Mauna Kea Technologies Reports First Quarter 2019 Sales
Mauna Kea Technologies (Euronext: MKEA) (Paris:MKEA) (OTCQX:MKEAY) inventor of Cellvizio, the multidisciplinary probe and needle-based confocal laser endomicroscopy (p/nCLE) platform, today announced its sales for the first quarter 2019 ended March 31, 2019.
“Our first quarter sales performance reflects solid execution of our strategy to drive utilization in our primary commercial regions around the world,” stated Robert L. Gershon, Chief Executive Officer of Mauna Kea Technologies. “Total sales increased 65% year-over-year in the first quarter driven, in part, by the softer sales results in the prior year period. Notwithstanding the easier revenue growth comparison, our sales performance in the first quarter reflects continued progress towards our longer-term strategic growth objectives. Specifically, sales of consumables were the largest contributor to our year-over-year total revenue growth in the first quarter and represented 51% of total sales, compared to 43% of total sales in the prior year period. Total consumables growth in the first quarter was driven primarily by increasing utilization from U.S. customers in our pay-per-use program, which we view as continued validation of our strategic shift to transition our business model in early-2018. Total consumables growth also benefitted from utilization-based demand from the Asia-Pacific region, one of the targeted international markets where we are focused on driving utilization this year. We had 7 pay-per-use placements in the first quarter as we continue to see adoption of our Cellvizio systems by U.S. customers that see the value in our pay-per-use program.”
Mr. Gershon continued: “We are off to a good start in 2019, but we remain in the early stages of executing our long-term growth strategy. Importantly, the organization is laser-focused on our three strategic priorities for 2019: driving consumable growth in our installed base in the U.S. GI market, our primary market for commercialization focus; driving revenue growth outside the U.S., but doing so in a targeted fashion in an effort to maximize the resources we invest in international markets; and evaluating the interventional pulmonology market as a new clinical indication for Mauna Kea’s next commercial focus-area.”