- Annual revenue impacted by the health crisis associated with
the pandemic
- Fourth quarter JAZZ® sales up 9% compared with the fourth
quarter of 2019, with 34% growth in the United States
Regulatory News:
IMPLANET (Euronext Growth: ALIMP, FR0013470168, eligible for
PEA-PME equity savings plans) (Paris:ALIMP), a medical technology
company specializing in vertebral and knee-surgery implants, today
announced its provisional unaudited fourth-quarter revenue, annual
revenue and cash position at December 31, 2020.
Ludovic Lastennet, Implanet’s Chief Executive Officer,
commented: “Although down versus prior year, our revenue totaled €6
million in 2020, illustrating our ability to remain resilient in a
period heavily impacted by the public health crisis and the
cancellation or postponement of surgical operations. In the fourth
quarter, the decrease in Knee activity in France was partly offset
by significant growth in JAZZ® sales, notably in the United States,
both directly and through our partnership with SeaSpine. We made
the most of an atypical year to examine external growth
opportunities. The acquisition initiative we recently announced
would enable us to reach critical mass in terms of revenue with the
goal of breaking even in terms of operating cash1 in 2022, now a
priority objective. With the pandemic resolution on the horizon, we
are positioned to rapidly return to our late 2019 growth rate and
are more focused than ever on sustained commercial
development”.
Revenue (€ ‘000s - IFRS*)
2020
2019
Change
First-quarter revenue
1,567
1,904
-18 %
Second-quarter revenue
1,029
1,915
-46 %
Third-quarter revenue
1,749
1,739
+1 %
Spine (JAZZ®)
1,063
979
+9 %
Knee
604
871
-31 %
Total fourth-quarter revenue
1,667
1,850
-10 %
Spine (JAZZ®)
3,768
4,552
-17 %
Knee
2,244
2,855
-21 %
Total full-year revenue
6,012
7,407
-19 %
* Unaudited data
In the fourth quarter of 2020, Implanet accelerated JAZZ®
deployment in the United States and recorded substantial growth.
Direct sales and those associated with SeaSpine grew 34% compared
with Q4 2019. This performance offset the 18% decrease in sales in
France and Germany, due to the second containment, and led to a 9%
increase in JAZZ® revenue to €1.06 million.
Sales of the MADISONTM knee range fell by 31%, primarily as a
result of the decrease in activity in France starting in early
November and the postponement of scheduled surgeries, scheduled for
the end of 2020, to the first few months of 2021.
Over 2020 as a whole, Implanet recorded revenue of €6.01
million, a decrease of 19% over prior year (€7.41 million in 2019).
Activity, which had resumed in June 2020 with a return to 2019
revenue levels, again slowed significantly in France and across
Europe in early November with the announcement of a second
lockdown. Knee activity in France was more impacted by the
situation than the rest of the world. In the United States, the
public health situation forced Implanet and KICo to postpone to
2021 the first MADISONTM surgical procedures originally scheduled
for October.
Regarding JAZZ® activity, revenue totaled €3.77 million in 2020,
down 17% compared with 2019.
In 2020, Implanet sold 7,712 JAZZ® units compared with 9,171 in
2019, a decrease of 16% by volume, notably as a result of the
public health crisis associated with the COVID-19 pandemic. The
solid upturn in international sales in Q4 2020 (+45% in the United
States and +23% in the Rest of the World by volume) compared with
Q4 2019 offset the fall in sales in France (-21% by volume).
Knee activity recorded a 21% decrease in annual revenue to €2.24
million, primarily impacted by the lockdown periods in France.
Cash position
At December 31, 2020, Implanet had a cash position of €1.1
million. The Company has set up a €5 million bond financing line,
via the issuance of 500 convertible bonds, in addition to the €0.9
million remaining balance on the previous financing program signed
in February 2020. Within the framework of the acquisition project
announced on January 13, 2021, Implanet has agreed this new
financing line with Nice & Green SA that will enable it to
finance the acquisition and the new entity’s operating cash
requirements through 2021 and 2022.
Key 2020 highlights
- Strengthening of the development of the direct sales model in
key European markets, such as Germany, led by the appointment of
Stephan Collarday as Country Manager Germany;
- CE marking extended to 2024 by the European authorities for all
Implanet ranges;
- JAZZ Cap® intellectual property extended to Japan;
- FDA clearance for the Mariner Cap System in the United States,
which combines SeaSpine Mariner®’s pedicle screw system and
Implanet’s unique JAZZ Cap® technology;
- Extension of the distribution network with the signing of a
marketing partnership in Mexico for products based on its JAZZ®
platform.
2021 strategy and outlook
In 2021, Implanet will focus its strategy on:
- Continued development of the direct sales model in its key
markets, in order to immediately benefit from the effects of the
post-health-crisis recovery;
- Capitalize on the recent approvals granted and partnerships
signed to develop activity in new countries;
- Documented clinical evidence for every Implanet range, in order
to respond to the strengthening of regulatory requirements in
coming years;
- The digitalization of training tools in order to respond to
continued clinical changes resulting from the health crisis;
- The integration of a new company, enabling us to reach a
critical mass in terms of revenue from 2021;
The execution of this strategy will be dependent on the
evolution of the health situation over the first months of
2021.
Upcoming financial event: 2020 annual results, Tuesday
February 16, 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, the latest generation JAZZ® implant, designed to improve
the treatment of spinal pathologies requiring vertebral fusion
surgery, and the MADISON implant designed for first-line prosthetic
knee surgery. Implanet’s tried-and-tested orthopedic platform is
based on product traceability. Protected by four families of
international patents, JAZZ® and MADISON have obtained 510(k)
regulatory clearance from the Food and Drug Administration (FDA) in
the United States, the CE mark as well as the ANVISA authorization
in Brazil. Implanet employs 36 staff and recorded 2019 sales of
€7.4 million. For further information, please visit
www.implanet.com. Based near Bordeaux in France, Implanet
established a US subsidiary in Boston in 2013. Implanet is listed
on Euronext™ Growth market in Paris.
The Company would like to remind that the table for monitoring
the equity line (OCA, OCAPI, BSA) and the number of shares
outstanding, is available on its website:
http://www.implanet-invest.com/suivi-des-actions-80
Disclaimer This press release contains forward-looking
statements concerning Implanet and its activities. Such forward
looking statements are based on assumptions that Implanet considers
to be reasonable. However, there can be no assurance that the
anticipated events contained in such forwardlooking statements will
occur. Forward- looking statements are subject to numerous risks
and uncertainties including the risks set forth in the registration
document of Implanet registered by the French Financial Markets
Authority (Autorité des marchés financiers (AMF) on April 16, 2018
under number D.18-0337, as well as in the annual financial report
of December 31, 2019 and the half-yearly financial report of June
30, 2020 and available on the Company's website
(www.implanet-invest.com), and to the development of economic
situation, financial markets, and the markets in which Implanet
operates. The forward-looking statements contained in this release
are also subject to risks unknown to Implanet or that Implanet does
not consider material at this time. The realization of all or part
of these risks could lead to actual results, financial conditions,
performances or achievements by Implanet that differ significantly
from the results, financial conditions, performances or
achievements expressed in such forward-looking statements. This
press release and the information it contains do not constitute an
offer to sell or to subscribe for, or a solicitation of an order to
purchase or subscribe for Implanet shares in any country.
1 Corresponding to cash flow plus or minus the change in working
capital requirements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210119005656/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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