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Mauna Kea Technologies Announces Sales for the Fourth Quarter and Full Year 2022
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Q4 and full year 2022 in line with expectations at €2.7 million and €7.5 million, respectively
U.S. level of sales stable in 2022 at €4.2 million despite a 60% reduction in sales personnel following the strategic realignment
$6.5 million (€6 million) cash payment from JV with Tasly received in January 2023
PARIS & BOSTON--(BUSINESS WIRE)--
Regulatory News:
Mauna Kea Technologies(Euronext: MKEA) (Paris:MKEA) (OTCQX:MKEAY) inventor of Cellvizio®, the multidisciplinary probe and needle confocal laser endomicroscopy (p/nCLE) platform, today announces its fourth quarter and full year 2022 sales1.
"2022 was in every way in line with our expectations following the strategic realignment announced in December 2021. Despite the need to make many difficult decisions, I am proud of how the organization has responded and its commitment to Mauna Kea’s long-term success. We enter 2023 with strong sales productivity in the U.S., attractive commercial momentum in EMEA and ROW, a new strategic partnership with Tasly, a reduced cash burn rate and stable liquidity position, and most importantly, a more disciplined and efficient global organization.” said Sacha Loiseau, Chairman and CEO of Mauna Kea Technologies. “Based on the increasing confidence that market demand for Cellvizio’s proprietary visualization technology is accelerating, we remain committed to leveraging our technological platform to provide high value-added clinical solutions to our customers and partners.”
Fourth Quarter and 2022 Sales by Category:
(in €k) – IFRS
Q4
2022
Q4
2021
€ Chg.
% Chg.
FY 2022
FY
2021
€ Chg.
% Chg.
Systems
1,351
1,230
120
10%
2,979
3,193
(214)
(7%)
Consumables
964
923
41
4%
3,131
3,204
(73)
(2%)
Services*
338
459
(121)
(26%)
1,370
1,303
67
5%
Total sales**
2,653
2,612
40
2%
7,479
7,700
(220)
(3%)
* Note: 2021 Q4 service revenue included €148k of collaboration service fees from clinical research partners.
** Totals may not add due to rounding.
Fourth Quarter and Full Year 2022 Sales by Geography:
(in €k) - IFRS
Q4
2022
Q4
2021
€ Chg.
% Chg.
FY
2022
FY 2021
€ Chg.
% Chg.
United States
1,150
1,704
(554)
(33%)
4,202
4,182
21
0%
Asia-Pacific
(22)
517
(539)
(104%)
402
1,561
(1,160)
(74%)
EMEA & ROW
1,525
392
1,133
289%
2,875
1,956
919
47%
Total sales*
2,653
2,612
40
2%
7,479
7,700
(220)
(3%)
* Totals may not add due to rounding.
Total sales for the year ended December 31, 2022 were slightly down by 3% at €7,479k, in line with expectations. In the United States, sales were stable at €4,202k, although impacted by a slowdown in activity in the second half of the year following difficulties in the supply of contrast agent (fluorescein), which significantly affected the number of Cellvizio procedures. The recovery of activity in EMEA & ROW in the second half of the year enabled the Company to record a 47% increase in sales in this region during the year, offsetting the decline in sales in the Asia-Pacific region due to the signing of the partnership with Tasly Pharmaceutical.
During the fourth quarter of 2022, revenues amounted to €2,653k, up slightly by 2% compared to the corresponding period in 2021, driven in particular by Systems sales, up 10% over the quarter, as well as Consumables sales (+4%).
By geographical area, sales are driven by EMEA & ROW, where the recovery in activity marks a strong rebound, rising from €392k in Q4 2021 to €1,525k in Q4 2022, a growth of 289% over the period. This significant increase offsets the decline in activity in the United States and Asia-Pacific, where sales fell by 33% and 104% respectively.
Finally, as part of the joint venture with Tasly Pharmaceutical2, Mauna Kea Technologies signed a licensing agreement on December 23, 2022, entitling the Company to receive an upfront payment of $6.5 million (€6 million3) in January 2023. The accounting treatment of this payment received is ongoing.
Fourth Quarter and Full Year 2022 Unit Sales or Placements by Type:
Units (#)
Q4
2022
Q4
2021
% Chg.
FY
2022
FY
2021
% Chg.
New systems sold
11
11
-
25
31
(19%)
New systems placed
1
2
(50%)
6
15
(60%)
Total Systems
12
13
(8%)
31
46
(33%)
Miniprobes delivered
151
143
6%
479
547
(12%)
In 2022, the U.S. sales team focused on maintaining system utilization, whether it be placements (PPU) or equipment sales. The team also pursued a targeted number of new placement opportunities and new system sales. This strategy has proven to be successful as evidenced by the 2022 sales figures.
The decrease in the number of systems and miniprobes is mainly due to the transition from the direct relationship with Youhe Shanghai Medical to the Joint Venture with Tasly: the Company has stopped selling products to Youhe in anticipation of the transfer. However, Youhe continued its usual commercial activity in its territory.
As of December 31, 2022, the Company’s cash position amounted to €3.2 million compared to €11.8 million on December 31, 2021 and €9.1 million to date, following the receipt of the first payment from the JV with Tasly. The Company will receive the balance of $3.5 million in the coming months, as part of its agreement with Tasly Pharmaceutical.
***
Next financial communication: financial results for the year 2022 on April 6, 2023 after market close
About Mauna Kea Technologies
Mauna Kea Technologies is a global medical device company that manufactures and sells Cellvizio®, the real-time in vivo cellular imaging platform. This technology uniquely delivers in vivo cellular visualization which enables physicians to monitor the progression of disease over time, assess point-in-time reactions as they happen in real time, classify indeterminate areas of concern, and guide surgical interventions. The Cellvizio® platform is used globally across a wide range of medical specialties and is making a transformative change in 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.
