PARIS--(BUSINESS WIRE)--Regulatory News:
Cellnovo Group (Paris:CLNV) (“Cellnovo”), a medical technology company that has developed and markets the first connected all-in-one diabetes management system, today announced sales for the third-quarter and nine-months ended September 30th, 2015.
Sophie Baratte, CEO of Cellnovo, comments: “We are very pleased with our sales growth over the first 9 months of 2015, which validates our business strategy. Since our recent IPO, we continue our commercial development efforts in France and the UK, confirming the strong interest of both medical community and patients for our all-in-one Diabetes Management System. This growing adoption of our patch pumps makes us confident in our top-line growth in the next quarters.”
Evolution of third-quarter and nine-month revenues
|9 months||Quarterly – 3 months|
|In Euros||2015||2014||Q3 2015||Q3 2014|
Cellnovo recorded sales of €194 thousand over the third quarter of 2015, a five-fold growth compared to the third quarter of 2014. Sales were strong in the UK and France, the two countries where Cellnovo has a commercial presence, with demand outstripping supply.
For the first 9 months of 2015, revenues totaled €262 thousand a seven-fold increase vs. the same period in 2014.
During the third quarter, Cellnovo shipped 62 new pieces of equipment, for a total of 122 systems since the launch of the system.
A sound cash position
The company which operates under a strict cash and expense control policy, had €31 million cash available at September 30th, 2015. As planned, part of the new financial resources resulting from the IPO have been prioritised in order to boost manufacturing capacities and market presence.
The commercial dynamic will be reinforced within the coming months with the addition of new countries following the distribution agreement signed with Air Liquide in July. The preparation of the launches in new countries is reaching its final stage, with the first patients in a third commercial country expected to be equipped with the Cellnovo system in the 4th quarter.
“The recently announced start of our manufacturing partnership with Flex for the industrial production of the disposable insulin cartridges will enable Cellnovo to benefit from the market potential and meet new high-volume shipment requirements. The product development is in line with our roadmap and complies with the company’s plan to extend its distribution network to additional countries”, concludes Sophie Baratte.
An independent medical technology company specialising in diabetes, Cellnovo has developed and markets the first connected all-in-one diabetes management system that helps make life easier for patients. Compact, tubeless, intuitive and entirely connected, Cellnovo’s insulin pump comprises a mobile touchscreen controller with an integrated blood-glucose meter. This unique device allows optimal management of insulin injections whilst ensuring extensive freedom of movement and peace of mind for patients. Thanks to the automatic transmission of data, it also allows the patient’s condition to be continually monitored by family members and healthcare professionals in real-time.
For further information please visit www.cellnovo.com
Cellnovo is listed on Euronext, Compartment C
ISIN: FR0012633360 – Ticker: CLNV