SMAIO SA (ALSMA) H2 2024 earnings summary

Executive summary

• Revenue reached €5.5M in 2024, up slightly from €5.4M in 2023, but 2023 included a €2.8M milestone payment from NuVasive; excluding this, core business grew 114% year-over-year.

• The US market now represents 53% of total sales, driven by strong growth in Kheiron implant sales.

• Operating loss widened to €3.2M from €1.1M in 2023, mainly due to higher commissions, increased payroll, and R&D amortization.

• Net loss for 2024 was €2.3M, compared to a €0.4M loss in 2023.

• Cash position at year-end was €3.2M, with net financial debt at -€0.9M.

Financial highlights

• Gross margin on implant sales improved to 79%, up 8 points year-over-year, reflecting higher-margin US sales.

• EBITDA (excluding milestone) was -€1.8M in 2024, compared to -€2.4M in 2023.

• Equity decreased to €6.8M from €9.3M, mainly due to the net loss.

• R&D expenses remained significant, with €950K capitalized and €1.8M expensed.

Outlook and guidance

• Focus on expanding i-kontrol commercialization in Europe, USA, and Australia, leveraging direct sales and distributors.

• Continued investment in AI-driven R&D projects using the KEOPS database.

• Plans to broaden partnerships and demonstrate regulatory compatibility of custom rods with major pedicle screw systems.