IMPLANET Reports its 2024 First-Quarter Revenue
09 Avril 2024 - 6:00PM
Business Wire
- +10% growth in the French market vs. 2023 Q1
- Continued expansion of the SMTP surgical equipment distribution
activity
Regulatory News:
IMPLANET (Euronext Growth: ALIMP, FR0013470168, eligible for
PEA-PME equity savings plans), a medical technology company
specializing in vertebral implants for orthopedic surgery and the
distribution of technological medical equipment, today announces
its revenue for the first quarter of 2024.
Ludovic Lastennet, IMPLANET’s Chief Executive Officer,
stated: “The first quarter of 2024 was in line with previous
quarters, with good sales momentum in our domestic market, a
ramp-up in our medical equipment distribution activity, and the
gradual reinvigoration of our international activities.
Strengthening our presence through the deployment of our innovative
solutions remains one of our priorities for the months ahead, and
has already seen major progress with the ongoing reorganization of
our US subsidiary. With this in mind, 2024 should see the
finalization of the registration of our existing products under the
European MDR regulation, the commercial launch of our proprietary
JAZZ® range in China, and the launch of a novel range of hybrid
posterior fixation for the European market, co-developed by Sanyou
Medical and IMPLANET R&D teams.”
2024 First quarter
Revenue (in € thousands –
IFRS1)
2024 Q1
2023 Q1
Change %
France
1,032
942
+10%
United States
314
459
-32%
Rest of the world
618
674
-8%
Spine revenue
1,964
2,075
-5%
Medical equipment (SMTP)
247
124
+100%
Services (MADISONTM)
12
9
+41%
Total revenue 1st quarter
2,223
2,208
+1%
Spine activity generated revenue of €1.96 million in the first
quarter of 2024, down 5% compared with revenue of €2.8 million in
the first quarter of 2023.
Activity in France continues to show good momentum, with growth
of +10%, giving revenue of €1.03 million for the first quarter
versus €0.94 million for the same period in 2023. In the United
States, following the reorganisation of the sales department in the
fourth quarter of 2023 in response to the poor performance recorded
in this region, revenue reached €0.31 million in the first quarter
of 2024, versus €0.46 million for the same period in 2023. Export
activity in the rest of the world recorded revenue of €0.62 million
in the first quarter of 2024, versus €0.67 million for the same
period the previous year.
The Company is also continuing the rollout of its medical
equipment distribution activity with Sanyou Medical subsidiary
SMTP’s ultrasound surgical scalpel. The revenue generated by this
activity in the first quarter of 2024 was €0.24 million, double the
€0.12 million recorded in the same period of the previous year.
Cash position
As of March 31, 2024, the Company’s cash position stood at €2.24
million.
As a reminder, the Company announced on February 2, 2024, the
completion of a €5.5 million capital increase. The net proceeds of
this capital increase amounted to €5.3 million. As mentioned in its
press releases of October 11, and December 11, 2023, the Company
redeemed the bond loan contracted in October 2023 for a total
amount of €1.3 million.
The Company also concluded an agreement with some of its lenders
(Banque Populaire Méditerranée, Bpifrance, Région Nouvelle
Aquitaine and Société Générale) to reschedule part of its financial
debt over the remaining term of each of the loans concerned, whose
maturity has been extended by nine months. This agreement took
effect on March 4, 2024.
In view of these elements, and the cash consumption forecasts
based on current activity assumptions and anticipated business
developments with Sanyou Medical over the 2024 and 2025 financial
years, the Company considers that it will be able to cover the
financing requirements of its operations for the next twelve
months.
Key 2024 Q1 events
- Completion of the capital increase announced on January 4,
2024, raising €5.5 million through the issue of 83,924,897 new
shares;
- Appointment of Max W. Painter as Vice President and General
Manager of IMPLANET's US subsidiary.
2024 strategy and
outlook
- Finalize the registration of existing products within the
framework of the European Medical Device Regulation (MDR).
- Reinvigorate the Company’s presence in the United States:
- strengthen the resources and commercial means made available to
the historical team;
- strengthen the Company’s direct approach by expanding the
scientific team of opinion leaders;
- Strengthen market momentum and the product offering:
- deploy the commercial and technological partnership with Sanyou
Medical to jointly develop an innovative new European range of
hybrid posterior fixation;
- initiate the distribution of the JAZZ® platform in China (the
world’s largest spine market by volume) with Sanyou Medical.
Upcoming financial event
- 2024 First-Half Revenue, July 9, 2024, after market
About IMPLANET Founded in 2007, IMPLANET is a medical
technology company that manufactures high-quality implants for
orthopedic surgery and distributing medical technology equipment.
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. In 2022, IMPLANET entered into a
commercial, technological and financial partnership with SANYOU
MEDICAL, China's second largest medical device manufacturer.
IMPLANET employs 43 staff and recorded a consolidated revenue of
€7.4 million in 2023. 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.
1 Unaudited
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version on businesswire.com: https://www.businesswire.com/news/home/20240409733252/en/
IMPLANET Ludovic Lastennet, CEO David Dieumegard, CFO
Tél. : +33 (0)5 57 99 55 55 investors@Implanet.com
NewCap Investor Relations Nicolas Fossiez Tél.: +33 (0)1
44 71 94 94 Implanet@newcap.eu
NewCap Media Relations Arthur Rouillé Tél.: +33 (0)1 44
71 94 94 Implanet@newcap.eu
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