Safe publishes its financial results for the first half of 2021 and


  • Sales up 22% in the first half of 2021 despite conservative plans in hospitals
  • ISO13485 certification by AFAQ / AFNOR of the group’s new industrial activities and start of integrated production by Safe Medical
  • Operating profit of – € 4 million, at the level of the first half of 2019
  • End of the € 8.4 million bond financing line

Éragny-sur-Oise, France, September 30e, 2021 at 17:35 CET – Safe (FR0013467123 – ALSAF), a company specializing in the design, manufacture and commercialization of ready-to-use technologies for back surgery, with a particular focus on the safety of emergency vertebral fractures, publishes its half-year financial results as of June 30, 2021 and announces the results of Safe Medical Integrated Manufacturing Certification ISO13485.

Safe’s half-year financial report will be available by September 30e in the Investors> Documentation section of the Company’s website (

Revenue at June 30, 2021

In thousands of euros – IFRS 06/30/2021 06/30/2020
Revenue – Direct sales 773 882
Revenue – Indirect sales 556 843
Turnover – Production subcontracting 776
Total adjusted revenues 2 105 1,725
Other income 4 3
Purchases consumed and changes in inventory (1,425) (1,211)
External costs (973) (939)
Personnel costs (3,341) (2 413)
Other operating expenses (377) (357)
Operating profit / (loss) before non-recurring items (4,006) (3 191)
Other operating income (expenses) (6) 0
Operating profit / (loss) (4,012) (3 191)
Financial income / (loss) (204) (352)
Net income / (loss) (4,216) (3,543)

In the first half of 2021, sales increased by 22% (after application of IFRS 15) compared to the first half of 2020, despite the deployment of white plans in hospitals leading to the postponement of surgeries classified as “non-urgent”. This change is mainly due to the integration of Safe Medical sales following its entry into the consolidation scope at the end of July 2020. At constant scope, Safe Orthopedics sales are down 23% despite strong growth of 190% in Germany (197 K € in H1 2021 vs. 68 K € in H1 2020) and in the United States, where the group has recruited a sales manager and initiated direct marketing.

The increase in personnel costs, resulting from the integration of Safe Medical and its Tunisian subsidiary in July 2020 carried out to ensure a return to growth following the health crisis, combined with the control of external costs and the correlation between the level of sales and purchases consumed, allow the group to post an OIR identical to that of the first half of 2019.

Since the acquisition of LCI Medical, renamed Safe Medical, the group has made significant investments in its French industrial site, subsidized to the tune of 800,000 euros as part of the government’s recovery plan, and has announced the start of ” integrated production following the Safe Medical AFAQ certification audit and the annual audit of GMED, the notified body of Safe Orthopedics.

Safe Group closes the first half of 2021 with an overall half-year sales growth of 25% {excluding the impact of IFRS15} compared to the first half of 2020, driven by a sales growth of 67% in the second quarter. In addition, our Group completed its strategic transformation in record time: one year after the acquisition of LCI Medical, the certification of our integrated production site gives us the means to accelerate our innovation, reduce our manufacturing times and to secure the implementation of the new regulatory requirements imposed by the MDR ”, commented Pierre Dumouchel, Chairman and CEO of Safe Group. “The launch of Sicamore, Hickory and the finalization of SORA by Safe Orthopedics, associated with the new industrial services of Safe Medical, reinforce our strategy of being the leader in ready-to-use orthopedic products, while offering our sales teams the prospect of growth in the coming quarters ”.

As a reminder, the turnover for the first half of 2019 was 2,041 K € and shows that, despite the impact of the health crisis which was still very significant in the first half of 2021, the group’s turnover exceeded its first semester 2019 level.

Safe Medical’s new ISO 13485 certified cleanroom infrastructure marks the start of cleanroom packaging activity.
This new activity is intended to support the return to growth of Safe Medical, already observed in the first half of the year, and will allow the company to offer its customers the entire subcontracting chain, from production to packaging in an ISO 7 environment offer. Reduced production times, cost savings and unique support for innovation.

Cash position

At June 30, 2021, the Group’s audited cash flow amounted to € 3.9 million, compared to € 3.2 million at the end of June 2020. As a reminder, the balance of the stimulus plan subsidy still to be received is 400 K €. In addition, as indicated in the conversion monitoring document for the second financing program, available on the company’s website in the Investors> Documentation section, all of the program’s OCEANE bonds were converted on September 22, 2021.

Next financial publication

Third quarter 2021 revenue, October 7, 2021 (after market close)

About the Safe Group
The Safe Group is a French medical technology group that brings together Safe Orthopedics, a pioneer in ready-to-use technologies for spinal pathologies, and Safe Medical (formerly LCI Medical), a subcontractor of medical devices for orthopedic surgery. The group employs around 150 people.

Safe Orthopedics develops and manufactures kits combining sterile implants and single-use instruments, available to the surgeon at any time. These technologies are part of a minimally invasive approach aimed at reducing the risks of contamination and infection, for the benefit of the patient and with a positive impact on the delays and costs of hospitalization. Protected by 18 patent families, SteriSpineMT kits are CE marked and FDA approved. Safe Orthopedics is headquartered in the Paris region (95610 Eragny sur Oise – France) and has subsidiaries in the United Kingdom, Germany, the United States and in the Lyon region where the manufacturing company is located.
For more information:

Safe Medical (formerly LCI Medical) produces implantable medical devices and ready-to-use instruments. It has an innovation center and two production sites in France and Tunisia, offering many industrial services: design, industrialization, machining, finishing and sterile packaging. Supported by the French recovery plan in 2020, the company is investing in additive printing and will be operational in 2022 with this new technology.
For more information:


Safe orthopedics

Francois-Henri Reynaud
Financial and Administrative Director
Phone: +33 (0) 1 34 21 50 00
[email protected]

Press relations
Ulysses Communication
Pierre-Louis Germain / +33 (0) 6 64 79 97 61 / [email protected]
Bruno Arabian / +33 (0) 6 87 88 47 26 / [email protected]

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