EOS Imaging Reports Full-Year 2020 Revenue up +19% Year-on-year
11 Janvier 2021 - 06:30AM
Business Wire
400th EOS imaging system installed in
December
Significant increase in equipment orders in Q4
2020
Continued strong cash position at €9.7m as of
end 2020
Regulatory News:
EOS imaging (Euronext, FR0011191766 - EOSI - PEA-PME
eligible) (Paris:EOSI), a leader in 2D/3D orthopedic medical
imaging and software solutions for 3D anatomical modeling and
surgical planning, today announces its unaudited full-year sales
for the financial year ending December 31, 2020.
- €23.8 million total revenues (+19%) generated over the year
2020
- €10.9m in equipment revenues from the billing of 34
imaging systems of which 15 in Q4 2020, to be compared to. €8.5m in
20191
- €12.9m in recurring revenues, up +11% compared to 2019,
driven by the growth in maintenance and in spite of the impact of
the pandemic on consumables and services.
- €18.3 million equipment orders booked in 2020 (vs.
€24.0m in 2019) of which €8.1m in Q4 2020 vs. €5.4m in Q4
2019
- Equipment Order Book grows to reach €17.4m at Dec. 31,
2020 vs. €14.5m at Dec. 31, 2019
- Cash position improved at €9.7m as of December 31, 2020
vs. €8.2m at December 31, 2019
- Successful first full-year of commercialization of EOSedge™
which represented 85% of 2020 orders in the countries where it is
cleared to market
- Significant milestones crossed in December 2020: 400th
global install and 150th install in North America
- Alphatec Holdings and EOS imaging reached a new agreement on
December, 16 20202 for the acquisition of EOS imaging
Mike Lobinsky, CEO of EOS imaging, comments: “The company
experienced a solid rebound in equipment orders in the second half
of the year driven by the strong adoption of EOSedge system,
representing 85% of orders in countries where we are cleared to
market. I was pleased with the way our team managed the
unprecedented pandemic situation to continue to serve our customers
globally and efficiently preserve cash. Finally, we closed the year
with a renewed agreement with Alphatec holdings for the acquisition
of EOS imaging. The combination of our two complementary
organizations and product portfolios promises to bring many
benefits to our companies, customers and patients”.
- Orders: continuous momentum in Q4 2020 despite the pandemic
context
Following the rebound experienced in Q3, EOS imaging has
maintained this momentum with 18 equipment orders in the fourth
quarter of 2020, for a value of €8.1 million, compared to 12 orders
in Q4 2019.
Throughout the year EOS imaging booked 40 equipment orders,
representing a total value of €18.3 million vs. 56 equipment orders
in 2019. The uncertainties due to the Covid-19 impacted H1 2020
orders as many capital budgets were on hold during the first half
of the year.
2020 orders were notably fueled by the successful launch of
EOSedge in December 2019, as 20 out of 40 systems ordered were
EOSedge. The new innovative platform represents 85% of the orders
in the countries where it has been commercialized. EOSedge orders
have been received from new customers as well as legacy customers
that have first generation EOS systems and have added EOSedge to
their imaging offering. The increasing install base continues to
provide a growing footprint for future recurring revenues (Service
Agreements, Advanced Orthopedic Solutions).
- The EMEA region continues to show momentum with 8 orders in Q4
for a full-year total of 12. EOSedge market adoption has been very
good with 14 orders received in 7 different countries since its
introduction in December 2019. In addition, the company entered
many new EMEA markets in 2020 such as Sweden, Poland, Romania and
Algeria while at the same time continued to be selected by
world-referenced hospitals like “Guy’s and St Thomas’” in London
(UK), “Hôpital Kremlin Bicêtre” in Paris (F) or “Erasmus Medical
Center” in Rotterdam (NL);
- In North America, the Company recorded 4 orders in Q4 and 10
orders throughout 2020. Orders continued to resume in adult
hospitals, top pediatric centers and private orthopedic and spine
practices. EOS imaging also entered the government hospital space
with its first order in a military center. 90% of 2020 NAM orders
received were for EOSedge, confirming the high level of adoption
which we expect to become the new standard of care in the
market;
- In Asia Pacific, the Company continues on a strong momentum
which resulted in 18 orders over the course of 2020 (of which 10 in
China) including 6 during Q4. In addition, EOS imaging received
orders from Samsung Medical Center, a well-known and major private
healthcare provider in Seoul, South Korea and from Juntendo
University Hospital in Tokyo Japan.
The Order Book value reached €17.4m at the end of December 2020
composed of 38 systems compared to €14.5m (32 systems) at the end
of December 2019.
- Revenue: 15 systems sold in Q4 contributing to a +19% FY
total sales growth YoY at €23.8m
- Q4 2020 revenues reached €7.73 million vs. €7.8 million in Q4
2019, in line with PY at constant rate. Composed of:
- €4.4 million in equipment sales resulting from:
- €6.6 million from the delivery of 15 systems, vs. €5.3 million
in Q4 2019 when 13 systems were delivered.
- -€2.2 million of repossessed equipment.
- €3.2 million in recurring revenues resulting from:
- €3.1m in Maintenance revenue on EOS install base, -7% vs. Q4
2019 which benefited from an exceptional billing catch-up.
- €0.2m in Consumable and Orthopedic Service revenues, a decrease
vs. last year due to the temporary decrease of elective surgery due
to the pandemic.
- Total revenue for 2020 was €23.8 million45, +19% vs. 2019.
Equipment sales amounted to €10.9 million, of which €15.2 million
from the sales of 34 units and -€4.3m of equipment repossessions.
Recurring revenue reached €12.9 million, +11% growth compared to
last year, driven by +16% in Maintenance revenue at constant
rate.
- Cash position at €9.7 million as of December 31,
2020
As of end-December 2020, EOS imaging’s cash position amounted to
€9.7 million, compared to €8.2 million at 31 December 2019.
- Q4 and 2020 orders and revenues by product line
Equipment orders
Unaudited / including forex impact / €m -
As of December 31
Q4 2020
Q4 2019
2020
2019
Equipment orders received (over the
period)
8.10
5.40
18.33
24.04
Equipment order book (end of period)
17.42
14.45
17.42
14.45
Revenues
Unaudited / including forex impact / €m -
As of December 31
Q4 2020
Q4 2019
Change
Change constant rate
2020
2019
Change
Change constant rate %
Equipment
4.44
4.17
+6.6%
+7.4%
10.91
8.45
+29.1%
+29.5%
Maintenance
3.06
3.30
-7.2%
-4.1%
12.04
10.45
+15.2%
+16.3%
Consumables and associated services
0.16
0.35
-54.4%
-53.7%
0.87
1.19
-26.4%
-26.1%
Total revenues
7.66
7.82
-2.0%
-0.2%
23.83
20.09
+18.6%
+19.3%
- Q4 and 2020 revenues by region
Revenues
Unaudited / including forex impact / €m -
As of December 31
Q4 2020
Q4 2019
Change
Change constant rate
2020
2019
Change %
Change constant rate %
EMEA
4.55
3.32
+37.3%
+37.3%
11.02
9.91
+11.2%
+11.2%
APAC
1.96
2.54
-22.8%
-22.8%
5.32
3.83
+39.0%
+39.0%
NAM
1.12
1.93
-41.8%
-34.6%
7.43
6.32
+17.7%
+20.0%
LATAM
0.02
0.03
-18.1%
-18.1%
0.05
0.03
+77.2%
+77.2%
Total revenues
7.66
7.82
-2.0%
-0.2%
23.83
20.09
+18.6%
+19.3%
- Quarterly Sales by Product Line
Non-audited/ including forex impact /€
million
2020
2019
As of December 31
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Equipment
0.72
2.84
2.90
4.44
0.06
0.72
3.51
4.17
growth vs n-1
1,209%
297%
-17%
6.6%
growth vs n-1 @ constant rate
1,208%
292%
-16%
7.4%
in % of Total Revenue
19%
47%
46%
58%
Maintenance
2.72
3.04
3.22
3.06
2.21
2.45
2.50
3.30
growth vs n-1
23%
24%
29%
-7%
growth vs n-1 @ constant rate
21%
23%
32%
-4.1%
in % of Total Revenue
72%
50%
51%
40%
Consumables and services
0.33
0.14
0.24
0.16
0.32
0.26
0.26
0.35
growth vs n-1
4%
-46%
-5%
-54%
growth vs n-1 @ constant rate
3%
-46%
-4%
-54.7%
in % of Total Revenue
9%
2%
4%
2%
Net Total Revenue
3.77
6.02
6.37
7.66
2.58
3.42
6.27
7.82
growth vs n-1
46%
76%
2%
-2%
growth vs n-1 @ constant rate
44%
74%
3%
-
ABOUT EOS imaging
EOS imaging is a global medical device company that designs,
develops and markets innovative, low dose 2D/3D full body and
weight-bearing imaging, rapid 3D modeling of EOS patient X-ray
images, web-based patient-specific surgical planning, and
integration of surgical plan into the operating room that
collectively bridge the entire spectrum of care from imaging to
post-operative assessment capabilities for orthopedic surgery. With
a primary focus on hips, knees, and spine, EOS imaging is targeting
a $2 billion annual market opportunity. EOS imaging has over 400
system installations in more than 40 countries generating more than
1 million patient exams annually. EOS imaging has corporate
locations in U.S., France, Canada, Germany, and Singapore, and has
more than 160 employees. For additional information, please visit
www.eos-imaging.com.
EOS imaging is listed on Compartment C of Euronext Paris ISIN:
FR0011191766 - Ticker: EOSI
________________________ 1 In order to better meet customer
expectations and improve its working capital, EOS imaging made a
change in its commercial cycle at the beginning of 2019 by
organizing the delivery of EOS® systems at the start of the
installation phase, and no longer just after receiving the
equipment order. Therefore, (i) new received orders build an order
book and (ii) sales are recorded according to the pace of delivery
of the EOS® systems. As installations usually take place 3 to 15
months after the order, a similar lag occurs on deliveries. While
2019 equipment revenues and more specially H1 2019 revenues, were
temporarily impacted by the transition phase, this evolution leads
to improvements in production and logistics management and helps
reduce working capital. 2 Cf. EOS imaging press release published
on December, 17 2020 3 including negative forex impact of €0.14m 4
The financial component of 2020 revenues, under IFRS, has not yet
been restated from sales revenue to financial income and expenses.
For fiscal year 2019, this restatement corresponds to a net
financial income of €163k, which has reduced sales revenue by the
same amount. 5 Including negative forex impact of €0.15m
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version on businesswire.com: https://www.businesswire.com/news/home/20210110005053/en/
EOS imaging Valérie Worrall CFO investors@eos-imaging.com
(+33) 1 55 25 60 60
NewCap Investor Relations Thomas Grojean
eos-imaging@newcap.eu +33 1 44 71 94 94
FP2COM Press Relations Florence Portejoie
fportejoie@fp2com.fr (+33) 6 07 76 82 83