Theraclion Announces Its Half-year Financial Results for 2023 and Provides an Update on the Execution of Its Strategy
October 11 2023 - 12:41PM
Business Wire
Regulatory News:
THERACLION (ISIN: FR0010120402; Mnemo: ALTHE) (Paris:ALTHE),
an innovative company developing a robotic platform for
non-invasive ultrasound therapy, presents its half-year
financial results for 2023 and provides an update on the execution
of its strategy.
In the first half of 2023, Theraclion appointed its new Chief
Executive Officer Martin Deterre, signed a strategic partnership
agreement with Furui and secured the necessary financing for the
next 18 months. Theraclion has reached important milestones in its
3-pronged strategy focused on the treatment of varicose veins:
- On access to the US market: a successful feasibility
study and authorization from the FDA to launch a pivotal study,
which will be conducted in four centers recognized for their
scientific excellence in the United States and Europe. The first
treatments are expected in the coming weeks.
- On access to the Chinese market: the signing of an
agreement with its historic and industrial partner Furui at the end
of May has accelerated access to the market. Furui invested €6
million in June's €8.4 million capital increase. This investment
will be supplemented by a further €1 million if Theraclion achieves
its operational targets. Furui and Theraclion are also joining
forces to conquer the Chinese market. Theraclion will license its
technologies and the use of its trademarks to Theraclion China for
a fee of €3 million, which will be paid based on the achievement of
project milestones. Based on the current execution of the
partnership, payments totaling €2.5 million in the form of license
fees or capital increases could be expected within the next 6
months.
- On the pursuit of technological and robotic innovations:
successive improvements are regularly made to the product and will
continue to be made over the next few years, particularly in
acoustics, robotics, and artificial intelligence. Combining its
real-time imaging and robotics capabilities, AI algorithms will
automate more and more tasks, speeding up the procedure and
drastically simplifying interactions between the doctor and
SONOVEIN®. Close partnerships with a dozen reference centers in
Europe are continuing, helping to accelerate the development of
this technology and treatment protocols.
Martin Deterre, Chief Executive Officer, commented:
"Theraclion's efforts remain focused on its clearly defined
strategy: the pivotal study for access to the US market,
development in China and transformative advances in R&D, while
controlling expenses. Progress made and to be made on this roadmap
should contribute to a significant appreciation in valuation.”
Investment in technology and treatment protocols
In K€
30/06/2023
30/06/2022
Var. %
Turnover
981
347
+183%
Grants
0
7
-92%
Total operating income
981
354
+177%
Purchase of goods
(532)
(143)
+272%
External expenses
(1,115)
(1,746)
-36%
Staff costs
(1,957)
(1,735)
+13%
Other operating expenses
(557)
(173)
+222%
Total operating expenses
(4,161)
(3,797)
+10%
Operating profit
(3,179)
(3,443)
-8%
Financial result
(65)
(40)
+63%
Non-current income
263
350
-25%
Research tax credit
504
492
+2%
Net income
(2,476)
(2,561)
- 3%
Average headcount
30
28
+7%
Accounts approved by the Board of Directors on 4 October
2023.
Theraclion SA generated sales of €981K in the first half of
2023, an increase of 183% compared to the first half of 2022.
Theraclion is voluntarily reducing its commercial efforts and
focusing on perfecting SONOVEIN® HD treatment protocols. Theraclion
expects to maintain a limited level of sales in Europe. Commercial
development will be driven mainly by the US and Chinese markets,
which guarantee a much faster return on investment.
In the first half of the year, Theraclion recorded the sale of a
state-of-the-art device to the University of Virginia as part of a
clinical trial on breast cancer research. Approved by the FDA, this
pilot study aims to evaluate the combined effects of high-intensity
focused ultrasound (HIFU) and conventional therapies on the immune
response in patients suffering from early-stage breast cancer.
Sales of consumables rose by 65%, driven by the doubling of
sales in the varicose vein indication. Theraclion has chosen to
make SONOVEIN® available to reference centers in order to develop
treatment protocols. These centers are able to use SONOVEIN® in
their commercial practice, which generates revenue for
Theraclion.
Operating expenses rose by 10% to €4,161k, mainly as a result of
higher consumption of purchases to support the 183% growth in
sales. Adjusted for purchases of goods and changes in inventories,
operating expenses fell by 1% to €3,629k.
The financial result was a loss of (€65k) for the first half,
mainly due to foreign exchange (€28k), losses on the liquidity
contract (€24k) and interest on State-Guaranteed Loans.
Research tax credit amounted to €504k for the period, up 2% from
€492k a year earlier, due to the increase in research
expenditure.
The loss for the first half fell slightly by 3% to €2,476k.
In K€
30/06/2023
31/12/2022
Var. %
Treasury
9,078
2,489
+6,589
Medium-term cash
position
31
31
0
Total cash and cash equivalents
9,109
2,520
+ 6,589
Bank loans
-2,242
-2,506
- 264
Convertible debt
0
0
0
Total debt
- 2,242
- 2,506
- 264
Net cash position
6,867
14
6,853
Theraclion has received cash advances from Oseo amounting to
€6,290k, including capitalised interest. Repayment is based on
milestones that are not expected to be reached within the next five
years. Consequently, the advance is not recognised as a financial
liability.
Theraclion had a cash position of €9.1m at 30 June 2023.
About Theraclion
Theraclion is a French MedTech company committed to developing a
non-invasive alternative to surgery through the innovative use of
focused ultrasound.
High-Intensity Focused Ultrasound (HIFU) does not require
incisions or an operating room, leaves no scars, and allows
patients an immediate return to their daily activities.
Echotherapy, as the HIFU treatment method is called, concentrates
therapeutic ultrasounds to an internal focal point from outside of
the body.
Theraclion has developed two CE-marked robotic platforms
delivering echotherapy: SONOVEIN® for varicose veins and ECHOPULSE®
for breast fibroadenoma and thyroid nodules. Each has the potential
to replace millions of surgical procedures every year.
Based in Malakoff (Paris), the Theraclion team is made up of 30
people, most of which are dedicated to technological and clinical
development.
For more information, please visit
www.theraclion.com or www.echotherapy.com
and follow us on LinkedIn.
Theraclion is listed on Euronext Growth Paris Eligible for the
PEA-PME scheme Mnemonic: ALTHE - ISIN code: FR0010120402 LEI:
9695007X7HA7A1GCYD29
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version on businesswire.com: https://www.businesswire.com/news/home/20231011933183/en/
Theraclion contact Martin Deterre Chief Executive Officer
contact@theraclion.com
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