- Revenue of €4.1 million in the first half of 2024
- Sales force investment aimed at revitalizing the Company’s
presence in the United States
- Strict management of operational expenses, including general
and administrative costs
Regulatory News:
IMPLANET (Euronext Growth: ALIMP, FR0013470168, eligible for
PEA-PME), a medical technology company specializing in implants for
orthopedic surgery and the distribution of advanced medical
equipment, today announced its results for the first half of the
current fiscal year, ending June 30, 2024, as approved by the Board
of Directors on September 9, 2024.
Ludovic Lastennet, IMPLANET’s CEO, stated: "During the
first half of 2024, Implanet continued its transformation, focusing
primarily on accelerating its commercial momentum, product
innovation, and managing operational expenses. We have thus
reinforced our investments in the United States, the world’s
largest market for spinal implants, to strengthen our commercial
foothold there. At the same time, we are maintaining a very active
product innovation policy, in close collaboration with our key
partner, Sanyou Medical, to solidify our product portfolio across
all priority markets. These initiatives have been accompanied by
strict control of our operational expenses, which remained stable
compared to the same period in 2023. All these factors, combined
with the growing diversification of our activities towards the
distribution of medical equipment, give us confidence in our
ability to return to growth and revitalize our international
operations."
In € thousands – IFRS - Simplified Income
Statement
H1 2024
H1 2023
Change %
Revenue
4,117
4,268
-4%
Cost of goods sold
-1,857
-1,805
3%
Gross margin
2,260
2,463
-8%
Gross margin %
54.9%
57.7%
-2.8 bp
Operating costs
-4,573
-4,583
0%
Recurring operating profit/loss
-2,313
-2,119
9%
Other non-recurring operating income and
expenses
-8
-89
n.a
Operating profit/loss
-2,321
-2,209
5%
Financial profit/loss
-180
-62
n.a
Income tax
-
-
n.a
Net profit/loss from continuing
business
-2,501
-2,270
10%
Net p/l and divestment price of divested
business
850
-
n.a
Net result/loss
-1,651
-2,270
-27%
* Unaudited figure
Revenue
The Spine activity recorded revenue of €3.64 million in the
first half of 2024, a decrease of 8% compared to the €3.94 million
achieved in the first half of 2023.
In France, revenue grew by +16%, reaching €2.07 million in H1
2024, compared to €1.79 million in the same period in 2023. In the
United States, revenue was €0.48 million for this period compared
to €0.82 million in the first half of 2023. The business remains
impacted by the reorganization of the commercial management in this
region, initiated in Q4 2023. The export activity in the rest of
the world recorded revenue of €1.09 million in H1 2024, compared to
€1.33 million in the same period the previous year. This decline is
mainly due to a slowdown observed in Europe (-40%) and South
America (-30%).
The Company is also continuing the deployment of its medical
equipment distribution activity, ensuring the commercialization in
France of the ultrasonic scalpel by SMTP, a subsidiary of Sanyou
Medical. Revenue generated from this activity in the first half of
2024 was €0.46 million, almost doubling (+81%) compared to the
€0.25 million recorded in the same period the previous year.
In total, Implanet achieved revenue of €4.1 million in the first
half of 2024, a decrease of 4% compared to the first half of
2023.
Gross Margin and Operating
Result
The gross margin was €2.26 million in H1 2024, compared to €2.46
million in the same period in 2023, a decrease of about 8%. This
decline is primarily due to the drop in revenue and the product mix
evolution during the period. The acceleration of the
commercialization of SMTP’s medical equipment range impacted the
margin rate, which decreased from 57.7% to 54.9% between H1 2023
and H1 2024.
In parallel, following the appointment of Max W. Painter as Vice
President and General Manager of Implanet's U.S. subsidiary and the
FDA clearance of the innovative Jazz Spinal SystemTM hybrid
posterior fixation system, resulting from the combined expertise of
Implanet and Sanyou Medical’s R&D teams, the Company
accelerated its sales and marketing investment policy, increasing
by €0.29 million compared to H1 2023. These investments were offset
by strict control of other operational expenses, particularly
general and administrative costs. As a result, the Company’s
operating expenses remained stable compared to H1 2023.
Consequently, the current operating loss increased by 9%,
amounting to -€2.32 million in H1 2024, compared to -€2.12 million
in H1 2023.
Taking into account these factors, non-recurring exceptional
expenses of €0.01 million, and the financial result of -€0.18
million (including the cost of bond financing signed at the end of
2023), the net result from continuing operations was -€2.50 million
in H1 2024, compared to -€2.27 million in H1 2023.
Finally, within the context of the sale of the MADISONTM
business to SERF, the Company recorded an additional sale price of
€0.85 million in H1 2024, which was dependent on the acquirer
obtaining regulatory approval.
Considering these elements, the net result amounted to -€1.65
million in H1 2024, compared to -€2.27 million in H1 2023.
Cash Position
As of June 30, 2024, Implanet had cash reserves of €1.14
million.
The balance payment for the sale of the MADISONTM business,
amounting to €0.85 million, is expected to be €0.68 million during
Q3 2024 and €0.17 million during the first half of 2025.
The Company is also exploring the implementation of payment
facilities with the Sanyou Medical group.
Considering these factors and the projected cash consumption
based on current activity assumptions and anticipated commercial
developments with Sanyou Medical for fiscal years 2024 and 2025,
the Company believes it can cover its operational financing needs
for the next twelve months.
Key Events in the First Half of
2024
- Successful completion of the capital increase announced on
January 4, 2024, raising €5.5 million through the issuance of
83,924,897 new shares;
- Appointment of Max W. Painter as Vice President and General
Manager of IMPLANET’s US subsidiary;
- FDA clearance of the new Jazz Spinal SystemTM hybrid posterior
fixation range in the United States.
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 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;
- Distribute technological medical equipment in Europe, such as
the ultrasound surgical scalpel from SMTP Technology Co.
Upcoming financial event:
- 2024 third-quarter Q3 2024 revenue on October 8, 2024,
after market close
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240910232550/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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