Safe Orthopaedics announces its 2020 financial results
30 April 2021 - 05:35PM
Safe Orthopaedics announces its 2020 financial results
- Revenues for 2020 of €3.7M, 23% decrease
- Reduction of external loads of 36%
- Improvement in operating income of 10%.
- Cash flow of €4.7M
Éragny-sur-Oise, France, on April 30th,
2021, 5:35 pm CET – Safe Orthopaedics (FR0013467123 –
ALSAF), holding of the Safe Group (composed of Safe
Orthopaedics, a company specializing in the design, manufacturing
and marketing of single-use technologies for spinal surgeries, and
Safe Medical (Ex-LCI medical), integrated subcontractor for
orthopedic medical devices, today announces its 2020 commercial and
financial performance.
The 2020 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.
Thousands of euros – IFRS |
31/12/2020 |
31/12/2019 |
Growth |
Revenues – Direct sales |
1
955 |
2
109 |
-7,3% |
Revenues – Indirect sales |
1
623 |
2
683 |
-39,5% |
Total revenues |
3 685 |
4 792 |
-23% |
Cost of goods sold and inventory
variation |
(2
259) |
(3
420) |
-34% |
External loads |
(2
081) |
(3
257) |
-36% |
Personnel expenses |
(5
443) |
(4
633) |
+17,5% |
Other operating charges |
(569) |
(939) |
-39,4% |
Recurring operating
income |
(6 667) |
(7 456) |
-10,6% |
Other operating income and charges |
1 |
8 |
|
Operating income |
(6 666) |
(7 449) |
|
Financial result |
-1
640 |
-521 |
|
Net Income |
(8 306) |
(7 970) |
|
In 2020, revenues were €3,685k, down 23% due to
the impact of the pandemic in 2020 and the impact of IFRS 15, which
deducts directly the costs of sales agents from revenues.
The control of the Group's expenses has enabled
it to reduce purchases and external charges by 34% and 36%
respectively, despite the integration of Safe Medical for 5 months
in the consolidated accounts and the continuation of major
technological developments such as SORA, announced on January, 4th
2021.
The strengthening of the sales force in 2019 has
impacted the 2020 accounts by +17% compared to the previous year,
allowing the maintenance of an operational sales force explaining a
strong recovery of sales in Q1 2021 in recovering areas such as
Germany where sales are up 121% compared to Q1 2019.
Operating profit, which improved by nearly €800k
in a year impacted by a contraction in sales and a global pandemic,
reflects a control of costs while maintaining a capacity for
commercial rebound as the crisis ends. All this while structuring a
group with a strong capacity for innovation with the creation of
the Centre for Innovation and Industrial Production (CIPI) in Lyon
which will be inaugurated in September 2021.
After a negative financial result of €1.6m, made
up of the costs of financing the depreciation of the current
accounts of the British subsidiary, the net result was €8.3m.
" 2020 was significantly impacted by the
sanitary crisis. The lockdown measures and the reduction of
elective surgeries have limited our commercial actions and
consequently led to a decrease in our turnover. Historically, the
company has delivered double-digit growth and we remain confident
that we will return to accelerated growth as early as the second
quarter of 2021. At the same time, thanks to rigorous management,
we have reduced our external and operational costs, enabling us to
improve our operating profit by 10%. The refinancing of the group
to the tune of almost €10M by ABO and state support in the last
quarter of 2020 strengthens our ability to innovate and deploy
internationally” comments Pierre Dumouchel, Chairman and CEO of the
Safe Group "2021 is definitely a different year. Offering new
technologies and re-inventing our Ready-to-use model is a priority.
The construction of our innovation and integrated production site
in Fleurieux, the development of SORA, the CE marking of new
technologies in the coming days are important steps for our group.
Finally, the growing adoption of ready-to-use technologies
worldwide, including in the United States, reinforces our potential
for double-digit growth by the summer and a clear improvement in
our financial results in 2021. "
Cash flow
With a significant refinancing of €8.4m on Safe
Orthopaedics at the end of the year and the receipt of a €0.8m
stimulus grant and a €0.5m innovation loan from BPIfrance to Safe
Medical, the group's cash position stood at €4.7m on 20 April
2021.
Agenda
Financial Communication |
Date1 |
Turnover 1st half 2021 |
5 July 2021 |
Results 1st half 2021 |
30 September 2021 |
Turnover 3rd quarter 2021 |
07 October 2021 |
Turnover 2021 |
13 January 2022 |
About Safe Group
Safe Group is a French medical technology
company, composed of Safe Orthopaedics, pioneer of ready-to-use
technologies for spinal diseases and Safe Medical (ex-LCI medical),
subcontractor of medical devices for orthopaedics surgery. The
Group employs around 150 employees. Safe Orthopaedics develops and
manufactures kits combining sterile implants and single-use
instruments, available at any time for the surgeon. These
technologies enable minimally invasive approach, reducing the risk
of cross contamination and infection, in the interest of the
patient with a positive impact on hospitalization durations and
costs. Protected by 17 patent families, the SteriSpineTM PS are CE
marked and FDA approved. Safe Orthopaedics has its headquarters
close to Paris (95610 Eragny-sur-Oise - France) and subsidiaries in
the UK, Germany, United States and in the Lyon area where the
manufacturing company is located. For more information:
www.SafeOrthopaedics.com
Contacts
Safe
Orthopaedics
François-Henri Reynaud
Chief Financial and Administrative Officer
Tél. : +33 (0)1 34 21 50
00
investors@safeorthopaedics.com
Press RelationsUlysse
CommunicationPierre-Louis Germain / +33 (0)6 64 79
97 61 / plgermain@ulysse-communication.com Bruno
Arabian / +33 (0)6 87 88 47 26 /
barabian@ulysse-communication.com
1 Note (*): Any publication will be made after market close.
Information subject to change.
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