Theraclion

Half year results 2019 - Seite 3

 

Average headcount (FTE)

25

32

-22%

Accounts approved by the Board of Directors on September 12th, 2019.

First half 2019 revenues up 52%

In the first half of 2019, Theraclion SA achieved commercial turnover of € 963,000, up 12% compared to the first half of 2018. Equipment sales increased by 11% over the half-year. Theraclion sold four Echopulse treatment solutions in Germany (compared to one in the first half of 2018), benefiting from a broader reimbursement acceptance by insurers of the echotherapy treatments. Recurring sales of consumables and services, grew by 5 percentage points compared to the first half of 2019, to nearly 21% of sales for the period. Initial sales of consumables for SONOVEIN varicose vein treatment solution related to the first commercial treatments took place in the second quarter.

After taking into account grants that mainly include the first tranche of the Eurostar project (€ 331,000), Total Revenues reached € 1,316,000 compared with € 868,000 at the end of June 2018.

Substantial reduction in net loss due to growth and cost control

The results for the first half of 2019 reflect the cost reduction initiatives undertaken in 2018, including a decrease in operating expenses of € 1.5 million; a decrease of 30%. Merchandise purchases, linked to sales growth increased by 2% compared to the turnover increase of 12%. External expenses decreased by 44% to € 1.1 million. In 2018, these charges included the costs of the clinical study carried out to obtain the CE mark for the treatment of varicose veins. Finally, staff costs also decreased by 20% to € 1.7 million, the average workforce for this half-year amounting to 25 employees, compared with 32 in the first half of 2018.

The financial result of -€ 87,000 is mainly due to the capitalized interest on the repayable TUCE advance.

The research tax credit amounted to € 680,000 at the end of June 2019. It includes a tax credit of € 302,000 from a litigation claim relating to prior years and paid in the first half of 2019. The research tax credit for the first half of 2019 of € 378,000 is down 47% due to the payment of the Eurostar grant and the decrease in research expenditure.