IMPLANET Announces 2021 Revenue Growth of 58%, Under IFRS
18 Janvier 2022 - 6:00PM
Business Wire
- Total revenue of €7.7 million, +29% including the divested
MADISONTM activity
- Successful strategic repositioning: strengthening of the Spine
business (+62% in 2021) with the acquisition of OSD and divestment
of the MADISONTM activity
Regulatory News:
IMPLANET (Euronext Growth: ALIMP, FR0013470168, eligible for
PEA-PME equity savings plans), a medical technology company
specialized in vertebral implants, today announced its 2021
fourth-quarter revenue, annul revenue and cash position at December
31, 2021.
Ludovic Lastennet, IMPLANET’s CEO, said: “The strategic
shift undertaken at the end of 2020 enabled us to achieve, in under
six months in 2021, the acquisition of OSD, strengthening our Spine
business, and the divestment of our MADISONTM Knee activity to SERF
(MENIX group), confirming our refocus on the JAZZ® and OSD ranges.
The benefits of these two operations are already visible, our
revenue increasing by 58% excluding MADISONTM activity. Our Spine
business saw strong growth over the year, both in France and
abroad, despite the still substantial impact of the pandemic on the
scheduling of surgical operations. In 2022, we intend to continue
the commercial development of our ranges and to intensify our
growth on our traditional segment while capitalizing on the recent
partnerships we have signed, the goal being to make Implanet a key
player in the treatment of spinal pathologies”.
Revenue, IFRS – MADISONTM activity restated1
Revenue (€ ‘000s - IFRS*)
2021
2020
Change
First-quarter revenue
1,026
795
+29%
Second-quarter revenue
1,574
797
+98%
Third-quarter revenue
1,774
1,194
+49%
Spine
1,750
1,063
+65%
Knee & Arthroscopy
15
43
-65%
Total fourth-quarter revenue
1,765
1,106
+60%
Spine
6,102
3,767
+62%
Knee & Arthroscopy
38
125
-69%
Total full-year revenue
6,140
3,892
+58%
Revenue at constant scope – excluding restatement of
MADISONTM activity
Revenue (€ ‘000s - IFRS*)
2021
2020
Change
First-quarter revenue
1,678
1,567
+7%
Second-quarter revenue
2,040
1,029
+98%
Third-quarter revenue
2,111
1,749
+21%
Spine
1,750
1,063
+65%
Knee & Arthroscopy2
155
604
-74%
Total fourth-quarter revenue
1,905
1,668
+14%
Spine
6,102
3,767
+62%
Knee & Arthroscopy
1,633
2,244
-27%
Total full-year revenue
7,735
6,012
+29%
*Unaudited data
In the fourth quarter of 2021, Implanet recorded very
solid growth in its Spine business (+65%), notably thanks to the
strategic acquisition of OSD. Activity in France tripled to €0.9
million in Q4, while activity in the Rest of the World also almost
tripled, reaching €0.7 million. In the United States, activity
continued to be heavily impacted by Covid-19.
Over 2021 as a whole, consolidated revenue, restated for
MADISONTM activity in accordance with IFRS 5, totaled €6.1 million,
an increase of +58% compared with the previous year. Excluding this
restatement of MADISONTM activity, revenue was €7.7 million, and
was thus up 29% compared with 2020.
Spine activity recorded very strong growth of 62%, with revenue
totaling €6.1 million in 2021. OSD’s contribution to revenue
(between May 19 and December 31, 2021) corresponded to €2.0
million. Hence, despite the still substantial impact of COVID-19 in
2021, the Spine business generated organic growth of 7%.
In France, Spine activity more than doubled to €2.7 million. The
Rest of the World represented €2.0 million, giving very buoyant
growth of 168% compared with 2020. Lastly, the United States saw
revenue decline by 20% to €1.4 million. This decrease was primarily
due to surgical operations being postponed and SeaSpine’s orders
being pushed back.
Cash position
At December 31, 2021, Implanet had a cash position of €1.9
million. At the same time, the payment of the remaining balance of
the divestment price of the MADISONTM knee business, i.e. €2.3
million, will be spread over time depending on the achievement of
regulatory milestones related to the CE marking, with €0.6 million
of this balance expected to be received in 2022. Lastly, in January
2021 the Company signed a convertible bond program with Nice &
Green for a total of €5.0 million. At December 31, €2.1 million is
still available and remains to be subscribed to by Nice &
Green.
Key 2021 highlights
- Acquisition of Orthopaedic & Spine Development (“OSD”),
which specializes in developing, manufacturing and marketing
implants for spine surgery
- Signing of a distribution contract in Germany with ulrich GmbH
& Co. KG for Implanet’s JAZZ® implants and the OSD cervical
plate
- Signing of an exclusive agreement with GLOBUS MEDICAL for the
distribution of its REFLECT® scoliosis correction system to 15
French university centers specialized in pediatric spine
surgery
- Divestment of the MADISONTM knee prosthesis range to the MENIX
Group’s SERF company
2022 strategy and outlook
- Finalize the globalization of our product offer for Spine
surgery:
-
Sustain the product synergies initiated in 2021 on our priority
direct sales markets;
-
Address emerging group purchasing issues, both in the public
sector and in private facility groups.
- Revitalize our presence in the United States:
-
Add to the existing commercial team;
-
Strengthen our direct approach by expanding our opinion leader
scientific team;
-
Launch, in 2022, two more product ranges resulting from the
acquisition of OSD, SWINGO and ORIGIN.
- Seek strategic partnerships to allow Implanet to enter a new
phase and achieve financial equilibrium in the short / medium
term.
Upcoming financial events:
The Company will soon announce its schedule for the publication
of financial information for 2022.
About IMPLANET
Founded in 2007, IMPLANET is a medical technology company that
manufactures high-quality implants for orthopedic surgery. Its
activity revolves around a comprehensive innovative solution for
improving the treatment of spinal pathologies (JAZZ®) complemented
by the product range offered by Orthopaedic & Spine Development
(OSD), acquired in May 2021 (thoraco-lumbar screws, cages and
cervical plates). Implanet’s tried-and-tested orthopedic platform
is based on the traceability of its products. Protected by four
families of international patents, JAZZ® has obtained 510(k)
regulatory clearance from the Food and Drug Administration (FDA) in
the United States, the CE mark in Europe and ANVISA approval in
Brazil. IMPLANET employs 29 staff and recorded a consolidated
revenue of €6.1 million in 2021. Based near Bordeaux in France,
IMPLANET opened a US subsidiary in Boston in 2013. IMPLANET is
listed on the Euronext Growth market in Paris. For further
information, please visit www.implanet.com.
The Company would like to remind readers that the table for
monitoring the equity line (OCA, BSA) and the number of shares
outstanding is available on its website:
http://www.implanet-invest.com/suivi-des-actions-80
1 In accordance with IFRS 5 “Non-current assets held for sale
and discontinued operations”, revenue generated by MADISON activity
up to October 29, 2021 (date of its divestment to SERF) will be
classified as divested business below the operating profit/loss. In
contrast, commission allowing the continuity of the regulatory
obligations during the transition period will continue to be
classified as revenue in the “Knee and Arthroscopy” product
typology. 2 Including MADISON activity until 10/29/2021.
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version on businesswire.com: https://www.businesswire.com/news/home/20220118005861/en/
IMPLANET Ludovic Lastennet, CEO David Dieumegard, CFO
Tel.: +33 (0)5 57 99 55 55 investors@Implanet.com
NewCap Investor Relations Mathilde Bohin Nicolas Fossiez
Tel.: +33 (0)1 44 71 94 94 implanet@newcap.eu
NewCap Media Relations Nicolas Merigeau Tel.: +33 (0)1 44
71 94 94 implanet@newcap.eu
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