Amplitude Surgical Announces Its Results for the First Half of 2022-23

Sales of €45.2 Million and EBITDA of €11.7 Million - Seite 3

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EBITDA up by 14.0% with an EBITDA margin of 25.8%

Over the first half of its 2022-23 financial year (from July to December 2022), Amplitude Surgical generated sales, after application of IFRS 5, of €45.2 million, up 12.5% in actual terms and 10.8% at constant exchange rates compared with the previous year. The Group’s consolidated sales after application of IFRS 5 correspond to sales from knee and hip activity.

Before application of IFRS 5, total Group sales including foot and ankle activity came to €56.4 million, up 17.3% in actual terms and 14.2% at constant exchange rates.

Amplitude Surgical recorded a gross margin of 71.6% in H1 2022-23, down 168 bps, impacted primarily by an increase in the cost price of its products.

The Group’s operating expenses totaled €20.7 million, up 7.7% compared with end-December 2021.

Sales & Marketing costs were up by 8.0%, as a result of the growth in activity, principally in France.

General & Administrative spending rose by 10.7% to €6.2 million, with an increase in personnel expenses and costs notably for quality and regulatory activities.

In the first half of 2022-2023, Research and Development expenses represented 1.7% of sales, versus 2.3% in the first half of 2021-22. However, including capitalized R&D costs, the Group’s global investment in Research & Development increased from €1.8 million in 2021/2022 to €2.3 million in the first half of 2022-23.

At the end of December 2022, excluding foot and ankle activities, Amplitude Surgical had a workforce of 414 staff, compared with 389 at end-June 2022. Personnel costs were up 8.9% compared with the first half of 2021-2022.

EBITDA was thus €11.7 million, an increase of 14.0%, giving an EBITDA margin of 25.8%, up 35 bps compared with the figure for the first half of 2021-22.

Amplitude Surgical recorded a Recurring Operating Profit of €4.9 million in H1 2022-23, compared with a profit of €2.9 million in the first half of 2021-2022, thanks to the positive sales trend and good control over operating costs. Operating Profit totaled €3.9 million, versus €2.6 million in H1 2021-2022.

The Financial Result was -€6.9 million, and consisted primarily of an interest expense of €5.2 million and the booking of currency losses and gains giving a net loss of €1.5 million at end-December 2022.

The Net Result (Group share) was a loss of €4.2 million, versus a net loss of €2.8 million in the first half of the previous year.

Financial structure: cash position of €11.0 million at the end of 2022