Growth acceleration in Q2, +14% globally (+26% in the US)
10% growth at constant exchange rate in the first half
PARIS & BOULDER, Colo., July 15, 2024--(BUSINESS WIRE)--Regulatory News:
SpineGuard (FR0011464452 - ALSGD), an innovative company that deploys its DSG® (Dynamic Surgical Guidance) local conductivity sensing technology to secure and streamline the placement of bone implants, today announced its first half 2024 revenue.
Pierre Jérôme, Co-founder, Chairman and CEO of SpineGuard, said: "Our sales rebound initiated in Q1, after a year 2023 marked by the interruption of our US distribution agreement with WishBone Medical in pediatric spine, has continued and gained momentum in the last three months. As a result of this acceleration, we are posting double-digit overall growth in the first half of 2024 at constant exchange rate. The strengthening of our US commercial structure and our partnership with Omnia Medical are bearing fruit with double digit growth already in the first half of 2024. Moreover, the funds from the capital increase that we just announced will enable us to maximize the deployment of the three new products currently in regulatory and pre-launch phase. These innovative devices embedding our DSG® technology, unique in its ability to guide surgeons by precisely differentiating boney tissue locally in real time, without X-rays, and now validated by more than 100,000 surgeries and 34 scientific publications, will feed our growth in the coming quarters while aiming at reaching financial breakeven in 2026."
H1 2024 revenue
€ thousands – IFRS (Unaudited)
2024
2023
Variance at actual exchange rate
First Quarter
1,351
1,271
+6%
Second Quarter
1,095
963
+14%
Half-Year
2,445
2,234
+9%
SpineGuard's consolidated sales were up 14% at actual exchange rate (13% cc) in Q2 2024 compared with Q2 2023 and up 9% at actual exchange rate (10% cc) for the first half compared with H1 2023.
In the United States, second quarter 2024 sales rose by 26% in dollar terms to $767 K, vs. $610 K in Q2 2023. This sharp increase is due to re-addressing pediatric accounts directly following the interruption of the distribution agreement with WishBone Medical, a significant order from Omnia Medical, and the positive impact of the new commercial team put in place by SpineGuard in the US last spring.
In the rest of the world, sales in the second quarter of 2024 increased by +10% in Europe and +11% in Asia whereas they decreased by 25% in Latin America and by 48% in the Middle East due to the negative comparable effect of a large order in Saudi Arabia in Q2 2023, expected this year in H2.
3,291 DSG units were sold in H1 2024 vs. 3,029 units in H1 2023, representing an overall growth of +9%. 1,256 units were sold in the United States in H1, representing 38% of all units sold.
2024 outlook
In the second half of 2024, SpineGuard intends to continue its sales drive, particularly in the United States, and market rollout of three new products embedding DSG® technology and satisfying unmet clinical needs (the PediGuard Threaded adapted to scoliosis correction via anterior approach, the PediGuard Canulated designed for sacroiliac fusion, and the DSG Sensor Drill Bit compatible with power drills and surgical navigation in the spine) in order to sustain double-digit growth in the coming quarters.
The Company is also working on clearing the entire PediGuard range in China, as well as establishing strategic partnerships in the dental implantology and surgical robotic fields.
Next financial press release: 2024 half-year financial results on September 11, 2024, after market closing.
About SpineGuard®
Founded in 2009 in France and the USA by Pierre Jérôme and Stéphane Bette, SpineGuard is an innovative company deploying its proprietary radiation-free real time sensing technology DSG® (Dynamic Surgical Guidance) to secure and streamline the placement of implants in the skeleton. SpineGuard designs, develops and markets medical devices embedding its technology. Over 100,000 surgical procedures have been secured worldwide thanks to DSG® and 34 studies published in peer-reviewed scientific journals have demonstrated the multiple benefits DSG® offers to patients, surgeons, surgical staff and hospitals. Building on these strong fundamentals and several strategic partnerships, SpineGuard is expanding the scope of its DSG® technology to the treatment of scoliosis via anterior approach, sacroiliac joint fusion, dental implantology and innovations such as the « smart » pedicle screw and power drill or surgical robotics. DSG® was co-invented by Maurice Bourlion, Ph.D., Ciaran Bolger, M.D., Ph.D., and Alain Vanquaethem, Biomedical Engineer. SpineGuard has engaged in multiple ESG initiatives.
Disclaimer The SpineGuard securities may not be offered or sold in the United States as they have not been and will not be registered under the Securities Act or any United States state securities laws, and SpineGuard does not intend to make a public offer of its securities in the United States. This is an announcement and not a prospectus, and the information contained herein does and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in the United States in which such offer, solicitation or sale would be unlawful prior to registration or exemption from registration.
