PARIS & SAN FRANCISCO--(BUSINESS WIRE)-- SpineGuard (FR0011464452 – ALSGD), an innovative company that designs, develops and markets disposable bone-monitoring devices intended to make spine surgery safer, reported today its full-year 2013 financial results as approved by the Board of Directors on March 20, 2014.
|€ thousands – IFRS Audited||Dec 31, 2013||Dec 31, 2012||Δ|
|Gross margin (% of revenue)||87.3%||86.3%|
|Sales, distribution & marketing||4,761||4,201|
|Research & Development||811||588|
|Operating profit / (loss)||-3,152||-3,189|
|Pre-tax profit / (loss)||-3,515||-3,266|
|Net profit / (loss)||-3,515||-3,266|
2013: revenue growth and better-than-expected operating result
In 2013, SpineGuard reported full-year revenue of €4,615 thousand compared to €3,877 thousand for the full-year 2012, a 20% CC increase. 6,308 PediGuard units were sold compared to 5,225 for the full year 2012, including 3,142 in the United States; 1,341 in Europe; 973 in Latin America; 616 in the Middle East; and 236 in Asia-Pacific.
The gross margin remained very solid over the year at 87.3%. It was stable compared to the previous six-month results and continues to reflect PediGuard’s relatively low manufacturing costs, including for the recently-launched new versions (Cannulated PediGuard and the XS Range) whose manufacturing costs could be reduced as volumes grow.
SpineGuard’s business model, driven by continuous improvement in its supply chain and distribution, enables the optimization of operating expenses, which totaled €7,179 thousand in 2013 compared to €6,535 thousand for the full-year 2012.
The above elements allowed the Company to record a stable and well-controlled operating loss of €3,152 thousand compared to a loss of €3,189 thousand a year ago.
The Company reported a net loss of €3,515 thousand for the full-year 2013 compared to a loss of €3,266 thousand for the full-year 2012, after an interest charge of €278 thousand and a foreign currency charge of €84 thousand.
Working capital was €322 thousand compared to €139 thousand for the full-year 2012, illustrating the low and atypical level of cash required compared to industry standards, notably with inventory levels being reduced to €436 thousand compared to €498 thousand for the full-year 2012.
At December 31, 2013, cash and cash equivalents were €6,395 thousand compared to €2,314 thousand at December 31, 2012.
Key events: positive news flow aligned with objectives
Surgeons education and clinical trials:
Research and development:
|The Board of Directors resolved to ask the appointment of Pierre Guyot (CEO and Director of Mölnlycke Healthcare since 2007) as a Director at the next shareholders meeting.|
Set-up of a Standby Equity Facility (Paceo®) with Societe Generale.
First drawdown on the Paceo for a total of €262 thousand, representing an increase of 25,000 issued shares and a total number of shares issued to date of 4,336,112.
Pierre Jérôme, CEO of SpineGuard, said: “We are really pleased with our financial and strategic performance in 2013. Our enhanced resources and visibility since the IPO are enabling us to exploit the amazing potential of our technology platform at a faster pace. The development of the PediGuard SmartScrew is well underway. We are convinced it represents a major breakthrough for patients undergoing back surgery. This project also offers particularly promising perspectives in traumatology, the fastest-growing orthopedic segment. These new applications are based on a solid clinical foundation and represent a true medium-term opportunity of growth for SpineGuard and its partners.”
Next financial press release: 2014 half-year revenue: July 17, 2014
Founded in 2009 and based in Paris and San Francisco, SpineGuard is an innovative company that designs, develops and markets disposable bone-monitoring devices intended to make spine surgery safer. Its PediGuard® core technology allows orthopedic spine surgeons and neurosurgeons to insert pedicle screws with unparalleled accuracy. Equipped with a sensor at its tip and electronics in its handle, PediGuard® measures changes in the electrical conductivity of surrounding tissue in real time and alerts the surgeon using audio feedback and a flashing light. Several key clinical studies have established the reliability and accuracy of PediGuard® for pedicle screw placement, demonstrating significantly less radiation exposure of medical teams and shorter surgery time when it is used. The PediGuard® platform is protected by eight international patent families, approved and sold in 45 countries, CE Marked in Europe, and has received 510(k) clearance from the FDA in the United States. Over 30,000 surgical procedures have been performed worldwide using PediGuard®. The company was awarded “innovative business” status by Oséo in 2009.
For further information, please go to www.spineguard.fr.