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Safe Orthopaedics announces a €1,1M turnover for the first quarter of 2021 despite the Covid-19 sanitary crisis

08 April 2021 - 17:35

  • Flat group sales compared to Q1 2020
  • 121% sales growth in Germany
  • Back to direct sales growth in March
  • 53% Covid-19 Impact on indirect sales
  • 4,8M€ in cash at March 31st,2021

Éragny-sur-Oise, France, on April 8th, 2021, 5 :35 pm CET – Safe Orthopaedics (FR0013467123 – ALSAF), holding of the Safe Group (composed of Safe Orthopaedics, a company specializing in the design, manufacturing and marketing of single-use technologies for spinal surgeries, and Safe Medical (Ex-LCI medical), integrated subcontractor for orthopaedic medical devices, today announces its turnover for the first quarter of 2021 and its cash position.

In thousands eurosQ1 2021Q1 2020Growth
(3 months)(3 months)
Direct sales (FR, All, R-U)818 528 55%
Indirect sales258 551 -53%
SO total sales1,077 1,079 0%

On the first quarter 2021, the sale of the group were €1,077k, stable compared to the first quarter of 2020, despite the sanitary crisis that impacted the whole quarter, contrary to the previous year.

Despite the restriction measures and the postponement of surgeries in France, United Kingdom and Germany, direct annual sales grew by 55%, with heterogeneous performances depending on the country: while the United Kingdom showed a 69% contraction in sales due to strict confinement in the first quarter, Germany showed a growth of 121% despite a constrained health context. The growth in direct sales is explained on one hand by the market penetration of SterispineTM PS 2nd generation launched in 2020 and on the other hand by the acquisition of LCI Medical acquired in July 2020 and renamed Safe Medical in January 2021. The underperformance of indirect sales, down by more than 50%, still reflects an international situation impacted by the health crisis.

  

In thousands eurosJan-Fev 2021Jan-Fev 2020 Jan-Fev 2020/2021March-21March-20 March 2020/2021 
 
Direct sales (FR, All, R-U)471 377 25%347 152 129% 
Indirect sales190 407 -53%69 144 -52% 
SO total sales661 784 -16%416 296 41% 

An analysis of the distribution of growth over the first quarter shows that while the counter-performance of indirect sales was fairly uniform over the quarter, an acceleration of growth can be seen in March, from direct sales.

"This first quarter of 2021 is still impacted by the sanitary crisis, limiting our commercial actions and the reactivity of our industrial partners. In January and February, the total confinement in the UK and the reinforced confinement in France, contracted our sales even if we note an improvement in March. At the same time, the German restructuring carried out at the beginning of 2020 is bearing fruit, enabling us to record very strong growth of 121% in the largest European market. The loss of revenue from Safe Orthopaedics' indirect business was fully offset by sales of Safe Medical, which also contributed to the improvement in our margins” comments Pierre Dumouchel, chairman and co-founder of Safe Orthopaedics. « Offering new technologies and re-inventing our Ready-to-use model is a priority since April 2020. The construction of our innovation and integrated production site in Fleurieux, the development of SORA, and the CE marking of new technologies as of April are important steps for our group. Finally, the growing adoption of ready-to-use technologies worldwide, including in the United States, confirms our potential for double-digit growth by the summer of 2021. »  

Cash flows

With a significant refinancing of €8.4 million at Safe Orthopaedics at the end of the year, and the receipt of a €0.8 million grant from the French stimulation plan and a €0.5 million innovation loan from BPIfrance to Safe Medical, the Group's cash position on March 31, 2021 was €4.9 million.

Financial Agenda

Financial CommunicationDate1
2020 Annual financial results April 23rd, 2021
2021 1st semester  turnover July 5th, 2021
2021 1st semester  financial resultsSeptember 30th, 2021
2021 3rd quaterly turnover  October 7th, 2021
2021 2nd semester  turnoverJanuary 13th, 2022

  
About Safe Group

Safe Group is a French medical technology company, composed of Safe Orthopaedics, pioneer of ready-to-use technologies for spinal diseases and Safe Medical (ex-LCI medical), subcontractor of medical devices for orthopaedics surgery. The Group employs around 150 employees.
Safe Orthopaedics develops and manufactures kits combining sterile implants and single-use instruments, available at any time for the surgeon. These technologies enable minimally invasive approach, reducing the risk of cross contamination and infection, in the interest of the patient with a positive impact on hospitalization durations and costs. Protected by 17 patent families, the SteriSpineTM PS are CE marked and FDA approved. Safe Orthopaedics has its headquarters close to Paris (95610 Eragny-sur-Oise - France) and subsidiaries in the UK, Germany, United States and in the Lyon area where the manufacturing company is located.
For more information: www.SafeOrthopaedics.com

Contacts 

Safe Orthopaedics                                                                                                                          

François-Henri Reynaud                
Chief Financial and Administrative Officer             
Tél. : +33 (0)1 34 21 50 00                              
[email protected]            

Press Relations
Ulysse Communication
Pierre-Louis Germain / +33 (0)6 64 79 97 61 / [email protected]  
Bruno Arabian / +33 (0)6 87 88 47 26 / [email protected]  




1 Note (*): All publications will be published after market. Information subject to change.


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Provided by: GlobeNewswire
Euronext Growth Paris (France)
Safe Orthopaedics
Safe Orthopaedics is a French medical technology company that offers the safest technologies to treat spinal fractures. Delivered sterile, all implants and respective disposable instrumentation are available to the surgeon at any time, any place....
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