ERAGNY-SUR-OISE, France--(BUSINESS WIRE)--Regulatory News:
SAFE ORTHOPAEDICS (Paris:SAFOR) (FR0012452746 – SAFOR), a company offering an innovative range of sterile implants combined with their single-use instruments for spinal surgery, is today announcing its revenues for the third quarter of 2017 and its cash position at September 30, 2017.
|Thousands of euros||Q3 2017||Q3 2016||Change|
|Rest of the world||350||165||+112%|
|Cash position (at September 30)||5,156||4,274|
|Thousands of euros||9M 2017||9M 2016||Change|
|Rest of the world||1,192||770||+55%|
Total adjusted revenues 1
Safe Orthopaedics’ third-quarter 2017 revenues came to €686 thousand. That represents another strong increase of +63% compared with the third quarter of 2016. Since January 1, 2017, total revenues had already increased by 37% in the second quarter and 36% in the first quarter, putting adjusted revenues1 for the first nine months of 2017 at €2.3 million (up 43%).
Revenues in France continued to grow in the third quarter of 2017, with a 31% increase to €336 thousand. This growth was recorded across the entire territory covered by Safe Orthopaedics’ sales teams. Two further sales hires are also expected during the fourth quarter of 2017.
In the Rest of the World, revenues more than doubled, recording a strong increase of 112% to €350 thousand, with consistent growth achieved by all distributors. This very significant increase was chiefly driven by the numerous marketing initiatives implemented. These included the creation of centers of reference in several European countries and training for surgeons focused mainly on the treatment of trauma conditions. In Germany, where Safe Orthopaedics distributes its products directly, as in France, sales continued to build up, and two new salespeople were hired over the summer.
At September 30, 2017, Safe Orthopaedics held €5.16 million in cash, compared with €4.27 million at September 30, 2016, including the €5.8 million in funds raised in early July 2017. Given this healthy cash position, the Company will be able to step up the direct marketing of its products and also expand its network of distributors and its sales coverage.
“Since the beginning of 2017, Safe Orthopaedics has successfully completed its transformation from a R&D company to a company primarily focused on marketing its single-use technologies for emergency surgery”, said Pierre Dumouchel, Chief Executive Officer and co-founder of Safe Orthopaedics. “Two senior employees were hired in the Marketing department in September, and we remain highly confident about Safe Orthopaedics’ business development and continue to recruit additional talent to sustain our growth each quarter”.
Next financial release: full-year 2017 revenues, Monday, January 15, 2018 (after the market closes)
About Safe Orthopaedics
Founded in 2010, Safe Orthopaedics is a French medical technology company that aims to make spinal surgeries safer by using sterile implants and associated single-use instruments. Through this approach, these products eliminate all risk of contamination, reduce infection risks and facilitate a minimally-invasive approach for trauma and degenerative pathologies—benefiting patients. Protected by 17 patent families, the SteriSpineTM kits are CE-marked and FDA approved. The company is based at Eragny-sur-Oise (Val d’Oise department), and has 30 employees.
For more information, visit: www.SafeOrtho.com
1 Revenues adjusted for operations discontinued in the United States since March 1, 2016