Icare S&OP Monthly Pack

Demand · Jan–Oct usage

301.4M

EGP invoiced · Oct alone 39.1M

MAP 2026 achievement

57.8%

299.3M vs 518.2M target, ex-Optaline, corrected

Open purchase lines

268 / 318

131 not invoiced · 128 invoiced-not shipped · 9 at customs

Total lead time

155.5 days

Customs → receipt alone is 81.7 days · prior measure

Inventory · 19 Oct

134.4M

EGP snapshot total

Dead stock

35.1%

47.2M EGP · 341 SKUs

Receivables · 31 Oct (FIFO net)

146.8M

EGP · overdue 148.4M (70.1%) · DSO ~148 days

UPA share of overdue

50.6%

75.1M EGP overdue · unallocated UPA credits 38.9M

1 · Executive — the month on one page

Read this first, then argue about the details in the sections below.

Block	Headline	Figure
Demand	Jan–Oct invoiced usage; October was a strong month but the year is 57.8% of MAP target	301,372,131
Supply	268 open lines of 318; 8 of 10 watch-list SKUs at/near zero in main store on real quants — but several have invoiced lines to chase first	268 open
Inventory	Healthy stock covers only 2.9 months at average usage — total cover of 4.5 months flatters, because 35% is dead	87,261,691
Cash	FIFO net receivables 146.8M at 31 Oct; overdue 148.4M = 70.1%; UPA + Private = 80.5% of all overdue	146,802,646

Balance check: demand is running at ~30.1M EGP a month, healthy inventory covers 2.9 of those months, and 268 lines are somewhere in a 155.5-day pipeline (prior measure). The binding constraints this month are customs clearance (MX60E 1,719 units) and chasing invoiced-but-unreceived lines — not total stock, which looks comfortable only because dead stock inflates it.

2 · Demand — invoiced usage and plan vs actual

Monthly invoiced usage from the KPI series (Odoo exports, 19 Oct 2026). April is negative because of late credit notes, not negative demand.

Monthly invoiced usage, 2026 (EGP)

Jan

34,520,864

Feb

11,742,722

Mar

67,320,409

Apr

−2,616,947

May

23,516,384

Jun

56,890,435

Jul

7,947,189

Aug

44,768,897

Sep

18,178,270

Oct

39,103,908

Jan–Oct total: 301,372,131 EGP · Monthly average: 30,137,213 EGP. September was revised down 398,646 from the first cut (late credit notes). October is month-in-progress — real October invoices in the export. Memo, not forecasts: invoices already carrying Nov dates 24,805,106 EGP and Dec dates 16,965,472 EGP.

MAP 2026 plan vs actual, by division

Division	2026 target	Actual to date	Achievement
B+L Surgical (ex-TPV)	344,282,102	204,368,010	59.4%
TPV	88,857,669	58,141,645	65.4%
Others (LM / Espansione / SBM)	23,118,727	13,619,780	58.9%
Pharma	61,920,912	26,161,410	42.2%
Total (ex-Optaline)	518,179,410	302,290,845	58.3%
Corrected total (less Sirius Plus double count, 2,980,000)	518,179,410	299,310,845	57.8%

Quarterly actuals: Q1 82,048,427 · Q2 85,672,240 · Q3 56,276,564 · Q4* 78,293,614. Pharma actual is 84.5% of its realistic target (30,960,456, i.e. 50% of its full target). Optaline target 79,267,087 is excluded — its actuals were never filled.

Q4 caveat: Q4 is not a closed quarter — the sales sheet already carried large Q4 values with 2.5 months of the quarter remaining at 15 Oct 2026. Confirm whether Q4 is actuals-to-date, future-dated invoices, or a forecast before treating 57.8% as final (decision 9).

Invoice pivot — a second sales view (untaxed, by invoice quarter)

Quarter	Untaxed total (EGP)	Product qty (units)
Q4 2025	23,965,415	9,537
Q1 2026	113,583,995	48,199
Q2 2026	77,789,871	108,599
Q3 2026	70,965,650	73,699
Q4 2026	79,057,481	69,270
Q1 2027 (future-dated)	24,731,285	10,661
2026 total (Q1–Q4)	341,396,998	299,767

2026 by category group: B+L Surgical (IOLs + Stellaris) 209,361,073 · B+L Pharma 26,464,158 · B+L TPV 84,898,797 · Optaline 5,239,379 · Other suppliers 16,692,780 · Others / Trade In / unassigned −1,259,188.

Bridge — why the pivot (341.4M) is higher than usage Jan–Oct (301.4M): the gap is 40,024,867 EGP, close to the post-dated Nov/Dec invoices already flagged above (24,805,106 + 16,965,472 = 41,770,578). The pivot counts invoices by invoice date including post-dated ones; the usage series counts something else. The two views differ by definition and cut, not by error — do not add them together, and do not replace the monthly series with the pivot (it has no monthly split).

3 · Supply — pipeline, lead times, and what will run out

PO monitoring file (-3), updated 4 Nov 2026: 318 lines across 158 distinct POs. Stage by latest document date (receiving > customs arrival > shipping > invoice > none). Recorded values are as recorded in the file — it does not label a currency, so none is assumed here. The 19-Oct pipeline file (142 POs / 331 lines) is kept in the Excel's Sources sheet as the prior snapshot.

Pipeline by stage

Stage	POs with lines in stage	Lines	Qty (units)	Recorded value
Not yet invoiced	66	131	62,804	1,664,294
Invoiced — not shipped	59	128	3,546	1,450,990
In transit	0	0	0	0
At customs	9	9	33,456	269,107
Received in warehouse	49	50	19,075	1,494,005
Total (158 distinct POs)	—	318	118,881	4,878,396

Open pipeline = 268 lines. One PO can have lines in several stages, so the POs column does not sum to 158. Bausch + Lomb is 238 of 318 lines (75%). By supplier recorded value: B+L 3,899,322 · LightMed 510,775 · Pharma 129,792 · CSO 119,696 · Sometech 104,000 · SBM 53,100 · supplier not recorded 61,711. Four of the 50 "received" lines carry future receiving dates (to 7 Dec) — planned, not confirmed.

Lead time — 155.5 days end to end (prior measure)

EDA 22.5

Form 4 · 39.5

Customs → receipt · 81.7

Other 11.8

Customs → receipt is over half the total. The October watch uses a 90-day rule for its own projections — shorter than the measured 155.5 days. Reconcile the two before promising any date. Note: the new PO file carries no lead-time values (its Lead Time column is empty), so 155.5 days is the October measurement, not a November re-measurement.

At customs — 9 lines, 33,456 units, at 4 Nov 2026

PO	Item	Qty	Arrived	Days in stage
ICM.26.060	MX60E enVista IOL	1,719	14 Sep	51 — note says released, no warehouse receipt
ICM.25.058	Aqualarm UP	31,680	4 Oct	31 — note says received 5 Oct, no warehouse receipt
ICM.26.056-2	23g Silicoin oil tip	25	14 Oct	21
ICM.26.058	23 Ga Combined Mid-Field Elite Pack	30	14 Oct	21
ICM.26.062	Stellaris Elite (Posterior/Combined)	1	14 Oct	21
ICM.26.063	Stellaris Elite with Laser	1	14 Oct	21
Plus 3 zero-quantity lines (BL15455 accessories, 2× excimer laser source) arrived 14–29 Oct — 6–21 days in stage.

Stockout watch — 11 SKUs with REAL on-hand (quants, main store only)

Average monthly sales are the Nov-25–Sep-26 run-rate. On-hand is now real — the watch file's sample counts are replaced. Cover = main-store on-hand ÷ average monthly sales. Pipeline = PO file (-3) lines for that exact SKU.

SKU	Item	Avg monthly sales	Main-store on-hand	Cover (months)	Pipeline / action
MI60P	IOL MI60 (now Akreos AO)	394.5	5,166	13.1	No PO lines — but cover is fine; no order needed
CC100SL	Ocucoat 2ml	104.0	0	0.0	CHASE: 1,000 invoiced 1 Sep (077), still unreceived
E7930	Endo bipolar pen 23g	54.6	567	10.4	Cover OK. 43 received 13 Oct; 30 more not yet invoiced
D8200	Exo bipolar forceps	40.0	0	0.0	ORDER now — and verify the code: absent from quants and PO file
D4600A	Air exchange line	36.5	0	0.0	CHASE: 60 invoiced-but-unreceived; 180 more not yet invoiced
BL5115-2	Elite phaco pack with tip	378.8	683	1.8	CHASE, don't reorder: 450 invoiced in pipeline + 233 planned Dec + 250 not invoiced
E7928	Exo bipolar scleral pen	32.2	4	0.1	ORDER / expedite: 30 not yet invoiced; nothing invoiced
SE5523WVB	23g elite Biblade combined pack, wide field	23.3	3	0.1	CHASE: 13 invoiced-but-unreceived; 32 more not yet invoiced
BL3318	1.8 straight tip	21.7	0	0.0	CHASE: 40 invoiced-but-unreceived; 20 more not yet invoiced
cx9430	Bipolar cord	12.5	2	0.2	CHASE + quantify: 25 invoiced + 90 quantified not invoiced; many PO lines carry no quantity
BL3318A	1.8 angled tip	4.5	1	0.2	ORDER now — no PO lines in file -3

MX60E position — quants (main store): 41 diopters, 2,378 units inventoried, reserved −3,678 as exported

Only 2 diopters show zero inventoried (MXE3200, MXE0500) — but every diopter carries negative reserved, the same pattern the September review flagged (MXE2400: −180 then and now). Worst: +21.00 (−291) · +22.00 (−288) · +20.00 (−288) · +18.00 (−233) · +19.00 (−214). The pack computes no available figure from these two columns — Warehouse/Odoo must confirm what negative reserved means first. Customs update: only ICM.26.060 (1,719 units) is still unreceived; ICM.26.061 + ICM.26.067 were received 18/19 Oct. Not-yet-invoiced MX60E: 1,919 units (placed 24 Jun 2026) + 4 × 1,739.

Oldest un-invoiced lines: Aqualarm UP 23,571 units (placed 28 Apr 2026) · Artelac Advanced UD 7,143 + Artelac MDO 7,143 (placed 24 May 2026) · MX60E 1,919 (placed 24 Jun 2026).

4 · Inventory — snapshot, dead stock, expiry, provision

19 Oct 2026 snapshot. 362 of 569 SKUs are costed — 149 dead SKUs have no unit cost, so dead value is understated.

Position	SKUs	Value (EGP)	Share
Total inventory	569	134,416,917	100%
Dead stock	341	47,155,226	35.1%
Healthy stock	—	87,261,691	64.9%

Healthy cover: 2.9 months at Jan–Oct average usage (30,137,213 EGP/month). Total cover is 4.5 months — but 35% of it is dead.

Dead stock split

Never sold in 11 months

39,619,375 · 299 SKUs

Sold before, zero last 6 mo

7,535,851 · 42 SKUs

Dead stock by category (top 8 + remainder)

Category	SKUs	Value (EGP)
Ref. Machines	3	8,561,198
Stellaris Spare Parts	47	8,308,696
Trade In	10	7,059,371
Stellaris Machines	3	6,343,600
Victus Spare Parts	30	4,943,528
Teneo Spare Parts	57	3,640,910
Lightmed Machines	6	2,332,450
CSO Machines	6	1,809,203
All other categories	179	4,156,270
Total dead	341	47,155,226

Top 10 dead lines are 60% of dead stock (28,188,167 EGP): VICTUS Platform 7,297,596 · TENEO 317 Rework 3,622,126 · Stellaris PC + Laser 2,859,459 · Stellaris Combined 2,671,543 · Higher Speed Vacuum Fluidics 2,520,726 · VCSEL kit 2,258,481 · Laser Source 2,126,099 · RETIMAX ADVANCED 1,700,261 · Database Server 1,687,731 · Kit UPS 1,444,145.

Expiry

37 lots expired — 1,374 units, 327,097 EGP costed, plus 5 lots with no unit cost. Of the expired value, 36,928 sits on dead stock (already counted there — never add it twice) and 290,169 sits on live stock. Near-expiry rows in the tracker are zero — a recording gap, not proof of zero risk.

Provision at suggested defaults — illustrative only, not approved policy

Bucket	Base (EGP)	Rate	Provision (EGP)
Expired (live stock only)	290,169	100%	290,169
Never sold	39,619,375	50%	19,809,688
Stale (zero last 6 months)	7,535,851	25%	1,883,963
Near-expiry	0	50%	0
Total provision	47,445,395	16.4% of inventory	21,983,819

Net inventory after provision: 112,433,098 EGP (on the 19-Oct base; the provision dashboard's 112,341,773 used the earlier end-Sep base of 134,325,592). Nothing here is booked — decision 5.

Physical count — quants export (November 2026, units only)

Location	Quant rows	Inventoried (units)	Reserved (as exported)
All locations (571 distinct SKUs)	991	78,992	−7,899
Main store	525	24,047	−7,999
Custody at Optaline	4	41,421	+100
Sufico store	1	4,878	0
Reps / engineers custody	395	8,098	0
Other Icare locations (demo, training, Alexandria, Noor Al Hayah, quarantine, maintenance)	66	548	0

Quantities only: the quants export has no unit costs, no expiry dates, and only 1 lot row — so it changes no value above. Negative reserved (−7,999 main store, 46% of it MX60E) is reported as exported; do not net it into an "available" figure until Warehouse confirms the convention.

5 · Cash — receivables, DSO, and what Finance must bring

FIFO receivables aging report at 31 Oct 2026 (headline). The 18-Oct ledger table is kept below as the prior snapshot — the two use different segment definitions, so do not chart them as one series.

Receivables aging at 31 Oct 2026 (FIFO)

Age bucket	Amount (EGP)	Share
Not yet due	63,316,516	29.9%
1–30 days overdue	26,558,545	12.5%
31–60 days overdue	10,770,933	5.1%
61–90 days overdue	20,408,849	9.6%
91–180 days overdue	31,761,976	15.0%
181–365 days overdue	58,900,194	27.8%
Over 365 days overdue	0	0%
Total aged debt	211,717,013	100%
Overdue (all past-due)	148,400,497	70.1%
Overdue more than 90 days	90,662,170	61.1% of overdue
Unallocated credits (not yet allocated to a customer)	64,954,475	—
Net customer balance (as stated in the report)	146,802,646	—

Control check: aged debt (211,717,013) less unallocated credits (64,954,475) = 146,762,538 — 40,108 below the report's stated net of 146,802,646. The gap sits in the Pharma sector (its stated net exceeds its own aged − unallocated by exactly 40,108). The pack uses the stated net and flags the gap for Finance; it does not adjust the figure.

Aging by sector (31 Oct 2026)

Sector	Customers	Not yet due	Overdue	Overdue % of sector debt	Unallocated	Net balance
UPA — unified purchasing	93	42,089,559	75,085,367	64.1%	38,948,235	78,226,691
Private hospitals & centres	126	9,505,655	44,358,023	82.4%	3,707,271	50,156,407
TPV	17	3,603,112	20,114,338	84.8%	21,118,597	2,598,853
Pharma	52	7,028,258	5,937,607	45.8%	51,051	12,954,922
Government (direct, excl. UPA)	13	1,089,932	2,905,162	72.7%	1,129,322	2,865,772
Total (301 debtors, 259 overdue)	301	63,316,516	148,400,497	70.1%	64,954,475	146,802,646

Shares of all overdue: UPA 50.6% · Private 29.9% · TPV 13.6% · Pharma 4.0% · Government 2.0%. TPV's unallocated credits (21,118,597) are 8× its net balance — allocation would swing TPV net materially.

Largest overdue customers — top 10 = 67,707,340 (45.6% of all overdue)

Optaline factory 10,862,435 · UPA National Eye Center, Rod El Farag 10,285,132 · Noor Al Hayah Hospital — Tenio 2: 9,663,184 · National Eye Hospital — Stellaris contract 6,483,103 · UPA Ramed Hospital, Port Said 6,354,813 · UPA Health Insurance, Qalyubia 5,395,254 · Jazirat Al Arab — Tenio 5,215,704 · UPA Ramed Hospital, Aswan 4,931,867 · UPA MOH stores, Abbassia 4,396,200 · UPA Kafr El Sheikh eye center 4,119,647. Top 20 in the report = 93,514,847 (63.0%). Collection effort starts here (decision 8).

DSO and UPA, updated

DSO, indicative (new basis): ~148 days — FIFO net AR 146,802,646 ÷ Jan–Oct average daily usage (991,354/day). Prior basis (18-Oct ledger): 145.7 days — different AR basis, so the 2.4-day rise mixes basis change with real movement. UPA net: 78,226,691 EGP (up 710,327 from 77,516,364 on 18-Oct, indicative given the basis change); UPA overdue 75,085,367; UPA unallocated 38,948,235 (60% of all unallocated).

Prior snapshot — receivables by segment at 18 Oct 2026 (ledger basis)

Segment	Sales 2026	Receivables	DSO (days)	Share of AR	Overdue >30d
Government	89,239,827	80,716,713	263.2	58.5%	41,788,165
Private hospitals & centres	140,073,681	40,101,288	83.3	29.1%	8,324,993
Clinics & doctors	17,631,086	5,699,248	94.1	4.1%	1,830,178
Distributors	1,772,350	520,541	85.5	0.4%	150,039
Pharma	26,913,625	10,987,361	118.8	8.0%	578,490
Total	275,630,569	138,025,152	145.7	100%	52,671,865

UPA family on the old basis: gross 110,528,560 · unallocated −33,012,195 · net 77,516,364 · family DSO ≈ 266 days.

Other cash facts (memo — never add to receivables)

Post-dated cheques held: 31,746,793 EGP (already inside receivables — coverage only) · Bounced cheques: 822,799 EGP · Old debt, 127 accounts with a balance but no 2026 sales: 10,954,530 EGP · Instalment balances excluded from the receivables definition: ~9,660,000 EGP.

Missing inputs — Finance to bring (decision 10): no collections forecast exists in the source files (the cash-flow sheet's collection rows are blank), no supplier payment schedule exists (open-PO recorded value 4,878,396 as recorded in PO file -3 is the only commitment proxy — and it is not in EGP), and no bank position is on file. Without them this cash block stays a position statement, not a plan.

6 · Decisions & owners

These are proposals, not decisions — the data raises them, the meeting settles them. Owners below are proposed by function; the meeting confirms or changes them and sets due dates in the Excel log.

1. Reconcile Aqualarm UP inbound — what is actually arriving, and when.
31,680 units: the PO note says arrived 4 Oct and received 5 Oct with the certificate being opened, but the sheet carries NO warehouse receiving date. A second 23,571 units (placed 28 Apr 2026) are still not invoiced.

Proposed owner: Supply Chain