- H1 2021 revenue up 43% to €3.7 million
- Sharp increase in gross margin to 61.2%, vs. 55.7% in H1
2020
- 24% improvement in net loss vs. H1 2020
Regulatory News:
IMPLANET (Paris:ALIMP) (Euronext Growth: ALIMP, FR0013470168,
eligible for PEA-PME equity savings plans), a medical technology
company specializing in vertebral and knee-surgery implants,
announces its results for the first half of the year to June 30,
2021, as approved by the Board of Directors on September 21,
2021.
Ludovic Lastennet, IMPLANET’s CEO, said: “The recentering
of our operations initiated in 2020 pertaining to our Spine
activity, combined with the upturn observed during the first half
of the year, illustrate the relevance of our strategic focus.
Despite the still limited impact of OSD’s activity, given its
acquisition date, we have been able to improve our gross margin
over the period while continuing to rationalize our fixed costs.
Combining IMPLANET and OSD’s expertise has brought its first
benefits with the signing of a contract with one of the major
players in the spinal implant sector in Germany, ulrich medical®.
Although the public health situation is not facilitating the return
to normal surgical activity, the first results of this partnership
should materialize during the second half of this year and confirm
the return to growth that has already begun”.
In € thousands - IFRS - Simplified income
statement
H1 2021
H1 2020
Change %
Revenue
3,718
2,595
43%
Cost of goods sold
-1,442
-1,148
26%
Gross margin
2,276
1,446
57%
Gross margin %
61.2%
55.7%
+5.5 pp
Recurring operating costs
-3,990
-3,339
20%
Recurring operating profit/loss
-1,714
-1,892
9%
Other non-recurring operating
income/expenses
0
-148
n/a
Operating profit/loss
-1,714
-2,040
16%
Financial profit/loss
-120
-370
67%
Net profit/loss net
-1,834
-2,410
24%
*Unaudited data
H1 2021 revenue
In the first half of 2021, IMPLANET generated revenue of €3.72
million, up 43% (vs. €2.59 million in H1 2020).
Thanks to the strategic acquisition of Orthopaedic & Spine
Development (“OSD”)1 in the first half of 2021, Spine
activity saw strong growth of 71% compared with H1 2020, with sales
totaling €2.58 million. Activity was also up 8% compared with H1
2019. Despite the still significant impact of the health crisis
since the start of the year, MADISON activity was up by 5% compared
with H1 2020.
Gross margin and operating
profit
Over the first half of 2021, the gross margin improved by 5.5
percentage points to €2.28 million, compared with €1.44 million in
H1 2020.
Recurring operating expenses increased by €0.65 million over the
period compared with the first half of 2020, primarily because of
OSD costs of €0.30 million booked for the period from May 19, 2021
to June 30, 2021, as well as the resumption in activity and the end
of partial work measures. Despite this increase, operating costs
recorded a decrease of 27 percentage points, representing 107% of
H1 2021 revenue compared with 134% in 2020. This improvement marks
the continuation of the constant efforts to rationalize fixed
costs.
Other non-recurring operating expenses in the first half of 2020
correspond to the costs incurred during the divestment of the
Company’s Knee activity. There was thus a 16% improvement in the
operating loss to -€1.71 million in H1 2021 from -€2.04 million in
H1 2020.
Once the financial result is taken into account, the net loss
was €1.83 million over the six months to June 30, 2021, a 24%
improvement compared with the loss of 2.41 million recorded in the
first half of 2020.
Cash position
As of June 30, 2021, IMPLANET had cash and cash equivalents of
€0.37 million (versus €1.14 million on December 31, 2020). As a
reminder, in January 2021 the Company signed a bond financing
program with Nice & Green for a total of €5.0 million. As of
the date of this press release, €2.85 million was still available
and to be subscribed to by Nice & Green.
2021 outlook
Thanks to the integration of OSD in May 2021, IMPLANET now has a
comprehensive range of innovative products for spine surgery. The
two structures’ geographical complementarity also offers
international development prospects for the entire range.
In the second half of 2021, activity should accelerate notably
thanks to:
- The postponement of the first Madison surgical procedures in
the United States, within the framework of the strategic
partnership with KICo;
- The first spine surgical procedures following the exclusive
agreement for the distribution of GLOBUS MEDICAL’s REFLECT® range
to 15 French university centers specializing in pediatric spine
surgery;
- The first deliveries of JAZZ implants and OSD cervical plates
to ulrich medical® within the framework of the distribution
contract signed in June.
Reminder of H1 2021
highlights
- Agreement for the acquisition of OSD, which specializes in
developing, manufacturing and marketing implants for spine
surgery;
- Clearance for the MADISONTM total knee prosthesis obtained from
the TGA (Therapeutic Goods Administration) enabling the product to
be marketed in Australia;
- Signing of a strategic partnership with ulrich medical® for the
distribution of JAZZ® implants and the OSD cervical plate;
- Exclusive distribution contract with GLOBUS MEDICAL to market
the latter’s Scoliosis Correction System to 15 French university
centers specialized in pediatric spine surgery in order to increase
our market share.
The Half Year financial report as of 30 June 2021 is available
on IMPLANET’s website and on the AMF website.
Upcoming financial event:
- Q3 2021 revenue, on October 12, 2021 after
market close
About IMPLANET
Founded in 2007, IMPLANET is a medical technology company that
manufactures high-quality implants for orthopedic surgery. Its
activity revolves around two product ranges, a comprehensive
innovative solution for improving the treatment of spinal
pathologies (JAZZ® and OSD), as well as the MADISON implant for
first-line prosthetic knee surgery. 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. IMPLANET employs 29 staff and
recorded sales of €6.0 million in 2020. For further information,
please visit www.implanet.com. Based near Bordeaux in France,
IMPLANET opened a US subsidiary in Boston in 2013. In May 2021,
IMPLANET acquired Orthopaedic & Spine Development (OSD), which
specializes in developing, manufacturing and marketing implants for
spine surgery and offers a product range that complements the
latest generation JAZZ® implant (thoraco-lumbar screws, cages and
cervical plates). IMPLANET is listed on the Euronext Growth market
in Paris.
The Company would like to remind readers that the table for
monitoring the equity line (OCA, BSA) and the number of shares
outstanding is available on its website:
http://www.implanet-invest.com/suivi-des-actions-80
1 Since May 19 2021, Spine activity includes revenue recorded by
OSD, i.e. €0.52 million.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210921005644/en/
IMPLANET Ludovic Lastennet, CEO David Dieumegard, CFO
Tel.: +33 (0)5 57 99 55 55 investors@Implanet.com
NewCap Investor Relations Mathilde Bohin Nicolas Fossiez
Tel.: +33 (0)1 44 71 94 94 Implanet@newcap.eu
NewCap Media Relations Nicolas Merigeau Tel.: +33 (0)1 44
71 94 94 Implanet@newcap.eu
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