Amplitude Surgical announces results for the first half of 2021-22

  • Consolidated sales of € 48.1 million, + 3.9% at a constant exchange rate

  • EBITDA (-9.0%) reduced to € 9.9 million with a margin of 20.5%

  • Profit from current operating profit of € 1.9 million

  • Cash position as of December 31, 2021 € 24.6 million

Valence, France – (BUSINESS WIRE) – Regulatory News:

Amplitude Surgical (ISIN: FR0012789667, Mnémo: AMPLI, PEA-PME Eligible) (Paris: AMPLI) is the French leader in the surgical technology market for lower limb orthopedics, with semi-annual results at the end of December 2021. Was announced. ..

Olivier Jallabert, Managing Director of Amplitude Surgical,To tell: “In the first half of the 2021-22 year fiscal year, Amplitude Surgical recorded a 3.9% increase in sales at a constant exchange rate. Than what was recorded in the first half of the 2020-2021 fiscal year. The decline in gross margin following low levels of industrial activity, coupled with the increase in commercial costs for limb activities, reduced EBITDA by -9.0 from% to 9.9 million euros, with current operating income of 1.9 million euros. It shows profits and is slightly down compared to the previous fiscal year. “

Financial Overview – Data at Current Rates:

Million Euros – IFRS Standards

S1 2021-22

S1 2020-21

variable

turn over

48,099

45,909

4.8%

gross profit

35,455

34,939

1.5%

As a percentage of sales

73.7%

76.1%

-240bp

Selling, marketing and marketing expenses

18,629

16,413

+ 13.5%

Management fee

5,508

6,225

-11.5%

R & D expenses

1,466

1,469

-0.2%

EBITDA

9,852

10,832

-9.0%

As a percentage of sales

20.5%

23.6%

-310bp

Current operating profit

1,879

2,042

Manufacturing / (expense) operation.Non-fluid

-326

-887

Operating income

1,553

1,156

Revenue

-4,321

-6,220

Net Income – Group Share

-2,833

-4,984

Net financial debt

119,482

114,521

Closing cache

24,628

36,497

EBITDA decreased by -9.0% and gross profit was 20.5%

Between 1er Amplitude Surgical revenues for the 2021-22 fiscal year semester (July-December) reached € 48.1 million, an increase of + 4.8% and + 3.9% at a constant rate compared to the previous fiscal year. Despite this increase, the business continued to be adversely affected by the health conditions associated with the COVID-19 pandemic, especially in the knee and hip business.

  • Sales Knee and hip activity It is stable at + 0.3% at the current rate and -0.3% at a constant rate. The start of the second quarter from mid-October to mid-November, after a year-on-year decline characterized by reduced availability of operating rooms, especially in France, is less relevant and commercial. The momentum has recovered. It will affect your health more than the previous year. However, this rebound slowed again from the beginning of December, following an increase in COVID-19 pollution. Overall, health, operating room and medical availability continued to have a significant negative impact on the business during the first half of the year.

  • Sales NovastepInnovative solutions for limb surgery (foot and ankle) recorded strong growth in the first half of the year, driven by the United States to reach € 7.9 million (+ 33.1% at constant exchange rates). Novastep’s activities account for 16.4% of the Group’s sales.

Amplitude Surgical is an international distribution subsidiary of the group with a weaker industrial activity than the first half of the fiscal year 2020-2021 and the euro exchange rate.

The Group’s operating expenses were € 25.6 million, an increase of 6.2% compared to the end of December 2020.

With the growth of Novastep’s limb activity, sales and marketing costs increased by 13.5%.

The Group continued its cost control efforts in a commercial environment that was heavily disrupted by health conditions, reducing management costs by 11.5% to € 5.5 million.

Between 1er In half of 2021/202, R & D expenses reached 3.0% of sales and were stable compared to 1 in absolute value.er Half of the previous year.

As of the end of December 2021, Amplitude Surgical’s workforce was 453, compared to 443 at the end of June 2021 and 442 at the end of December 2020. Labor costs increased by 5.9% compared to one person.er The semester from 2020 to 2021.

Therefore, EBITDA reached 9.9 million euros, a decrease of -9.0%. In other words, the margin was 20.5%, a decrease of -310bp compared to 1.er 2020-21 semester.

The current operating result is a profit of 1.9 million euros, while a profit of 1 is 2 million euros.er Half of 2020/2021, the strong trend in revenue was offset by lower margin rates and higher sales and marketing costs. Operating profit was 1.2 million euros per case, compared to 1.6 million euros, which was positive.er 2020/20 21 semester.

Financial income resulted in a loss of € 4.3 million, consisting primarily of interest expense of € 4.8 million and recognition of foreign exchange losses and net income of € 0.7 million as of the end of December 2021.

Financial structure: € 24.6 million in cash at the end of 2021

Net cash flow generated by half a year of operating activities was positive at 1.7 million euros compared to cash consumption of 1 million euros in one year.er 2020-21 semester.

Investing from 1er Half of 2021-22 was 4.9 million euros, but one year it was 4.3 million euros.er Half of the previous year.

As of the end of December 2021, the Group’s cash was € 24.6 million. Net financial debt is € 119.5 million, compared to 2.04 at the end of June 2021 with gearing (net financial debt / capital) of 2.19.

Highlights from 1er semester

  • Disposal of two group subsidiaries

– On July 23, 2021, the Group sold 100% of its subsidiary Amplitude Ortho SRL (Romania) to GBGMLDSRL, the distributor of Group products in Moldova. The sold company will continue to sell the Group’s products in the Romanian market as a distributor.

– Due to unpredictable developments, the Group sold 80% of its subsidiary Matsumoto Amplitude Inc (Japan) to Takeshi Matsumoto on August 13, 2021. The latter already owned 20% of this subsidiary through his company, Matsumoto Medical.After this sale, the subsidiary was liquidated by a new shareholder

  • URSSAF Checks Medical Device Promotion Tax

– On January 27, 2022, the Grenoble Court of Appeals dismissed Amplitude SAS’s request to cancel the adjustment of the medical device promotion tax for the period from 1.er From July 2014 to June 30, 2017. The adjustment amount is 5.8 million euros. All of these items are fully provisioned with the group’s account. Amplitude SAS will appeal this decision in Court of Cassation.

– On September 21, 2021, the Group received an observation letter from URSSAF after the fourth inspection of the medical device promotion tax for the period from 1.er From July 2017 to June 30, 2020. This observation letter will remind us of the € 5.9 million contribution already provisioned to the Group’s account last year. As in the previous controversy, the group will make that observation and submit a request to the URSSAF Friendly Appeal Commission.

If rejected, the group will request the High Court to cancel.

  • Dispute with Zimmer Biomet

– On November 4, 2021, the Grenoble Court of Appeals dismissed Zimmer Biomet’s allegations in a dispute over alleged unfair competition and ordered Zimmer Biomet to pay the total amount under Article 700 of the Code of Civil Procedure. I did.

25,000 euros for Amplitude SAS. Zimmer Biomet has decided to appeal in Court of Cassation.

Outlook

– The group does not have commercial exposure in Ukraine or Russia. Exposure is limited to changes in energy costs and raw material prices, especially titanium, which affects the cost of manufacturing products.

– Improvements in French health since February have allowed the market to approach normal from the beginning of March.

Availability of financial reports

Amplitude Surgical is open to the public and has submitted a semi-annual financial report as of December 31, 2021 to Autorité des marchés finance personnel.

Semi-annual financial reports are available in the Documentation / Financial Report section of the Amplitude Surgical website (www.amplitude-surgical.com/fr).

Next press release:

Nine months of revenue from 2021 to 2010: Thursday, April 21, 2022, after market closure.

About Amplitude Surgical

Founded in Valence in 1997, Amplitude Surgical is France’s leading player in the global market for surgical techniques for lower limb orthopedics. Amplitude Surgical develops and sells high-end products for orthopedic surgery covering major medical conditions affecting hips, knees and limbs, especially foot and ankle surgery. Amplitude Surgical works closely with surgeons to develop a number of high-value innovations to best meet the needs of patients, surgeons, and healthcare organizations. France’s leading Amplitude Surgical is expanding internationally through a network of subsidiaries and distributors and exclusive distributors in more than 30 countries. Amplitude Surgical operates in the limb market through Novastep’s subsidiaries in France and the United States. As of June 30, 2021, Amplitude Surgical employed 443 people and generated nearly € 95.5 million in revenue.

contact address

Surgical amplitude
Dmitri borsch
Chief financial officer
[email protected]
04 75 41 87 41

NewCap
Investor public relations
Mathilde Bohin / Thomas Grojean
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01 44 71 94 94

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Public relations window to the media
Nicholas Merigot
[email protected]
01 44 71 94 98