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Vexim Aktie [WKN DE: A1J45H / ISIN: FR0011072602]

14.09.2017 07:00:00

VEXIM: Strong First Half 2017 Results, in Line with Expectations


Regulatory News:

VEXIM (FR0011072602 – ALVXM / PEA-PME) (Paris:ALVXM), a medical device company specializing in the minimally-invasive treatment of vertebral fractures, announces its consolidated results for the first half of 20172 in line with guidance3.

"Our sales performance and controlled expenses for the first half of 2017 are in line with our expectations. This trend should be reinforced in the second half of 2017 allowing us to remain confident in reaching profitability for 2017. On the U.S. development, we are excited to announce we will hold an investors meeting at the upcoming 2017 NASS Congress in Orlando where we will share information on our on-going FDA clinical trial comparing SpineJack® to balloon kyphoplasty and also the go-to-market strategy that will support the launch of SpineJack® in the U.S., subject to 510(k) clearance. These various milestones further position our company to become a global leader in the spine-trauma market,” said Vincent Gardès, VEXIM’s CEO.

+21% increase in sales, gross margin of 72.6% and significant net loss reduction

VEXIM’s sales reached €10.4 million in the first half of 2017, up 21% compared to the same period of 2016. This significant revenue growth shows the effectiveness of the direct sales strategy implemented for SpineJack® in Europe, combined with a network of specialized distributors at the international level (see press release on VEXIM’s sales in the first half of 20174).

The gross profit increased 19% compared to the first half of 2016, up to €7.5 million, representing a 72.6% gross margin (as percentage of sales) vs. 73.8% on the same period last year and 72.2% for the full year 2016. Given the implementation of the direct sales strategy, Vexim maintained a high level of gross margin, in a context of stable prices.

Compared to the 21% increase in revenue, operating expenses decreased 1%, to €9.0 million, compared with the first half of 2016. The effective control of operating expenses resulted in a saving of €1.3 million in the net operating loss, down to €1.5 million. Net loss for the period was €1.6 million.

 
Consolidated statement as of June 30, 2017
 
in € millions   First Half 2017   First Half 2016   YoY (%)
Sales   10.4   8.6   21%
Gross profit (gross margin)   7.5 (72.6%)   6.3 (73.8%)   19%
Operating expenses   9.0   9.1   -1%
Net operating income (loss)   -1.5   -2.8   -46%
Net income (loss)   -1.6   -2.8   -43%
     

Solid cash position at €5.7 million

As of June 30, 2017, VEXIM had €5.7 million in cash, allowing the company to secure its future development. The company’s current cash position and future cash flows should allow VEXIM to continue to grow in-line with its ambitions.

Other business achievements over the first half of 2017

  • Finalized recruitment of all patients for the FDA study supporting the 510(k) filing for SpineJack® in the U.S.;
  • Launch of a dedicated and specific product for the German market: Masterflow™ Plus;
  • Regulatory approval of SpineJack® in Brazil.

Full-year 2017 guidance confirmed

Given the Company’s solid results for the first half of 2017, VEXIM is on track to reach its full-year 2017 objectives:

  • Maintain strong revenue growth and reach 30% growth over the full year 2017;
  • Achieve profitability for the full year 2017 and generate operational positive cash-flows;
  • Further expand internationally through upcoming distribution agreements in Brazil by the end of 2017;
  • Share information on the on-going 510(k) clinical trial and subsequent go-to-market strategy in the U.S. at the upcoming NASS meeting in Orlando;
  • Continue innovating in the treatment of high energy vertebral fractures through product development projects, leveraging the SpineJack® platform;
  • Continue to develop and penetrate the German market;
  • Regarding the transfer of VEXIM shares to the regulated market of Euronext Paris, which was authorized by the Board of Directors on 21 March 2017, the company is still reviewing all necessary requirements and changes needed to pursue this project. VEXIM aims at completing this review shortly and will complete the transfer by the end of 2017 or beginning of 2018.

Financial reporting schedule:
3rd quarter sales results: Wednesday, October 25th, 20175 (after market close)

 

NASS 2017: Vexim Investor & Analyst Lunch Meeting & Webcast

U.S. FDA clinical trial update and go-to-market strategy

(in English)

 

Wednesday, October 25th, 2017 at 12:00 PM ET (Orlando) / 6:00 PM CEST (Paris time)

 

To join please contact:

For U.S.: The Ruth Group at epoalillo@theruthgroup.com or Tel : +1 646 536 7024

For EU & Intl: Alize RP at vexim@alizerp.com or Tel. : +33 1 44 54 36 66

 

A replay of the webcast will be available on VEXIM’s website within 48 hours at:

http://www.vexim.com/us/ (U.S. section of the website) > shareholder area

About VEXIM, the innovative back microsurgery specialist

Based in Balma, near Toulouse (France), VEXIM is a medical device company created in February 2006. The company has specialized in the creation and marketing of minimally-invasive solutions for treating traumatic spinal pathologies. Benefitting from the financial support of it long-standing shareholder, Truffle Capital6 and from BPI public subsidies, VEXIM has designed and developed the SpineJack®, a unique implant capable of repairing a fractured vertebra and restoring the balance of the spinal column. The company also developed the MasterflowTM, an innovative solution for mixing and injecting orthopedic cement that enhances the accuracy of the injection and optimizes the overall surgical procedure. The company counts 67 employees, including its own sales teams in Europe and a network of international distributors.

VEXIM has been listed on Euronext Growth since May 2012. For further information, please visit www.vexim.com

SpineJack® 7, a revolutionary implant for treating vertebral fractures

The revolutionary aspect of the SpineJack® lies in its ability to restore a fractured vertebra to its original shape, restore the spinal column’s optimal anatomy and thus remove pain and enable the patient to recover their functional capabilities. Thanks to a specialized range of instruments, inserting the implants into the vertebra is carried out by minimally-invasive surgery, guided by X-ray, in approximately 30 minutes, enabling the patient to be discharged shortly after surgery. The SpineJack® range consists of 3 titanium implants with 3 different diameters, thus covering 95% of vertebral fractures and all patient morphologies. SpineJack® technology benefits from the support of international scientific experts in the field of spinal surgery and worldwide patent protection through to 2029.

Name: VEXIM
ISIN code: FR0011072602
Ticker: ALVXM

Appendixes

         

Condensed consolidated interim financial statements

 
In thousands of Euros Six-month period ended
        June 30, 2016       June 30, 2017
     
Revenue 8 564 10 365
Cost of sales (2 246) (2 843)
                 
Gross profit 6 318 7 522
 
Selling and marketing expenses (4 927) (5 001)
Operational expenses (1 619) (1 572)
General and administrative expenses (2 773) (2 714)
Other gains / (losses), net 240 284
                 
Operating loss (2 761) (1 481)
 
Finance income / (loss), net (9) (53)
                 
Loss before income tax (2 770) (1 534)
Income tax expense (36) (54)
                 
Loss for the year (2 806) (1 588)
                 
Attributable to:
Equity holders of the Company (2 806) (1 588)
- -
 
Earnings per share attributable to the equity holders of the Company during the period
                 
Basic earnings per share (0,37) (0,21)
 
                 
Diluted earnings per share (0,37) (0,21)
 
   

Interim consolidated balance sheet – Assets

         
In thousands of Euros    

December 31,
2016

      June 30, 2017
 
Intangible assets 2 229 3 226
Property and equipment 1 382 1 649
Other receivables 171 226
Deferred tax assets 522 500
 
Non-current assets 4 304 5 601
 
Inventories 3 675 4 684
Trade receivables 4 670 5 508
Other receivables 2 255 2 112
Cash and cash equivalents 9 765 5 734
 
Current assets 20 365 18 038
               
Total assets 24 669 23 639
 
   

Interim consolidated balance sheet – Equity and liabilities

         
In thousands of Euros    

December 31,
2016

      June 30, 2017
 
Ordinary shares 762 764
Share premium 61 109 61 296
Other reserves 1 204 1 724
Retained earnings (45 383) (46 970)
Equity attributable to equity holders of the Company 17 693 16 813
 
Non-controlling interests - -
 
Total equity 17 693 16 813
 
Repayable advances 427 43
Retirement benefit obligations 111 125
Non-current liabilities 538 168
 
Repayable advances 314 400
Trade payables 2 365 3 603
Other payables 3 541 2 437
Provisions for other liabilities and charges 218 218
Current liabilities 6 438 6 658
 
Total liabilities 6 976 6 826
               
Total equity and liabilities 24 669 23 639
 
   

Interim consolidated statement of cash-flow

     
In thousands of Euros Six-month period ended
        June 30, 2016       June 30, 2017
     
Loss for the period (2 806) (1 588)
Adjustments for:
Depreciation of tangible assets, amortization of intangible assets 136 162
Impairment of receivables 83 (22)
Impairment of inventories 20 7
Share-based payments 277 496
Change in retirement benefit obligation 27 14
Variation in provisions for risks 167 -
Income tax 35 54
 
Cash used in operations before changes in working capital (2 061) (877)
 
Changes in working capital
Inventories (12) (1 016)
Trade receivables (693) (816)
Other receivables (436) 178
Trade payables (518) 1 238
Other payables 158 (1 284)
Cash used in changes in working capital (1 501) (1 700)
 
                 
Net cash used in operating activities (3 562) (2 577)
 
Cash flows from investing activities
Purchases of property and equipment (595) (356)
Purchases of intangible assets (443) (1 070)
Disposal of assets - -
                 
Net cash used in investing activities (1 038) (1 426)
 
Cash flows from financing activities
Proceeds from issuance of ordinary shares, net of issuance costs 10 453 189
Direct costs paid related to capital increase (421) -
Repayable advance (210) (314)
Treasury shares - 69
                 
Net cash generated by / (used) in financing activities 9 822 (56)
                 
Net increase / (decrease) in cash and cash equivalents 5 222 (4 059)
 
Cash and cash equivalents at beginning of the period 4 208 9 765
Effect of exchange rate fluctuations (12) 29
                 
Cash, cash equivalents at end of the period 9 418 5 734
 

1 NASS : North American Spine Society : https://www.spine.org/
2 The results, which were subject to a limited review, have been approved by the Board of Directors of VEXIM at its meeting held on September 13th, 2017.
3 Consolidated financial statements presented in Appendix.
4 Press release published on July 11th, 2017: http://us.vexim.com/press/continued-growth-adoption-spinejack-q2-2017/
5 indicative date, subject to change.
6 Founded in 2001 in Paris, Truffle Capital is a leading independent European private equity firm. It is dedicated to investing in and building technology leaders in the IT, life sciences and energy sectors. Truffle Capital manages €550m via FCPRs and FCPIs, the latter offering tax rebates (funds are blocked during 7 to 10 years). For further information, please visit www.truffle.fr and www.fcpi.fr.
7 This medical device is a regulated health product that, with regard to these regulations, bears the CE mark. Please refer to the Instructions for Use.

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