VALENCE, France--(BUSINESS WIRE)--Regulatory News:
Amplitude Surgical (Paris:AMPLI) (ISIN: FR0012789667, Ticker: AMPLI, eligible for PEA-PME plans) (“Amplitude” or the “Group”), a leading French player on the global surgical technology market for lower-limb orthopedics, announces the partial resolution of its dispute with URSSAF regarding tax on the promotion of medical devices.
Following the decisions of the Cour de Cassation on November 29, 2018, the Valence High Court on October 10, 2019 and the Grenoble Court of Appeal on October 29, 2019, as well as the URSSAF letter of November 7, 2019 indicating its decision not to appeal these decisions, Amplitude Surgical, after almost 10 years of legal proceedings, has won its dispute with URSSAF for the period to June 30, 2014. For the financial years from July 1, 2014 onwards, the dispute has not been settled and Amplitude Surgical will continue to defend its initial position.
At the time of its IPO in June 2015, the Group pledged to provision within its accounts 100% of the risk associated with this dispute, i.e. notified reassessments but also potential adjustments as well as penalties and interest. The Group thus set aside a provision of close to €2.5 million in non-operating expenses every year. The accounting consequence of this decision in H1 2019-20 accounts will be the €8.6 million partial reversal of the provision that totaled €19.0 million at June 30, 2019.
Next financial press release
H1 2019-20 sales: Thursday February 20, 2020, after market.
About Amplitude Surgical
Founded in 1997 in Valence, France, Amplitude Surgical is a leading French player on the global surgical technology market for lower-limb orthopedics. Amplitude Surgical develops and markets high-end products for orthopedic surgery covering the main disorders affecting the hip, knee and extremities, and notably foot and ankle surgery. Amplitude Surgical develops, in close collaboration with surgeons, numerous high value-added innovations in order to best meet the needs of patients, surgeons and healthcare facilities. A leading player in France, Amplitude Surgical is developing abroad through its subsidiaries and a network of exclusive distributors and agents distributing its products in more than 30 countries. Amplitude Surgical operates on the lower-limb market through the intermediary of its Novastep subsidiaries in France and the United States. At June 30, 2019, Amplitude Surgical had a workforce of 436 employees and recorded sales of c.103 million euros.