In 2020, Theraclion Has Succeeded a Crucial Step for Its Technology: Results Allow Further Expansion for the Next Two Years
22 Mars 2021 - 6:30PM
Business Wire
- In 2020, Theraclion has obtained CE marking and use in standard
practice of SONOVEIN S, 2 to 3 times faster than SONOVEIN
- With SONVEIN S, new excellence centers will be equipped
including in Asia
- For the coming two years, the focus is on the development of
final commercial pilots and investigation of new areas such as
Thyroid and Breast Cancer
Regulatory News:
THERACLION (ISIN: FR0010120402; Mnemo: ALTHE, eligible
PEA-SME), an innovative company developing a scalable robotic
platform for none invasive treatment by echotherapy including
varicose veins, announces today its annual results for the year
ended 31 December 2020 and its strategy for the coming two
years.
A new crucial step in the performance of our
technology
In 2020, Theraclion has succeeded to maintain its effort in the
development of its platform, SONOVEIN® and is ready to move to the
next level of its expansion. The new version SONOVEIN S, completed
its clinical trial and obtained CE marking. The non-surgical
treatment is now 2 to 3 times faster. It allowed successful
treatment including complicated patients with excellent safety. It
is now proposed in standard clinical practice in London by
Professor Dr. Mark Whiteley, renowned UK Venous Surgeon and three
other clinics worldwide. To better support the increased activity
and demand of the new system, the company has promoted David
Auregan from Chief Financial Officer, to Chief Operating
Officer.
SONOVEIN® S, the gold standard treatment in the 10 Billion $
market of varicose veins
For 2021, Theraclion plans to further expand business
development in new territories including Asia. Theraclion will also
significantly increase SONOVEIN S installations at new key opinion
leader sites. These international experts show strong interest in
this distruptive technology to the excitement of cutting-edge
centers in Europe. Once equipped, their centers of excellence are
the relay of the technology to the rest of the market. The
treatment of varicose veins counts around 5 million treatment
procedures per year globally, representing a market of 10 Billion
$.Theraclion’s ambition is to capture a significant part of the
market. SONOVEIN® S should gradually become the gold standard
treatment for patients with chronic vein insufficiency.
Focus on commercial pilots and acceleration of development in
new areas
Building on technological evolution in efficiency and speed made
this year, Theraclion will focus on the development of a final
commercial pre-serie. The technology becomes competitive and leads
the company to consider its potential in areas other than the vein,
such as thyroid and breast cancer. The company will accelerate its
development with comprehensive partnerships and significant
investments to complete pre-clinical and clinical file. These
advances are supporting Theraclion’s ambition to become the best
scalable robotic platform for none invasive treatment by
echotherapy.
Results at December 31, 2020, protection of cash to allow
further expansion.
Theraclion raised €3.0 million from investors and secured €1.4
million in PGE loan from BPI France and CIC. In parallel, the
company implemented a strict expenses control policy to protect its
cash and focused operational expenses were reduced 37% in 2020.
This allowed the company to move forward on the commercial roll-out
of SONOVEIN S.
In K€
2020/12/31
2019/12/31
Var. %
Sales
744
2 784
- 73%
Subsidies
-3
347
n.a.
Other revenues
0
86
-100%.
Total revenues
741
3 217
- 77%
Costs of goods sold
- 291
- 1 612
-82%
Purchases
- 1 956
-2 353
- 17%
Employees compensation
-2 304
-3 368
- 32%
Other operating costs
-479
-590
- 19%
Total operating costs
- 5 029
- 7 925
- 37%
Operating profit
- 4 288
- 4 708
+ 9%
Financial results
- 330
- 221
- 49%
Non Current results
- 10
- 132
- 92%
Research tax credit
722
1 269
- 43%
Net Results
- 3 905
- 3 792
- 3%
Average headcount (FTE)
24
25
- 4%
Accounts approved by the Board of Directors on 18 March 2021.
The audit procedures for the financial statements for fiscal year
2020 have been carried out. The certification report will be issued
after verification of the management report.
Operating costs under control and net result almost
flat
Theraclion SA achieved a turnover of €744K in 2020, a decrease
of 73% compared to 2019. Recurring revenue consisting of the sale
of consumables and services reached €467 K growing 8%.
Total operationg costs reduced 37% to 2019 mostly driven by the
COVID-19 crisis induced reduction of travel costs and other related
commercial activities.
The research tax credit amounted to €722K at the end of December
2020. 2019 tax credid included € 302K relating to a claim
concerning previous financial years, paid in the first half of 2019
and research tax credit for the first half of 2019 of €967K.
Recuction from €967K to € 722K is mostly driven by cut on
spending.
Operating costs reduction of 37% compensated the drop of
revenues of 77% and net loss of €3 905K was a limited increase of
3% to 2020. Theraclion's available cash was €2.3M at December 31,
2020.
Cash outlook up to Q2 2022
In K€
2020/12/31
2019/12/31
Var.
Cash
2 314
1 423
891
Medium term cash position
31
31
0
Total Cash & Cash
Equivalent
2 345
1 454
891
Bank Loans
-1400
-1400
Convertible debt
- 2 684
-424
-2 260
Total debt
- 4 084
- 424
-3 660
Net Cash position
- 1 739
1 030
-2 769
Theraclion received cash advances from Oseo for an amount of K€6
527 including capitalized interests. Its payback is based on
milestones which should not be achieved in the next five years.
Consequently the advance is not accounted for as a financial
debt.
In addition to available cash of €2.3M at December 31, 2020, the
company secured €1.5 million in PGE loans from BPI France and CIC
to cash in early 2021. Taking into account a conservative
estimation of sales of systems in 2021, growth in Varicose Vein
treatments as SONOVEIN S rolls out, and or other funding from his
current shareholders including the issue of all or part of Tranche
3 of financing arrangement concluded in 2019, Theraclion estimates
that it will be able to cover its cash requirements over the 12
coming months.
About Theraclion
Theraclion has developed an innovative high-tech echotherapy
solution using High Intensity Focused Ultrasound for the treatment
of varicose veins, SONOVEIN®. The treatment solution, which
obtained CE marking in April 2019, is based on the leading-edge
echotherapy treatment expertise developed over years by Theraclion
for non-invasive ablation of breast fibroadenomas and thyroid
nodules using its ECHOPULSE® solution. Further improvements to the
ECHOPULSE technology are the foundation for SONOVEIN to provide the
only non-invasive ablation therapy for varicose veins. This
procedure allows for a treatment without a catheter, chemical
injection, or incision. An operating room is not necessary, and the
treatment can be performed at a doctor’s office, in a clinic, as
well as in a hospital. Venous pathology is widespread worldwide and
generates around 5 million treatment procedures per year, according
to Millennium research Varicose Vein Device Market Study 2015.
Theraclion's technological solutions are based on hightech
ultrasound medical imaging devices that are precise and easy to use
for practitioners.
Located in Malakoff, near Paris, Theraclion brings together a
team of 24 people, more than half of whom are dedicated to R&D
and clinical trials.
For more information, please visit the Theraclion website:
www.theraclion.com and the patient site:
https://echotherapie.com/echotherapy/
Theraclion is listed on Euronext Growth Paris Eligible for the
PEA-PME scheme Mnemonic: ALTHE - ISIN code: FR0010120402 LEI:
9695007X7HA7A1GCYD29
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version on businesswire.com: https://www.businesswire.com/news/home/20210322005671/en/
Theraclion
David Auregan Chief Operating Officer
david.auregan@theraclion.com
Anja Kleber VP Marketing, Market Access & Sales Francophonia
anja.kleber@theraclion.com
Theraclion (EU:ALTHE)
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