SPINEWAY - 2019 : A year of restructuring - 2019 revenue of €5M
16 Janvier 2020 - 6:00PM
SPINEWAY - 2019 : A year of restructuring - 2019 revenue of €5M
SPINEWAY
2019: a year of
restructuring2019 revenue of €5M
2019 was a particularly active year for the
SPINEWAY group as it redeployed its activities in previously
covered areas, completely reorganized its teams and renewed half
its Executive Committee at the end of 2019. Spineway also
strengthened its financial position thanks to a financing agreement
with Negma Group1 in order to ensure organic growth and
finance new development projects. The Group thus generated total
revenue of €5 015K for 2019.
Annual revenue |
2018 |
2019* |
In thousands of euros |
6 515 |
5 015 |
* Unaudited figures
Increasing growth of the new Mont Blanc
MIS product lineSales of premium products represented a
greater share of total revenue at 35% (compared with 29% in 2018),
reflecting Spineway’s strength on this market segment. Although it
is not yet distributed throughout all the Group’s territories, the
Mont Blanc MIS (mini-invasive surgery) product line’s 2019 sales
were up 8% (outside the USA). This premium product line, recently
approved in Japan, has high growth potential.
Spineway continues its R&D work in order to
provide new implants and instruments that will expand applications
for its Mont Blanc MIS products line (trauma, deformity). Likewise,
promotional and training activities were carried out for the
Mont-Blanc 3D+ product line during the financial year and should
bear fruit in the short and medium terms.
Economic downturn in Latin America but a
positive outlook for 2020
Despite its uncertain geopolitical
climate, Latin America remains the
Group’s most dynamic area with revenue of €2.6M (compared with
€3.4M in 2018). The 2019 financial year brought the consolidation
of certain partnerships in Mexico following the strong mobilization
of local teams (+14%) and in Brazil. Revenue should increase in
these countries in 2020. Similarly, stabilization of the political
situations in Peru and Chile should allow Spineway a return to
growth in these countries where Spineway already has a history. In
fact, Spineway’s regulatory affairs continue to be very active in
this area as it is obtaining new registrations for its products so
it can deploy the Mont-Blanc MIS product line throughout the
continent.
Contrasting sales in Asia after a weak
performance in China
Asia generated €705K in
2019 (compared with €1 283K including India in 2018) with
improved customer loyalty in Southeast Asia and revenue in China of
€145K compared with €506K in 2018. This drop in Chinese sales is
due, in particular, to surplus inventory the previous year and
delays in the granting of approvals for the Group’s products by the
Chinese administrative authorities.In Japan, following approval of
its Mont-Blanc MIS product line, the Group is currently in advanced
discussions with distributors for the importing of its products.
These should soon result in the signature of a partnership
agreement for the territory.
Solid activity in Europe and active
prospecting in the United States
Revenue
from Europe increased 13% to
reach €1 158K, its highest in the Group’s history. This was
achieved thanks to increased sales in France (+10%),as well as in
Northern Europe.
The Middle-Est/Africa region generated
€412K this year with efforts essentially focused on the Mont Blanc
products.
Sales in the United
States amounted to €148K, now only representing 3% of
the 2019 revenue. Spineway suffered from the bankruptcy of its main
distributor in 2018, the reorganization initiated by the new CEO
and the referencing of products. The Group obtained a patent for
the Mont-Blanc MIS product line, used for a technique that is
increasingly being favored by spinal surgeons, and the US teams
pursued their promotional efforts vis-à-vis US distributors and
surgeons. Spineway, which invested in and undertook prospecting
activities in 2019, should gradually return to growth on this
high-potential territory.
Spineway continues to have a solid base
for its activity in its existing territories and should be
expediting the implementation of its new strategic plan in 2020
with, in particular, a new sales policy.
Next communication: 2019 annual results – 28
April 2020
SPINEWAY IS ELIGIBLE FOR THE PEA-PME
(EQUITY SAVINGS PLANS FOR SMES)
Find out all about Spineway
at www.spineway.com
This press release has been prepared in both
English and French. In case of discrepancies, the French version
shall prevail.
Spineway
designs, manufactures and markets innovative implants and surgical
instruments for treating severe disorders of the spinal
column.Spineway has an international network of
over 50 independent distributors and 90% of its revenue comes from
exports.Spineway, which is eligible for investment
through FCPIs (French unit trusts specializing in innovation), has
received the OSEO Excellence award since 2011 and has won the
Deloitte Fast 50 award (2011). Rhône Alpes INPI Patent Innovation
award (2013) – INPI Talent award
(2015). ISIN: FR0011398874 -
ALSPW
Contacts:
Spineway Ligne aux actionnairesOuverte du mardi au
jeudi (10h-12h)0811 045 555 |
Eligible PEA / PMEALSPW Euronext Growth |
Aelium Relations investisseursSolène
Kennisspineway@aelium.fr |
[1] See press release dated 18 October
2019
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