SPINEWAY 2016 annual results, 2017 and beyond…
% TO 2016 TO 2016 : 5,1 M € 2016 Turn Over by area (% TO 2015) Europe 24% (20%) USA 12% (NS) Asia/Pacific 18% (19%) EMEA 10% LATAM (20%) 36% (41%) SPW Officerepresentation Worldwide distributionnetwork 3
KEY HIGHLIGHTS OF 2016: USA Acceleration of deployment to the US • Establishment of Spineway USA Inc – Based in Florida (August 2016) • First strategic partner in the US: California distributor • Sales orders totaling $2 million (delivery in 2017) New approvals from the FDA (510k) • Autorisation to market in the US: • Sterile product lines: Mont-blanc (MIS and 3D+), Twin-Peaks and Ayers Rocks • Non-sterile product lines: Blue Mountain, Ayers Rocks and Mont-Blanc Mini-invasive • Products that meets 80% of surgeons’ needs "Sterile " option: key to market entry in the US • Huge demand from US hospitals: " ready-to-use " implants • Spineway’s competitive edge: few sterile product options available in the US An area that is likely to represent a significant portion of the sales margin for 2018 4
KEY HIGHLIGHTS OF 2016: CHINA China: a strategic partner • Agreement with TINAVI Medical Technologies (Beijing) – shares listed on NEEQ (Since Nov. 2015) • Development and marketing of highly innovative surgical systems • TiRobot ™: the world’s only robot that can perform surgery on the entire spinal column (cervical, thoracic, lumbar vertebrae and the sacral crest). • Alliance in place for 5 years First-line synergies • Deployment in China • Preferential market access for Tinavi surgeons (Scientific committee, pilot sites…) • Highly innovative positioning in the spinal surgery sector (robotic) Share capital participation by TINAVI in Spineway • Reserved capital increase of 1.4 M euros (November 2016) • Tinavi holds 9% of Spineway’ 5
KEY HIGHLIGHTS OF 2016: RANGES/PRODUCTS Successful presentation of Mont-Blanc MIS at the Eurospine congress: Germany (Berlin) • Distributors meeting • First step: applications for degenerative disease • Rapid appropriation: known surgical techniques • Positioning by Spineway in a new segment • Line already approved and used in 10 countries + Easy-to-use + Rapid + Reliable Confirmed interest in the MIS Spineway technology Ambitious development strategy for new applications 6
KEY HIGHLIGHTS OF 2016 Laurent Ricquart RoW Sales Director Philippe Laurito Président of Spineway USA Inc. Lucas Langevin Cédryc Douillet Asia-Pacific Middle East Africa Shawn McQuinn VP Sales USA Stéphane Morvan Thibault Marnay Europe Latin America Structuration des équipes commerciales pour une accélération des ventes 7
INTRODUCTION Annual Results 2016
BREADOWK OF 2016 TURN OVER PER RANGE 2016 Turn Over : 5,1 M € Innovative products Névé Sonora Twin Peaks 2% 23 % 13% Autres Of Turn Over 3% Blue Mountain Vs 25% in 2015 3% Ayer Rock Mont Blanc 7% 49% Kili 5% MIS Mont- Blanc Mont Blanc 12% Mont Blanc 3D+ Baby 2% 4% 9
2016 P&L In thousands of euros 31/12/2015 31/12/2016 Turn Over 5 680 5 120 Gross Margin on products sold 3 798 3 361 In % of the Turn Over 66,9% 66% External expenses - 2 234 - 2 374 Taxes - 98 - 98 Wages - 2 561 - 2 312 Other expenses and operating revenues 16 0 EBITDA - 1 078 - 1 424 Depreciation and amortization - 767 - 944 EBIT - 1 845 - 2 368 Net results - 1 686 - 2 264 10
2016 Balance Sheet In thousands of euros In thousands of euros 31/12/2015 31/12/2016 31/12/2015 31/12/2016 SHAREHOLDERS EQUITY FiXED ASSETS 1 428 1 297 3 021 2 168 AND OTHER EQUITY Provisions - 255 Inventory 2 210 3 363 Financial Debts 4 119 4 125 Receivables (clients) 3 041 2 147 Payables 1 388 2 276 Other receivables 895 958 Cash 1 388 1 419 Other Liabilities 434 366 TOTAL ASSETS 8 962 9 190 TOTAL LIABILITIES 8 962 9 190 Working Capital Gearing 31/12/2016 31/12/2016 4,4 M € 125% 2015 : 4,7 M € 2015 : 89 % 11
2016 Cash Flow Statement In K € Investing Operating activities Financing activities activities 1 416K € - 759K € - 626K € 1 419 1 388 Cash at beginning 456 - 364 Cash at end of of period period - 1 026 1 324 268 - 626 Cash generated Change in Tangible and Capital increase Advances Loans from operations working capital non-tangible received assets 12
To summarise • Transitory decrease of activity • Good control of operating expenses • Strong investments in R&D maintained • 2016 results supporting the future speeding-up • Group's financial structure strengthened 13
INTRODUCTION 2017, return to growth
VERY DYNAMIC START TO 2017 Sales T1 Consolidated US accounts to 1 January 2017 2017 3.1 M euros Strong sales growth for the first trimester: + 176% vs • 3.1 M euros vs 1.1 M euros (consolidated figures) 1.1 M euros • Sales increases in the US (1.7 M euros) • Good momentum in the rest of the world (+ 30%) Excellent progress in Latin America (+ 86%) and France (+ 27%) Opening into the Oceania region • Signing of a distribution contract for Australia • First exposure for Mont-Blanc • Asia/Oceania region: +15% in T1 2017 Initial effects of the SKYWAY 2018 plan 15
2017 AND BEYOND: GROUP STRUCTURING Spineway USA Inc: basis for strategic deployment in the US • World’s largest market for spinal products • US subsidiary management overseen by Philippe Laurito – founding partner of Spineway New achievements in the US • New distribution contracts • First exposure for the Mont-Blanc MIS line Reinforcement of the supply chain to accompany the growth • Structuring of logistics teams in France and the US • Process optimisation 16
2017 AND BEYOND: DEVELOPMENT OF NEW PRODUCTS Continuation of R&D work • New applications for MIS: to be pioneered in new market segments • New product launches to complete the lines: Ongoing pipeline for 15 products in R&D • Fast-growing segment Success of the new Mont-Blanc MIS line confirmed • Increasing demand in France and Latin America POSTERIOR CERVICAL POSTERIOR MIS OPEN surgery/MIS according to pathology TRAUMA CERVICAL 3% &TUMOURS OPEN type projected to 2020 MIS 5% 4% OTHERS 2% TRAUMA Minimally-Invasive Surgery &OPEN TUMOURS 4% Currently DEFORMATION 12% of the market DEGENERATIVE MIS OPEN 4% 100% for degenerative surgery 52% DEFORMATION Forecast to 2020 OUVERT 33% of the market 4% DEGENERATIVE MIS 22% Source : MarketWatch, January 17th, 2017 17
2017 AND BEYOND: GEOGRAPHIC STRATEGY Stronger positioning in mature markets • Development in Australia • Study of growth drivers for improvement in Europe • Active exploration in the Japanese market Continued growth in established areas • Asia: emerging strength of the partnership with Tinavi • Latin America reversion to historic levels • Study for potential improvement in the Middle East Technology partnership with Tinavi in the field of robotic surgery 18
OUTLOOK CONFIRMED Targets SKYWAY 2018 • Turn Over of 10 M € • Break even 19
INTRODUCTION Thank you for your attention
STOCK EXCHANGE VOLUMES LISTING ON ALTERNEXT PARIS • Stock exchange listing: February 2013 • Nb of shares : 3 907 846 • ISIN code : FR0011398874 • 3 010 530 securities traded in 2016 vs 262 112 in • MNEMONIQUE : ALSPW 2015 • June 22nd share price : 3,43 € • Trading x 11 between 2016 and 2015 . • Capitalisation : 13,4 M € 21
CONTACTS Président Directeur Général Directeur Général Délégué Directeur Financier Stéphane LE ROUX Philippe LAURITO David SIEGRIST Tel : 04 72 77 83 32 Tel : 04 72 77 83 33 Tel : 04 72 77 83 37 slr@spineway.com phl@spineway.com finance.dsg@spineway.com COMMUNICATION FINANCIÈRE Jérôme Gacoin Solène Kennis Tel : 01 75 77 54 67 Tel : 01 75 77 54 68 jgacoin@aelium.fr skennis@aelium.fr 22
Recommend
More recommend
