Theraclion's Varicose Vein Winning Strategy Continues Despite the Impact of Covid-19 in the First Half of 2020
21 Julho 2020 - 1:30PM
Business Wire
Regulatory News:
THERACLION (Paris:ALTHE) (ISIN: FR0010120402; Mnemo: ALTHE,
PEA-PME eligible), an innovative company specializing in the
development of medical equipment for echotherapy treatment, notably
for varicose veins, today announces its sales revenues for the
first half of 2020.
David Caumartin, CEO of Theraclion, commented: “Our
high-intensity focused ultrasound (HIFU) technology is a
breakthrough innovation because it is non-invasive and is not
performed in an operating room. We are the first players in the
market with SONOVEIN®. Theraclion deploys its strategy and pursues
its development plan to be the market leader in varicose veins.
Over the past few months, the teams have been able to develop an
optimized version of the SONOVEIN® solution and are moving towards
a new CE marking. Since mid-May, two new treatment centers have
been equipped with our SONOVEIN® system, bringing to six out of a
target of twelve, the number of centers where Key Opinion Leaders
(experts) have access to our solution. These centers of excellence
are the relay of our technology to the rest of the market. We
anticipate a gradual resumption of treatment and sales of systems
from September.”
Semester activity impacted by the global health crisis
Theraclion SA achieved a turnover of € 169K in the first half of
2020, a decrease of 15% if we consider the recurring revenue
consisting of the sale of consumables and services (€ 199K at the
end of June 2019). The sale of systems could not take place because
the health crisis halted the activities of our experts who had to
suspend any non-urgent medical treatment. The lockdown did not
allow patients to access our technology. Travel limitations with
the interruption of air connections and the closing of borders, as
well as restrictions on gatherings have made any commercial visits
impossible and difficult the transport of products, even though the
vast majority of Theraclion's turnover is carried out
internationally.
However, the growing interest of vascular physicians in
Theraclion's echotherapy solution continues. Ten systems were sold
in 2019. As of May 11, the company is regaining its commercial
dynamics and accelerating its efforts with potential buyers of the
technology. We are currently witnessing a gradual resumption of
treatments and an increase in orders for consumables.
Half year revenue/K€
S1 2020
S1 2019
Variation
Sales of systems
-
764
-100%
Sales of consumables
93
113
-17%
Sales of services
76
86
-11%
Total sales Theraclion SA
169
963
-82%
Out of which Thyroid and
Breast
136
963
-86%
Out of which varicose veins
33
-
na
Continued development of SONOVEIN® and gradual recovery of
activities Theraclion continued to deploy its strategic
priorities on SONOVEIN® because the solution meets an unmet medical
need. This system is the only non-invasive option for varicose vein
surgery, without scars and incisions, thereby greatly reducing the
risk of nosocomial disease. It minimizes the time spent in the
treatment center and does not use sedation allowing almost normal
activity immediately after the intervention.
Theraclion teams continued the technical and clinical
development of SONOVEIN® in order to offer a new version which
optimizes the use by practitioners and meets the requests from
early expert users.
In addition to these technical developments, Theraclion was able
to install two new SONOVEIN® treatment centers in France and Spain,
as soon as the containment was lifted, illustrating the
expectations of medical specialists for the non-invasive varicose
vein treatment solution. Of the six sites currently equipped with
SONOVEIN®, three have resumed or started treatment, the other
centers anticipate a resumption of treatment in September. In
connection with the gradual recovery of treatments, Theraclion
recorded an increase in orders for EPACK® consumables at the start
of the second semester. This dynamic of orders makes it possible to
anticipate a gradual resumption of treatment from September.
Given the interest of Key Opinion Leaders for Theraclion's
disruptive technology, the company is confident that it will
achieve its goal of opening SONOVEIN® treatment sites in the coming
months.
Theraclion thus pursues its objectives for the development of
SONOVEIN®:
- Open new treatment sites in 2020 in Europe
and Asia for the treatment of veins while working with Key Opinion
Leaders to accelerate the adoption by the medical community of
SONOVEIN® technology; - Develop trials in the United States to
progress towards the approval of SONOVEIN® by the Food and Drug
Administration (FDA); - Continue the technical development of
SONOVEIN® technology.
Reinforced cash flow to support the deployment strategy of
SONOVEIN® Despite the health crisis, Theraclion's cash flow
situation is now strengthened. The company obtained € 1.4 million
in loans under a State Guaranteed Loan (PGE) and an innovation loan
from Bpi France. Theraclion also received the research tax credit
in the first half of the year. These financing contributions,
together with the net cost savings implemented by the company,
strengthen the financial structure of the company.
Given these elements, a cautious estimate of system sales in
2020 with an expected second half of the year that is significantly
more dynamic than the first, the issuance of all or part of tranche
2 of the financing at the start of 2019, Theraclion believes that
'it will be able to meet its cash flow needs over the next 12
months. In the first half of 2020, Theraclion also obtained a € 3.6
million line of credit, which could be activated, if necessary.
About Theraclion Theraclion is developing an innovative
high-tech echotherapy solution using therapeutic ultrasound for the
treatment of varicose veins, SONOVEIN®. The solution, which
obtained CE marking in April 2019, is based on the strong expertise
developed by Theraclion in echotherapy for the treatment of
non-invasive ablation of breast fibroadenomas and thyroid nodules
with its Echopulse® solution. Echopulse® technology is adapted to
SONOVEIN® to provide the only non-invasive ablation therapy for
varicose veins, now allowing treatment without a catheter, chemical
injection or incision. An operating room is not necessary. Venous
pathology is widespread worldwide and generates around 5 million
treatment procedures per year, according to Millenium research
Varicose Vein Device Market Study 2015. Theraclion's technological
solutions are based on a high-tech ultrasound medical imaging tool
, precise, easy to use and handle for practitioners.
Located in Malakoff, near Paris, Theraclion brings together a
team of 25 people, more than half of whom are dedicated to R&D
and clinical trials.
For more information, please visit the Theraclion website:
www.theraclion.com and the patient site:
https://echotherapie.com/echotherapy/
Theraclion is listed on Euronext Growth Paris Eligible for the
PEA-PME scheme Mnemonic: ALTHE - ISIN code: FR0010120402 LEI:
9695007X7HA7A1GCYD29
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version on businesswire.com: https://www.businesswire.com/news/home/20200721005778/en/
Theraclion David Auregan Chief Finance Officer
david.auregan@theraclion.com
Anja Kleber VP Marketing, Market Access & Sales Francophonia
anja.kleber@theraclion.com
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