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Safe announces its revenues for the first half of 2021

·4-min read
  • Revenues of €1.085M in Q2 2021, up 67%, despite the impact of the health crisis

  • Revenues of €2.168M in the first half of 2021, up 25%, despite the impact of the health crisis

  • Significant recovery of activity in all markets from the second quarter of 2021.

Éragny-sur-Oise, France, July 7th, 2021 at 5:35 p.m. CET – Safe Orthopaedics (FR0013467123 – ALSAF), a company specialising in the design, manufacture and marketing of ready-to-use technologies for back surgery, with a particular focus on the safety of emergency vertebral fractures, announces today its half-yearly revenues for the period ending June 30, 2021.

"The Safe Group closes the first half of 2021 with an overall half-year sales growth of 25% compared to the first half of 2020 driven by a 67% sales growth in the second quarter, and this in all geographical sectors in which the Group is present even if commercial actions were still limited by the health crisis until the end of May" comments Pierre Dumouchel, Chairman and CEO of Safe Group. "The acceleration of vaccination and the improvement in virus contamination curves in many countries give us confidence that the situation will return to normal in the coming months. Our group is working on accelerated growth in the second half of the year in its two activities: Safe Medical is recording an increase in customer orders and will be offering new industrial services from the third quarter onwards, thanks to the completion of our C.I.P.I 1and qualification of the clean rooms at Fleurieux. Safe Orthopaedics is speeding up surgeries with its new Sycamore and Hickory technologies, which will be CE marked in May 2021, and is gaining access to new commercial territories, with distribution in Colombia and direct sales in the United States.”

Revenues as of June 30, 2021

Thousands euros

d

Q1 2021

Q2 2021

S1 2021

Q1 2020

Q2 2020

S1 2020

Variation
Q2 21/ Q2 20

Variation
S1 21/ S1 20

Direct sales (FR, All, R-U)

437

375

811

529

352

881

+6%

-8%

Indirect sales

258

298

556

551

297

1 032

+1%

-34%

Subcontracting Production

389

412

801

-

-

-

-

-

Overall Revenues

1 084

1085

2 168

1 080

649

1 729

+67%

+25%

Excluding IFRS 15 impact

While sales stabilized in the first quarter of 2021 compared with the previous year, due in particular to the effect of the acquisition of Safe Medical in Q3 2020, the second quarter of 2021 saw a return to strong growth of 67%, bringing first-half growth to 25% for the same reasons.

In the context of the health crisis experienced in 2021, which has impacted the availability of intensive care beds and triggered hospital restriction plans resulting in the postponement of surgeries designated as "non-urgent", sales recorded in the second quarter by the French team amounted to €545k compared to €711k in 2020, down 28% in the first quarter and only 17% in the second, following the resumption of surgery.
Sales in the UK market were down 68% in the first quarter and only 8% in the second quarter. Germany, on the other hand, posted growth of +346% in the second quarter, bringing first-half growth to +189%.
The stability of international sales in the second quarter of 2021 compared with the second quarter of 2020 also reflects the effect of the recovery of surgeries in the areas where Safe Orthopaedics products are marketed.
Finally, with the success of this German success, the second quarter of 2021 saw the first surgeries performed in the United States following the first referrals recorded in hospital groups and ambulatory surgery centers (ASC).

Safe Medical was able to post sales of €412k for the second quarter of 2021, showing a 61% increase in sales compared with the previous year, confirming the sector's recovery and strong commercial momentum. This is without counting the impact of the construction of the Integrated Innovation and Production Center (CIPI), which will be delivered at the end of July in view of the first qualifications of the 180m2 of clean rooms that will go into production in the summer of 2021.

Cash position

At June 30, 2021, the Safe Group's cash position amounted to €3.94 million, compared with €3.2 million at the end of June 2020. As a reminder. The balance of financing to be received amounts to k€, including a PGE of 300k€ from Safe Medical, the balance of the stimulus plan grant of 400k€ and the balance of the financing line set up in December 2020 is 3 monthly tranches of 200k€, i.e. 0.6€ over the next
3 months.

Next financial publication

Half-year results 2021, September 30, 2021 (after market closing)

About Safe Group
The Safe Group is a French medical technology group that brings together Safe Orthopaedics, a pioneer in ready-to-use technologies for spinal pathologies, and Safe Medical (formerly LCI Medical), a subcontractor of medical devices for orthopaedic surgery. The group employs approximately 150 people.

Safe Orthopaedics develops and manufactures kits combining sterile implants and single-use instruments, available at all times to the surgeon. These technologies are part of a minimally invasive approach aimed at reducing the risk of contamination and infection, to the benefit of the patient and with a positive impact on hospitalisation times and costs. Protected by 18 patent families, SteriSpineTM kits are CE marked and FDA approved. Safe Orthopaedics is headquartered in the Paris region (95610 Eragny sur Oise - France) and has subsidiaries in the UK, Germany, the USA and the Lyon region where the manufacturing company is located.
For more information: www.SafeOrthopaedics.com

Safe Medical (formerly LCI Medical) produces implantable medical devices and ready-to-use instruments. It has an innovation centre and two production sites in France and Tunisia, offering numerous industrial services: design, industrialisation, machining, finishing and sterile packaging. Supported by the French recovery plan in 2020, the company is investing in additive printing and will be operational in 2022 with this new technology.
For more information: www.safemedical.fr

Contacts

Safe Orthopaedics

François-Henri Reynaud
Chief Financial and Administrative Officer
Tel: +33 (0)1 34 21 50 00
investors@safeorthopaedics.com

Press Relations
Ulysse Communication
Pierre-Louis Germain / +33 (0)6 64 79 97 61 / plgermain@ulysse-communication.com
Bruno Arabian / +33 (0)6 87 88 47 26 / barabian@ulysse-communication.com



1 Centre d’Innovation et de Production Intégrée


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