Amplitude Surgical: 3rd Quarter Sales Impacted by the COVID-19 Pandemic – Consolidated 9-month Sales of €76.4 Million, +0...
23 Avril 2020 - 6:00PM
Business Wire
- Consolidated sales of €76.4 million, +0.2% at constant exchange
rates
- Impact of the COVID-19 pandemic in March 2020 estimated at €4.2
million for the sales
- Strong growth in Novastep’s activity: +28.1% at constant
exchange rates
- Cash position of €18.8 million at March 31, 2020 and
finalization of €19.5 million in financing line agreements
- 2020 targets suspended
Regulatory News:
Amplitude Surgical (ISIN: FR0012789667, Ticker: AMPLI, eligible
for PEA-PME plans) (Paris:AMPLI) (“Amplitude” or the
“Group”), French leader on the global surgical technology
market for lower-limb orthopedics, announces its sales for the
third quarter of its 2019-20 financial year.
Olivier Jallabert, Chairman and CEO of Amplitude
Surgical, states: “Over the first 9 months of our 2019-20
financial year, Amplitude Surgical continued, until the impact of
the COVID-19 pandemic, to generate growth driven by the good
performance of its international activity and by winning over new
clients in France. Despite the estimated €4.2 million impact of
COVID-19 in the third quarter, Group sales were stable over the
first 9 months. Novastep has continued its ramp-up and now accounts
for almost 10% of Group sales, recording growth of more than 89% in
the United States. The Group’s financial structure is enabling it
to cope with the suspension of scheduled surgical procedures in all
countries in which the Group operates, with a solid cash position
of approximately €18.8 million and additional financing lines
currently being finalized. Nevertheless, the current situation and
uncertainty regarding its duration and scope lead us to suspend our
2020 targets.”
Q3 2019-20
sales
31/03/2020
31/03/2019
Δ current exchange
rates
Δ constant exchange
rates
€ thousands - IFRS
France
17,721
19,771
-10.4%
-10.4%
International
8,895
9,730
-8.6%
-5.1%
of which: Subsidiaries
6,253
6,933
-9.8%
-4.8%
of which: Distributors
2,641
2,797
-5.6%
-5.6%
Total
26,616
29,501
-9.8%
-8.6%
9M 2019-20
sales
31/03/2020
31/03/2019
Δ current exchange
rates
Δ constant exchange
rates
€ thousands - IFRS
France
48,125
49,852
-3.5%
-3.5%
International
28,324
26,751
+5.9%
+7.2%
of which: Subsidiaries
20,617
19,591
+5.2%
+7.0%
of which: Distributors
7,707
7,160
+7.6%
+7.6%
Total
76,449
76,603
-0.2%
+0.2%
Over the first 9 months of its 2019-20 financial year (to
end-March 2020), Amplitude Surgical recorded sales of €76.4
million, down -0.2% at current exchange rates and up +0.2% at
constant exchange rates. The COVID-19 pandemic led to all scheduled
surgical procedures in France being suspended from March 16, 2020,
gradually followed by shutdowns in the other countries in which the
Group's international subsidiaries operate. Given the activity
observed over the first two weeks of March, the shortfall in terms
of sales during the second half of March is estimated at
approximately €4.2 million.
- In France, cumulative sales to the end of March totaled
€48.1 million, a decrease of -3.5%. The impact of the suspension of
scheduled surgical procedures is estimated at -€3.5 million. France
accounted for 63% of total sales;
- The Group’s international activity generated sales of
€28.3 million, up 5.9% and 7.2% at constant exchange rates, driven
by the performances of the Group’s subsidiaries and distributors.
The Group’s subsidiaries thus recorded sales growth of 5.2% to
€20.6 million, notably thanks to the contribution of Brazil, South
Africa and the United States for Novastep’s activity, while
distributors recorded growth of 7.6% to €7.7 million. The impact of
the COVID-19 pandemic on the Group’s international activity in
March is estimated at -€0.7 million;
- Amplitude Surgical’s direct business (French market and
international subsidiaries), which accounts for close to 90% of
total Group sales, is down by -0.5% at constant exchange
rates;
- Novastep, innovative solutions for foot and ankle
surgery, recorded very strong growth over the first 9 months with
sales totaling 7.4 million (+28.1% at constant exchange rates),
driven by the United States (+89.2% at constant exchange rates).
The proportion of Novastep sales generated abroad amounts to 60%,
and Novastep’s activity accounts for 9.6% of total Group
sales.
Cash position at March 31, 2020
At March 31, 2020, Amplitude Surgical had cash and cash
equivalents of almost €18.8 million, which should enable it to cope
with the prolonged suspension of scheduled surgical procedures over
the coming months. Furthermore, the Group is currently finalizing
agreements with its banking partners, as well as with the BPI
French investment bank, to secure medium-term financing lines
(state-guaranteed bank loan and Atout loan) of approximately €19.5
million.
2020 targets suspended
The Group is expecting the COVID-19 pandemic to have a
significant impact on its financial and operational performances
for the fourth quarter of its 2019-20 financial year and the year
as a whole. Uncertainty regarding the duration and extent of the
current situation does not, at this stage, make it possible to
accurately estimate its impacts. Because of this, Amplitude
Surgical has been forced to suspend the 2020 targets announced in
its press release of October 23, 2019. At the same time, the Group
is taking all the necessary measures to control its costs, protect
its cash position and be ready for a resumption in activity once
the sanitary situation allows to have a normal access to the
operating rooms.
Availability of the financial report
Amplitude Surgical has made available to the public, and filed
with the AMF French stock market authority, its half-year financial
report to December 31, 2019.
This report can be found on Amplitude Surgical’s website,
www.amplitude-surgical.com/fr, in the “Documentation / Rapports
financiers” section (in French).
Next press release
2019-20 full-year sales, on Thursday July 23, 2020, after
market.
About Amplitude Surgical Founded in 1997 in Valence,
France, Amplitude Surgical is a leading French player on the global
surgical technology market for lower-limb orthopedics. Amplitude
Surgical develops and markets high-end products for orthopedic
surgery covering the main disorders affecting the hip, knee and
extremities, and notably foot and ankle surgery. Amplitude Surgical
develops, in close collaboration with surgeons, numerous high
value-added innovations in order to best meet the needs of
patients, surgeons and healthcare facilities. A leading player in
France, Amplitude Surgical is developing abroad through its
subsidiaries and a network of exclusive distributors and agents
distributing its products in more than 30 countries. Amplitude
Surgical operates on the lower-limb market through the intermediary
of its Novastep subsidiaries in France and the United States. At
June 30, 2019, Amplitude Surgical had a workforce of 436 employees
and recorded sales of c.103 million euros.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200423005528/en/
Amplitude Surgical Dimitri Borchtch CFO
finances@amplitude-surgical.com +33 (0)4 75 41 87 41
NewCap Investor Relations Théodora Xu amplitude@newcap.eu
+33 (0)1 44 71 20 42
NewCap Media Relations Nicolas Merigeau
amplitude@newcap.eu +33 (0)1 44 71 98 55
Amplitude Surgical (EU:AMPLI)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Amplitude Surgical (EU:AMPLI)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024