- Q2 2023 revenue of €2.1 million, stable compared with Q2
2022
- Continuation of the sales momentum for the new Medical
Equipment activity
- First outcomes of the technological alliance signed with Sanyou
Medical
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 announced
its revenue for the first half of 2023.
Ludovic Lastennet, IMPLANET’s CEO, stated: “Implanet
recorded stable revenue in the first half of 2023 compared with the
same period of 2022, but the semester was marked by determined
commercial launches resulting from our acquisition of OSD and our
partnership with Sanyou Medical. Firstly, the exclusive
distribution contract signed for Europe with SMTP, a subsidiary of
Sanyou Medical, allows Implanet to offer a new activity
distributing medical equipment to healthcare facilities. This
activity, which has recorded a strong commercial performance since
March, should represent a real growth engine in the coming months.
At the same time, we have strengthened our presence in the United
States with the FDA’s approval of our SqualeTM range of anterior
cages. This range will be supplemented at the end of the year with
a fixation system enabling us to provide a comprehensive range for
treating cervical pathologies. Lastly, in June we initiated the
European commercial launch of an innovative minimally invasive
pedicle screw system. This is the first range resulting from
Implanet and Sanyou Medical’s combined expertise. These various
elements are fully consistent with the strategy we have been
deploying over the last two years or so aimed at establishing
Implanet as a key player in spine surgery. We intend to build on
this momentum over the coming months, the culmination being the
upcoming initiation of Sanyou Medical’s distribution of our JAZZ®
range in China, the world’s largest spine market by volume, with
the first surgeries expected before the end of the year”.
Financial information for the first
half of 2023
Revenue (in € thousands -
IFRS*)
H1 2023
H1 2022
Change
Spine
France
1,788
1,801
-1%
United States
818
802
+2%
Rest of the world
1,334
1,487
-10%
Spine revenue
3,940
4,090
-4%
Medical equipment (SMTP)
250
-
-
Services (MADISONTM)
78
23
-
Total consolidated revenue,
IFRS
4,268
4,112
+4%
(in € thousands -IFRS*)
2023
2022
Change
First-quarter revenue
2,208
2,016
+10%
Second-quarter revenue
2,060
2,096
-2%
First-half revenue
4,268
4,112
+4%
*Unaudited figures
In the first half of 2023, Spine activity decreased slightly, by
around 4%, from €4.1 million to €3.9 million. Activity on the
French and American markets, where the Company operates directly,
generated stable revenue over the period at €1.8 million and €0.8
million respectively. Export activity, notably in Europe and Latin
America, decreased by around 10% compared with the first half of
2022.
Financial information for the second
quarter of 2023
Revenue (in € thousands -
IFRS*)
Q2 2023
Q2 2022
Change
Spine
France
846
849
-0%
United States
359
429
-16%
Rest of the world
660
810
-19%
Spine revenue
1,865
2,088
-11%
Medical equipment (SMTP)
127
-
-
Services (MADISONTM)
69
9
-
Total consolidated revenue,
IFRS
2,060
2,096
-2%
*Unaudited figures
Spine activity generated sales of €1.87 million in the second
quarter of 2023, a decrease of 11% on the figure of €2.09 million
recorded in the same quarter of 2022. Activity in France, the
Company’s second largest direct market, was stable compared with
the second quarter of 2022.
In the United States, although volumes increased by 20% in the
second quarter compared with the same quarter last year, the
product mix and distribution channels negatively affected revenue,
which fell 16% from €0.43 million in Q2 2022 to €0.36 million in Q2
2023.
Export activity in the rest of the world generated revenue of
€0.66 million in the second quarter of 2023, versus €0.81 million
in the same period of 2022.
Lastly, it should be noted that, as announced on June 21, 2023,
the Company initiated the launch of a minimally invasive pedicle
screw system in Europe in June and has already received its first
orders. Deliveries of this product, the first innovation resulting
from the partnership with Sanyou Medical, will begin during the
third quarter of 2023.
Cash position
At June 30, 2023, Implanet had a cash position of €1.5
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 received as expected
during the second quarter of 2023 and €0.85 million due to be
received in 2024.
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 H1 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;
- Commercial launch in Europe of the MIS range, a minimally
invasive pedicle screw positioning system.
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 press
release
- 2023 first-half results, on September 19, 2023, 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
€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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230711127691/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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