IMPLANET Reports Its Revenue for Q2 2022, Up 33%
11 Juillet 2022 - 6:00PM
Business Wire
- Q2 2022 revenue growth of +33% to €2.1 million (vs. Q2
2021)
- Revenue for the first half of 2022 up 58% to €4.1 million
- Strategic agreement signed with Sanyou Medical for the
distribution of the JAZZ® range in China
Regulatory News:
Read the interview with Ludovic Lastennet, CEO
of Implanet
IMPLANET (Euronext Growth: ALIMP, FR0013470168, eligible for
PEA-PME equity savings plans), a medical technology company
specializing in vertebral implants, today announced its revenue for
the second quarter of 2022.
Ludovic Lastennet, IMPLANET's Chief Executive Officer,
stated: "Despite the difficulties linked to the lack of personnel
in healthcare institutions, this second quarter continues the good
commercial momentum that began at the beginning of the year, due to
the strengthening of our spinal activity, ensured by the
acquisition of OSD, and by solid organic growth in our domestic
market and in exports. The period was also marked by the agreement
signed with Sanyou Medical, a leading manufacturer and distributor
of spinal implants in China. This provides an opportunity for us in
the world's largest market in terms of volume while securing our
financing by means of a fundraising operation guaranteed by our
partner. The signing of this strategic partnership completes the
first stage in the refocusing of our strategy, which began 18
months ago and aims to make Implanet a key player in the treatment
of spinal pathologies in France and internationally. The next few
months should now be marked by our planned capital increase, which
is open to our shareholders, by the development of our product
offering and by the acceleration of our direct sales in Europe and
the United States.”
Financial information for Q2
2022
(in € thousands - IFRS*)
Q2 2022
Q2 2021
Change
Spine
France
849
681
+25%
United States
429
478
-10%
Rest of the world
810
392
+106%
Spine revenue
2 088
1 552
+35%
Provision of services
9
23
-61%
Total consolidated IFRS revenue
2 096
1 575
+33%
*Unaudited data
In the second quarter of 2022, the spine activity grew by +35%
with revenue of €2.09 million for the period, compared to €1.55
million in Q2 2021. The growth of €0.54 million is explained by a
second quarter of organic growth on the Implanet spine activity of
+22% (+20% in Q1 and +22% in Q2) and the acquisition of OSD in May
2021, contributing €0.31 million.
In France, activity grew by +25% from €0.68 million to €0.85
million, slowed by recurring staffing issues in operating rooms. In
the United States, revenue was down slightly to €0.43 million in Q2
2022 from €0.48 million in Q2 2021. In the rest of the world,
activity doubled to €0.81 million in Q2 2022 from €0.39 million in
Q2 2021, helped by a return to normal activity in Latin
America.
Financial information for the first
half of 2022
(in € thousands - IFRS*)
S1 2022
S1 2021
Change
Spine
France
1,801
1,036
+74%
United States
802
894
-10%
Rest of the world
1,487
648
+130%
Spine revenue
4,090
2,577
+59%
Provision of services
23
23
-2%
Total consolidated revenue for the 1er
semester
4,112
2,600
+58%
(in € thousands - IFRS*)
2022
2021
Change
1st quarter revenue
2,016
1,026
+96%
2nd quarter revenue
2,096
1,575
+33%
1st half revenue
4,112
2,600
+58%
*Unaudited figures
In the first half of 2022, the spine activity increased by a
factor of 1.6 (+59% growth) from €2.58 million to €4.09 million,
due to both the organic growth of the Implanet spine activity
(+21%) and the acquisition of OSD (€1.08m).
In France, business increased by a factor of 1.7 from €1.04
million to €1.80 million. As in the second quarter, activity in the
United States remains below last year's level, with sales of €0.80
million in H1 2022 compared to €0.89 million in H1 2021. In the
rest of the world, export activity increased 2.3 times from €0.65
million to €1.49 million.
Cash position
At 30 June 2022, Implanet had cash of €0.5 million. In parallel,
the payment of the balance of the MADISONTM business, for a total
amount of €2.3 million, is spread over time depending on the
achievement of regulatory milestones related to CE marking, of
which €0.6 million is expected in 2022 and €0.9 million in the
first half of 2023.
In addition, as announced in the press release of 29 June 2022
on the commercial, technological and financial partnership with
Sanyou Medical, it is planned to carry out, before 31 October 2022,
after the fulfilment of various usual conditions precedent, in
particular linked to compliance with regulatory constraints and
under the control of the competent governmental authorities, a
capital increase with maintenance of the preferential subscription
right through the issue of ABSAs, guaranteed up to €5 million1 by
the partner Sanyou Medical.
Key events of 2nd quarter
2022
Signature of a commercial, technological and financial
partnership with Sanyou Medical, the second largest Chinese
manufacturer of medical devices for spinal surgery:
- Distribution agreement for Implanet's JAZZ® platform in China,
the world's largest market (by volume) for spinal surgery;
- Technology partnership: joint development of a new European
range of hybrid spinal systems;
- Financial partnership: proposed capital increase with
preferential subscription rights through the issue of shares with
warrants (ABSA), guaranteed up to €5 million by the partner Sanyou
Medical.
2022 Strategy and
outlook
- Finalize the globalization of our product offer for spinal
surgery:
- Sustain the product synergies initiated in 2021 on our priority
direct sales markets;
- Address group purchasing organizations, both in the public
sector and in private facility groups.
- Reinvigorate our presence in the United States:
- Add to the existing commercial team;
- Strengthen our direct approach by expanding our opinion leader
scientific team;
- Launch, in 2022, two more product ranges resulting from the
acquisition of OSD: SWINGO and ORIGIN.
- Capitalize on strategic partnerships to enable Implanet to pass
a new milestone and achieve revenue that will allow it to reach
financial equilibrium in the medium term.
For more details on this publication, launch the
video
Upcoming events
- SRS (Scoliosis Research Society) Annual Meeting in Stockholm
from September 14 to 17, 2022
- SFNCL (French Society of Liberal Neurosurgeons) Annual Congress
in Lyon on October 01, 2022
- NASS (North American Spine Society) Annual Meeting in Chicago
October 12 to 14, 2022
- EUROSPINE (European Spine Society) Annual Meeting in Milan from
October 19 to 21, 2022
Upcoming financial press
release
- 2022 First-Half Results, on September 20, 2022 after
market close.
About IMPLANET
Founded in 2007, IMPLANET is a medical technology company that
manufactures high-quality implants for orthopedic surgery. Its
activity revolves around a comprehensive innovative solution for
improving the treatment of spinal pathologies (JAZZ®) complemented
by the product range offered by Orthopaedic & Spine Development
(OSD), acquired in May 2021 (thoraco-lumbar screws, cages and
cervical plates). Implanet’s tried-and-tested orthopedic platform
is based on the traceability of its products. Protected by four
families of international patents, JAZZ® has obtained 510(k)
regulatory clearance from the Food and Drug Administration (FDA) in
the United States, the CE mark in Europe and ANVISA approval in
Brazil. IMPLANET employs 39 staff and recorded a consolidated
revenue of €6.1 million in 2021. Based near Bordeaux in France,
IMPLANET opened a US subsidiary in Boston in 2013. IMPLANET is
listed on the Euronext Growth market in Paris. For further
information, please visit www.implanet.com.
The Company reminds you that the table showing the OCAs, the
BSAs and the number of outstanding shares is available on its
website http://www.implanet-invest.com/suivi-des-actions-80
1 Please refer to the press release of 29 June 2022 available on
its website at:
https://www.implanet-invest.com/IMG/pdf/-107.pdf
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version on businesswire.com: https://www.businesswire.com/news/home/20220711005562/en/
IMPLANET Ludovic Lastennet, CEO David Dieumegard, CFO
Tel.: +33 (0)5 57 99 55 55 investors@implanet.com
NewCap Investor Relations Mathilde Bohin Nicolas Fossiez
Tel.: +33 (0)1 44 71 94 94 implanet@newcap.eu
NewCap Media Relations Arthur Rouillé Tel: +33 (0)1 44 71
94 94 implanet@newcap.eu
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