SpineGuard Reports 2020 Revenue
27 Januar 2021 - 06:00PM
Business Wire
Growth outside the US at 17% in Q4
Regulatory News:
SpineGuard (Paris:ALSGD) (FR0011464452 – ALSGD), an innovative
company that deploys its DSG® (Dynamic Surgical Guidance) sensing
technology to secure and streamline the placement of bone implants,
reported today its full-year 2020 revenue.
Pierre Jérôme, Chairman, CEO and co-founder of SpineGuard,
said: "The resurgence of the pandemic in the fourth quarter,
particularly in the United States, once again led to postponements
of non-urgent surgeries. This affected SpineGuard's revenue, along
with many other medtech companies whose sales depend on surgery
volume. In this context, our double-digit growth outside the United
States is very encouraging knowing that the vaccination campaigns
are now ramping up and that we are counting on the forthcoming
US-FDA approval of the DSG Connect interface. Our financial
discipline and tight control of our spending enabled us to remain
close to operating EBIT breakeven, despite the health crisis, and
to reach an agreement with our bondholders on the rescheduling of
our debt. We therefore solicited a hearing to the judicial
authorities with the aim to garner a decision about the submitted
‘safeguard plan’ and exit the proceedings. This expected positive
outcome and the recent advances of our robotic program let us
envisage exciting prospects in 2021."
€ thousands – IFRS
2020
2019
Variation
First quarter
1 376
1 648
-17%
Second quarter
902
1 797
-50%
Third quarter
1 328
1 721
-23%
Fourth quarter
1 245
1 663
- 25%
Full year
4 851
6 829
-29%
Unaudited
Revenue grew 17% outside the US in the fourth quarter with a
notable performance in Europe (France and Germany in
particular).
In total, 5,216 DSG embedded devices were sold in 2020, compared
to 7,668 in 2019, a 32% decrease primarily due to the COVID-19
pandemic.
3,167 devices vs. 4,612 in 2019 were sold in the United States,
where the revenue was 4,438 MUS$ vs. 6,446 MUS$ in 2019, -33%.
Outside the United States, the revenue declined -10% at 969 K€
vs. 1,072 M€ in 2019.
The full year consolidated revenue decreased -29% at current
exchange rate (-28% in constant currency).
The COVID-19 pandemic strongly impacted the revenue since March.
2020 monthly revenue % compared to 2019 are as follows:
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec
%
2020/2019
100
94
64
14
54
76
81
66
84
73
71
81
The second wave of the pandemic notably affected US revenues in
October and November.
CHAPTER 11 AND FRENCH “SAFEGUARD” PROCEEDINGS
The French trustees submitted a safeguard plan (‘plan de
sauvegarde’) to the creditors of the French company on 25 January
2021. This plan includes a negotiated agreement with the
bondholders as part of the Chapter 11 proceeding.
The deadline for the creditors of the French company is 24
February 2021. The next step will be a hearing early March in front
of the French commercial court at which the company expects to exit
from the French proceeding.
As the US court also agreed on the two procedures to be aligned
in timing, the company expects to exit Chapter 11 soon after the
French one.
2021 PERSPECTIVES
For 2021 SpineGuard will focus on the following priorities:
- Re-boost commercial activities with the launch of the
DSG-Connect visual interface.
- Pursue the implementation of the DSG digital technology in the
surgical robotic field through the deployment of AI algorithms, new
scientific evidence, and additional patents.
- Intensify the collaboration with ConfiDent ABC for the dental
application and co-develop a new generation of products embedding
the DSG technology.
- Affirm the company’s technological shift and sign industrial
and strategic partnerships in particular for the use of DSG
technology in the robotic field.
About SpineGuard®
Founded in 2009 in France and the USA by Pierre Jérôme and
Stéphane Bette, SpineGuard is an innovative company deploying its
proprietary radiation-free real time sensing technology DSG®
(Dynamic Surgical Guidance) to secure and streamline the placement
of implants in the skeleton. SpineGuard designs, develops and
markets medical devices that have been used in over 80,000 surgical
procedures worldwide. Sixteen studies published in peer-reviewed
scientific journals have demonstrated the multiple benefits DSG®
offers to patients, surgeons, surgical staff and hospitals.
Building on these solid fundamentals and several strategic
partnerships, SpineGuard has expanded its technology platform in a
disruptive innovation: the « smart » pedicle screw launched late
2017 and is broadening the scope of applications in dental
implantology and surgical robotics. DSG® was co-invented by Maurice
Bourlion, Ph.D., Ciaran Bolger, M.D., Ph.D., and Alain Vanquaethem,
Biomedical Engineer.
For further information, visit www.spineguard.com
Disclaimer
The SpineGuard securities may not be offered or sold in the
United States as they have not been and will not be registered
under the Securities Act or any United States state securities
laws, and SpineGuard does not intend to make a public offer of its
securities in the United States. This is an announcement and not a
prospectus, and the information contained herein does and shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of the securities referred to herein in
the United States in which such offer, solicitation or sale would
be unlawful prior to registration or exemption from
registration.
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version on businesswire.com: https://www.businesswire.com/news/home/20210127005599/en/
SpineGuard Stéphane Bette Directeur Général Tél. : 01 45
18 45 19 s.bette@spineguard.com
Manuel Lanfossi Directeur Financier
m.lanfossi@spineguard.com
Europe / NewCap Investor Relations &
Financial Communication Mathilde Bohin / Pierre Laurent Tél. : 01
44 71 94 94 spineguard@newcap.eu
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