PARIS--(BUSINESS WIRE)--Regulatory News:
STENTYS (Paris:STNT) (FR0010949404 — STNT), a medical technology company commercializing the Xposition S self-apposing coronary stent, today reports its quarterly revenue and cash position at March 31, 2018.
|€ thousands||Q1 2018||Q1 2017||% change|
|Rest of the world||469.6||597.3||-21%|
* Data reviewed by the statutory auditors, presented in accordance
with IFRS 15 (mandatory application) with no difference compared with
IAS 18 applied in 2017
(1) Germany, Italy, Switzerland, Austria, Poland, The Netherlands, France, Belgium, United Kingdom, Spain, Portugal and Nordic countries.
STENTYS recorded revenues of €1.3 million in the first quarter of 2018, down 27% on the first quarter of 2017. This decrease was due to delivery delays from a subcontractor resulting in stock shortages of the Xposition S stent at the end of the period and to a decrease in activity of some of the distributors associated with the context of the MINVASYS acquisition. In Europe, the supply difficulties have not enabled the renewal of some hospital inventories, however this issue will be resolved before the end of April and should lead to a return to a normal level of activity during the second quarter.
Solid cash position of €18 million
The Company had a cash position of €18 million at March 31, 2018, before the €6.5 million cash disbursed for the acquisition of MINVASYS, providing STENTYS with the necessary resources to deploy its commercial strategy.
Commercial launch of Serpentis
Following conclusive trials in target centers across Europe and the granting of the first market authorizations, STENTYS announces the official commercial launch of Serpentis, its latest-generation Sirolimus-eluting stent with a thin cobalt-chrome mesh and a bio-absorbable polymer coating. STENTYS thus expands its proprietary product portfolio to cover all market indications: Serpentis for routine procedures and Xposition S for complex procedures.
Christophe Lottin, Chief Executive Officer of STENTYS, comments: “The first quarter of the year, which nevertheless should be promising in terms of activity, saw a decrease as a result of an exceptional situation at the end of the period. However, the imminent signing of the acquisition of MINVASYS will allow us to launch a joint commercial offer that should rapidly stimulate our different sales networks and enable us to benefit from an extended geographical coverage in over 60 countries. Lastly, following a constructive and successful pre-commercialization phase, from April we will carry out the commercial launch of our new Serpentis stent. We therefore remain confident that we will achieve a solid pro-forma annual revenue growth in 2018.”
Upcoming financial publication
Revenues for the second quarter of 2018: Wednesday July 11, 2018
STENTYS will hold its General Shareholder Meeting from 4 pm on May 14, 2018 at 21 place de la Madeleine, 75008 Paris, France.
Preparatory documents for this Meeting, including the postal voting form, will be available on the Company’s website, www.stentys.com, in the Investors / Filings section within the statutory deadline, no later than April 23, 2018.
If you are a STENTYS shareholder and wish to vote on the resolutions, you can either attend in person or send the completed voting form before Monday May 14, 2018:
• by email to firstname.lastname@example.org
• by post to STENTYS, 18 rue d’Hauteville, 75010 Paris, France.
Should the required quorum not be met, the Meeting on the second call would be held on June 4, 2018, and your postal vote would remain valid and accounted for.
STENTYS develops and commercializes innovative solutions for the treatment of patients with complex artery disease. STENTYS’ Self-Apposing® drug-eluting stents (DES) are designed to adapt to vessels with ambiguous or fluctuating diameters in order to prevent the malapposition problems associated with conventional stents. The APPOSITION clinical trials for the treatment of acute myocardial infarction showed a very low mortality rate at one year and a faster arterial healing compared to conventional stents. The company’s product portfolio also includes MiStent SES® and Serpentis, two innovative coronary DES for routine interventions, and is marketed through STENTYS’ commercial network in Europe, the Middle East, Asia and Latin America.
Additional information is available at www.stentys.com
STENTYS is listed on Compartment C of Euronext Paris
ISIN: FR0010949404 – Ticker: STNT
This press release contains forward-looking statements about the Company that are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future which may not be accurate. Such forward-looking statements involve known and unknown risks which may cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the development and commercialization of the Company’s products, market acceptance of the Company’s products, its ability to manage growth, the competitive environment in relation to its business area and markets, its ability to enforce and protect its patents and proprietary rights, uncertainties related to the U.S. FDA approval process, slower than expected rates of patient recruitment for clinical trials, the outcome of clinical trials, and other factors, including those described in the Section 4 “Risk Factors” of the Company’s 2016 Registration Document (document de référence) filed with the French Autorité des Marchés Financiers (AMF) on November 29, 2017 under number D.17-1084.