New products (“smart screw“, PediGuard
Threaded and dental) grow +26% Positive consolidated EBITDA
in the second half US Operations net income positive for the full
year
Regulatory News:
SpineGuard (Paris:ALSGD) (FR0011464452 – ALSGD), an
innovative company that deploys its DSG® (Dynamic Surgical
Guidance) sensing technology to secure and streamline the placement
of bone implants, reported today its preliminary unaudited
consolidated full-year 2019 revenue, EBITDA and cash position.
Stéphane Bette, CEO and co-founder of SpineGuard, said:
“In 2019 SpineGuard found its balance while affirming its strategic
turn. The company reorganized in order to reach positive EBITDA and
focus on innovation. We reduced significantly our commercial
expenses toward historical products, whose sales were declining,
and focused on our most recent products which are growing: the
“smart” screw and the PediGuard Threaded. We kept investing in
R&D in the robotic application of our DSG technology and the
preparation for the launch of our new platform DSG Connect. These
innovations are synergistic, value-creating and feed our search for
strategic alliances with industry players in our sector. On those
fundamentals, we are confident to reach our goals in 2020 on the
financial front, but also commercially with the launch of a new
generation of products and a strategic move in the field of
robotics where we received marks of interest.”
€ thousands – IFRS
2019
2018
Variation
First quarter
1 648
1 769
-7%
Second quarter
1 797
1 857
-3%
Third quarter
1 721
1 879
-8%
Fourth quarter
1 663
2 070
- 19%
Full year
6 829
7 575
-10%
Unaudited
In total, 7,668 DSG embedded devices were sold in 2019, compared
to 9,001 in 2018, a 15% decrease. We note however a stabilization
of the quarterly revenue.
4,612 devices (60%) vs. 6,411 in 2018 (-14%) were sold in the
United States, where the revenue was 6,446 KUS$ vs. 7,557 KUS$ in
2018, -15%.
Outside the United States, the revenue declined -8% at 1,072 K€
vs. 1,164 K€ in 2018. The full year consolidated revenue decreased
-10% at current exchange rate (-14% in constant currency).
UNAUDITED FINANCIAL FORECAST
SpineGuard estimates its EBITDA to be positive in the second
semester of 2019 (vs. -0.1 M€ in H2 2018) and to have significantly
improved in the full year to reach -50K€ to be compared to -586K€
in 2018.
The American subsidiary SpineGuard Inc. would deliver a net
positive result for the second full year in a row.
The cash position at December 31 2019 is 1.3 M€. The company did
not use the total convertible bond equity line financing (OCAPI) of
which 0.7 M€ is available.
At the date of this press release, the company continues its
discussions for the rescheduling of its venture debt with Norgine
Ventures and Harbert European Capital Growth. At December 31 2019,
the principal left due is 4M€ vs. 4,5M€ initially.
These preliminary results are unaudited and based on the first
estimates by company’s management at December 31, 2019. They are
consequently subject to modifications. SpineGuard will communicate
on its annual results on March 19, 2020 after market close.
2020 PERSPECTIVES
For 2020 SpineGuard is working on several opportunities in order
to generate growth and solidify its strategic turn.
Its new generation of PediGuard products equipped with DSG
Connect, which adds a tablet interface with signal visualization
and recording, should obtain European regulatory clearance in Q1
2020 subsequent to CE mark filing in late September 2019. The US
FDA clearance, ongoing as well, should follow later in 2020.
Commercial efforts should yield positive results in certain
high-potential countries where the company was successful in the
past: in Brazil, the re-registration of products consecutive to a
distributor change will allow for a restart of the business. In the
Middle East, a multi annual tender should convert into orders.
Turkey could receive a reimbursement decision that would accelerate
sales with the addition of the public sector.
The collaboration with our industry partner Adin Dental/
ConfiDent on the dental application will intensify in 2020 with the
co-development of a next generation DSG embedded product, fruit of
the feedback on the first generation tested in 2019.
Lastly, the search for strategic alliances with industry players
notably for the robotic application continues with the venture bank
Healthios Capital Markets, marks of interest have been
received.
About SpineGuard®
Founded in 2009 in France and the USA by Pierre Jérôme and
Stéphane Bette, SpineGuard is an innovative company deploying its
proprietary radiation-free real time sensing technology DSG®
(Dynamic Surgical Guidance) to secure and streamline the placement
of implants in the skeleton. SpineGuard designs, develops and
markets medical devices that have been used in over 75,000 surgical
procedures worldwide. Fifteen studies published in peer-reviewed
scientific journals have demonstrated the multiple benefits DSG®
offers to patients, surgeons, surgical staff and hospitals.
Building on these solid fundamentals and several strategic
partnerships, SpineGuard has expanded its technology platform in a
disruptive innovation: the « smart » pedicle screw launched late
2017 and is broadening the scope of applications in dental
implantology and surgical robotics. DSG® was co-invented by Maurice
Bourlion, Ph.D., Ciaran Bolger, M.D., Ph.D., and Alain Vanquaethem,
Biomedical Engineer.
For further information, visit www.spineguard.com
Disclaimer
The SpineGuard securities may not be offered or sold in the
United States as they have not been and will not be registered
under the Securities Act or any United States state securities
laws, and SpineGuard does not intend to make a public offer of its
securities in the United States. This is an announcement and not a
prospectus, and the information contained herein does and shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of the securities referred to herein in
the United States in which such offer, solicitation or sale would
be unlawful prior to registration or exemption from
registration.
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version on businesswire.com: https://www.businesswire.com/news/home/20200129005609/en/
SpineGuard Stéphane Bette Directeur Général Tél. : 01 45
18 45 19 s.bette@spineguard.com
Manuel Lanfossi Directeur Financier
m.lanfossi@spineguard.com
Europe / NewCap Investor Relations & Financial
Communication Mathilde Bohin / Pierre Laurent Tél. : 01 44 71 94 94
spineguard@newcap.eu
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