Financial

Implanet Reports Q3 2019 Revenue of €1.7 Million, Up 12%

October 09, 2019

BORDEAUX, France & BOSTON–(BUSINESS WIRE)–Regulatory News:

IMPLANET (Euronext Growth: ALIMP, FR0010458729, eligible for PEA-PME equity savings plans; OTCQX: IMPZY), a medical technology company specializing in vertebral and knee-surgery implants, today announces its revenue for the third quarter and first nine months to September 30, 2019.

Ludovic Lastennet, CEO of Implanet, commented: “In line with our objectives, the third quarter continues the growth pattern from the first and second quarters of the year. A 12% increase in the third quarter enables us to report +7% growth at the end of September. Our strategy of direct sales and partnerships with global players such as KICo Knee and SeaSpine have begun to bear fruit. The trajectory has been set, and we remain focused on the smooth rollout of our global strategic activities with focus on markets in which the margins generated will enable us to improve our profitability.

Revenue (in € thousands – IFRS*)20192018Δ
1st quarter revenue1,9041,867+2%
2nd quarter revenue1,9151,765+8%
Spine (JAZZ®)1,1891,056+ 13%
Knee550491+12%
3rd quarter revenue1,7391,548+12%
Spine (JAZZ®)3,5733,254+10%
Knee1,9841,926+3%
Total 9-month revenue5,5575,179+7%

*Unaudited data

In the third quarter of 2019, Implanet recorded revenue of €1.74 million, up 12% on the €1.55 million recorded in Q3 2018. JAZZ® activity generated sales of €1.19 million over the quarter, up 13% versus €1.06 million in Q3 2018. Knee activity grew by +12% to €0.55 million in the third quarter of 2019, thanks to the first delivery to KICo Knee.

Over the first 9 months of 2019, Implanet recorded revenue of €5.56 million, up 7% on the same period of 2018

JAZZ® revenue totaled €3.57 million for the first 9 months of the year, up 10% on the €3.25 million recorded in 2018, driven by significant growth in the United States, where JAZZ® sales continued to improve over the period to €1.78 million (+13%). Europe, excluding France, generated revenue of €0.61 million (+31%). In France, the bulk of the sales decline due to a shift in surgeries observed at the end of June has now been caught up on, with revenue totaling €1.19 million versus €1.22 million last year.

In total over the first 9 months of the year, across its three geographical regions Implanet sold 6,963 JAZZ® units, up 6% by volume on the previous year (2018: 6,579 JAZZ® units).

Knee activity recorded slight growth of 3%, with revenue of €1.98 million to end-September 2019. The period saw the first delivery to KICo Knee.

Key 2019 events to date:

– Signing of strategic partnership with SeaSpine, Inc., a wholly owned subsidiary of SeaSpine Holdings Corporation (NASDAQ: SPNE), to market the JAZZ® range in the USA, the world’s biggest market for the treatment of spinal pathologies. This contract has an initial term of six years and includes minimum annual payments, significantly increasing market access in this region;

– JAZZ Cap® FDA clearance, offering a unique and proprietary solution for securing pedicle screws in poor-quality bone. JAZZ Cap® technology strengthens the offering of JAZZ® products in the USA;

– Introduction of a €3.0 million convertible bond financing line with Nice & Green, with twelve monthly instalments of €250k from May 2019 to April 2020;

– Successful completion of the first JAZZ Cap® surgical operations in the USA;

– The first deliveries of orders placed as part of the deployment of partnerships established with KICo Knee and SeaSpine, Inc.

Upcoming conferences Implanet will attend:

– EuroSpine, October 16th to 18th, 2019, Helsinki, Finland

– SOFCOT (French Society of Orthopaedic & Traumatological Surgery Congress), November 11th to 13th, 2019, Paris, France

– DWG German Spine Congress, November 28th to 30th, 2019, Munich, Germany

Next financial press release: 2019 annual revenue, on Tuesday January 21st, 2020 (after market)

About Implanet

Founded in 2007, Implanet is a medical technology company that manufactures high-quality implants for orthopedic surgery. Its flagship product, the JAZZ® latest-generation implant, aims to treat spinal pathologies requiring vertebral fusion surgery. Implanet’s tried-and-tested orthopedic platform, which is based on perfect control over the traceability of its products, provides it with a proven ability to promote this innovation. 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 and the CE mark. Implanet employs 38 staff and recorded 2018 sales of €6.7 million. For further information, please visit www.Implanet.com. Based near Bordeaux in France, Implanet established a US subsidiary in Boston in 2013. Implanet is listed on Euronext™ Growth market in Paris. The Company would like to remind that the table for monitoring the equity line (OCA, OCAPI, BSA) and the number of shares outstanding, is available on its website: http://www.implanet-invest.com/suivi-des-actions-80

Disclaimer

This press release contains forward-looking statements concerning IMPLANET and its activities. Such forward looking statements are based on assumptions that IMPLANET considers to be reasonable. However, there can be no assurance that the anticipated events contained in such forward-looking statements will occur. Forward- looking statements are subject to numerous risks and uncertainties including the risks set forth in the registration document of IMPLANET registered by the French Financial Markets Authority (Autorité des marchés financiers (AMF)) on April 16, 2018 under number D.18-0337 and available on the Company’s website (www.implanet-invest.com), and to the development of economic situation, financial markets, and the markets in which IMPLANET operates. The forward-looking statements contained in this release are also subject to risks unknown to IMPLANET or that IMPLANET does not consider material at this time. The realization of all or part of these risks could lead to actual results, financial conditions, performances or achievements by IMPLANET that differ significantly from the results, financial conditions, performances or achievements expressed in such forward-looking statements. This press release and the information it contains do not constitute an offer to sell or to subscribe for, or a solicitation of an order to purchase or subscribe for IMPLANET shares in any country.

Contacts

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

NewCap
Investor Relations
Sandrine Boussard-Gallien
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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Mike Adams

Mike Adams is a medical device sales leader with extensive clinical experience in spine and biologics and a nationwide distribution network built over the last 10+ years in the industry. He has held various leadership positions in healthcare and device including Distributor Partner, Hospital COO and Spine VP of Sales. He currently leads the commercialization strategy for OrthoSpine Partners and is a Distributor Principal at Novel Medical. Because of his unique career path, Mike has the ability to see the healthcare business from multiple perspectives making him passionate about building strategic partnerships that help reduce overall costs, drive innovation, and cultivate growth for new markets.

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