PARIS & BOULDER, Colo.--(BUSINESS WIRE)--Regulatory News:
SpineGuard (Paris:ALSGD) (FR0011464452 – ALSGD), an innovative company that deploys its DSG® (Dynamic Surgical Guidance) sensing technology to secure and streamline the placement of bone implants, announced today that its first half 2021 revenue was € 2.2 m at constant exchange rate (cc).
Pierre Jérôme, Co-founder, Chairman and CEO of SpineGuard, declared: “Our excellent sales momentum OUS, especially in Europe, over the last three quarters is ramping-up and we are now back to growth in the United States. This concurrence enables us to deliver a great performance in this second quarter of 2021 with close to 40% global growth at constant exchange rate. This is particularly encouraging considering that our DSG Connect platform is still in pre-launch phase. In addition, we now have the cash runway to fund both our commercial deployment in the United States and our very promising innovation pipeline."
H1 and Q2 2021 revenues
€ thousands – IFRS (Unaudited) |
2021 |
2020 |
Variance
|
Var. cc |
First Quarter |
1,049 |
1,376 |
-24% |
-19% |
Second Quarter |
1,179 |
902 |
+31% |
+39% |
Half-Year |
2,228 |
2,278 |
-2% |
+4% |
Outside the USA, the revenue of the second quarter grew by +146% at € 304K. The half-year revenue grew by +59% at € 652K.
In the United States, the revenue of the second quarter 2021 grew by 22% to $ 1,054K from $ 862K (+13% as reported).
2,731 DSG units were sold in the first half of 2021 from 2,422 units in 2020, a growth of 13%. 1,293 units were sold in the United States i.e. 47%.
Status of the French “Sauvegarde” and Chapter 11 procedures
Following the exit of the French “procédure de Sauvegarde” earlier this year on March 24, the Company is now executing the plan approved by the French Court of Commerce.
In the USA, the steps for the exit of the chapter 11 are running smoothly. The next step will be a hearing scheduled on July 22 at the Delaware Court. We expect to emerge from chapter 11 in late August.
Cash position
The cash position as of June 30, 2021 is € 5.2 m The secured equity line facility for € 6.5 m and the potential conversion of equity warrants issued in June 2021 for a maximum of € 5.2 m should be added. Considering the current cash position, the secured convertible bond facility, the equity warrants potential conversions and the recurring expected business, the Company estimates that it can fund its needs through 2023.
2021 Perspectives
For 2021 SpineGuard focuses on the following priorities:
- Boost commercial activities with the launch of the DSG-Connect visual interface.
- Accelerate the implementation of the DSG digital technology in ortho-robotics through the deployment of AI algorithms, new scientific evidence, and additional patents.
- Intensify the collaboration with ConfiDent ABC for the dental application and co-develop a new generation of products embedding the DSG technology.
- Affirm the company’s technological shift and sign strategic partnerships in particular for the use of DSG technology in the robotic field.
Next financial press release: 2021 Half-year financial results on September 15, 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 radiation-free real time sensing technology DSG® (Dynamic Surgical Guidance) to secure and streamline the placement of implants in the skeleton. SpineGuard designs, develops and markets medical devices that have been used in over 85,000 surgical procedures worldwide. Seventeen studies published in peer-reviewed scientific journals have demonstrated the multiple benefits DSG® offers to patients, surgeons, surgical staff and hospitals. Building on these solid fundamentals and several strategic partnerships, SpineGuard has expanded its technology platform in a disruptive innovation: the « smart » pedicle screw launched late 2017 and is broadening the scope of applications in dental implantology and surgical robotics. DSG® was co-invented by Maurice Bourlion, Ph.D., Ciaran Bolger, M.D., Ph.D., and Alain Vanquaethem, Biomedical Engineer.
For further information, visit www.spineguard.com
Disclaimer
The SpineGuard securities may not be offered or sold in the United States as they have not been and will not be registered under the Securities Act or any United States state securities laws, and SpineGuard does not intend to make a public offer of its securities in the United States. This is an announcement and not a prospectus, and the information contained herein does and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in the United States in which such offer, solicitation or sale would be unlawful prior to registration or exemption from registration.
