2021 Results in Line with Theraclion's Development Strategy for 2022
31 Mars 2022 - 7:00PM
Business Wire
Regulatory News:
THERACLION (Paris:ALTHE) (ISIN: FR0010120402; Mnemo: ALTHE),
an innovative company developing a scalable robotic platform for
non-invasive ultrasound therapy, today released its 2021
results. Theraclion continues its new growth momentum for 2022,
focusing on the development of its technology to launch the next
generation SONOVEIN®.
The development teams are working on the next generation of the
SONOVEIN® robotic platform. It will integrate the collection and
analysis of technical and intraoperative data. Ultimately,
SONOVEIN® will become a universal non-invasive AI-assisted
treatment, with no learning curve for the physician and optimal
quality of care for all patients.
The recent appointment of Yann Duchesne as Executive Chairman of
the Board marks a new chapter in governance, setting the company up
for success in its major strategic shift to focus on technology
performance and clinical benefits to access the USA veins markets.
In Europe, the focus will be on standardize treatment protocols
among the current KOLs to pave the way for dynamic growth.
Yann Duchesne’s vision is to grow Theraclion in 3 major
therapeutical areas in 3 geographies: Varicose veins, in the USA
(seeking FDA clearance) and in Europe; Thyroid, in Europe and in
China; Breast cancer, mostly in the USA. In order to achieve these
ambitious goals, Theraclion is identifying global strategic
partners. The company will focus mostly on critical technical and
clinical milestones, talent motivation and retention. Yann
Duchesne’s ambition is to bring Theraclion amongst the world
leaders treatment device with robotics & artificial
intelligence.
Despite a clear upturn in activity, results are still
impacted by the Covid-19
In K€
2021/12/31
2020/12/31
Var.
Sales
1 481
744
99%
Subsidies
203
(3)
n.a.
Other revenues
27
n.a.
Total revenues
1 711
741
+ 131%
Costs of goods sold
(459)
(291)
+ 58%
Purchases
(2 417)
(1 956)
+ 24%
Employees compensation
(3 145)
(2 304)
+ 37%
Other operating costs
(224)
(479)
- 53%
Total operating costs
(6 244)
(5 029)
+24%
Operating profit
(4 535)
(4 288)
+ 6%
Financial results
(136)
(330)
- 59%
Non Current results
28
(10)
n.a.
Research tax credit
883
722
+ 22%
Net Results
(3 760)
(3 905)
- 4%
Average headcount (FTE)
29
24
+21%
Theraclion SA has achieved a turnover of €1,481K in 2021, an
increase of 99% compared to 2020. 5 systems were sold in 2021
versus 1 in 2020. It is adopting a sustained investment policy
while keeping its expenses under strict control to execute its
development strategy. Cash needs are covered for the next 12
months
Theraclion continues to develop its technology while keeping its
expenses under tight control, resulting in an increase in operating
expenses of €1 million compared to a particularly lean 2020. In
2020, total operating costs had decreased by 37% compared to 2019,
mainly due to the abandonment of variable compensation and the
implementation of furlough during the first covid containment when
premises were closed.
In total, the company maintains its sustained investment policy
with total R&D costs standing at €3.8m (compared to €2.1m in
2020); this aggregate is strongly impacted by the increase in
payroll due to the non-renewal of Covid measures such as furlough,
with more than 80% of the workforce dedicated to it.
The financial result is a loss of 136 K€ for the year, mainly
due to currency exchange losses and interest on the government back
loans (PGEs) concluded to face the consequences of Covid19.
The research tax credit amounted to 883 K€ at the end of
December 2021 compared to 722 K€ due to the increase in research
expenses.
The control of operating costs, which varies in line with the
increase in revenues, results in a net loss of €3,760K, down 4%
compared to 2020.
In K€
2021/12/31
2020/12/31
Var.
Cash
2 462
2 314
+148
Medium term cash position
31
31
0
Total Cash & Cash
Equivalent
2 493
2 345
+148
Bank Loans
-2 750
-1 400
-1 350
Convertible debt
- 184
- 2 684
+2 500
Total debt
- 2 934
- 4 084
+1 150
Net Cash position
- 441
- 1 739
+1 298
Theraclion received cash advances from Oseo for an amount of €6
290K including capitalized interests. Its payback is based on
milestones which should not be achieved in the next five years.
Consequently the advance is not accounted for as a financial
debt.
Theraclion's cash position is €2.5 million at December 31, 2021.
Investors converted the whole €2.7 million of convertible debts
recorded end of 2020, they exercised warrants attached to the 3rd
tranche for €0.5 million and subscribed to convertible bonds for
€2.7 million, out of which the converted €2.5 million. In addition,
Theraclion received two additional PGEs during the first half of
2021 for a total of €1.5 million.
On March 1st, 2022, Theraclion completed a capital increase of
€6.5 million, including issue premium, which should allow
Theraclion to meet its cash flow needs for the next 12 months.
About Theraclion
At Theraclion we believe that surgery, as we know it, is
outdated. It converts optimistic patients into anxious individuals,
brilliant doctors into exhausted system executors and stretches
healthcare systems to the limit. We have disrupted this convention
by creating extracorporeal treatment platforms. We replace surgery
with a robotic treatment from outside the body using High Intensity
Focussed Ultrasound (HIFU). Our leading edge echotherapy platforms
are currently CE marked in non-invasive treatment of varicose veins
with SONOVEIN® and of breast fibroadenomas and thyroid nodules with
Echopulse®.
Located in Malakoff, near Paris, our employees live and breath
innovation by extensive clinical research and harness artificial
intelligence. The market of varicose veins treatment alone requires
around 5 million procedures annually. It is a dynamic market in
which we change paradigms by making non-invasive echotherapy the
new standard.
For more information, please visit www.theraclion.com and our
patient website https://echotherapie.com/echotherapy/
Theraclion is listed on Euronext Growth Paris Eligible for the
PEA-PME scheme Mnemonic: ALTHE - ISIN code: FR0010120402 LEI:
9695007X7HA7A1GCYD29
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version on businesswire.com: https://www.businesswire.com/news/home/20220331005842/en/
Contacts Theraclion David Auregan Chief Operating Officer
david.auregan@theraclion.com Anja Kleber VP Marketing, Market
Access & Sales Francophonia anja.kleber@theraclion.com
Theraclion (EU:ALTHE)
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