2020 1st semester turnover and prospects
10 Luglio 2020 - 12:02PM
2020 1st semester turnover and prospects
Press release
Ecully, July 10, 2020 – 12 pm
Revenue for the first half of
2020
- Gradual recovery
- Cash position of €3.2M secure through end of
June
The first half of this year was understandably
affected by the health crisis caused by the worldwide Coronavirus
pandemic, which led to the cancellation of all non-essential
surgeries. During this unprecedented period, the Spineway group was
fully committed to providing the best possible services to its
direct clients in France and its international distribution
partners. These efforts allowed the Group to keep its revenue for
the second quarter at close to 30% of that of the previous year
despite a very complicated international situation, resulting in
half-year revenue of €1 432K as at 30 June 2020 (-45% compared
with HY1 2019).
In thousands of euros |
2020* |
2019 |
Percent change |
Q1 revenue |
1 045 |
1 349 |
-23% |
Q2 revenue |
387 |
1 274 |
-70% |
HY1 revenue |
1 432 |
2 623 |
-45% |
* Figures not audited
Over this period, the Group’s territories had
varied results. Asia posted €337K at the end of June, up 9%
compared with the previous year, whereas Latin America generated
€614K (-48%) as it has been particularly hard-hit by the health
crisis plus some countries are also dealing with complicated
geopolitical and economic situations. Europe generated €340K (-50%)
over the six-month period and showed signs of recovery with revenue
for the second quarter level with that of the previous year thanks
to a very strong month of June outside France. The Middle East and
USA posted marginal amounts of €109K and €31K.
Sequential recoveryCurrently,
the lack of visibility as to when hospital surgeries around the
world will return to normal means that the Group cannot anticipate
being able to make up for the second quarter during the 2020
financial year. Indeed, the health crisis also delayed the
implementation of partnerships the Group entered into before the
crisis, such as the distribution agreement with the Muranaka group
in Japan, which should nevertheless begin contributing to revenue
starting in the fall of 2020. Likewise, in Latin America, the
public-health and geopolitical situations also make the upcoming
months unclear and impede the development that had been expected in
this area for 2020.
Nonetheless, the return to activity in Europe
should steadily increase over the second half of the year and have
a positive impact on the Group’s overall revenue. Likewise, Asia,
which has continued to maintain its level of activity despite the
delay with Muranaka, should contribute more to the 2020
revenue.
Spineway continues to be well-positioned in its
core areas and benefits from a growing reputation for innovation.
Its Mont-Blanc 3D+ line, in particular, was written up in a recent
issue of an international scientific magazine specializing in the
spine that will be presented in further detail in a future press
release. Furthermore, Spineway is pursuing the development and
approval of its high-added-value product lines such as its
minimally invasive line, Mont-Blanc MIS, which has been very
well-received by surgeons who use the products.
The Spineway teams also focused on the goal of
certification under the New EU MDR and, to this end, worked with
surgical groups in several countries to analyze the clinical data
required for such certification.
A solid financial baseExpecting
a return to standard-setting activity in 2021, Spineway set up the
necessary financing to allow it to calmly weather the crisis and
adapted its cost structure to limit its losses during the first
half of the year. In particular, Spineway obtained the entire
amount possible in a government-backed loan amounting to €1 270K,
thereby confirming its banking partners’ confidence in the Groups
prospects. This loan, in conjunction with the internal measures
taken and aid packages, in particular for salaries, resulted in a
cash position for the Group of over €3.2M at the end of June.
Negma’s support also contributes to securing the financial position
while still preparing for the future by giving Spineway the means
necessary to continue its development.
Thanks to a comfortable cash position,
an international footprint, well-known innovative product lines and
solid partnerships, Spineway will be able to benefit from the
return to activity in the various areas in which it does business
and take advantage of opportunities for external growth that could
offer great synergies.
SPINEWAY IS ELIGIBLE FOR THE PEA-PME
(EQUITY SAVINGS PLANS FOR SMES)Find out all about Spineway
at www.spineway.com
Upcoming: 27 October 2020 – 2020
half-year results
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:
SPINEWAY Shareholder-services line
Available Tuesday through Thursday (10 a.m. – 12 p.m.) +33 (0)811
045 555 |
Eligible PEA / PMEALSPWEuronext Growth |
AELIUM Finance & Communication Investor
relations Solène Kennis spineway@aelium.fr |
Grafico Azioni Spineway (EU:ALSPW)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Spineway (EU:ALSPW)
Storico
Da Apr 2023 a Apr 2024