Spineway - improved operating result despite cover - Seite 2

Including Negma financial one-offs² - 10 575

 

- 10 561 - 1 704

 

- 1 417   - 12 279

 

- 11 978 - 140

 

0   Non-recurring items -72 156   84 - 411   Net income
Including restated net income² - 12 011
- 1 450 -  2 094
- 677  

+ 53% - 14 105
- 2 127 - 2 876
- 2 876  

  + 26%

  · 

Spineway’s Board of Directors, at a meeting held on 25 January 2021 chaired by Stéphane Le Roux, closed the 2020 annual accounts.

Thanks to a sharp increase in sales in December 2020 (+30% compared with December 2019), Spineway’s revenue for Q4 2020 was up 21% compared with Q3, at €1 068K. This positive momentum, buoyed, in particular, by an increase in sales in Asia during the fourth quarter (+71% compared with 2019), allowed the Group’s annual revenue to reach €3 379K, closing the gap a bit with 2019 (-33%) in a year that was greatly disrupted by the COVID pandemic.

Significant improvement in performances for the second half of the year
This increase in sales during the second half of the year allowed Spineway to post improved operational performances for the second half of the year after a first half heavily impacted by the pandemic. The gross margin for the second half of 2020 was of €1 233K compared with €886K for the first half of 2020, representing a 39% increase, and was of €2 119K for the year 2020.

During this period, Spineway continued to invest in R&D, quality and regulatory affairs in order to remain competitive, anticipate future developments and secure approvals per the new European requirements. In addition, the cost-saving measures implemented made it possible to mitigate the impact of the pandemic on the Group’s results, in particular, the full effect of the decrease in personnel expenses initiated in 2019, the lower hospitality and marketing expenses (trade shows, conventions, travel, etc.), as well as the controlling of overhead, in particular, via a cost-cutting plan concerning the US subsidiary as its results to date are not in line with expectations in view of the pandemic.