Medicrea Reports First Half 2017 Sales and Operating Highlights
First half 2017 sales of €14.7 million
1,700 UNID™ patient-specific surgeries performed to date
Received
Commercial launch of PASS® TULIP top-loading system
(€ millions) | H1 2016 | H1 2017 | |||
Sales
Gross margin (% of sales) Operating income / (loss) before amortization and provision (EBITDA) Operating income / (loss) before non-recurring expense Other non-recurring expense Cost of net financial debt Income / (loss) before tax Net income / (loss) |
14.8
81% 0.6 (1.5) (1.2) (0.2) (2.9) (2.7) |
14.7
73% (1.0) (3.6) (0.2) (1.4) (5.5) (5.1) |
Changes in exchange rates had no material impact on year-to-year comparison
Operating Highlights
First half 2017 sales were €14.7 million, flat compared to the prior year. Geographically, the
Gross margins for the first half of 2017 were 73%. Structurally high, gross margins were negatively impacted during the period due to the use of outsourcing as well as the temporary increase in costs associated with the relocation of the La Rochelle production site to
Operating costs increased €0.8 million in comparison with the first half of 2016, linked to new building infrastructures coming into service in
Against this backdrop, the operating loss over the first half-year was €3.6 million affected by the temporary decline in the gross margin rate and the increase in certain structure costs.
The cost of financial debt increased by €1.2 million in comparison with the first half of 2016 primarily as a result of interest on the €15 million convertible bond loan issued in
Under the combined effect of these factors, loss before tax amounted to €5.5 million, versus a loss of €2.9 million for the period ended
The Group had available cash of €14.1 million at
UNiD Progression
Patient-specific UNiD™ Rods implanted during the first-half of 2017 increased by 30% compared to the same period in 2016. In the
“I am pleased with the increasing surgeon adoption of our services with preoperative planning expertise that support UNiD™ ASI technology, particularly in the
In June, the Company received
In July, the Company performed the world’s first personalized minimally-invasive spine surgery in the
In September, the Company announced the world’s first 360-degree personalized spine surgery in
In October, the Company published a major scientific white paper which shows that, relative to manually bent rods, patient-specific rods generated using Medicrea’s UNiD™ ASI technology greatly reduce the incidence of postoperative rod breakage in adult complex spine surgical cases.
In the fourth quarter of 2017, the Company should receive
Equity Financing
On
Next publication: Sales for the 3rd quarter of 2017:
About
Through the lens of predictive medicine,
Operating in a
For further information, please visit: Medicrea.com.
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EURONEXT Growth Paris
ISIN: FR 0004178572
Ticker: ALMED
LEI: 969500BR1CPTYMTJBA37
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH IFRS FOR THE SIX MONTHS ENDED
CONSOLIDATED INCOME STATEMENT |
||||||||
(€) | Total IFRS
|
Total IFRS
|
||||||
Sales | 14,843,675 | 14,696,429 | ||||||
Cost of sales | (2,865,111) | (3,946,442) | ||||||
Gross margin | 11,978,564 | 10,749,987 | ||||||
Research & development costs | (523,647) | (789,442) | ||||||
Sales & marketing expenses | (8,145,353) | (7,892,180) | ||||||
Sales commissions | (1,812,970) | (1,752,432) | ||||||
General and administrative expenses
Operating income / (loss) before non-recurring expenses |
(2,988,936)
(1,492,342) |
(3,869,545)
(3,553,612) |
||||||
Other operating income and expenses | (1,168,551) | (247,452) | ||||||
Operating income before share-based payments | (2,660,893) | (3,801,064) | ||||||
Share-based payments | (14,076) | (330,000) | ||||||
Operating income after share-based payments | (2,674,969) | (4,131,564) | ||||||
Cost of net financial debt | (186,216) | (1,114,374) | ||||||
Other financial (expenses) / income
Income / (loss) before tax |
(63,272)
(2,924,457) |
(302,979)
(5,548,417) |
||||||
Tax (charge) / income | 253,464 | 427,900 | ||||||
Consolidated net income/(loss) | (2,670,993) | (5,120,517) |
CONSOLIDATED BALANCE SHEET |
||||||||||||||||
(€) |
Total IFRS |
Total IFRS
|
||||||||||||||
|
2,628,424 | 2,627,067 | ||||||||||||||
Intangible assets | 6,071,368 | 6,611,538 | ||||||||||||||
Property, plant and equipment | 10,099,217 | 10,993,720 | ||||||||||||||
Non-current financial assets | 938,408 | 759,869 | ||||||||||||||
Deferred tax assets | 2,454,025 | 2,552,445 | ||||||||||||||
Total non-current assets | 22,191,442 | 23,544,639 | ||||||||||||||
Inventories |
8,726,493 |
9,013,808 |
||||||||||||||
Trade receivables | 5,158,818 | 4,858,809 | ||||||||||||||
Other current assets | 3,511,477 | 2,230,322 | ||||||||||||||
Cash and cash equivalents | 8,063,140 | 14,118,327 | ||||||||||||||
Total current assets | 25,459,928 | 30,221,266 | ||||||||||||||
Total assets |
47,651,370 |
53,765,905 |
(€) |
Total IFRS |
Total IFRS |
||||||
Share capital | 1,605,307 | 2,034,173 | ||||||
Issue, merger and contribution premiums | 42,448,276 | 54,239,413 | ||||||
Consolidated reserves | (22,403,157) | (30,103,722) | ||||||
Net income/(loss) for the year | (7,569,225) | (5,120,517) | ||||||
Total shareholders’ equity | 14,081,201 | 21,049,347 | ||||||
Conditional advances |
317,500 |
258,750 |
||||||
Non-current provisions | 513,842 | 561,225 | ||||||
Deferred tax assets | 1,407,986 | 1,358,900 | ||||||
Long-term financial debt | 18,308,727 | 17,292,974 | ||||||
Total non-current liabilities | 20,548,055 | 19,471,849 | ||||||
Current provisions |
1,124,676 |
360,717 |
||||||
Short-term financial debt | 3,602,301 | 4,936,516 | ||||||
Other current financial liabilities | 6,000,976 | 5,615,771 | ||||||
Trade payables | 2,294,161 | 2,331,705 | ||||||
Other current liabilities | 13,022,114 | 13,244,709 | ||||||
Total current liabilities |
47,651,370 |
53,765,905 |
CONSOLIDATED CASH FLOW STATEMENT |
||||||||
(€) |
Total IFRS |
Total IFRS |
||||||
Consolidated net income/(loss) | (7,569,225) | (5,120,517) | ||||||
Property, plant and equipment depreciation and intangible asset amortization
Provisions for impairment Proceeds from sale of non-current assets Share-based payments Change in deferred taxes Corporate tax Cost of net financial debt |
4,238,236
1,768,380 340,732 283,434 (348,465) (990,327) 1,085,382 |
2,344,833
(237,854) 37,249 330,000 (147,507) (440,000) 1,114,374 |
||||||
Self-financing capacity | (1,191,853) | (2,119,422) | ||||||
Change in inventories and work in progress Change in trade receivables Change in trade payables and liabilities relating to non-current assets Change in other receivables and payables |
(2,362,449) (416,004) 1,945,005 612,344 |
(775,484) 309,453 (385,204) 1,771,045 |
||||||
Cash flow from working capital requirement | (221,104) | 919,810 | ||||||
Taxes paid / refunded |
(45,309) |
(12,343) |
||||||
Net cash flow from operating activities | (1,458,266) | (1,211,955) | ||||||
Acquisition of non-current assets Disposal of non-current assets Subventions reçues / (reversées) |
(9,094,944) - (86,250) |
(4,747,318) 543,790 (58,750) |
||||||
Net cash flow from investment activities | (9,181,194) | (4,262,278) | ||||||
Share capital increase Proceeds from new borrowings Repayment of borrowings Interest paid Other movements |
5,104,354 16,504,287 (2,849,794) (750,257) (1,783,239 |
13,000,003 1,085,626 (1,270,455) (666,890) (768,301) |
||||||
Net cash flow from financing activities | 16,225,351 | 11,379,983 | ||||||
Translation effect on cash and cash equivalents Other movements |
349 (124,373) |
30,469 79,840 |
||||||
Change in cash and cash equivalents | 5,461,867 | 6,016,059 | ||||||
Cash and cash equivalents - beginning of year Cash and cash equivalents - end of year |
1,791,515 7,253,382 |
7,253,382 13,269,441 |
||||||
Positive cash balances - beginning of year
Positive cash balances - end of year |
2,168,215
8,063,140 |
8,063,140
14,118,327 |
||||||
Change in positive cash balances | 5,894,925 | 6,055,187 | ||||||
Negative cash balances - beginning of year Negative cash balances - end of year |
(376,700) (809,758) |
(809,758) (848,886) |
||||||
Change in negative cash balances | (433,058) | (39,128) | ||||||
Change in cash and cash equivalents |
5,461,867 |
6,016,059 |
View source version on businesswire.com: http://www.businesswire.com/news/home/20171003005795/en/
[email protected]
or
Fabrice Kilfiger
Chief Financial Officer
Tel: +33 (0)4 72 01 87 87
[email protected]
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