Theraclion Announces 2023 Financial Results and Continues Its Roadmap - Seite 3

On the business front, Theraclion focuses on supporting and assisting centers currently using its products in the treatment of their patients and does not devote resources to prospecting for new customers. In this context, the company is not currently focusing on generating significant sales but is instead directing its resources primarily towards product and treatment protocol improvements, as well as clinical trials.

Theraclion SA reported sales of €1,822 K in 2023, up 48%

Instrument sales are up 58% and include the sale of a limited number of systems. Sales of consumables, recurrent in most cases, amounted to €506 K, up 41%, driven by a significant increase in the varicose vein indication, up 61%. In line with its strategy, Theraclion is making SONOVEIN available to reference centers involved in the development of treatment protocols, while also integrating it into their business practices. Hence, Theraclion's performance on this revenue item in 2023 reflects these treatment centers’ favorable adoption of Theraclion's solutions.

Operating revenues amounted to €3,917 K, including €2,000 K in royalties from licenses granted to the Theraclion China joint venture.

Operating expenses came to €7,070 K, down by €605 K. External expenses came to €2,573 K, compared with €3,820 K in 2022. This decrease is due to a reduction in spending, particularly in the first half of 2023, and to lower R&D spending in 2023.

Personnel costs remain at a level comparable with 2022 (+€50 K).

Total expenditures on R&D and development of new products amounted to €3.9 M (compared with €4.3 M in 2022). This amount includes people-related expenses and costs incurred for the development and prototyping, the establishment of treatment protocols, and clinical trial in the United States. They are €402 K lower than in 2022, the year in which the FDA feasibility study was carried out and finalized. In addition, the pivotal U.S. study began in the fourth quarter of 2023, with a limited impact on 2023 expenses (€175 K). R&D investments are expected to intensify in 2025 and 2026 until FDA approval is obtained.

Theraclion's Hong Kong subsidiary was set up in 2015 in order to address the Asian market with Echopulse, targeting treatment of fibroadenoma of the breast and thyroid. Given the refocusing on the vein treatment market and on improving the product's design and functionalities, it was decided to restrict the subsidiary's expenditure and short-term commercial ambitions, while continuing to support existing customers and maintain the installed base. The subsidiary's shares and related receivable have been written down by 1,879K€. Taking into account exchange losses, financial interest and charges on marketable securities, net financial income came to a loss of 1,955K€.