Medicrea Reports First Half 2019 Financial Results
The Medicrea Group (Euronext Growth Paris: FR0004178572-ALMED ; OTCQX Best Market –MRNTF), pioneering the digital transformation of spinal surgery through artificial Intelligence, predictive modeling and patient specific implants with its UNiD ASI (Adaptive Spine Intelligence) proprietary software platform, services and technologies, reports its unaudited results for the first half of 2019, as approved by the Board of Directors on September 16, 2019.
€’million |
H1 2019
H1 2018 (2)
Restated
Sales
Gross margin - % of sales
EBITDA (1)
Operating income
Other operating income and expense
Share-based payments
Cost of net financial debt
Income before taxes
Net Income
16.1
77%
0.6
(3.4)
(0.5)
(1.0)
(2.0)
(6.9)
(7.0)
16.9
68%
(0.5)
(4.5)
(0.4)
(0.4)
(1.4)
(6.7)
(6.6)
(1) : Operating income before interest depreciation and amortization
(2) : After IFRS 16 "Leases" adjustments applicable since January 1, 2019
Sales for the first half of 2019 amounted to 16.1 million euros, up 10% (+6% at constant exchange rates) compared to 2018 on a pro-forma basis, mainly related to the development of the business in the United States. As previously mentioned, reported revenue was down 5% following the discontinuation of non-strategic activities since the beginning of 2019, which had generated €2.3 million in sales until 30 June 2018.
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The improvement in gross margin observed over the past year is strengthening, reaching 77% in the first half of 2019, a significant increase of +9 points compared to the same period last year. This performance is based on two major controlled and sustainable elements: a favorable sales mix with the growing contribution of the United States, as well as better industrial efficiency and less subcontracting, which should make it possible to maintain a high margin level over the coming quarters, approaching the normative threshold of 80%.