SpineGuard Reports its Q4 2023 Revenue

Regulatory News:

SpineGuard (FR0011464452 – ALSGD), an innovative company that deploys its DSG (Dynamic Surgical Guidance) sensing technology to secure and streamline the placement of bone implants, today reports its full-year 2023 revenue.

Pierre Jérôme, Chairman, CEO and co-founder of SpineGuard, said: "After a particularly successful 2022, we faced the termination of two important commercial agreements in 2023, following financial issues experienced by our partners which were specific to them, having significantly impacted our revenue. This adversity led us to revise our strategy, strengthen our US organization and accelerate the deployment of new products to get back to double digit growth in 2024. We are very confident in our capability to achieve this goal thanks to the strong and steady increase of our product sales in Europe and Latin America, our expanded collaboration with XinRong in China as well as the high level of field activities in the United States. Our promising partnership with Omnia Medical for sacroiliac fusion and the Smart Pedicular Screw, and our rapid advances on the innovation front, supported by the mobilization of the whole SpineGuard team, will also contribute to this growth."

€ thousands – IFRS (Unaudited)	2023	2022	Variance
First Quarter	1,271	1,131	+12%
Second Quarter	963	1,415	-32%
Third Quarter	978	1,476	-34%
Fourth Quarter	1,102	1,577	-30%
Full Year over 12 months	4,313	5,600	-23%

SpineGuard’s consolidated revenue decreased by -30% in Q4 2023 compared to Q4 2022 and -23% over the full year.

In the United States, the revenue of the fourth quarter 2023 decreased by -28% in USD, to $ 734K from $ 1,019K. This decrease is due to the termination of WishBone Medical activity which had the exclusive US distribution of SpineGuard products in pediatric orthopedic US hospitals. The renewed American team put in place by SpineGuard in Spring has nonetheless gradually taken over these accounts since November and the sales have been growing sequentially since two quarters (Q4 vs. Q3 and Q3 vs. Q2).