Safe group group reports half-year revenues of €2.9m
Safe group group reports half-year revenues of
€2.9m
- Second-quarter revenue of €1.4M in
Q2 2022, stable compared with Q1 2022
- Safe Orthopaedics French half-year
growth of 32%.
- Safe Medical half-year growth of 7%
compared with 2022
- Ongoing reorganization of less
dynamic regions
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Éragny-sur-Oise, Fleurieux-sur-l'Arbresle,
July 10th, 2023 at 8:35 p.m. CET - Safe (FR001400F1V2 -
ALSAF), a company specializing in the design, manufacture
and marketing of ready-to-use technologies for back surgery,
particularly safe for spinal fractures treated in emergency (the
"Company") announces its yearly sales results for 2023.
"Safe Group closes the first half of 2023 with
overall half-year sales growth of 6% compared with the first half
of 2022, driven by growth in French direct sales for Safe
Orthopaedics (+32%), the introduction of hydride marketing in the
UK (+37%) and Safe Medical (+7%). In the German and American
markets, we are holding discussions with local players to increase
our commercial presence and boost the adoption of our
technologies" comments Pierre Dumouchel, Chairman and CEO of
Safe Group. "The second half of the year should be boosted by
the acceleration of sales of Sycamore and Hickory, currently being
rolled out internationally, and by the contracting of distributors
and agents in less dynamic regions".
Revenue at June 30, 2023
Thousands of dollars |
Q1
2023 |
Q2
2023 |
S1
2023 |
Q1
2022 |
Q2
2022 |
S1
2022 |
VariationQ2 23/ Q2 22 |
VariationS1 23/ S1 22 |
Safe Orthopaedics |
918 |
808 |
1 726 |
928 |
817 |
1 745 |
-1% |
-1% |
Safe Medical |
590 |
593 |
1
183 |
490 |
518 |
1
008 |
+14% |
+17% |
Safe Group |
1
508 |
1
401 |
2
909 |
1
418 |
1
335 |
2
753 |
+5% |
+6% |
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Excluding impact of IFRS 15
Safe Orthopaedics' half-year direct sales came
to €1,149k versus €1,182k in the first half of 2022, down 3%,
mainly impacted by a contraction in German and US sales, in
contrast to Safe Orthopaedics' historical markets: France and the
UK, where sales are growing at double-digit rates.
In France, first-half direct sales came to
€842k, compared with €643k (+30%) in the first half of 2022. The
20% growth in the second quarter is part of a series of 5
post-covid quarters of double-digit revenue growth.
In the UK, first-half direct sales came to €110k
versus €88k (+25%), excluding the contribution of the first order
from the new distributor contracted in the second quarter to
bolster sales prospecting in England and Wales.
In Germany and the United States, direct sales
amounted to €197k versus €443k in the first half of 2022. These two
markets require stronger sales and technical support. As
a result, Safe Orthopaedics has been reviewing its sales
organization since the beginning of 2023, and is actively seeking
distribution partners in order to step up prospecting and support
for surgeons on a daily basis.
Indirect sales recorded at €577k for the first
half of 2023 are up slightly by 3% compared with 2022. The
financial prudence of certain distributors in a troubled
international financial context is still limiting international
growth. However, the company has noted significant sales growth in
Latin America and Eastern Europe, where distributors are actively
promoting the ready-to-use model and offering the full
SteriSpineTM range.
The company is actively seeking new European
distributors and is working on the international commercial launch
of the new Sycamore and Hickory technologies.
Safe Medical posted half-year sales of €1,183k,
up 7% from €1,106k in 2022.
For reasons of confidentiality and respect for
customers other than Safe Orthopaedics, the Group is not disclosing
any commercial details.
From a technological standpoint, the number of
SteriSpineTM procedures sold exceeds 27,000 by June 30, 2023.
The new Sycamore and Hickory technologies are now being marketed
worldwide, with the exception of the United States, where they are
awaiting FDA approval.
In the second half of 2023, the company, which
has already performed over 150 Sycamore surgeries under reinforced
clinical follow-up, will publish its 12-month clinical results, and
is awaiting official registration in several hospital
groups.
From a structural point of view, the Group has
been producing all its SteriSpineTM products in-house since
summer 2022. The Group offers shorter production lead times,
optimized working capital requirements and a significant recovery
in gross margin. All these elements will be detailed when the
financial results are published on 10/10/2023.
Cash position
At June 30, 2023, the Group's cash position
stood at 70 k€, compared with 220 k€ at June 30, 2022.
As a reminder, a 30M€ financing program was
signed with Alpha Blue Ocean on March 14, 2023. The inherent risks,
and in particular its highly dilutive potential, are reminded in
the press release published on March 14, 2023 and available on the
company's website.
Next financial publication
First-half 2023 results, October 10, 2023 (after
close of trading)
About Safe GroupSafe Group is a French
medical technology group that brings together Safe Orthopaedics, a
pioneer in ready-to-use technologies for spine pathologies, and
Safe Medical (formerly LCI Medical), a medical device subcontractor
for orthopaedic surgery. The group employs approximately 150
people.
Safe Orthopaedics develops and manufactures kits
combining sterile implants and single-use instruments, available at
any time to the surgeon. These technologies are part of a minimally
invasive approach aimed at reducing the risks of contamination and
infection, in the interest of the patient and with a positive
impact on hospitalization times and costs. Protected by 18 patent
families, SteriSpineTM kits are CE marked and FDA approved.
Safe Orthopaedics is headquartered in the Paris region (95610
Eragny-sur-Oise) and has subsidiaries in the United Kingdom,
Germany, the United States, and the Lyon region
(Fleurieux-sur-l'Arbresle).
For more
information: http://www.safeorthopaedics.com/
Safe Medical produces implantable medical
devices and ready-to-use instruments. It has an innovation center
and two production sites in France (Fleurieux-sur-l'Arbresle,
69210) and in Tunisia, offering numerous industrial services:
design, industrialization, machining, finishing and sterile
packaging. Supported by the French stimulus plan in 2020, the
company invests in additive printing and will be operational in
2022 on this new technology.
For more
information: http://www.safemedical.fr/
Contacts
Safe GroupFrançois-Henri
Reynaud Chief
Financial and Administrative
Officer Tél.
: +33 (0)1 34 21 50
00 investors@safeorthopaedics.com
SAFE (EU:ALSAF)
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