SpineGuard Reports Third-quarter 2020 Revenue
15 Octobre 2020 - 06:00PM
Business Wire
- Q3 consolidated revenue growing 47% over
Q2
- 10% growth outside the US in Q3 vs. last
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,
announced today that its third-quarter revenue was €1.3
million.
Pierre JEROME, Chairman & CEO of SpineGuard, said:
‘SpineGuard sales continue to recover in Q3 in a market which
remains unstable, with important disparities from one country to
another related to various health and economic conditions,
primarily caused by the COVID-19 pandemic. Our double digit growth
outside the US reflects a solid performance in Europe, especially
in France and Germany, as well as our partnership with the company
Confident ABC for the dental implantology DSG application. In the
United States, some patients prefer to delay elective surgery,
either due to the loss of healthcare coverage or for their concern
for safety in hospital settings, both driven by the effect of the
pandemic. However the financial analysts covering the medtech
sector are reporting gradual improvement in patient sentiment and
expect the recovery in elective procedures to go on in the coming
months. ’
€ thousands – IFRS
Unaudited
2020
2019
Variance
First Quarter
1,376
1,692
-19%
Second Quarter
902
1,797
-50%
Half-Year
2,278
3,445
-34%
Third Quarter
1,328
1,721
-23%
Year to Date 9 Months
3,603
5,166
-30%
SpineGuard’s consolidated revenue decreased 23% as reported and
20% in constant currency (cc) in Q3 compared to last year but
increased 47% vs. Q2 which was significantly impacted by the
outburst of the COVID-19 pandemic throughout the world.
In the USA, the decrease was 29% as reported and 26% cc. Outside
the USA, the revenue increased by +10% at €306k compared with €279k
in the third quarter of 2019.
Over the first 9 months of the financial year, revenue decreased
by 30% to €3,603k compared to €5,166k for the same period in
2019.
3,846 DSG equipped units were sold in the first nine months of
2020 (2,299 in the USA, 60% of total units sold) compared with
6,014 in the first nine months of 2019.
Impact of COVID-19 on SpineGuard’s revenue:
The company has been impacted by the health and economic crisis
resulting from the COVID-19 pandemic throughout the world. As for
many industry peers, SpineGuard’s revenue is directly linked to
surgical procedure volume. This volume has been greatly affected by
the postponement of elective surgeries caused by the influx of
COVID-19 patients in the hospitals. The monthly impact of COVID-19
can be summarized as follows and expressed as a % of 2020 revenue
vs. the same month in 2019.
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
% 2020 vs. 2019
100 %
94 %
64%
14%
54%
76%
81%
66%
84%
Updates on French ‘safeguard’ and US Chapter 11
procedures:
An audience is scheduled on October 21 at the French Court of
Commerce as part of the “observation phase” for which the end is
planned on November 12 and to prepare the presentation of the
safeguard plan which is currently being drafted with the assistance
of the French Trustee (‘administrateur’) Maître Thévenot. It will
be the opportunity for SpineGuard to inform the judge of the latest
discussions with its main creditors and new potential strategic
partners.
The presentation of the safeguard plan will be made in
coordination with the American procedure which already had several
hearings in March and June. Pending the finalization of the
safeguard plan, the payment of debts prior to the opening of the
procedure are frozen. It should also be remembered that the
safeguard procedure freezes any ability to exercise existing
securities or collateral. As a reminder, as at January 31, 2020,
the outstanding capital amounted to € 3.8 M compared to € 4.5 M at
the conclusion of the 'venture' bond debt and of € 0.9 M against €
1.5 M for the FEI Innovation loan.
Outlook:
In addition to the completion of the safeguard plan, SpineGuard
remains focused on the following objectives for the fourth
quarter:
- Continue the pre-launch in Europe of the new generation of
PediGuard equipped with the DSG-Connect module, a wireless
interface which adds the visual signal to the audio to optimize
signal processing, allowing data recording as forensic evidence to
perform clinical studies on bone quality.
- Obtain DSG-Connect clearance and initiate its pre-launch in the
US before the end of 2020.
- Continue to provide scientific evidence of the value of DSG for
surgical robotics.
- Maintain, as feasibly possible, the course of operational
profitability in the context of COVID-19.
- Intensify collaboration with ConfiDent ABC on dental
applications with the co-development of a new generation of
products incorporating DSG technology.
- Close other industrial and strategic partnerships, specifically
for the robotic application, assisted by the investment bank
Healthios Capital Markets.
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 80,000 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/20201015005637/en/
SpineGuard Pierre Jérôme CEO & Chairman Tel.: +33 1
45 18 45 19 p.jerome@spineguard.com
SpineGuard Manuel Lanfossi CFO Tél.: +33 1 45 18 45 19
m.lanfossi@spineguard.com
NewCap Investor Relations & Financial Communication
Mathilde Bohin / Pierre Laurent Tel.: +33 1 44 71 94 94
spineguard@newcap.eu
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