Safe group announces 2022 results
Safe group announces 2022
results
- 2022
sales up +29% to €5.9m
-
Gross margin
improvement of +5%
-
Improvement in operating income recurring
+19%
|
|
|
|
Éragny-sur-Oise,
Fleurieux-sur-l'Arbresle,
May
5th,
2023 at
5:45
p.m. CET - Safe (FR001400F1V2 -
ALSAF), a company specializing in the design, manufacture and
marketing of ready-to-use technologies for back surgery,
particularly safe for spinal fractures treated in emergency (the
"Company") announces its yearly financial results for 2022.
Safe group's 2022 Annual Financial Report will
be available on the Company's website (www.SafeOrthopaedics.com)
under Investors > Documentation > Regulated Information by
mid-June 2023.
Consolidated accounts – In thousands euros –IFRS |
|
31/12/2022 |
31/12/2021 |
22/21 |
31/12/2020 |
21/20 |
Revenues - Direct
sales |
|
2 639 |
1 775 |
|
1 647 |
+8% |
Revenues -
Indirect sales |
|
1 056 |
990 |
|
1 623 |
-39% |
Revenues -
Production subcontracting sales |
|
2 166 |
1 791 |
+21% |
415 |
+332% |
Total
Revenues |
|
5 861 |
4 556 |
+29% |
3 685 |
+24% |
Cost of goods
sold and inventory variation |
|
(2 011) |
(1 985) |
-1% |
(2 259) |
+12% |
%
Gross margin |
|
61% |
56% |
+10% |
39% |
+18% |
External
loads |
|
(2 482) |
(2 561) |
+5% |
(2 081) |
-23% |
Human ressources
expenses |
|
(6 655) |
(6 693) |
+1% |
(5 443) |
-23% |
Other operating
exepenses |
|
(935) |
(966) |
+3% |
(569) |
-70% |
Recurring operating
income |
|
(6 223) |
(7 650) |
+19% |
(6 667) |
-15% |
Other operating
income and expenses |
|
204 |
85 |
|
1 |
|
Operating income |
|
(6 019) |
(7 566) |
+21% |
(6 666) |
-13% |
Financial
result |
|
(2 659) |
875 |
-404% |
-1 640 |
|
Net income |
|
(8 477) |
(6 691) |
-27% |
(8 306) |
+19% |
* Audited IFRS accounts.
In 2022, Group sales reached €5,861 K,
up 29%, driven mainly by strong growth in direct sales by
Safe Orthopaedics, up 43%, and subcontracted production sales by
Safe medical, up 21%.
Direct sales by Safe Orthopaedics rose by 49% to
€2,639,000, with significant increases in France (+21%), the UK
(+25%) and the USA (€653,000). The contribution of the new Sycamore
and Hickory technologies is still limited, given their controlled
release in 2022 in the Franco-German zone, and their reinforced
clinical follow-up.
Safe Orthopaedics' indirect sales rose by 7% to
€1,056 K, held back by the still fragile financial resources of
certain distributors who are suffering the post-Covid financial
consequences.
Safe medical's sales growth, up 21% on 2021, is
its strongest since its integration, by focusing on its most
significant partners. It should be noted that Safe medical's
internalization of Safe Orthopaedics kit production has been
finalized for 2022, and will ensure margin control and working
capital requirements correlated with Safe Orthopaedics sales
growth.
The improvement in margins (+10%) and
operating income recurring (+19%) is directly linked to the
integration of production within the Group.
SteriSpineTM technologies have been fully
produced at Safe Medical since the third quarter of 2022. The 2023
and 2024 financial years will enable us to achieve maximum gross
margin, optimized production lead times and working capital
requirements. The Group specifies that over the 2022 period,
inventories of finished products and components have been increased
to meet the need for growth and the possible risks of supply
disruptions, linked to the health crisis and global raw materials
tensions.
The weight of external and operating expenses on
sales has been reduced by 20%, despite the fact that the Group has
invested in industrial, clinical, quality and regulatory affairs in
order to meet the new European MDR (Medical Device Regulation)
requirements and demonstrate Sycamore's specific clinical
benefits.
Personnel costs are stable, despite the Group's
29% growth. The Safe Orthopaedics workforce has been optimized in
line with sales targets, in order to improve sales contribution and
meet the objective of breaking even within the next 24 to 36
months.
In 2022, net income will be impacted by
financial income reflecting financing penalties related to the
issue of shares below par value. Net income stands at -€8.4.
"The year 2022 is marked by the growth of both
Safe group companies and the improvement in our operating profit
thanks to the integration of in-house production. The 100th
surgeries performed with each of our new Sycamore and SORA
technologies are equally promising milestones" comments Pierre
Dumouchel, Chairman and CEO of the Safe group. "In 2023, we will
continue to optimize our operating costs and our group structure.
Providing quality service to our customers thanks to our
ready-to-use technologies and ensuring our commercial growth remain
our priorities, through the performance of our direct sales forces,
our distributors and the search for strategic partnerships."
Cash flow
The Group's cash position stood at 303 k€ at
December 31, 2022.
As a reminder, a €30m financing program was
signed with Alpha Blue Ocean on March 14, 2023. A reminder of the
inherent risks, and in particular its highly dilutive potential,
can be found in the press release published on March 14, 2023,
available on the company's website.
About Safe GroupSafe Group is a
French medical technology group that brings together Safe
Orthopaedics, a pioneer in ready-to-use technologies for spine
pathologies, and Safe Medical (formerly LCI Medical), a medical
device subcontractor for orthopaedic surgery. The group employs
approximately 150 people.
Safe Orthopaedics develops and manufactures kits
combining sterile implants and single-use instruments, available at
any time to the surgeon. These technologies are part of a minimally
invasive approach aimed at reducing the risks of contamination and
infection, in the interest of the patient and with a positive
impact on hospitalization times and costs. Protected by 18 patent
families, SteriSpineTM kits are CE marked and FDA approved. Safe
Orthopaedics is headquartered in the Paris region (95610
Eragny-sur-Oise) and has subsidiaries in the United Kingdom,
Germany, the United States, and the Lyon region
(Fleurieux-sur-l'Arbresle).
For more information:
http://www.safeorthopaedics.com/
Safe Medical produces implantable medical
devices and ready-to-use instruments. It has an innovation center
and two production sites in France (Fleurieux-sur-l'Arbresle,
69210) and in Tunisia, offering numerous industrial services:
design, industrialization, machining, finishing and sterile
packaging. Supported by the French stimulus plan in 2020, the
company invests in additive printing and will be operational in
2022 on this new technology.
For more information:
http://www.safemedical.fr/
Contacts
Safe
GroupFrançois-Henri Reynaud
Chief
Financial and Administrative Officer
Tél.
: +33 (0)1 34 21 50
00 investors@safeorthopaedics.com
- 20220429 - PR_results 2022
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