SMAIO SA (ALSMA) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was €2.2M, down €1.8M year-over-year due to the absence of a €2.8M milestone payment from NuVasive received in H1 2023.

• Implant and instrument sales grew 80% year-over-year to €2.1M, driven by US and Scandinavian markets.

• Operating loss reached €1.7M versus a €0.9M profit in H1 2023, reflecting the non-recurrence of the milestone and increased operating expenses.

• Net loss was €1.2M compared to a €1.1M profit in H1 2023.

• Cash position at June 30, 2024, was €5.1M.

Financial highlights

• Gross margin on cost of goods sold was 79%, up 8 points year-over-year, benefiting from higher-margin US sales.

• EBITDA was negative at €0.87M, compared to a positive €0.94M in H1 2023.

• Net financial income was €0.1M, mainly from guaranteed capital placements.

• Equity stood at €8.0M, down from €10.8M a year earlier.

• Net financial debt was €2.4M, reflecting borrowings and cash management.

Outlook and guidance

• Focus on expanding the i-kontrol platform and custom rod production, aiming for broader US market integration and significant revenue growth by end-2025.

• Continued R&D to enhance surgical precision and reliability, including 3D-printed guides and trackers.

• Next Sagittal Alignment Academy in December 2024 in New York to further US market penetration.