- Consolidated revenues for the first half of 2019: €5.1 million,
down 8%1
- Xposition S stent sales down 33% in the second quarter of
20191
- Consolidated cash position at June 30, 2019: €8.1 million
Regulatory News:
STENTYS (FR0010949404 - STNT), a French group specialized
in medical technologies for interventional cardiology, today
reports its consolidated quarterly revenues and cash position at
June 30, 2019.
Michel Darnaud, Chairman and CEO of STENTYS, comments:
“The first half of the year was marked by a fall in sales of the
Xposition S stent during the second quarter. This third consecutive
half of negative growth for the Xposition S stent reflects the
deterioration in the conditions of an extremely mature market that
is becoming increasingly commonplace, and in which the Company is
particularly penalized by a critical dependence on its production
subcontractors. After suffering substantial tariff hikes imposed by
its subcontractors at the start of the year, STENTYS is now facing
supply disruptions that have considerably weakened its market
positions and eroded its prospects. Despite actively seeking
solutions to these procurement cost and control issues, we are
preparing for further stock shortages in the coming quarters.
Within this context that has now become critical for the Company,
we are looking into various solutions to cope with the predicable
difficulties in the short term.”
Second-quarter revenues by geographical region
€ thousands
Q2 2019
Q2 2018,
actual
% change
Q2 2019
Q2 2018,
pro forma1
% change
Europe2
1,485
1,285
+16%
1,485
1,466
+1%
Rest of the world
979
1,016
-4%
979
1,219
-20%
Total revenues
2,464
2,301
+7%
2,464
2,685
-8%
Audited data (except pro forma information)
Second-quarter revenues by product category
€ thousands
Q2 2019
Q2 2018,
actual
% change
Q2 2019
Q2 2018,
pro forma1
% change
Stents
1,373
1,630
-16%
1,373
1,726
-20%
Balloons & accessories
1,091
671
+63%
1,091
959
+14%
Total revenues
2,464
2,301
+7%
2,464
2,685
-8%
Audited data (except pro forma information)
First-half revenues by geographical region
€ thousands
H1 2019
H1 2018, actual
% change
H1 2019
H1 2018,
pro forma1
% change
Europe2
2 842
2 160
+32%
2 842
2 941
-3%
Rest of the world
2 222
1 480
+50%
2 222
2 567
-13%
Total revenues
5 063
3 640
+39%
5 063
5 508
-8%
Audited data (except pro forma information)
First-half revenues by product category
€ thousands
H1 2019
H1 2018, actual
% change
H1 2019
H1 2018,
pro forma1
% change
Stents
3,011
2,950
+2%
3,011
3,556
-15%
Balloons & accessories
2,052
690
+198%
2,052
1,952
+5%
Total revenues
5,063
3,640
+39%
5,063
5,508
-8%
Audited data (except pro forma information)
In the second quarter of 2018, STENTYS completed the acquisition
of MINVASYS, whose activity was consolidated from May 1, 2018. The
variations presented in the left part of the above tables are
therefore partly due to different scopes of consolidation. The pro
forma information on the right provides a view of the change in
revenues on a comparable basis.
Over the first six months of 2019, the Group recorded revenues
of €5.1 million, down 8% on the first half of 2018 (pro
forma1) despite the fine performance of its range of
coronary dilation balloons and accessories, whose sales grew by 14%
in the second quarter of 2019 (pro forma1).
The procurement difficulties led the Company to delay certain
shipments during the quarter and to be unable to honor some orders
from distributors. Within a context of very strong price pressure,
these shipments delays weaken STENTYS’ positions compared with much
larger competitors. Particularly affected by these events, sales of
the Xposition S fell 33% by value and 38% by volume in the second
quarter of 2019 (pro forma1).
Solid cash position of €8.1 million
The Group had a cash position of €8.1 million at June 30, 2019
compared with €8.6 million at March 31, 2019. This reduced cash
burn was essentially the result of a substantial slowdown in
production activity associated with the procurement difficulties,
as well as the efforts undertaken by the Company to collect its
receivables.
Upcoming financial publication
The Group expects to publish its results for the first half of
2019 on Thursday 26 September, 2019, after market.
About STENTYS
The STENTYS group develops and markets minimally-invasive
cardiovascular solutions for the needs of interventional
cardiology. Its extensive range of innovative products, including
drug-eluting stents, coronary and drug-eluting balloons as well as
cardiovascular accessories, is marketed in over 60 countries.
Thanks to its flagship product, Xposition S, the self-apposing
stent that adapts to vessels with variable diameters and enables
the treatment of complex arterial disorders, and to its portfolio
of balloons and accessories, STENTYS covers all coronary
indications.
Additional information is available at
www.stentys.com.
STENTYS is listed on Compartment C of Euronext Paris
ISIN: FR0010949404 – Ticker: STN
Forward-looking statements
This press release contains forward-looking statements about the
Company that are based on numerous assumptions regarding the
Company’s present and future business strategies and the
environment in which it will operate in the future which may not be
accurate. Such forward-looking statements involve known and unknown
risks which may cause the Company’s actual results, performance or
achievements to differ materially from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others,
risks associated with the development and commercialization of the
Company’s products, market acceptance of the Company’s products,
its ability to manage growth, the competitive environment in
relation to its business area and markets, its ability to enforce
and protect its patents and proprietary rights, uncertainties
related to the U.S. FDA approval process, slower than expected
rates of patient recruitment for clinical trials, the outcome of
clinical trials, and other factors, including those described in
the Section 4 “Risk Factors” of the Company’s 2016 Registration
Document (document de référence) filed with the French Autorité des
Marchés Financiers (AMF) on November 29, 2017 under number
D.17-1084.
_____________________________
1 Pro forma data not yet reviewed by the statutory auditors,
presented in accordance with IFRS 15. The acquisition of Minvasys
by STENTYS was completed on April 30, 2018 and its activity
consolidated from May 1, 2018. This data was calculated to provide
a comparable vision of the Group’s activity as if the acquisition
had been completed on January 1, 2018.
2 Germany, Italy, Switzerland, Austria, Poland, Netherlands,
France, Belgium, United Kingdom, Spain, Greece, Portugal and Nordic
countries.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190711005599/en/
STENTYS André Lerebours CFO Tel.: +33 (0)1 44 53 99 42
investor@stentys.com
NewCap Investor Relations / Strategic Communications
Dusan Oresansky / Alexia Faure Tel.: +33 (0)1 44 71 94 92
stentys@newcap.eu