SpineGuard Reports Half Year 2021 Financial Results

0

PARIS & BOULDER, Colorado – (COMMERCIAL THREAD) – Regulatory news:

SpineGuard (FR0011464452 – ALSGD), an innovative company that deploys its DSG® (Dynamic Surgical Guidance) detection technology to secure and streamline the placement of bone implants, today announces its half-year financial results ended June 30, 2021, as stated in approved by the Board of Directors on September 15, 2021.

Pierre JEROME, Chairman and CEO of SpineGuard, declared: “Our collective determination, sustained global business performance and the great strides we have made in innovation have enabled us to recover significantly financially. SpineGuard’s treasury trail is secure until 2023 and we have successfully exited Chapter 11 in both France and the United States. We now have the necessary resources to continue to deploy our R&D pipeline and strengthen our commercial operations, especially as our net operating income continues to improve. The data from our robotics developments announced last week is truly exceptional and the prospects ahead for clinical and business value creation are very exciting. “

thousands of euros – IFRS

S1 2021

H1 2020

Returned

2,227

2,275

Gross margin

1,814

1,915

Gross margin (% of sales)

81.5%

84.1%

Sales, distribution, marketing

-1 253

-1309

Administrative costs

– 779

– 852

research

-474

-311

Current operating income / (loss)

– 692

– 557

Non-recurring operating costs

-90

-597

Operating profit / (loss)

-782

-1 153

bottom line

-50

-235

Income tax

Net profit / (loss)

-832

-1 389

EBITDA

-661

-854

NB: unaudited

EBITDA improved by 23% and net operating income by 32%

EBITDA improved by 23% to -661 K € compared to -854 K € at June 30, 2020.

The net operating loss also improved by 32% to -782 K € compared to -1,153 K € as of June 30, 2020.

Operating expenses amounted to € 2,506K in H1 2021, compared to € 2,472K, an increase of € 34K compared to June 30, 2020.

The gross margin of 81.5% at June 30, 2021 decreased by 2.6%. While ASP has remained broadly stable, the company has faced higher manufacturing costs in the context of the pandemic and has also had to scrap € 41k of obsolete inventory in the United States.

For H1 2021, the Company achieved revenue of € 2,227,000, up 4% at constant exchange rates and down 2% as reported compared to H1 2020. Revenue is still impacted by the COVID-19 pandemic. Revenue in the United States fell by 8% cc (-16% reported) to € 1,575,000 in the first half of 2021, compared with € 1,864,000 in the first half of 2020. In the rest of the world, the turnover was ‘sales increased by 59% in the first half of 2021 to € 652K against € 411K in the first half of 2020. Second quarter sales increased by 39% cc (+ 31% as reported), 22% cc in United States (13% as reported) and + 146% in the rest of the world.

2,731 DSG units were sold in the first half of 2021 compared to 2,422 in the first half of 2020, including 1,293 in the United States, or 47% of the total units sold.

The working capital requirement amounts to -246 K € compared to -176 K € at December 31, 2020.

As of June 30, 2021, cash and cash equivalents amounted to € 5,137,000 compared to € 1,222,000 as of December 31, 2020, and is explained as follows:

  • Operating cash flow of -620 K € compared to the same period last year of -436 K €.

  • Equity financing through equity lines for a gross amount of € 5,300,000 over the entire period.

  • The payment of interest to Norgine Ventures and Harbert European Growth for € 156,000.

  • The exit from the French safeguard procedure (equivalent to Chapter 11 in the USA) led to the recovery of creditors including for the repayment of the principal of risky loans for € 256,000 over the half-year.

US Chapter 11 procedure update:

On August 24, 2021, the United States Bankruptcy Court for the District of Delaware issued an order confirming the exit of SpineGuard Inc. from Chapter 11. The reorganization plan proposed by SpineGuard, calling for the full payment of all creditors, including the bondholders, is now in effect and Spineguard Inc. is no longer a debtor in bankruptcy.

Extraordinary General Meeting held behind closed doors on September 23, 2021

In accordance with recent French legislation relating to the pandemic situation and the recommendations of the AMF (Autorité des Marchés Financiers or AMF), SpineGuard will hold its Extraordinary General Meeting on September 23, 2021 at 10:00 a.m. CEST in camera. virtual session. It is recalled that the AMF strongly encourages shareholders to vote, this right being a fundamental prerogative of each shareholder.

The Extraordinary General Meeting will be broadcast (in French) to:
https://us02web.zoom.us/webinar/register/WN_KhgKKmCPTQ6Y2tGBtXlycQ

Shareholders are invited to pre-register for the Extraordinary General Meeting via this link, indicating their name, first name and e-mail address. They will then receive a registration confirmation with the possibility of adding the event to their agenda.

Outlook 2021

The cash position at August 31, 2021 of € 6.2 million plus the secured line of credit for € 5.0 million means that the total cash available to the Company is € 11.2 million. Given the current cash position, the secured convertible credit facility and the expected recurring payments, the Company estimates that it can finance its needs throughout 2023.

For 2021, SpineGuard is focusing on the following priorities while striving to stay close to balance:

1. Boost commercial activities with the launch of the DSG-Connect visual interface.

2. Accelerate the implementation of digital DSG technology in ortho-robotics through the deployment of AI algorithms, new scientific evidence and additional patents.

3. Intensify collaboration with ConfiDent ABC for the dental application and co-develop a new generation of products integrating DSG technology.

4. Affirm the company’s technological shift and sign strategic partnerships, in particular for the use of DSG technology in the field of robotics.

The company’s half-year financial report is available in the Investors> Stock exchange deposits section of the site www.spineguard.com in French only.

Next financial press release: Revenue for the third quarter of 2021 to October 14, 2021.

About SpineGuard®

Founded in 2009 in France and the USA by Pierre Jérôme and Stéphane Bette, SpineGuard is an innovative company deploying its proprietary real-time detection technology without DSG® radiation (Dynamic Surgical Guidance) to secure and rationalize the placement of implants in the skeleton . SpineGuard designs, develops and markets medical devices that have been used in more than 85,000 surgical procedures worldwide. Seventeen studies published in peer-reviewed scientific journals have demonstrated the multiple benefits offered by DSG® to patients, surgeons, surgical staff and hospitals. On the strength of these solid fundamentals and several strategic partnerships, SpineGuard has extended its technological platform in a breakthrough innovation: the “intelligent” pedicle screw launched at the end of 2017 and broadens the field of applications in dental implantology and surgical robotics. DSG® was co-invented by Maurice Bourlion, Ph.D., Ciaran Bolger, MD, Ph.D., and Alain Vanquaethem, biomedical engineer.

For more information, visit www.spineguard.com

Disclaimer

SpineGuard securities may not be offered or sold in the United States because they have not been and will not be registered under the Securities Act or any securities law of the United States, and SpineGuard has not intends to make a public offering of its securities in the United States. This is an announcement and not a prospectus, and the information contained in this document does not and will not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the securities referred to herein in the United States in which such offering, solicitation or sale would be illegal prior to registration or exemption from registration.


Source link

Leave A Reply

Your email address will not be published.