clinic collaboration
• Built and tested robotic-integrated prototypes
• Progressed multiple devices along the regulatory pathway for launches starting in 2026
• Initiated AI and telepathology development with partners like Prolucid and Monash University
Financially, the company is on solid ground:
• FY24 income was up ~33% to $3.53M
• FY25 is projected to grow further by ~20% to $4.2M (Figure 3)
• Cash reserves stood at $11.2M in FY24 and $7.1M as of February 2025
Figure 3: Projected increased revenue from sales and other income. (source: OIL)
Support from CRC-P grants, R&D tax incentives, and growing product revenue gives Optiscan the fuel it needs to scale. It's not often you see an early-stage company showing this level of momentum, especially with multiple products on track for commercialisation over the next 36 months.
A Platform Built for the Future
This isn’t just a “better microscope.” It’s a horizontally and vertically integrated digital health solution—combining live imaging, AI diagnostics, robotic compatibility, and remote access via telepathology.
Imagine a future where:
Surgeons don’t just remove tumours—they verify margins in real time
Pathologists can diagnose from anywhere in the world with live streaming
Robotic systems aren’t just automated—they’re visual and intelligent
And AI interprets microscopic images on the fly, providing decision support in surgery
Optiscan is building that future.
Concluding Comments from Samso
From a Melbourne-based operation to a global health tech innovator, the company is ticking off milestones across sectors and geographies. The recent update on its collaboration with the Mayo Clinic signals more than just good progress—it signals proof of scalability. The agreement is what investors like to see. To my simple interpretation, Optiscan is an instrument enabler, and the technology may be its value proposition in what would be a very competitive industry.
As the company edges closer to key product launches across oral, veterinary, and surgical applications, the investment thesis strengthens. We’re not looking at a single-device company. We’re witnessing the growth of a digital health ecosystem, underpinned by a unique imaging technology, global partnerships, and recurring revenue potential.
The speed at which they deploy will be critical. When you break the business down to simple business 101, it is as simple as simply getting your products out to market as fast as possible and getting your customers to be dependent on your services and IP so that it is uneconomical to change.
With $11.2 million in cash at FY24 and a FY25 income forecast pushing beyond $4 million, Optiscan looks like they have the resources to get things happening. As always, investors should do their own research, but this is one microscope that may just reveal more than meets the eye.
Definitely a worthy candidate to keep an eye on. Has a decent market capitalisation at just over AUD $96M, but if they get the revenues in, this will be multiples more, one would hope.
Happy investing. And remember, always DYOR.
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