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IMPLANET Announces 2021 Revenue Growth of 58%, Under IFRS

·5-min read
  • Total revenue of €7.7 million, +29% including the divested MADISONTM activity

  • Successful strategic repositioning: strengthening of the Spine business (+62% in 2021) with the acquisition of OSD and divestment of the MADISONTM activity

BORDEAUX, France & BOSTON, January 18, 2022--(BUSINESS WIRE)--Regulatory News:

IMPLANET (Euronext Growth: ALIMP, FR0013470168, eligible for PEA-PME equity savings plans), a medical technology company specialized in vertebral implants, today announced its 2021 fourth-quarter revenue, annul revenue and cash position at December 31, 2021.

Ludovic Lastennet, IMPLANET’s CEO, said: "The strategic shift undertaken at the end of 2020 enabled us to achieve, in under six months in 2021, the acquisition of OSD, strengthening our Spine business, and the divestment of our MADISONTM Knee activity to SERF (MENIX group), confirming our refocus on the JAZZ® and OSD ranges. The benefits of these two operations are already visible, our revenue increasing by 58% excluding MADISONTM activity. Our Spine business saw strong growth over the year, both in France and abroad, despite the still substantial impact of the pandemic on the scheduling of surgical operations. In 2022, we intend to continue the commercial development of our ranges and to intensify our growth on our traditional segment while capitalizing on the recent partnerships we have signed, the goal being to make Implanet a key player in the treatment of spinal pathologies".

Revenue, IFRSMADISONTM activity restated1

Revenue (€ ‘000s - IFRS*)

2021

2020

Change

First-quarter revenue

1,026

795

+29%

Second-quarter revenue

1,574

797

+98%

Third-quarter revenue

1,774

1,194

+49%

Spine

1,750

1,063

+65%

Knee & Arthroscopy

15

43

-65%

Total fourth-quarter revenue

1,765

1,106

+60%

Spine

6,102

3,767

+62%

Knee & Arthroscopy

38

125

-69%

Total full-year revenue

6,140

3,892

+58%

Revenue at constant scope excluding restatement of MADISONTM activity

Revenue (€ ‘000s - IFRS*)

2021

2020

Change

First-quarter revenue

1,678

1,567

+7%

Second-quarter revenue

2,040

1,029

+98%

Third-quarter revenue

2,111

1,749

+21%

Spine

1,750

1,063

+65%

Knee & Arthroscopy2

155

604

-74%

Total fourth-quarter revenue

1,905

1,668

+14%

Spine

6,102

3,767

+62%

Knee & Arthroscopy

1,633

2,244

-27%

Total full-year revenue

7,735

6,012

+29%

*Unaudited data

In the fourth quarter of 2021, Implanet recorded very solid growth in its Spine business (+65%), notably thanks to the strategic acquisition of OSD. Activity in France tripled to €0.9 million in Q4, while activity in the Rest of the World also almost tripled, reaching €0.7 million. In the United States, activity continued to be heavily impacted by Covid-19.

Over 2021 as a whole, consolidated revenue, restated for MADISONTM activity in accordance with IFRS 5, totaled €6.1 million, an increase of +58% compared with the previous year. Excluding this restatement of MADISONTM activity, revenue was €7.7 million, and was thus up 29% compared with 2020.

Spine activity recorded very strong growth of 62%, with revenue totaling €6.1 million in 2021. OSD’s contribution to revenue (between May 19 and December 31, 2021) corresponded to €2.0 million. Hence, despite the still substantial impact of COVID-19 in 2021, the Spine business generated organic growth of 7%.

In France, Spine activity more than doubled to €2.7 million. The Rest of the World represented €2.0 million, giving very buoyant growth of 168% compared with 2020. Lastly, the United States saw revenue decline by 20% to €1.4 million. This decrease was primarily due to surgical operations being postponed and SeaSpine’s orders being pushed back.

Cash position

At December 31, 2021, Implanet had a cash position of €1.9 million. At the same time, the payment of the remaining balance of the divestment price of the MADISONTM knee business, i.e. €2.3 million, will be spread over time depending on the achievement of regulatory milestones related to the CE marking, with €0.6 million of this balance expected to be received in 2022. Lastly, in January 2021 the Company signed a convertible bond program with Nice & Green for a total of €5.0 million. At December 31, €2.1 million is still available and remains to be subscribed to by Nice & Green.

Key 2021 highlights

  • Acquisition of Orthopaedic & Spine Development ("OSD"), which specializes in developing, manufacturing and marketing implants for spine surgery

  • Signing of a distribution contract in Germany with ulrich GmbH & Co. KG for Implanet’s JAZZ® implants and the OSD cervical plate

  • Signing of an exclusive agreement with GLOBUS MEDICAL for the distribution of its REFLECT® scoliosis correction system to 15 French university centers specialized in pediatric spine surgery

  • Divestment of the MADISONTM knee prosthesis range to the MENIX Group’s SERF company

2022 strategy and outlook

  • Finalize the globalization of our product offer for Spine surgery:

    • Sustain the product synergies initiated in 2021 on our priority direct sales markets;

    • Address emerging group purchasing issues, both in the public sector and in private facility groups.

  • Revitalize our presence in the United States:

    • Add to the existing commercial team;

    • Strengthen our direct approach by expanding our opinion leader scientific team;

    • Launch, in 2022, two more product ranges resulting from the acquisition of OSD, SWINGO and ORIGIN.

  • Seek strategic partnerships to allow Implanet to enter a new phase and achieve financial equilibrium in the short / medium term.

Upcoming financial events:

The Company will soon announce its schedule for the publication of financial information for 2022.

About IMPLANET

Founded in 2007, IMPLANET is a medical technology company that manufactures high-quality implants for orthopedic surgery. Its activity revolves around a comprehensive innovative solution for improving the treatment of spinal pathologies (JAZZ®) complemented by the product range offered by Orthopaedic & Spine Development (OSD), acquired in May 2021 (thoraco-lumbar screws, cages and cervical plates). Implanet’s tried-and-tested orthopedic platform is based on the traceability of its products. Protected by four families of international patents, JAZZ® has obtained 510(k) regulatory clearance from the Food and Drug Administration (FDA) in the United States, the CE mark in Europe and ANVISA approval in Brazil. IMPLANET employs 29 staff and recorded a consolidated revenue of €6.1 million in 2021. Based near Bordeaux in France, IMPLANET opened a US subsidiary in Boston in 2013. IMPLANET is listed on the Euronext Growth market in Paris. For further information, please visit www.implanet.com.

The Company would like to remind readers that the table for monitoring the equity line (OCA, BSA) and the number of shares outstanding is available on its website: http://www.implanet-invest.com/suivi-des-actions-80

1 In accordance with IFRS 5 "Non-current assets held for sale and discontinued operations", revenue generated by MADISON activity up to October 29, 2021 (date of its divestment to SERF) will be classified as divested business below the operating profit/loss. In contrast, commission allowing the continuity of the regulatory obligations during the transition period will continue to be classified as revenue in the "Knee and Arthroscopy" product typology.
2 Including MADISON activity until 10/29/2021.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220118005861/en/

Contacts

IMPLANET
Ludovic Lastennet, CEO
David Dieumegard, CFO
Tel.: +33 (0)5 57 99 55 55
investors@Implanet.com

NewCap
Investor Relations
Mathilde Bohin
Nicolas Fossiez
Tel.: +33 (0)1 44 71 94 94
implanet@newcap.eu

NewCap
Media Relations
Nicolas Merigeau
Tel.: +33 (0)1 44 71 94 94
implanet@newcap.eu

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