Safe Orthopaedics: 2015 revenue: +23% to €2.5 million
12 February 2016 - 4:00AM
Business Wire
- Number of surgical procedures up
sharply: +118%; annual guidance exceeded
- Strong growth in France, but slower
than expected progress in the USA
- Further buoyant uptake in the Rest of
the World zone
Regulatory News:
SAFE ORTHOPAEDICS (Paris:SAFOR) (Euronext: FR0012452746 –
SAFOR), a company developing and marketing an innovative range of
sterile implants combined with their single-use surgical
instruments, presents its business update for the year to December
31, 2015.
Yves Vignancour, Chief Executive Officer of Safe
Orthopaedics, says: “The fact that we exceeded our guidance of
2,200 surgical procedures, associated with buoyant growth in
Europe, represents an encouraging sign for the uptake of our
single-use systems, particularly in France and the Rest of the
World zone, where we are strengthening our marketing resources in
order to capitalize on this growth potential. 2015 was also the
year in which Safe Orthopaedics launched both a fenestrated
screw and the One-Step self-correcting screw, a unique innovation
to correct and stabilize Spinal Trauma in the same surgical
stage.”
118% growth in the number of surgical procedures in
2015
The buoyant growth in the number of surgical procedures since
2014 continued throughout 2015, taking the total number of
procedures to 2,310, an increase of 118% on the previous year (and
+444% compared to 2013).
The guidance of 2,200 procedures for the year was thus
exceeded.
23% growth in revenue and cash position of €5.9 million as of
December 31, 2015
€ thousands
2015 2014 Δ First nine
months revenue 1,935 1,433
+35% 4th quarter revenue 590
620 -5% Full year revenue 2,525
2,053 +23% Cash position (as of
December 31)
5,941 993
n.a.
Revenue grew by 23% to €2,525k over the 2015 financial year.
In the 4th quarter of 2015, Safe Orthopaedics recorded sales of
€590k, a decline of 5%, due to an underperformance in the USA and a
negative base effect directly associated with the signing of new
distributors in 2014, and subsequently with the building up of
inventories.
At December 31, 2015, Safe Orthopaedics had a cash position of
€5.9 million, almost stable on the figure of €6.0 million at June
30, 2015 and up on the figure at December 31, 2014.
Geographic breakdown of revenues and surgical procedures
performed
Over the year as a whole, Safe Orthopaedics saw contrasting
patterns between its various markets: France (40% of revenue), the
USA (18% of revenue) and the Rest of the World (42% of
revenue).
The progress in the number of surgical procedures has been very
positive, with a near doubling of this number in France and a
threefold increase in the Rest of the World, while the USA
accounted for less than 5% of the total.
Strong growth in France
€ thousands
2015 2014 Δ First nine months
revenue 738 421 +75%
4th quarter revenue 278 194
+43% Full year revenue 1,016
615 +65% Surgical procedures (12 months to
December 31) 967 521
+86%
On the French market, Safe Orthopaedics maintained its strong
growth throughout the year in terms of both revenue and the number
of procedures performed, thus confirming the strong uptake of its
single-use sterile systems by orthopedic surgeons.
Underperformance in the USA
€ thousands
2015 2014 Δ First nine months
revenue 375 215 +74%
4th quarter revenue 79 178
-56% Full year revenue 454
393 +16% Surgical procedures (12 months to
December 31) 98 112
-13%
By contrast, activity in the USA reflected a different market
trend, with the transition to single-use equipment taking longer
than expected, notably due to the presence of established companies
and a health system that still tolerates the inefficiencies of
reusable instruments, despite growing regulatory pressure for
better infection control.
Further buoyant uptake in the Rest of the World
€ thousands
2015 2014 Δ First nine months
revenue 822 797 +3%
4th quarter revenue 233 248
-6% Full year revenue 1,055
1,045 +1% Surgical procedures (12 months to
December 31) 1,245 429
+190%
Growth in the number of surgical procedures in this region was
particularly buoyant, at 190%. Revenue was stable. The lag between
the sharp increase in surgical procedures and the relatively stable
revenue level was directly due to a negative base effect and to the
building up of inventories in 2014 associated with the new
distributors in a number of countries in the region. These
inventories enabled rapid market penetration, and thus a sharp
increase in the number of surgical procedures in 2015. Inventory
levels have now normalized.
Next financial press release: 2015 Annual Results, on
Thursday April 28, 2016 (after market)
About Safe Orthopaedics:
Founded in 2010, Safe Orthopaedics is a French medical
technology company that develops and markets an innovative range of
sterile implants and associated single-use surgical instruments,
with the aim of facilitating safer, optimized and lower-cost spinal
surgery. By avoiding the reuse of surgical instruments,
Safe Orthopaedics reduces the risk of infection, avoids the
cumbersome and unreliable logistics of instrument sterilization,
and limits hospital costs. Protected by 17 patent families,
the SteriSpine™ Kits are CE-marked and FDA cleared; they are
already being marketed in 16 countries, in Europe and the
United States. They are being rapidly adopted by surgeons with a
doubling of the number of surgical procedures performed between
2014 and 2015. The company is based at Eragny-sur-Oise (France),
and has 33 employees and a US subsidiary.
For more information, visit: www.SafeOrtho.com
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version on businesswire.com: http://www.businesswire.com/news/home/20160211006095/en/
Safe OrthopaedicsYves VignancourCEOThierry LambertCFO+33
(0)1 34 21 50 00investors@safeorthopaedics.comorNewCapJulien
Perez / Valentine BrouchotInvestor RelationsNicolas MerigeauMedia
Relations+33 (0)1 44 71 94 94SafeOrtho@newcap.eu