IMPLANET Reports Its Q1 2023 Revenue
25 April 2023 - 6:00PM
Business Wire
- Quarterly revenue of €2.21 million
- Fifth consecutive quarter of growth: +10% vs. Q1 2022
- First sales of SMTP surgical equipment
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 2023.
Ludovic Lastennet, IMPLANET’s CEO, stated: “Our first
quarter saw a continuation of the good sales momentum observed
since the beginning of 2022. Although activity in France and export
activity remained stable, our strategy on the American market is
continuing to bear fruit and enabled us to record a significant
increase in sales over the period. Furthermore, our positioning on
the high-stakes US market was recently strengthened with the FDA’s
approval of our SqualeTM range of anterior cervical cages whose
commercial launch is expected by the summer. The first quarter also
gave us an opportunity to generate our first revenue associated
with the commercial launch, in early March, of SMTP’s ultrasound
surgical scalpel to healthcare facilities in France and in Europe.
We intend to continue this progress by deploying our partnership
with Sanyou Medical to its full potential, including the initiation
of the distribution of our JAZZ® range in China and the development
of an innovative new range of hybrid posterior fixation aimed at
the European market. These various factors, combined with our
strategic partnerships in Europe and the United States, all
represent new growth opportunities for Implanet”.
Revenue (in € thousands -
IFRS*)
Q1 2023
Q1 2022
Change
Spine
France
942
953
-1%
United States
459
372
+23%
Rest of the world
674
677
-0%
Spine revenue
2,075
2,002
+4%
Medical equipment (SMTP)
124
-
-
Services (MADISONTM)
9
14
-36%
Total consolidated revenue,
IFRS
2,208
2,016
+10%
*Unaudited data
Following four quarters of growth, Implanet has recorded a
further increase of 10% in its revenue, from €2.02 million in Q1
2022 to €2.21 million in Q1 2023.
Spine sales increased by 4% to €2.08 million. This growth was
driven by a 23% increase in revenue in the United States to €0.46
million, versus €0.37 million in the first quarter of 2022.
Activity in France and in the rest of the world remained stable in
the first quarter of 2023, at €0.94 million and €0.67 million
respectively over this period.
As announced in its press release of November 22, 2022, Implanet
has signed an exclusive distribution contract for France, extended
to certain other European countries, for Sanyou Medical subsidiary
SMTP Technology Co.’s ultrasound surgical scalpel. This new
surgical equipment sales activity includes sales of the ultrasound
scalpel and the associated consumables required to perform each
surgical intervention. Launched commercially in early March 2023,
this activity has already generated its first revenue of €0.12
million.
Lastly, within the framework of the divestment of the MADISONTM
knee prosthesis activity to SERF, and in order to ensure the
continuity of regulatory obligations, in the first quarter of 2023
Implanet invoiced services of approximately €0.01 million.
Cash position
At March 31, 2023, Implanet had a cash position of €1.1
million.
As a reminder, the payment of the balance of the MADISONTM
business, totaling €2.30 million, is spread over time depending on
the achievement of certain regulatory milestones relating to CE
marking, with €1.45 million of this figure expected to be received
during the first half of 2023. Given these elements, combined with
short-term actions to optimize cash flow, the Company considers
that it has the means to cover its expected business financing
requirements through to the end of 2023.
The Company is actively studying several financing solutions in
order to support the commercial development of its medical
devices.
Key Q1 2023 events
- Commercial launch of SMTP’s ultrasound surgical scalpel in
March 2023;
- FDA approval of the SqualeTM range of anterior cervical cages
in the United States.
2023 strategy and
outlook
- Finalize the registration of existing products within the
framework of the new 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 our
scientific team of thought leaders;
- successfully register, with the FDA, the OriginTM product range
resulting from the OSD acquisition.
- Strengthen market momentum and the product offering:
- continue developing our existing strategic partnerships in the
United States (SeaSpine) and Germany (ulrich medical®);
- 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
SMTP Technology Co.’s ultrasound surgical scalpel.
Upcoming financial event
- H1 2023 revenue, July 11, 2023, 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
€8.0 million in 2022. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230425005585/en/
IMPLANET Ludovic Lastennet, CEO David Dieumegard, CFO
Tél. : +33 (0)5 57 99 55 55 investors@Implanet.com
NewCap Investor Relations Mathilde Bohin 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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