Mauna Kea Technologies Announces 2022 Nine Month Sales Results

Regulatory News:

Mauna Kea Technologies (Euronext: MKEA) (OTCQX:MKEAY), inventor of Cellvizio, the multi-disciplinary probe and needle-based confocal laser endomicroscopy (p/nCLE) platform, today announced its sales results for the first nine months of 2022.

Sacha Loiseau, Ph.D., Chairman and Chief Executive Officer of Mauna Kea Technologies, commented: "Despite a challenging operating environment and the reallocation of resources associated with the strategic reorganization announced in late 2021, our commercial team has remained engaged and delivered satisfactory results, including 23% YTD growth in the United States.” Mr. Loiseau continued, “As I return to my executive leadership role, I am focused on improving the company's overall efficiency, capturing near-term growth opportunities and accelerating our development activities with strategic partners.”

Third quarter and first nine months of 2022 sales by category:

(in K€) – IFRS	Q3 2022	Q3 2021	Var €.	Var %.	9M 2022	9M 2021	Var €.	Var %.
Systems	334	795	(461)	(58%)	1 628	1 962	(334)	(17%)
Consumables	748	694	54	+8%	2 167	2 282	(114)	(5%)
Services	333	284	49	+17%	1 017	844	173	+21%
Total sales*	1 416	1 773	(358)	(20%)	4 812	5 087	(275)	(5%)

*Totals may not add up due to rounding.

Third quarter and first nine months of 2022 sales by geography:

(in K€) – IFRS	Q3 2022	Q3 2021	Var €.	Var %.	9M 2022	9M 2021	Var €.	Var %.
United States	820	827	(6)	(1%)	3 048	2 478	570	+23%
Asia-Pacific	75	156	(82)	(52%)	424	1 045	(621)	(59%)
EMEA & ROW	521	790	(269)	(34%)	1 340	1 565	(225)	(14%)
Total sales*	1 416	1 773	(358)	(20%)	4 812	5 087	(275)	(5%)

*Totals may not add up due to rounding.

For the first nine months of the year 2022, total revenues amounted to €4,812K, a slight decrease of 5% year-on-year. The national shortage of contrast agent (fluorescein) in the United States had a significant impact on the number of Cellvizio procedures year to date. While this issue seems to be mostly resolved, some high-volume centers may still be running short.

Total sales for Q3 2022 were €1,416K, down 20% from the corresponding period in 2021. Systems sales in Q3, by nature difficult to predict, were significantly lower than in Q3 2021 but the systems sales pipeline is solid for Q4, including a number of deals already closed but not invoiced. Consumables and services sales are up 8% and 17% respectively.

By geography, U.S. sales were up 23% in the first nine months of 2022, with a slight slowdown in the third quarter of 2022 (-1% vs. Q3 2021) due to the U.S. national fluorescein shortage and fewer capital sales. Within the EMEA & ROW region, sales generated in the first nine months are down -14% but are expected to recover in Q4. The Asia-Pacific market continues to be impacted by pandemic-related restrictions, resulting in a -59% decline in sales for the period.

Third quarter and first nine months 2022 sales in units:

Units (#)	Q3 2022	Q3 2021	Var %.	9M 2022	9M 2021	Var %.
New Systems sold	2	8	(75%)	13	20	(35%)
New systems placed	2	3	(33%)	5	13	(62%)
Total Systems	4	11	(64%)	18	33	(45%)
Consumables delivered	101	110	(8%)	328	404	(19%)

About Mauna Kea Technologies

Mauna Kea Technologies is a global medical device company that manufactures and markets Cellvizio, the real-time in vivo cell imaging platform. This technology provides unique in vivo cellular visualization that allows physicians to monitor disease progression over time, assess responses as they occur, classify areas of uncertainty and guide surgical interventions. The Cellvizio platform is used in many countries around the world and in several medical specialties and is transforming the way physicians diagnose and treat patients. For more information, visit www.maunakeatech.com.

Disclaimer

This press release contains forward-looking statements about Mauna Kea Technologies and its business. All statements other than statements of historical fact included in this press release, including, but not limited to, statements regarding Mauna Kea Techonologies' financial condition, business, strategies, plans and objectives for future operations are forward-looking statements. Mauna Kea Technologies believes that these forward-looking statements are based on reasonable assumptions. However, no assurance can be given that the expectations expressed in these forward-looking statements will be achieved. These forward-looking statements are subject to numerous risks and uncertainties, including those described in Chapter 3 of Mauna Kea Technologies' 2021 Universal Registration Document filed with the Autorité des marchés financiers (AMF) on October 18, 2022 under number D-22-0773, which is available on the Company's website (www.maunakeatech.fr ), as well as the risks associated with changes in economic conditions, financial markets and the markets in which Mauna Kea Technologies operates. The forward-looking statements contained in this press release are also subject to risks that are unknown to Mauna Kea Technologies or that Mauna Kea Technologies does not currently consider material. The occurrence of some or all of these risks could cause the actual results, financial condition, performance or achievements of Mauna Kea Technologies to differ materially from those expressed in the forward-looking statements. This press release and the information contained herein do not constitute an offer to sell or subscribe for, or the solicitation of an order to buy or subscribe for, shares of Mauna Kea Technologies in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The distribution of this press release may be restricted in certain jurisdictions by local law. Persons into whose possession this document comes are required to comply with all local regulations applicable to this document.

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The MAUNA KEA TECHNOLOGIES (O) Stock at the time of publication of the news with a fall of -0,43 % to 0,576EUR on Lang & Schwarz stock exchange (27. Oktober 2022, 17:56 Uhr).