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Mauna Kea Technologies Reports First Half 2019 Financial Results

Nachrichtenquelle: Business Wire (engl.)
23.09.2019, 17:45  |  1070   |   |   

Regulatory News:

Mauna Kea Technologies (Paris:MKEA) (OTCQX:MKEAY) (Euronext: MKEA) inventor of Cellvizio, the multidisciplinary probe and needle-based confocal laser endomicroscopy (pCLE/nCLE) platform, today announced first half 2019 financial results for the six months ended June 30, 2019.

“Our first half of 2019 financial performance reflects solid execution against our strategic priorities for 2019,” stated Robert L. Gershon, Chief Executive Officer of Mauna Kea Technologies. “Consumables sales were the largest contributor to our year-over-year growth in first half of 2019 period, reflecting strong execution of our primary strategic priority: driving utilization of Cellvizio in the U.S. Gastrointestinal (GI) market, and in targeted geographies outside the U.S. Specifically, over the first half of 2019, we have experienced growth in total sales of consumables of 72% year-over-year, driven primarily by growth in sales of consumables to pay-per-use customers in the U.S. of 160% year-over-year. Outside the U.S., the Asia-Pacific region has been notably strong with sales increasing 106% year-over-year fueled by sales of both new systems and consumables.”

Mr. Gershon continued: “In addition to the solid sales performance over the first half of 2019, we are also prioritizing our operating expenditures to support our strategic growth plans while preserving our capital resources. We were extremely pleased to announce the new partnership with the European Investment Bank which provided us with the requisite growth capital to execute our plan and the more attractive borrowing terms significantly enhances our cash flow profile over the five-year borrowing period. We are also making progress towards our third strategic priority for 2019, evaluating the interventional pulmonology market as a new clinical indication for Mauna Kea’s next commercial focus area. The long-term growth opportunity for Mauna Kea remains extremely compelling and our recently enhanced balance sheet gives us further confidence in our ability to execute our strategic growth objectives going forward.”

First Half 2019 Financial Summary

  • Total revenue1 for the first half of 2019 increased €1.3 million, or 39.6% year-over-year to €4.5 million.
  • As previously reported, total sales for the first half of 2019 increased €1.2 million, or 45.4% year-over-year, to €3.9 million
    • Consumables sales increased €0.9 million, or 72.4% year-over-year, to €2.1 million
      • Consumables sales related to the pay-per-use program increased 160.1% year-over-year
    • Systems sales increased €0.4 million, or 37.7% year-over-year, to €1.3 million
    • Services sales decreased 1.2% year-over-year to €0.5 million
  • The Company placed 10 new Cellvizio systems under its PPU program in the first half of 2019, compared to 16 in the first half 2018
  • Gross margin was 62.7%, compared to 63.5% in the first half of 2018
  • Operating loss was €6.6 million, compared to operating loss of €6.5 million in the first half of 2018
  • Net loss was €8.1 million, compared to net loss of €6.8 million in the first half of 2018
  • As of June 30, 2019, the Company had a cash balance of €0.0 and total debt obligations of €6.4 million, including €2.7m of bank overdraft, compared to €8.6 million of cash and €7.1 million of total debt obligations, as of December 31, 2018.
  • On July 3, 2019, the Company announced it had received the first tranche of €11.5 million under a financing agreement concluded on June 20, 2019 with the European Investment Bank (“EIB”). The Company redeemed the non-dilutive bond financing with IPF Partners. The financing with IPF Partners was comprised of two bond tranches of €4.0 million and €5.0 million, issued in February 2017 and May 2019, respectively. The Company repaid both tranches fully on 28 June 2019 for a total amount of €10.7 million.
  • As of July 3, 2019, and following the restructuring of its debt, the Company had €8.8 million of cash available.

1 Total Revenue includes Research Tax Credit and other tax credits of €576,000 in the first half 2019 period, compared to €525,000 in the prior year period.

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