SPINEWAY - 2021 half-year results
14 September 2021 - 2:09AM
SPINEWAY - 2021 half-year results
Press
release Ecully,
13 September 2021 – 6 pm
Improvements of
2021 half-year
results
- 52% significant
growth margin increase
- Clear improved
operating income
- Very strong cash position of
€14M
In thousands of eurosConsolidated accounts* |
HY1 2019 |
HY1 2020 |
HY1 2021 |
%Variation 2021/2020 |
Revenue |
2 623 |
1 426 |
1 885 |
+ 32% |
Cost of goods sold |
- 853 |
- 540 |
- 536 |
|
Gross MarginTurnover % |
1 67064% |
88662% |
1 34972% |
+ 52% |
Operating costs1 Inlcuding operational
costs |
- 3 348- 1 379 |
- 2 250- 1 266 |
- 1 832-995 |
- 19% |
Including personnel expenses |
- 1 605 |
- 1 170 |
- 1 091 |
|
Operating income |
- 1 578 |
- 1 364 |
- 483 |
+ 65% |
Financial incomeIncluding Negma financial one-offs1 |
- 29 |
- 10 575- 10 561 |
700 |
|
Non-recurring items |
-4 |
-72 |
- 203 |
|
Net incomeIncluding restated
net income 2 |
- 1 610- 1 610 |
- 12 011- 1 450 |
- 617- 617 |
+ 95%+ 57% |
* figures unaudited
Spineway’s Board of
Directors, at a meeting held on 13
September 2021 chaired by Stephane Le
Roux, closed the
half-year results as of
30, June 2021.
Spineway confirmed a sharp 153% 2021 half-year
turnover increase compared with 2020 same period despite an
international economic context still disrupted by the worldwide
pandemic. The sales recovery in its main territories allowed the
Group to increase its turnover to €1 1885K as at 30 June 2021
and to benefit from a growth of 31% compared with 2020 first
semester. The integration of Distimp will enable the
group to increase its products order and to develop its sales in
the domestic market in the months to come.
Overall
significant half-year results
improvement The activity recovery during
the first half of the year had to be linked with a gross margin
raise of
€1 349K
during the same period that
was an increase of 52%
over the first half of 2020. This result had
been mainly achieved thanks to increases of both sales volumes and
prices. The gross margin
rate for the first half of 2021 was
of 72% compared with 62% as of
2020 half-year, even exceeding 2019 half-year rate (64%).
In addition, thanks to cost prices’
optimization, cost-savings of operational expenses and wages
expenses rationalization, the operating income
at -€483K was up
65% compared
with 2020 first semester,
and 69% compared with 2019
half-year.
Furthermore, financial income
clearly improved
and increased at
€70K compared with a loss of
-€10 575K during 2020 first half of the year. The recording of
a one-time financial expense of €10.6M during the first semester of
2020 representing a compensation for the Negma financing agreement
negatively affected last year financial income and therefore net
income2.
At the same time as operational performances,
half year net income led
to
-€617K compared
with a loss of -€12 011K during the first half of 2020
(-€1 450K restated from the outstanding financial expense) and
was up 62%
compared with the first
half of 2019 and up 57%
compared with the first half of
2020 proforma net
result.
Strong
financial structure and solid cash flow of
€14M
During the course of the first semester, the
Group treasury benefited from better margins, lower operation
costs, and strengthened its cash position via the financing
agreement with Negma which led to a €995K capital increase and a
€10 505K share premium. As a result, as of
30, June 2021, the
Group’s cash position
amounted to
€14 310K and
had a net cash position of
€11 563K. The group still
had therefore
the means necessary to cover its development and
investments.
Furtherance of the
group
strategy to
become a French player in
the European spine
surgery sector
In accordance with its strategy to build a
European spine specialist, Spineway
acquired 100% of
Distimp as of
25, June
2021. This acquisition should enable the Group to
strengthen and improve its business positions and sales. Synergies
and complementary products ranges will enable the Group to benefit
from new growth possibilities and provide surgeons with new high
added value operating techniques.
Thanks to a structure of costs optimized
and strong financial
means,
Spineway will take advantage of the market
recovery if confirmed. The group
is ready to continue its development in
its existing territories and is in a position to
seize any and all opportunities for external growth offering
synergies that would create value for the Group.
Upcoming:
14 October
2021Focus on 2021 third
semester turnover and Group
perspectives
The annual accounts are available on the
company’s website in the Investors
SPINEWAY IS ELIGIBLE FOR
THE PEA-PME (EQUITY SAVINGS PLANS
FOR SMES)Find out all about Spineway at
www.spineway.com
This press release has been prepared in both
English and French. In case of discrepancies, the French version
shall prevail.
Spineway
designs, manufactures and
markets innovative implants and
surgical instruments for treating
severe disorders of the spinal
column.Spineway
has an international network of over 50
independent
distributors and
90% of its revenue comes from
exports.Spineway,
which is eligible for
investment through FCPIs (French
unit trusts specializing in innovation),
has received the OSEO Excellence
award since 2011 and has
won the Deloitte Fast 50
award (2011). Rhône Alpes INPI
Patent Innovation award (2013)
– INPI Talent award
(2015). ISIN:
FR0011398874 - ALSPW
Contacts :
SPINEWAYShareholder-services lineAvailable Tuesday
through Thursday(10 a.m. – 12 p.m.)New number
0806 70 60
60 |
Eligible PEA / PMEALSPWEuronext Growth |
AELIUM Finabnce & CommunicationInvestor
relationsSolène
Kennisspineway@aelium.fr |
1 Net of R&D expenses activated since the second half of
2019, i.e. €358K in 2019, €902K in 2020 and €447 as of 2021 first
semester 2 The recording of a one-time financial expense
representing compensation for the Negma financing agreement
negatively affected the financial income and therefore net income
(see January 25, 2021 press release)
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