- Year-to-date revenue of approximately
EUR 30.1 million (USD 35.9 million ) increased 14.4% year-over-year - Q3 revenue of
EUR 9.4 million (USD 11.1 million ), flat with Q3 2020, reflecting lingering impact of COVID-19 on capital equipment sales - Year-to-date US HIFU treatment volumes increased 58% over the comparable period in 2020; strong leading indicator of Focal One adoption by urologists
- Strong cash position of
EUR 45.4 million (USD 52.6 million ) - Company to host a conference call tomorrow,
Thursday, November 18 , at8:30 am ET
Nine Months 2021 Results
Total revenue for the nine months ended
Total revenue in the HIFU business for the nine months ended
Total revenue in the LITHO business for the nine months ended
Total revenue in the Distribution business for the nine months ended
Gross profit for the nine months ended
Operating expenses were
Operating loss for the nine months ended
Net loss for the nine months ended
Third Quarter 2021 Results
Total revenue for the third quarter 2021 was
Total revenue in the HIFU business for the third quarter 2021 was
Total revenue in the LITHO business for the third quarter 2021 was
Total revenue in the Distribution business for the third quarter 2021 was
Gross profit for the third quarter 2021 was
Operating expenses were
Operating loss for the third quarter of 2021 was
Net loss for the third quarter of 2021 was
As of
Conference Call
An accompanying conference call and webcast will be conducted by management to review the results. The call will be held at 8:30am EDT tomorrow,
Conference Call & Webcast
Domestic: 877-451-6152
International: 201-389-0879
Passcode: 13724088
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1503943&tp_key=7d846a9985
Following the live call, a replay will be available on the Company's website, www.edap-tms.com under "Investors Information."
About
A recognized leader in the global therapeutic ultrasound market,
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties, including matters not yet known to us or not currently considered material by us, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, the clinical status and market acceptance of our HIFU devices and the continued market potential for our lithotripsy and distribution divisions, as well as the length and severity of the COVID-19 pandemic, including its impacts across our businesses on demand for our devices and services. Factors that may cause such a difference may also include, but are not limited to, those described in the Company's filings with the
Company Contact
Investor Relations / Legal Affairs
+33 4 72 15 31 50
bconfort@edap-tms.com
Investor Contact
917-355-2395
jfraunces@lifesciadvisors.com
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands of Euros and
Three Months Ended: | Three Months Ended: | |||||||||||||||||||
2021 Euros | | 2020 Euros | 2021 $US | 2020 $US | ||||||||||||||||
Sales of medical equipment | 5,788 | 5,984 | 6,799 | 7,080 | ||||||||||||||||
1,104 | 1,207 | 1,297 | 1,428 | |||||||||||||||||
Sales of spare parts, supplies and Services | 2,548 | 2,255 | 2,993 | 2,668 | ||||||||||||||||
TOTAL | 9,440 | 9,446 | 11,089 | 11,176 | ||||||||||||||||
Other revenues | - | (13) | - | (16) | ||||||||||||||||
TOTAL REVENUES | 9,440 | 9,433 | 11,089 | 11,160 | ||||||||||||||||
Cost of sales | (5,815) | (5,469) | (6,831) | (6,470) | ||||||||||||||||
GROSS PROFIT | 3,625 | 3,964 | 4,258 | 4,690 | ||||||||||||||||
Research & development expenses | (1,064) | (1,090) | (1,250) | (1,289) | ||||||||||||||||
S, G & A expenses | (4,446) | (3,167) | (5,222) | (3,748) | ||||||||||||||||
Total operating expenses | (5,510) | (4,257) | (6,472) | (5,037) | ||||||||||||||||
OPERATING PROFIT (LOSS) | (1,885) | (293) | (2,215) | (347) | ||||||||||||||||
Interest (expense) income, net | (22) | (12) | (25) | (14) | ||||||||||||||||
Currency exchange gains (loss), net | 1,003 | (574) | 1,178 | (679) | ||||||||||||||||
INCOME (LOSS) BEFORE TAXES AND MINORITY INTEREST | (904) | (879) | (1,062) | (1,040) | ||||||||||||||||
Income tax (expense) credit | (111) | (122) | (130) | (145) | ||||||||||||||||
NET INCOME (LOSS) | (1,015) | (1,001) | (1,192) | (1,185) | ||||||||||||||||
Earning per share – Basic | (0.03) | (0.03) | (0.04) | (0.04) | ||||||||||||||||
Average number of shares used in computation of EPS | 33,448,136 | 29,144,010 | 33,448,136 | 29,144,010 | ||||||||||||||||
Earning per share – Diluted | (0.03) | (0.03) | (0.04) | (0.04) | ||||||||||||||||
Average number of shares used in computation of EPS for positive net income | 33,448,136 | 29,144,010 | 33,448,136 | 29,144,010 |
NOTE: Translated for convenience of the reader to
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands of Euros and
Nine Months Ended: | Nine Months Ended: | |||||||||||||||||||
2021 Euros | | 2020 Euros | 2021 $US | 2020 $US | ||||||||||||||||
Sales of medical equipment | 19,176 | 16,083 | 22,858 | 18,204 | ||||||||||||||||
3,581 | 3,409 | 4,269 | 3,858 | |||||||||||||||||
Sales of spare parts, supplies and Services | 7,331 | 6,795 | 8,739 | 7,691 | ||||||||||||||||
TOTAL | 30,088 | 26,287 | 35,866 | 29,753 | ||||||||||||||||
Other revenues | 4 | 11 | 5 | 12 | ||||||||||||||||
TOTAL REVENUES | 30,092 | 26,298 | 35,871 | 29,765 | ||||||||||||||||
Cost of sales | (17,881) | (14,948) | (21,315) | (16,919) | ||||||||||||||||
GROSS PROFIT | 12,211 | 11,350 | 14,556 | 12,846 | ||||||||||||||||
Research & development expenses | (2,840) | (3,058) | (3,385) | (3,461) | ||||||||||||||||
S, G & A expenses | (11,444) | (9,743) | (13,642) | (11,027) | ||||||||||||||||
Total operating expenses | (14,284) | (12,800) | (17,027) | (14,488) | ||||||||||||||||
OPERATING PROFIT (LOSS) | (2,073) | (1,451) | (2,471) | (1,642) | ||||||||||||||||
Interest (expense) income, net | 122 | (51) | 145 | (58) | ||||||||||||||||
Currency exchange gains (loss), net | 1,574 | (631) | 1,876 | (714) | ||||||||||||||||
INCOME (LOSS) BEFORE TAXES AND MINORITY INTEREST | (378) | (2,133) | (450) | (2,415) | ||||||||||||||||
Income tax (expense) credit | (288) | (351) | (343) | (397) | ||||||||||||||||
NET INCOME (LOSS) | (665) | (2,484) | (793) | (2,812) | ||||||||||||||||
Earning per share – Basic | (0.02) | (0.09) | (0.02) | (0.10) | ||||||||||||||||
Average number of shares used in computation of EPS | 32,881,747 | 29,142,788 | 32,881,747 | 29,142,788 | ||||||||||||||||
Earning per share – Diluted | (0.02) | (0.09) | (0.02) | (0.10) | ||||||||||||||||
Average number of shares used in computation of EPS for positive net income | 32,881,747 | 29,142,788 | 32,881,747 | 29,142,788 |
NOTE: Translated for convenience of the reader to
UNAUDITED CONSOLIDATED BALANCE SHEETS HIGHLIGHTS
(Amounts in thousands of Euros and
September 30, 2021 Euros | | December 31, 2020 Euros | September 30, 2021 $US | December 31, 2020 $US | |||||||||||
Cash, cash equivalents and short-term treasury investments | 45,411 | 24,696 | 52,572 | 30,201 | |||||||||||
Account receivables, net | 10,153 | 12,339 | 11,754 | 15,090 | |||||||||||
Inventory | 8,523 | 7,989 | 9,866 | 9,771 | |||||||||||
Other current assets | 585 | 369 | 677 | 451 | |||||||||||
TOTAL CURRENT ASSETS | 64,672 | 45,393 | 74,869 | 55,513 | |||||||||||
Property, plant and equipment, net | 4,927 | 5,599 | 5,704 | 6,847 | |||||||||||
2,412 | 2,412 | 2,792 | 2,949 | ||||||||||||
Other non-current assets | 1,675 | 1,790 | 1,939 | 2,189 | |||||||||||
TOTAL ASSETS | 73,686 | 55,193 | 85,304 | 67,498 | |||||||||||
Accounts payable & other accrued liabilities | 8,586 | 10,485 | 9,940 | 12,823 | |||||||||||
Deferred revenues, current portion | 3,538 | 2,701 | 4,096 | 3,304 | |||||||||||
Short term borrowing | 1,359 | 2,638 | 1,574 | 3,227 | |||||||||||
Other current liabilities | 1,428 | 5,679 | 1,653 | 6,945 | |||||||||||
TOTAL CURRENT LIABILITIES | 14,911 | 21,504 | 17,263 | 26,298 | |||||||||||
Obligations under operating and finance leases non-current | 1,287 | 1,653 | 1,490 | 2,022 | |||||||||||
Long term debt, non-current | 5,271 | 1,143 | 6,102 | 1,397 | |||||||||||
Deferred revenues, non-current | 698 | 926 | 808 | 1,132 | |||||||||||
Other long term liabilities | 3,478 | 3,720 | 4,026 | 4,549 | |||||||||||
TOTAL LIABILITIES | 25,646 | 28,945 | 29,689 | 35,399 | |||||||||||
TOTAL SHAREHOLDERS’EQUITY | 48,040 | 26,248 | 55,615 | 32,099 | |||||||||||
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY | 73,686 | 55,193 | 85,304 | 67,498 |
NOTE: Translated for convenience of the reader to
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of Euros)
9 months ended Sept. 30, 2021 (Euros) | 12 months ended Dec. 31, 2020 (Euros) | 9 months ended Sept. 30 2021 ($US) | 12 months ended Dec. 31, 2020 ($US) | ||||
NET INCOME (LOSS) | (655) | (1,704) | (793) | (1,955) | |||
Adjustments to reconcile net income (loss) to net cash generated by (used in) operating activities(1) | 2,553 | 3,790 | 3,043 | 4,349 | |||
OPERATING CASH FLOW | 1,888 | 2,087 | 2,250 | 2,394 | |||
Increase/Decrease in operating assets and liabilities | (113) | (110) | (135) | (126) | |||
NET CASH GENERATED BY (USED IN) OPERATING ACTIVITIES | 1,774 | 1,977 | 2,115 | 2,269 | |||
Additions to capitalized assets produced by the company and other capital expenditures | (988) | (2,011) | (1,178) | (2,307) | |||
NET CASH GENERATED BY (USED IN) INVESTING ACTIVITIES | (988) | (2,011) | (1,178) | (2,307) | |||
NET CASH GENERATED BY (USED IN) FINANCING ACTIVITIES | 20,384 | 3,201 | 24,299 | 3,673 | |||
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (455) | 642 | (2,865) | 3,118 | |||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 20,716 | 3,810 | 22,371 | 6,752 |
(1) including share based compensation expenses for 1,154 thousand of Euros at the end of
NOTE: Translated for convenience of the reader to
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS BY DIVISION
NINE MONTHS ENDED SEPTEMBER 30, 2021
(Amounts in thousands of Euros)
HIFU Division | ESWL Division | Distribution Division | Reconciling Items | Total After Consolidation | ||||||||||||||||
Sales of goods | 1,844 | 2,675 | 14,657 | 19,176 | ||||||||||||||||
Sales of RPPs & Leases | 2,617 | 767 | 197 | 3,581 | ||||||||||||||||
Sales of spare parts & services | 1,251 | 4,226 | 1,854 | 7,331 | ||||||||||||||||
TOTAL | 5,713 | 7,667 | 16,708 | 30,088 | ||||||||||||||||
Other revenues | 4 | 0 | 0 | 4 | ||||||||||||||||
TOTAL REVENUES | 5,717 | 7,667 | 16,708 | 30,092 | ||||||||||||||||
GROSS PROFIT (% of Total Revenues) | 2,150 | 37.6 % | 3,526 | 46.0% | 6,536 | 39.1% | 12,211 | 40.6% | ||||||||||||
Research & Development | (1,955) | (652) | (232) | (2,840) | ||||||||||||||||
Total SG&A plus depreciation | (3,463) | (2,289) | (4,237) | (1,455) | (11,444) | |||||||||||||||
OPERATING PROFIT (LOSS) | (3,269) | 585 | 2,067 | (1,455) | (2,073) |
Attachment
- 2021-11-17 -- EDAP 3Q 2021 approved
Source:
2021 GlobeNewswire, Inc., source