Safe Orthopaedics announces its 2019 results
Safe Orthopaedics announces its 2019
results
► Revenues for 2019 of 4,7 M€, up 38%► Commercial growth
for the fourth quarter of 2019, up 52%
- Operational and technological growth justifying an operating
income lower than 1,3 M€ in 2018
- New technologies ready for launch in 2020
- Cash-flow of 1,2M€ at end of April
Éragny-sur-Oise, France, April 28 2020,
18h30 CEST – Safe Orthopaedics (FR0013467123 -
ALSAF), a company specialized in the design and
marketing of ready-to-use technologies for spinal surgeries,
delivering the safest treatment of spinal fractures urgently
treated, announces its 2019 results, describes its commercial and
financial performances and its technological investments for the
second semester.
The 2019 Annual Financial Report of Safe
Orthopaedics will be available on the website of the Company
(www.SafeOrthopaedics.com), under heading Investors >
Documentation > Documents and publications, as from April 30
2020.
Major commercial investment in 2019
Thousands of euros – IFRS |
31/12/2019 |
31/12/2018 |
Growth |
Revenues – Direct sales |
2
109 |
2
134 |
-1% |
Revenues – Indirect sales |
2
683 |
1
337 |
+101% |
Total revenues |
4 792 |
3 471 |
+38% |
Cost of goods sold and inventory
variation |
(3
420) |
(1
965) |
|
External loads |
(3
257) |
(3
071) |
|
Personnel expenses |
(4
633) |
(3
507) |
|
Other operating charges |
(939) |
(807) |
|
Recurring operating
income |
(7 456) |
(5 877) |
|
Other operating income and charges |
8 |
(272) |
|
Operating income |
(7 449) |
(6 150) |
|
Financial result |
-521 |
350 |
|
Net Income |
(7 970) |
(5 800) |
|
The revenue for 2019 amounts to 4 792k€, up
+38% thanks to a sales acceleration of 52% during the second
semester, mainly related to Japan and thanks to the commercial
launch of SteriSpine VA (fracture reduction technology through
balloons and cement injection).
Direct sales are driven by commercial growth for
Germany and United-Kingdom, respectively +15% (€96k) and +66%
(€297k) with sales records 41k€ and 98k€ for the fourth quarter. In
France, the revenue amounts to 1 703k€, down by 7%, where the
sales direction was replaced beginning of 2020.
Global indirect sales increase sharply, thanks
to the investment of the Japanese partner, who received the
homologations of SteriSpine PS, LC and CC throughout the year and
invested 1.4M€ for the deposit of these technologies. Sales for
other global distributors amount to 1.3M€, down by 7%.
The operation income amount to -7,4 M€ in 2019
versus -6,1 M€ in 2018, with an improvement during the second
semester, mainly because of the reduction of external loads,
allowed by the transfer of the listing of the company from Euronext
to Euronext Growth, the change in the governance in September.
Moreover, the first semester has been marked by two major
investments: a technological investment and the reinforcement of
commercial teams.
The increase in cost of goods sold and inventory
variation is linked to the accelerated promotional effort of
SteriSpineTM VA, the evaluation and the preparation for the
commercial launch of SteriSpine PS 2nd Generation, the stockage of
some specific products in Japan and the development of a new
patented technology for sterile implants, for a better treatment of
osteoporotic fractures, completing the SteriSpineTM VA range. The
certification and the beginning of surgeries with these products
are planned for 2020.
In the same time, the reinforcement of
commercial teams (by volume and competence), initiated in late
2018, raise the payroll to 4.6M€, recorded in full year in 2019.
Directed by Nikolaus Beyer, 18 representatives and commercial
directors are dedicated to the 3 direct markets and, one manager is
dedicated to distributors. All are working closely with a team of 4
marketers.
After taking into account a negative financial
result of 0,5M€, related essentially to the cost of the funding
line, the net income amount of -7,9 M€.
“2019 was against a constructive year for Safe
Orthopaedics with the reinforcement of its financial means, the
development of SteriSpine PS 2nd Generation, the concretization of
sales of the Japanese partnership, and the change in governance
through the nomination of new directors, announced on November
26th, 2019.” comments Pierre Dumouchel, Chief Executive Officer of
Safe Orthopaedics. “Thanks to an active innovation policy, the
proper sizing of our commercial teams, and partnerships on
strategical markets (Japan, USA…), Safe Orthopaedics want to
maintain, as in 2019, a strong growth in 2020. Our teams, now
confined because of the Covid-19 sanitary crisis, are getting ready
for a progressive recovery of surgeries starting mid-May. The
Company is thinking of different solutions for commercialization
and production, in order to better serve its client and achieve
financial balance as quickly as possible”.
Cash-flow on April 24th, 2020On April 24th,
2020, the cash-flow of Safe Orthopaedics amounted to 1,2 M€. In
July 2019, the Company entered into an investment agreement of
12,45 M€ with Alpha Blue Ocean fund, which remains on schedule.
Three exceptional tranches were drawn (“Investor Call”) by the
investor on April 2nd and 17th. The funding balance amounts today
to 15 tranches of 450k€.
Because of the direct impact of the sanitary crisis on the
Company activities, the Company recall the financial measures taken
and communicated beginning of April:
- Partial operation for commercial teams and headquarters
- Adjournment of social and fiscal contributions in March
2020
- Quick refund request for the research taxes (Crédit Impôt
Recherche and Crédit d’Impôt Innovation)
- Adjournment of credit, leasing and rent maturities by the
banking partners and lessors of the Company
- Request of banking funding in the framework of the State
Guaranteed Loan.
These measures allow the Group to ensure a
dynamic recovery of the activity with the reopening of hospital and
clinical services for spine surgeries.
Next financial publications
- Revenues for Q2 2020, Wednesday, July 8th, 2020
(post-market)
- Revenues for Q3 2020, Thurday, October 8h, 2020
- Revenues for 2020, Thursday, January 14th, 2021
À propos de Safe
Orthopaedics Founded in 2010, Safe Orthopaedics is a
French medical technology company, a pioneer of the design and
marketing of innovative ready-to-use technologies (single-use
implants and instruments) for spinal diseases, delivering the
safest treatment of spinal fractures. The technologies include
sterile implants and ready-to-use instruments available to the
surgeon at any time and anywhere, enabling minimally invasive
approaches, reducing the risks of cross contamination and infection
in the interest of the patient. Protected by 17 patent families,
the SteriSpineTM Kits are CE marked, FDA and CFDA approved. Safe
Orthopaedics, has its headquarter close to Paris (95610
Eragny-Sur-Oise - France) and has created a subsidiary in the UK,
Germany and in the US, employing around 50 employees for a total
sales of 4.7M€ in 2019.
For more information :
www.SafeOrthopaedics.com
Contacts
Safe
Orthopaedics
François-Henri Reynaud
Chief Financial Officer
Tél. : +33 (0)1 34 21 50
00
investors@safeorthopaedics.com
Investor
Relations
NewCap
Mathilde BohinTél. : +33 (0)1 44 71 94 94 /
SafeOrtho@newcap.eu
Press RelationsUlysse
CommunicationBruno Arabian / 06 87 88 47 26 /
barabian@ulysse-communication.comNicolas Daniels / 06 63 66 59
22 / ndaniels@ulysse-communication.com
- PR results 2019 - 04282020
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