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Press Release

MEDICREA Group: 2011 Annual Results and Sales for 1st Quarter 2012

MEDICREA
Posted on: 07 Apr 12

The MEDICREA Group (FR0004178572 - ALMED), listed on Alternext by NYSE - Euronext Paris, a company specialized in the development of innovative surgical technologies for the treatment of spinal pathologies, announces its audited 2011 annual results approved by the Board meeting of March 29th 2012, as well as its sales for the 1st quarter of 2012.

2011 annual results, IFRS

 

   
€m           31/12/2011       31/12/2010
Sales           19.1       18.2
Income before interests, depreciation and amortization1.01.2
Operating income / (loss) before share-based payments (1.7) (1.2)
Operating income / (loss) before tax (2.3) (1.9)
Net income / (loss)           (2.4)       (2.5)
 

2011 annual sales were the subject of a press release published on January 12th and which can be downloaded on www.medicrea.com. The moderate 5% increase in sales over 2011, compared to previous years when the Group recorded significant growth rates, was the result of the organizational changes that took place within the US subsidiary in the second half.

The maintaining of a substantial level of Research & Development investment in conjunction with the launch of 6 new products that the Group presented in October 2011 at the Eurospine congress, and the strengthening of the US sales teams both weighed on profitability and explain the operating loss increase from 1.2 million euros in 2010 to 1.7 million euros in 2010.

Working capital requirements remained stable compared to the prior year, at 27% of sales. The Group increased its shareholders’ equity at the end of the year through a 2.4 million euro capital increase in the form of shares with equity warrants attached.

A return to growth in the 1st quarter of 2012

1st quarter sales totaled 4.9 million euros, an upturn of 20% compared to the final quarter of 2011. “In accordance with what we announced in October 2011, sales growth should accelerate from the 2nd quarter of 2012, particularly in the USA for PASS LP® in the segment of complex surgery for the treatment of major deformities”, comments Denys SOURNAC, Chairman and CEO of MEDICREA, adding that “the Group should thus record a regular increase in its sales throughout 2012, quarter after quarter, and see a return to the levels of organic growth that characterized its four previous years of development.

2012 outlook

MEDICREA is currently studying and considering the setting up of strategic partnership agreements with leading companies in this sector, in the form of exclusive licenses for some of its products for treating degenerative spinal pathologies.

Next publication

Sales for the 1st half of 2012 : July 12th 2012, after market.

ABOUT MEDICREA (www.medicrea.com)

MEDICREA specializes in the design, development, manufacture and distribution of orthopedic implants dedicated to spinal surgery. In a $9 billion market, MEDICREA is a very dynamic small to medium-sized business of 100 employees with unique innovation capabilities. The Company enjoys an excellent and ever-improving reputation and develops unique relationships with the most visionary and creative spine surgeons in France, the UK, and the USA. Products developed and patented by MEDICREA provide neurosurgeons and orthopedic surgeons specialized in the spine with new and less-invasive surgical solutions that are faster and easier to implement than traditional techniques. The Group’s headquarters are based in Lyon, France, and it also has a manufacturing facility located in La Rochelle as well as three distribution subsidiaries in the USA, the UK and France.

MEDICREA is listed on ALTERNEXT by NYSE - Euronext ParisISIN: FR 0004178572 – Ticker: ALMED

Business Wire
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Last updated on: 07/04/2012

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