- H1 revenues up 30.4% compared to H1 2021
- EBITDA up 25% compared to H1 2021
- Q3 sales up 19%
Eragny-sur-Oise, France, October 6th,
2022, 8:30 CET – Safe (FR0013467123 – ALSAF), a
company specializing in the design, manufacturing, and marketing of
single-use technologies for spinal surgeries, publishes its
financial results for the six months ended June 30, 2022 as
approved by the Board of Directors on October 5, 2022 and certified
by the statutory auditors, as well as its revenues for the third
quarter of 2022.
Financial results for the first semester
2022Safe's 2022 half-year financial report will be
available on the Company's website (www.safeorthopaedics.com) by
October 30, 2022 under the heading Investors > Documentation
> Regulated Information.
In thousands of euros – IFRS standard* |
30/06/2022 |
30/06/2021 |
|
Revenues – Direct sales |
1
114 |
773 |
|
Revenues – Indirect sales |
560 |
556 |
|
Revenues - Production
subcontracting |
1
071 |
776 |
|
Adjusted total
revenues |
2 745 |
2 105 |
+30,4% |
Other income |
15 |
4 |
|
Purchases used and changes in
inventories |
(994) |
(1
425) |
|
External costs |
(987) |
(973) |
|
Personnel costs |
(3
490) |
(3
341) |
|
Other operating expenses |
(765) |
(377) |
|
Operating income / (loss)
before non-recurring items |
(3 478) |
(4 006) |
+13,2% |
Other operating income (expenses) |
43 |
(6) |
|
Operating income /
(loss) |
(3 434) |
(4 012) |
+14,4% |
Financial income / (loss) |
(464) |
(204) |
|
Net income / (loss) |
(3 897) |
(4 216) |
+7,5% |
* Audited accounts |
|
|
|
Revenues of €2,760 thousand (including other
revenues of €15 thousand and post IFRS15 impact of €80 thousand),
up 31%, were driven by double-digit growth: 27% for Safe
Orthopaedics and 38% for Safe medical. Safe Orthopaedics' growth
was driven by its direct sales activity in the United States and
France, despite the fact that sales resources were optimized for
the French sales force, and by stable indirect sales (up 26% on the
first half of 2021).Safe Medical's growth is explained by increased
orders and a strong commercial dynamic to which historical
customers are entrusting more and more integrated projects (+38%
compared with the first half of 2021);
Purchases were down thanks to a positive change
in inventory, due in particular to the increase in inventory to
serve US growth, support the clinicpartner contract and the
international rollout of Hickory and Sycamore products.
Personnel expenses were stable compared to H1
2021, as were external expenses, the stability of which is linked
to the implementation of internal budget management tools and the
decrease in consulting fees offset by the increase in fees related
to clinical studies.
Other operating expenses were up by €388
thousand due to the impact of depreciation charges (purchase of new
production machines and their qualification at Safe Medical at the
end of 2021/beginning of 2022) and charges to provisions related to
current assets (inventory, trade receivables). As previously
communicated, the Group has internalized all its production and
expects a relative decrease in external expenses.
It should be noted that EBITDA for the first
half of 2022 is equal to €2,778k, an improvement of 25% compared to
the first half of 2021 when it was €3,706k.
Third quarter 2022 revenues
In thousands euros |
Q3 2022(3 months) |
|
Q3 2021(3 months) |
9M 2022 |
|
9M 2021 |
Direct Sales |
707 |
+40% |
506 |
1
887 |
+43% |
1
318 |
Indirect Sales |
249 |
+0% |
248 |
808 |
+1% |
804 |
Subcontracting Sales |
441 |
+5% |
420 |
1
543 |
+26% |
1
221 |
Total Sales |
1 397 |
+19% |
1 174 |
4 238 |
+27% |
3 342 |
*Unaudited. Excluding IFRS 15
In the third quarter, the Group grew by 27% in
the Safe Orthopaedics perimeter and by 5% in the Safe Medical
perimeter.As in the previous three quarters, Safe Orthopaedics
achieved double-digit growth, driven by direct sales in the United
States and France.
Direct quarterly sales are up sharply, led by US
sales at €212 thousand and French sales at €380 thousand, up 23% on
the previous year. Since the beginning of the year, a strong
recovery of 43% has been noted in direct sales areas compared to
the previous year.
Indirect quarterly sales are stable compared to
last year, reflecting the cautious recovery of distributors in all
geographies.
Sales of subcontracted production (Safe Medical)
were up sharply by 26% over 9 months to €1,543k.
As a reminder, in the first, second and third
quarters, Safe Medical had announced sales growth of 26%, 48% and
5% respectively. Indeed, at the request of its customers, the
company had delivered products before the summer shutdown of the
factory, thus explaining the strong growth in the second quarter
and contained growth in the third quarter. The cleanrooms
generated their first third-party sales in the first half of the
year.
"Our first half of 2022 shows double-digit
commercial growth in both our Safe Orthopaedics and Safe Medical
entities as well as a 25% improvement in our EBITDA at the
consolidated group level. Today, we are announcing a third quarter
in line with the previous ones. The Group's latest news, fully
integrated production and the partnership with Wenzel Spine, are
important milestones to continue to improve our financial results
in the coming quarters and reinforce our potential to innovate in
the global market" commented Pierre Dumouchel, President and CEO of
the Safe Group. "We are aware that the Group's financing and the
international financial crisis are weighing heavily on the share
price. However, we remain focused on our commercial execution and
are working on opportunities to achieve financial balance as
quickly as possible, which is essential to the revaluation of our
group."
Cash
position
At June 30, 2022, the Group's audited cash
position amounted to €0.2 million, compared with €3.9 million at
the end of June 2021. As a reminder, the remaining balance of the
financing to be received amounts to a maximum of €2.4 million.
It is reminded that the press release published
on December 10, 2021 lists the risks related to the financing,
including the risk of dilution induced by the financing by
convertible bonds.
The impact of the share issues linked to the
conversion of the OCEANE bonds under the said financing program on
the investment of a shareholder holding 1% of the Company's share
capital on the launch date of the program, December 9, 2021 (on the
basis of the number of shares making up the Company's share capital
as at December 9, 2021, i.e. 54,113,396 shares) is summarized
below:
|
|
Participation de l’actionnaire |
|
Total number of shares |
Non-diluted basis |
Diluted basis(1) |
Before issue |
54.113.396 |
1,00% |
0,99% |
Dilution at current date (after issuance of 187,632,338 shares
resulting from the conversion of the OCEANEs) |
241.753.024 |
0,22% |
0,22% |
Final dilution, after issue of 240,000,000 new shares resulting
from the conversion of the OCEANE(2) |
481.753.024 |
0,11% |
0,11% |
- The diluted basis takes into account the exercise of all
existing dilutive instruments as of December 9, 2021, which could
result in the creation of a maximum of 581,599 new shares.
- Theoretical calculations made on the basis of a conversion
carried out on the basis of the nominal amount of the company's
share, i.e. 0.01 euro.
Next financial
publication
Convenience notice of an extraordinary
shareholders meeting, October 10, 2022 (after market
close)Second-half 2022 revenues, January 10, 2023 (after market
close)
About Safe Group
Safe Group is a French medical technology group
that brings together Safe Orthopaedics, a pioneer in ready-to-use
technologies for spine pathologies, and Safe Medical (formerly LCI
Medical), a medical device subcontractor for orthopaedic surgery.
The group employs approximately 150 people.
Safe Orthopaedics develops and manufactures kits
combining sterile implants and single-use instruments, available at
any time to the surgeon. These technologies are part of a minimally
invasive approach aimed at reducing the risks of contamination and
infection, in the interest of the patient and with a positive
impact on hospitalization times and costs. Protected by 18 patent
families, SteriSpineTM kits are CE marked and FDA approved. Safe
Orthopaedics is headquartered in the Paris region (95610
Eragny-sur-Oise) and has subsidiaries in the United Kingdom,
Germany, the United States, and the Lyon region
(Fleurieux-sur-l'Arbresle).
For more information:
http://www.safeorthopaedics.com/
Safe Medical produces implantable medical
devices and ready-to-use instruments. It has an innovation center
and two production sites in France (Fleurieux-sur-l'Arbresle,
69210) and in Tunisia, offering numerous industrial services:
design, industrialization, machining, finishing and sterile
packaging. Supported by the French stimulus plan in 2020, the
company invests in additive printing and will be operational in
2022 on this new technology.
For more information:
http://www.safemedical.fr/
Contacts
Safe
Group
François-Henri Reynaud
Chief Financial and Administrative Officer
Tél. : +33 (0)1 34 21 50
00
investors@safeorthopaedics.com
- 20221005_PR- CA Q3 Resultat S1
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