- Continued growth momentum in the French market
- Strong progress in medical equipment sales, +81% vs. H1
2023
Regulatory News:
IMPLANET (Euronext Growth: ALIMP, FR0013470168, eligible
for PEA-PME equity savings plans), a medical technology company
specializing in implants for orthopedic surgery and the
distribution of technological medical equipment, today announces
its revenue for the first half of 2024.
Ludovic Lastennet, IMPLANET’s Chief Executive Officer,
stated: “The revenue recorded in this first half is in line with
our recent publications. We continue to perform in our domestic
market while being penalized by the decline in activity observed
internationally. The reorganization of our US subsidiary, coupled
with the FDA approval of our unique hybrid posterior fixation
system resulting from the combined expertise of the Implanet and
Sanyou Medical R&D teams, represents the most significant
progress towards strengthening our product offering in this
high-stakes market. Our medical equipment distribution activity
continues its strong commercial momentum, reinforcing our
diversification strategy by becoming a genuine growth driver.”
Financial information for the First
Half of 2024
Revenue (in € thousands –
IFRS)1
H1 2024
H1 2023
Change %
France
2,071
1,788
+16%
United States
479
818
-41%
Rest of the world
1,093
1,334
-18%
Spine revenue
3,643
3,940
-8%
Medical equipment (SMTP)
455
250
+81%
Services (MADISONTM)
19
78
-75%
Total revenue for the first
half
4,117
4,268
-4%
Spine activity generated revenue of €3.64 million in the first
half of 2024, down 8% compared with revenue of €3.94 million in the
first half of 2023.
Spine activity in France increased by +16%, with revenue of
€2.07 million for the first half of 2024, compared to €1.79 million
for the same period in 2023. In the United States, revenue was
€0.48 million for this period compared to €0.82 million in the
first half of 2023. Activity remains impacted by the reorganization
of the sales department in this region, initiated during the fourth
quarter of 2023. Export activity in the rest of the world recorded
revenue of €1.09 million in the first half of 2024, compared to
€1.33 million for the same period the previous year. This decline
is mainly due to a slowdown observed in Europe (-40%) and South
America (-30%).
The Company is also continuing the rollout of its medical
equipment distribution activity, with commercialization in France
of the ultrasound surgical scalpel from SMTP, a subsidiary of
Sanyou Medical. Revenue generated by this activity in the first
half of 2024 was €0.46 million, nearly doubling (+81%) from €0.25
million recorded in the same period the previous year.
In total, Implanet achieved revenue of €4.1 million in the first
half of 2024, down 4% compared to the first half of 2023.
Financial information for the Second
Quarter of 2024
Revenue (in € thousands –
IFRS)2
Q2 2024
Q2 2023
Change %
France
1,039
846
+23%
United States
165
359
-54%
Rest of the world
475
660
-28%
Spine revenue
1,679
1,865
-10%
Medical equipment (SMTP)
208
127
+64%
Services (MADISONTM)
7
69
-90%
Total revenue for the second
quarter
1,894
2,060
-8%
Spine activity generated revenue of €1.68 million in the second
quarter of 2024, down 10% compared with revenue of €1.86 million in
the second quarter of 2023.
Activity in France continues to record growth of +23%, with
revenue of €1.04 million for the quarter compared to €0.85 million
for the same period in 2023. In the United States, revenue was
€0.17 million for this period compared to €0.36 million in the
second quarter of 2023. Export activity in the rest of the world
recorded revenue of €0.48 million in the second quarter of 2024,
compared to €0.66 million for the same period the previous
year.
Finally, revenue generated in the distribution of medical
equipment in the second quarter of 2024 amounted to €0.21 million,
i.e. 64% increase compared to the €0.13 million recorded in the
same period the previous year.
Total revenue recorded in the second quarter of 2024 thus
reached €1.89 million, compared to €2.06 million for the same
period last year.
Cash position
As of June 30, 2024, Implanet’s cash position stood at €1.30
million.
The remaining balance of the sale of the MADISONTM activity,
amounting to €0.85 million, is expected to be received as follows:
€0.68 million in Q3 2024 and €0.17 million in the first half of
2025.
The Company is also exploring the implementation of payment
facilities with the Sanyou Medical group.
In view of these elements and the cash consumption forecasts
based on current activity assumptions and anticipated business
developments with Sanyou Medical over the 2024 and 2025 financial
years, the Company considers that it will be able to cover the
financing requirements of its operations for the next twelve
months.
Key events in the First Half of
2024
- Successful completion of the capital increase announced on
January 4, 2024, raising €5.5 million through the issuance of
83,924,897 new shares;
- Appointment of Max W. Painter as Vice President and General
Manager of IMPLANET’s US subsidiary;
- FDA clearance of the new Jazz Spinal SystemTM hybrid posterior
fixation range in the United States.
2024 strategy and
outlook
- Finalize the registration of existing products within the
framework of the European Medical Device Regulation (MDR).
- Reinvigorate the Company’s presence in the United States:
- Strengthen the resources and commercial means available to the
historical team;
- Strengthen the Company’s direct approach by expanding the
scientific team of opinion leaders.
- Strengthen market momentum and the product offering:
- Deploy the commercial and technological partnership with Sanyou
Medical to jointly develop an innovative new European range of
hybrid posterior fixation;
- Initiate the distribution of the JAZZ® platform in China (the
world’s largest spine market by volume) with Sanyou Medical;
- Distribute technological medical equipment in Europe, such as
the ultrasound surgical scalpel from SMTP Technology Co.
Upcoming financial event:
- 2024 first-half results, on September 10, 2024, after
market close
About IMPLANET
Founded in 2007, IMPLANET is a medical technology company that
manufactures high-quality implants for orthopedic surgery and
distributing medical technology equipment. Its activity revolves
around a comprehensive innovative solution for improving the
treatment of spinal pathologies (JAZZ®) complemented by the product
range offered by Orthopaedic & Spine Development (OSD),
acquired in May 2021 (thoraco-lumbar screws, cages and cervical
plates). Implanet’s tried-and-tested orthopedic platform is based
on the traceability of its products. Protected by four families of
international patents, JAZZ® has obtained 510(k) regulatory
clearance from the Food and Drug Administration (FDA) in the United
States, the CE mark in Europe and ANVISA approval in Brazil. In
2022, IMPLANET entered into a commercial, technological and
financial partnership with SANYOU MEDICAL, China's second largest
medical device manufacturer. IMPLANET employs 43 staff and recorded
a consolidated revenue of €7.4 million in 2023. Based near Bordeaux
in France, IMPLANET opened a US subsidiary in Boston in 2013.
IMPLANET is listed on the Euronext Growth market in Paris. For
further information, please visit www.Implanet.com.
1 Unaudited figures 2 Unaudited figures
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240709077250/en/
IMPLANET Ludovic Lastennet, CEO David Dieumegard, CFO
Tél. : +33 (0)5 57 99 55 55 investors@Implanet.com
NewCap Investor Relations Nicolas Fossiez Tél.: +33 (0)1
44 71 94 94 Implanet@newcap.eu
NewCap Media Relations Arthur Rouillé Tél.: +33 (0)1 44
71 94 94 Implanet@newcap.eu
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