- Consolidated sales of €45.2 million, +10.8% at constant
exchange rates, after the restatement of foot and ankle activities
as activities held for sale
- Increase in EBITDA to €11.7 million (+14.0%), EBITDA margin of
25.8%
- Recurring operating profit of €4.9 million
- Cash position of €11.0 million at December 31, 2022
Regulatory News:
Amplitude Surgical (ISIN: FR0012789667, Ticker: AMPLI, eligible
for PEA-PME savings plans) (Paris:AMPLI), a leading French player
on the surgical technology market for lower-limb orthopedics,
announces its results for the first half of its 2022-23 financial
year.
Olivier Jallabert, Amplitude Surgical’s CEO, said:
“Amplitude Surgical’s sales for the first half of its 2022-23
financial year, excluding foot and ankle activities for which a
strategic review is underway, recorded an increase of 10.8% at
constant exchange rates compared with the first half of the
previous year. The growth in activity combined with good control
over operating costs led to a 14.0% improvement in EBITDA to €11.7
million. There was a recurring operating profit of €4.9 million, a
substantial improvement on the previous year”.
Financial summary – actual exchange rates:
In June 2022, the Board of Directors issued a recommendation
that a strategic review of the Group’s foot and ankle activities be
launched. This review, which is still underway, could lead to the
divestment of this activity driven by Novastep and Novastep Inc. As
of December 31, 2022, the criteria set out in IFRS 5 are complied
with. Therefore, and in accordance with IFRS 5 “Non-current assets
held for sale and discontinued activities” principles, the two
subsidiaries fulfill the criteria of a discontinued activity and
are presented separately in the Group’s income statement as
Profit/loss from discontinued activities, after tax. 2021-22
first-half accounts have been restated accordingly.
€m - IFRS
H1 2022-23
H1 2021-2022
Δ
Sales
45.2
40.2
12.5%
Gross margin
32.4
29.5
9.9%
as a % of sales
71.6%
73.3%
-168 bps
Sales & Marketing costs
13.8
12.8
8.0%
General & Administrative costs
6.2
5.6
10.7%
Research & Development costs
0.8
0.9
-14.2%
EBITDA
11.7
10.2
14.0%
as a % of sales
25.8%
25.4%
+35 bps
Recurring operating profit/loss
4.9
2.9
Non-recurring operating income and
expenses
-1.0
-0.3
Operating profit/loss
3.9
2.6
Financial profit/loss
-6.9
-4.4
Current and deferred tax
-0.3
-0.4
Profit/loss from discontinued
activities, after tax
-0,9
-0.8
Net profit/loss - Group share
-4.2
-2.8
December 31, 2022
June 30, 2022
Net financial debt
128.3
118.0
Cash position at end of period
11.0
21.0
EBITDA up by 14.0% with an EBITDA margin of 25.8%
Over the first half of its 2022-23 financial year (from July to
December 2022), Amplitude Surgical generated sales, after
application of IFRS 5, of €45.2 million, up 12.5% in actual terms
and 10.8% at constant exchange rates compared with the previous
year. The Group’s consolidated sales after application of IFRS 5
correspond to sales from knee and hip activity.
Before application of IFRS 5, total Group sales including foot
and ankle activity came to €56.4 million, up 17.3% in actual terms
and 14.2% at constant exchange rates.
Amplitude Surgical recorded a gross margin of 71.6% in H1
2022-23, down 168 bps, impacted primarily by an increase in the
cost price of its products.
The Group’s operating expenses totaled €20.7 million, up 7.7%
compared with end-December 2021.
Sales & Marketing costs were up by 8.0%, as a result of the
growth in activity, principally in France.
General & Administrative spending rose by 10.7% to €6.2
million, with an increase in personnel expenses and costs notably
for quality and regulatory activities.
In the first half of 2022-2023, Research and Development
expenses represented 1.7% of sales, versus 2.3% in the first half
of 2021-22. However, including capitalized R&D costs, the
Group’s global investment in Research & Development increased
from €1.8 million in 2021/2022 to €2.3 million in the first half of
2022-23.
At the end of December 2022, excluding foot and ankle
activities, Amplitude Surgical had a workforce of 414 staff,
compared with 389 at end-June 2022. Personnel costs were up 8.9%
compared with the first half of 2021-2022.
EBITDA was thus €11.7 million, an increase of 14.0%, giving an
EBITDA margin of 25.8%, up 35 bps compared with the figure for the
first half of 2021-22.
Amplitude Surgical recorded a Recurring Operating Profit of €4.9
million in H1 2022-23, compared with a profit of €2.9 million in
the first half of 2021-2022, thanks to the positive sales trend and
good control over operating costs. Operating Profit totaled €3.9
million, versus €2.6 million in H1 2021-2022.
The Financial Result was -€6.9 million, and consisted primarily
of an interest expense of €5.2 million and the booking of currency
losses and gains giving a net loss of €1.5 million at end-December
2022.
The Net Result (Group share) was a loss of €4.2 million, versus
a net loss of €2.8 million in the first half of the previous
year.
Financial structure: cash position of €11.0 million at the
end of 2022
The net cash flow generated by operating activity was a positive
€1.0 million over the half, compared with a positive €1.7 million
in the first half of 2021-22.
Investments totaled €9.3 million in the first half of 2022-23,
versus €4.9 million in H1 2021-22.
At the end of December 2022, the Group had cash and cash
equivalents of €11.0 million and Net Financial debt of €128.3
million.
Availability of the financial report
Amplitude Surgical has made its half-year report to December 31,
2022 available to the public and filed it with the AMF French stock
market authorities.
This half-year financial report can be found on Amplitude
Surgical’s website at www.amplitude-surgical.com/fr, in the
“Documentation / Financial Report” section.
Next financial press release: Sales for the first 9
months of 2022-23, on Thursday April 20, 2023 (after
market).
About Amplitude Surgical
Founded in 1997 in Valence, France, Amplitude Surgical is a
leading French player on the global surgical technology market for
lower-limb orthopedics. Amplitude Surgical develops and markets
high-end products for orthopedic surgery covering the main
disorders affecting the hip, knee and extremities, and notably foot
and ankle surgery. Amplitude Surgical develops, in close
collaboration with surgeons, numerous high value-added innovations
in order to best meet the needs of patients, surgeons and
healthcare facilities. A leading player in France, Amplitude
Surgical is developing abroad through its subsidiaries and a
network of exclusive distributors and agents distributing its
products in more than 30 countries. Amplitude Surgical operates on
the lower-limb market through the intermediary of its Novastep
subsidiaries in France and the United States. At June 30, 2022,
Amplitude Surgical had a workforce of 460 employees and recorded
sales of nearly 104.8 million euros (including foot and ankle
activity and before application of IFRS 5).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230322005521/en/
Amplitude Surgical CFO Dimitri Borchtch
finances@amplitude-surgical.com +33 (0)4 75 41 87 41
NewCap Investor Relations Thomas Grojean
amplitude@newcap.eu +33 (0)1 44 71 94 94
NewCap Media Relations Nicolas Merigeau
amplitude@newcap.eu +33 (0)1 44 71 94 98
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