Contraction of sales for the first half of 2020: -15%
Improvement of the Recurring Operating Income of +20%
Operational integration of LCI Medical within the Group
Eragny-sur-Oise, France, September 28th, 2020, 18h30 CEST – Safe Orthopaedics (FR0013467123 - ALSAF), a company specializing in the design and marketing of ready-to-use technologies for spinal surgeries, delivering the safest treatment for spinal fractures urgently treated, today announces its results for the first half of 2020 to June 30.
Safe Orthopaedics’ half-year financial report will be available by September 30th in the Investors > Documentation section of the Company’s website (www.SafeOrthopaedics.com).
In thousands of euros –IFRS
Revenues – Direct sales
Revenues – Indirect sales
Adjusted total revenues
Purchases used and changes in inventories
Other operating expenses
Operating income / (loss) before non-recurring items
Other operating income (expenses)
Operating income / (loss)
Financial income / (loss)
Net income / (loss)
In the first half of 2020, revenues recorded a decrease of only 15%, 1 725k€, compared to the first semester of 2019, despite the worldwide sanitary lockdown that occurred during the first semester. Indirect sales were the most affected with a decrease of only -18%.
Even if the financial measures proposed by the government have been implemented, the company’s expenses have been strongly reduced, leading to a decrease of purchases used and external costs of more than 1,4M€, allowing the company to show an improvement of its ROC of more than 20%, -3,2M€ vs. -4M€ in June 2019, despite the sales decrease.
As at June 30, 2020, the cash position of Safe Orthopaedics amounted to 3M€, vs. 1,1M€ as at June 30, 2019.
As a reminder, on July 24th, 2020, the company acquired LCI Medical, a sub-contracting company for the manufacturing of medical devices, thus constituting the first integrated group for the urgent treatment of vertebral fracture through ready-to-use technologies.
“In this so peculiar period, we were able to limit the impact of Covid-19 on the sales of Safe Orthopaedics and to preserve the financial resources of the company while achieving an historical acquisition transaction for the Group, by acquiring a production asset opening new innovative and services perspectives.” Pierre Dumouchel, Chief Executive Officer and co-founder of Safe Orthopaedics comments. “Through the acquisition of LCI Medical, the establishment of the Group Safe Orthopaedics takes on its full meaning through the first synergies set up as early as October, notably with the centralization of operations in the Lyon region and the accelerated launch of new technologies in the coming six months. The announcement of the establishment of the Group allowed to attract new foreign customer thanks to the proposed integrated offer.”
Next financial release: revenues for the 3rd quarter of 2020, Thursday October 8 (after market)
About Safe Orthopaedics
Founded in 2010, Safe Orthopaedics is a French medical technology company, a pioneer of the design and marketing of innovative ready-to-use technologies (single-use implants and instruments) for spinal fractures treatments. The company develops and manufactures kits combining sterile implants and single-use instruments, available at any time for the surgeon. These technologies enable minimally invasive approach, reducing the risk of cross contamination and infection, in the interest of the patient with a positive impact on hospitalization durations and costs. Protected by 17 patent families, the SteriSpineTM PS are CE marked and FDA approved. Safe Orthopaedics has its headquarters close to Paris (95610 Eragny-sur-Oise – France) has subsidiaries in the UK, Germany, United States and in the Lyon area where the manufacturing company is located. The Group employs around 150 employees for total proforma sales of 6.8M€ in 2019.
Chief Financial and Administrative Officer
Tél. : +33 (0)1 34 21 50 00