SMAIO Publishes its 2023 Annual Results - Seite 3

SMAIO Group (for information only)

SMAIO does not exceed any of the 3 thresholds set by art. R233-17 of the French Commercial Code and did not produce consolidated financial statements for the year ended December 31, 2023. However, to provide accurate and comparable financial information, the Company is informing the public of the SMAIO Group's consolidated results after elimination of internal transactions and non-tax consolidation restatements.

Simplified income statement

(Consolidated statements - in €m)

2023

2022

Sales

5.4

2.4

of which France

1.1

1.1

of which US

0.3

-

of which Rest of the World

1.2

1.3

of which milestone payment

2.8

-

Operating profit/(loss)

(1.1)

(4.0)

Exceptional income/(expenses)

-

6.6

Net profit/(loss)

(0.8)

2.8

* Unaudited figures

The SMAIO Group's operating result amounted to -€1.1 million, after restatement of sales of implants, instruments and services between the parent company SMAIO SA and its U.S. subsidiary SMAIO USA in order to give it the necessary resources to implement its strategy of entering the U.S. market, and after incorporating the margin on the purchase cost of implant sales to U.S. hospitals, at 91%.

Solid financial structure

The cash position of SMAIO SA was €6.8 million at December 31, 2023 (€6.9 million in consolidated statements* and €6.5 million after deduction of the portion of bank loans still to be repaid in 2024), compared with €5.7 million at December 31, 2022. This increase is due to a good control over cash burn levels, the milestone payment from NuVasive, and the receipt of a non-dilutive financing of €2.5 million in the form of a R&D loan from Bpifrance Innovation (€1 million, that includes a 3-year grace period) and two loans from a banking pool, including BNP Paribas and Société Générale (€1.5 million, 4-year maturity).