VALENCE, France--(BUSINESS WIRE)--Regulatory News:
Amplitude Surgical (ISIN: FR0012789667, Ticker: AMPLI, eligible for PEA-PME equity savings plans) (Paris:AMPLI), a leading French player on the surgical technology market for lower-limb orthopedics, announces its sales for the first half of its 2022-23 financial year.
Olivier Jallabert, Amplitude Surgical’s CEO, said: “In the first half of our 2022-23 financial year, Amplitude Surgical recorded a 14.2% increase in Group sales before application of IFRS 5. Knee and hip activities generated growth of 10.8% at constant exchange rates notably thanks to the 14.2% growth in activity recorded in France, which benefited from a positive sales dynamic and virtually normal operating room availability, which wasn’t the case in the first half of the previous financial year. Novastep, meanwhile, continued its expansion and accounted for approximately 20% of total Group sales before application of IFRS 5, with growth of almost 32% over the period at constant exchange rates”.
H1 consolidated sales
H1 2022-23 sales |
31/12/2022 |
31/12/2021 |
Change at current exchange rates |
Change at constant exchange rates |
In thousands of euros - IFRS |
||||
Knee and hip activity |
45,208 |
40,187 |
12.5% |
10.8% |
Sales after application of IFRS 5 |
45,208 |
40,187 |
12.5% |
10.8% |
Foot and ankle activity (Novastep) |
11,205 |
7,912 |
41.6% |
31.6% |
Sales before application of IFRS 5 |
56,413 |
48,099 |
17.3% |
14.2% |
Q2 2022-23 sales |
31/12/2022 |
31/12/2021 |
Change at current exchange rates |
Change at constant exchange rates |
In thousands of euros - IFRS |
||||
Knee and hip activity |
25,803 |
23,150 |
11.5% |
10.3% |
Sales after application of IFRS 5 |
25,803 |
23,150 |
11.5% |
10.3% |
Foot and ankle activity (Novastep) |
6,725 |
4,760 |
41.3% |
33.5% |
Sales before application of IFRS 5 |
32,527 |
27,910 |
16.5% |
14.3% |
For its consolidated accounts to June 30, 2022, the Group applied IFRS 5 by classifying foot and ankle activities as “Non-current assets held for sale”. The Group’s consolidated sales for the first half of its 2022-23 financial year thus correspond solely to knee and hip activities. To provide a global view of the Group’s activities, sales before application of IFRS 5 and including foot and ankle activities are indicated in the tables above.
Over the first half of its 2022-23 financial year (July-December 2022), Amplitude Surgical recorded sales before application of IFRS 5 of €56.4 million, up 17.3% in actual terms and 14.2% at constant exchange rates.
- Knee and hip activity generated sales of €45.2 million, up 12.5% in actual terms and 10.8% at constant exchange rates. Activity in France increased by 14.2%, while international distributors generated growth of 11.4% and the Group’s international subsidiaries recorded growth of 7.7% in actual terms but were stable at constant exchange rates.
In France, the Group benefited from a positive sales dynamic combined with operating room availability returning to normal compared with the first half of the previous year (2021-22) that saw lower operating room availability and the postponement of surgical procedures.
For international subsidiaries, the global performance remained stable, with the level of activity varying by region: activity grew in Brazil while sales activity was down in Australia.
The Group’s consolidated sales after application of IFRS 5 correspond to sales generated by knee and hip activities.
- Novastep, innovative solutions for foot and ankle surgery, continued to record strong growth in the first half, with sales totaling €11.2 million (+31.6% at constant exchange rates), driven by activity in both France and the United States. Novastep’s activity accounted for approximately 20% of total Group sales before application of IFRS 5.
Group guidance
On the basis of the activity generated in the first half of the year and sales activity indicators for the second half, the Company is updating its guidance and is expecting, for its entire 2022-23 financial year to June 30, 2023):
• sales of around €124 million before application of IFRS 5 (including foot and ankle activities); and
• an EBITDA margin of around 22% before application of IFRS 5 (including foot and ankle activities).
Next financial press release:
H1 2022-23 results, on Wednesday March 22, 2023, 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, 2022, Amplitude Surgical had a workforce of 460 employees and recorded sales of nearly 104.8 million euros (including foot and ankle activity and before application of IFRS 5).
