MEDICREA : Results for the 1 st Half of 2013

LYON, France--(BUSINESS WIRE)-- The MEDICREA Group (Paris:ALMED) (FR0004178572-ALMED), which specializes in the development of innovative surgical technologies for the treatment of spinal pathologies, is listed on Alternext by NYSE - Euronext Paris, announces its unaudited results for the 1st half of 2013, as approved by the Board meeting of September 26th.

RESULTS FOR THE 1 ST HALF OF 2013

€m   H1 2012   H1 2013
Sales  

10.8

 

11.9

Gross margin as a % of sales

76%

79%

Operating profit / loss before amortization and provisions

1.2

2.2

Operating profit / loss before share-based payments

-0.2

0.7

Current profit / loss -0.4 0.5
Net profit / loss   -0.5   0.2

Exchange rate fluctuations had no effect on H1 2013 results

HIGHLIGHTS

  • 20% increase in sales in the North America market
  • 3-point improvement in the gross margin to almost 80%
  • Substantial increase in operating profit to 0.7 million euros
  • Cash flow associated with operating activity positive at 1.5 million euros

ACTIVITY

Over the 1st half of 2013, the Group recorded a significant operating profit, a substantial improvement over the same period of 2012, thanks to the growth of its sales in the North America market, the continuous optimization of its industrial tool and good control over its structural costs.

"We have passed a major and symbolic milestone in our development with, for the first time since our IPO, a net profit and positive operating cash flow. We have become profitable despite the pricing pressure imposed by the public health systems, which confirms the relevance of our innovation strategy focusing on the complex deformity spine surgery segment", says Denys SOURNAC, Chairman and CEO of MEDICREA.

OUTLOOK

The Group is prioritizing its development in the United States in order to continue improving its profitability and accelerating its sales growth there - US sales are expected to increase by close to 25% over the year as a whole, compared with 20% over the 1st half of 2013.

At the end of July, the FDA validated all of the clinical data registered within the framework of the approval application file for the K-JAWS® cervical compressive staple. The FDA also requested additional information, which was submitted to them early September.

Next publication : Sales for the 3rd quarter of 2013: October 22nd 2013, 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 $10 billion market, MEDICREA is a very dynamic small to medium-sized business of 105 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 near 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 Paris
ISIN: FR 0004178572 - Ticker: ALMED



MEDICREA
Denys Sournac, Chairman and Chief Executive Officer
dsournac@medicrea.com
or
Fabrice Kilfiger, Tel: +33 (0)4 72 01 87 87
Chief Financial Officer
fkilfiger@medicrea.com
or
NewCap.
Financial Communication / Press and Investor Relations
Sophie Boulila / Pierre Laurent
Tel: +33 (0)1 44 71 94 91
medicrea@newcap.fr

KEYWORDS:   Europe  France

INDUSTRY KEYWORDS:

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