STENTYS: Financial Information for the Third Quarter of 2018
11 Octobre 2018 - 5:45PM
Business Wire
- Consolidated revenues for the third
quarter of 2018: €2.3 million
- Consolidated cash position at September
30, 2018: €10.5 million
Regulatory News:
STENTYS (Paris:STNT) (FR0010949404 — STNT), French group
specialized in medical technologies for interventional cardiology,
today reported its quarterly revenues and its consolidated cash
position at September 30, 2018.
Third-quarter and nine-month 2018 revenue trends
€ thousands
Nine months2018
Nine months2017
% chg. Q3 2018 Q3 2017
% chg.
Europe1
3,318 3,378 -2%
1,164
992 +17% Rest of the world
2,590
1,785 +45%
1,105 623 +77%
Total revenues 5,909 5,162
+14% 2,269 1,615
+40%
Audited data
Following the acquisition of MINVASYS, which was consolidated
from May 1, 2018, the STENTYS group generated €2.3 million in
revenues during the third quarter of 2018, up 40% compared to the
third quarter of 2017. Excluding the impact of the acquisition,
STENTYS’ third-quarter 2018 revenues declined 30% to
€1.1 million. This fall is mainly due to the downturn in the
global coronary stent market as a result of heavy pricing pressures
amid an acceleration in product commoditization.
In the third quarter of 2018, sales of the Xposition S stent
shrank 28% in value and 33% in volume.
Third-quarter and nine-month 2018 revenue trends (pro forma
figures)2
€ thousands
Nine months2018
Nine months2017
% chg. Q3 2018 Q3 2017
% chg. Europe1
4,137 5,077 -19%
1,164 1,614 -29% Rest of the world
3,639 4,001 -9%
1,105
1,324 -14%
Total revenues 7,776
9,078
-14% 2,269 2,938
-23%
Unaudited data
Over the first nine months of 2018, STENTYS’ pro forma2 revenues
came to €7.8 million, down 14% compared to the same period of
2017. They declined 19% in Europe and 9% in the Rest of the
world.
Pro forma2 revenues generated from the sale of stents during the
first nine months of 2018 fell 18% to €5.0 million.
The range of coronary dilatation balloons and accessories
integrated through the acquisition of MINVASYS recorded a modest
sales contraction (down 7%) to €2.8 million (pro forma
figures2).
Christophe Lottin, Chief Executive Officer of STENTYS,
commented: “As we have regularly said, STENTYS has been
operating in a mature market in recent years in which strong
competition has steadily driven down stent prices despite their
increasingly powerful mechanical and clinical features. At the same
time, increased regulatory constraints have slowed down the
introduction of new less-costly manufacturing processes and the
expansion into new markets in a competitive timeframe compared to
larger rivals. Given these new market conditions and based on our
top-line performance, we are considering various solutions to
address the foreseeable difficulties in the short term.”
Cash position of €10.5 million
The Group held €10.5 million in cash at September 30, 2018,
down from €11.8 million at June 30, 2018.
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 ParisISIN:
FR0010949404 – Ticker: STNT
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 Germany, Italy, Switzerland, Austria, Poland, The Netherlands,
France, Belgium, United Kingdom, Spain, Greece, Portugal and Nordic
countries.
2 Pro forma figures not reviewed by the Statutory Auditors,
presented in accordance with IFRS 15 (mandatory application), not
leading to any differences with IAS 18 as applied in 2017. STENTYS’
acquisition of MINVASYS was finalized on April 30, 2018, and its
revenues were consolidated from May 1, 2018. These figures were
calculated to provide a comparable picture of the Group’s business
activities, as if the acquisition had been completed on January 1,
2017.
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version on businesswire.com: https://www.businesswire.com/news/home/20181011005646/en/
STENTYSAndré Lerebours, Tel.: +33 (0)1 44 53 99
42CFOinvestor@stentys.comorNewCapInvestor Relations /
Strategic CommunicationsDusan Oresansky / Alexia Faure, Tel.: +33
(0)1 44 71 94 92stentys@newcap.eu