Opto Circuits is a global medical-device maker that has been designing and selling hospital-grade equipment since 1992 - from stents that prop open blocked arteries to the monitors that track a patient’s vital signs. It grew by acquiring specialist companies in Europe, the US and Malaysia, stitching together a portfolio of proprietary technologies and regulatory approvals that let it sell into more than 150 countries. The recurring pattern is a company that builds or buys a clinically differentiated product, earns a CE mark or FDA clearance, and then pushes it through a network of third-party distributors and its own sales teams - a model that worked until its debt load pushed it into insolvency proceedings in late 2022.
Business segments
Two engines that serve the same hospital customer but address different clinical moments - one treats blocked vessels in the cath lab, the other tracks vital signs at the bedside - both manufactured across four countries and sold into more than 150 markets.
1. Interventional cardiology and vascular devices: the cath-lab toolkit
Drug-eluting stents and balloons that treat blocked arteries without leaving permanent metal behind, built on proprietary European technology.
- Proprietary drug-eluting balloons - the company’s German subsidiary Eurocor developed a patented drug-eluting balloon range (DEBor DCB) designed to treat coronary and peripheral lesions without implanting a permanent metal scaffold, which reduces long-term complications.
- A stent with industry-leading shelf life - Eurocor Tech GmbH obtained a CE mark for Eurolimus, a sirolimus-eluting coronary stent that showed extremely low rates of stent thrombosis across two European clinical studies with two-year follow-up, and it carries one of the longest shelf-lives in the industry.
- Bioresorbable technology in the pipeline - Eurocor acquired a patent application for a bioresorbable stent that combines metal and polymer, a next-generation approach where the scaffold dissolves after the artery heals.
- Full cath-lab portfolio - the segment also makes non-drug-eluting balloons, AV shunts for dialysis patients, and a range of catheters and implants, sold under brands such as Dior, Freeway, E-Magic Plus and Genius Magic.
2. Patient monitoring and non-invasive vascular diagnostics: the bedside and clinic engine
Vital-signs monitors and vascular diagnostic systems that generate recurring revenue through training and maintenance contracts.
- Recurring service revenue - beyond selling hardware, the company offers installation, training, monitoring and maintenance on contract, so a portion of revenue repeats every year rather than being a one-time equipment sale.
- Non-invasive vascular diagnosis - the Unitexis Vascular group company released the Multi Lab ROODRA, a next-generation system built around a 24-inch touch screen on a multi-axis mount, used to detect peripheral artery disease without needles or catheters.
- Consumables pull-through - the monitoring portfolio includes pulse oximeters and related consumables, meaning each device placed in a hospital creates an ongoing stream of sensor and accessory sales.
- Public-access defibrillation - products are designed not just for hospitals but also for schools, fire stations and police offices, expanding the addressable market beyond traditional healthcare facilities.
Group structure and partners
A web of subsidiaries across Germany, Malaysia and the US that hold the intellectual property and manufacturing licences, now under a court-appointed resolution professional.
- The company has four direct subsidiaries, including Opto Eurocor Healthcare Ltd (which owns the German stent and balloon operations Eurocor GmbH and Eurocor Tech BV) and Criticare Systems in Malaysia, whose assets are pledged as security for group borrowings.
- Manufacturing is spread across India (Bangalore Electronic City, including a 100% export-oriented unit), Malaysia, Germany and the United States, with products carrying US FDA listings and CE marks.
- The company entered the Corporate Insolvency Resolution Process on 16 November 2022 under the Insolvency and Bankruptcy Code, its board stands suspended, and a resolution plan from a proposed applicant was filed with the NCLT Bengaluru in April 2024.
- Several bank borrowings - from State Bank of India, HDFC Bank, Yes Bank, Standard Chartered and Bank of Nova Scotia - have been classified as non-performing assets, and a compromise settlement of ₹89 crore was proposed with SBI, of which ₹13.35 crore has been paid upfront.