SPINEWAY Press release
Ecully,
2023 annual results
- 2023 revenue of €10.5 million (+42%)
- Gross margin steady at 69%
- Net income heavily impacted by exceptional items
- Implementation in 2024 of a streamlining plan to achieve operating breakeven in the medium term1
| In thousands of euros Consolidated accounts | 2023 | 2022 |
| Revenue | 10,519 | 7,432 |
| Cost of sales | (3,309) | (2,320) |
| Gross margin | 7,210 | 5,112 |
| % of revenue | 69% | 69% |
| Net operating expenses | (11,727) | (8,322) |
| Of which running costs | (5,424) | (3,770) |
| Of which personnel expenses | (5,659) | (4,875) |
| Operating income/(loss) | (4,517) | (3,210) |
| Financial income/(expense) | (1,035) | 184 |
| Non-recurring income/(expenses) | (957) | (112) |
| Net income/(loss) | (6,510) | (3,137) |
The Board of Directors of
Results marked by the increase in operating expenses
Although the gross margin was steady at 69% of revenue, the increase in revenue is not reflected in the Group’s results, which were impacted by increased spending on R&D, sales, marketing and practitioner training, as well as the necessary regulatory investments (MDR regulatory requirements, product export approvals, etc.), which will continue in 2024.
In addition, the increase in headcount over the year following the strengthening of
Over the period,
Financing to secure cash flow and support the Group’s developments
As mentioned in the press release of
In addition to this financing,
As announced,2 the purpose of these funds is to finance the Group’s operations, in particular the intensification of regulatory and clinical expenditure associated with the new MDR requirements, and to support the Group’s developments.
At the end of
Launch of a streamlining plan
In view of the situation, the Group’s management has decided to take cost-cutting measures, which will result in a tighter operating budget and the reduction of around 10 positions in the workforce. It has also been decided to postpone investments dedicated to very costly projects for which financing has not yet been secured.
Development prospects
The company is pursuing its strategic roadmap, whose main objectives are the export approval of the ranges acquired in 2021 and 2022 in order to open up new markets, commercial efforts to benefit from synergies between
At the same time, the company plans to allocate R&D resources for the development of new generations of its Distimp Premium and Spine Innovations product lines.
These measures, combined with a robust business base and a good gross margin, should enable the Group to return to operating breakeven in the medium term and keep it on the path to the profitability needed to sustain cash requirements and roll out its strategic plan for innovation and commercial growth.
1 In terms of EBITDA, i.e. earnings before interest, tax, depreciation and amortization, which was negative €3.3m in the year ended
2 Press release of
3 Ratio of net debt to equity
Next events:
SPINEWAY IS ELIGIBLE FOR PEA-SME (EQUITY SAVINGS PLANS FOR SMES)
Find out all about
This press release has been prepared in both English and French. In case of discrepancies, the French version shall prevail.
Contacts :
Shareholder - services line Available Tuesday through Thursday +33 (0)806 70 60 60 | AELIUM Investor relations spineway@aelium.fr |
Attachment
- CP_SPW-RA2023_VDEF_EN_VD2
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