EDAP Reports 2019 Third Quarter and Nine Months Results
EDAP Reports 2019 Third Quarter and Nine Months Results
- 67.8% growth in HIFU revenue through the nine month period ended
September 30 over the comparable period in 2018 - 48.2% Gross margin for the nine month period ended
September 30 compared to 42.3% for the comparable period in 2018 - Fourth consecutive quarter of profitability
- Continued to drive US sales strategy towards reference centers with sale of Focal One to Mayo Clinic
- Company to host a conference call on
November 14, 2019 at8:30am EST
Third Quarter 2019 Results
Total revenue for the third quarter 2019 was
Total revenue in the HIFU business for the third quarter 2019 was
For the three months ended
Gross profit for the third quarter 2019 was
Operating expenses were
Operating profit for the third quarter 2019 was
Net income for the third quarter 2019 was
First nine months 2019 Results
Total revenue for the first nine months of 2019 was
Total revenue in the HIFU business for the first nine months of 2019 was
For the nine months ended
Gross profit for the first nine months of 2019 was
Operating expenses were
Operating profit for the first nine months of 2019 was
Net income for the first nine months of 2019 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 8:30 am EDT on Wednesday November 14, 2019. Please refer to the information below for conference call dial-in information and webcast registration.
Conference Call & Webcast
Domestic: 877-451-6152
International: 201-389-0879
Passcode: 13695746
Webcast: http://public.viavid.com/index.php?id=136640
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 for 40 years, EDAP TMS develops, manufactures, promotes and distributes worldwide minimally invasive medical devices for urology using ultrasound technology. By combining the latest technologies in imaging and treatment modalities in its complete range of Robotic HIFU devices, EDAP TMS introduced the Focal One® in 2013 in Europe and in 2018 in the US as the answer to all requirements for ideal prostate tissue ablation as a complement to the existing FDA-cleared Ablatherm® Robotic HIFU and Ablatherm® Fusion. As a pioneer and key player in the field of extracorporeal shock wave lithotripsy (ESWL), EDAP TMS exclusively utilizes the latest generation of shock wave source in its Sonolith® range of ESWL systems. For more information on the Company, please visit http://www.edap-tms.com, and us.hifu-prostate.com.
Forward-Looking Statements
In addition to historical information, this press release may contain 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, regulatory approvals, market acceptance and the continued market potential for our HIFU and lithotripsy devices. Factors that may cause such a difference also may 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
LifeSci Advisors, LLC
212-915-2568
jeremy@lifesciadvisors.com
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands of Euros and U.S. Dollars, except per share data)
Three Months Ended: | Three Months Ended: | ||||||
September 30, 2019 Euros |
|
September 30, 2018 Euros |
September 30, 2019 $US |
September 30, 2018 $US |
|||
Sales of medical equipment Net Sales of RPP and Leases |
6,877 1,228 |
4,866 1,040 |
7,571 1,352 |
5,665 1,210 |
|||
Sales of spare parts, supplies and Services |
2,187 |
2,227 |
2,407 |
2,592 |
|||
TOTAL NET SALES | 10,292 | 8,132 | 11,330 | 9,467 | |||
Other revenues | 15 | - | 17 | - | |||
TOTAL REVENUES | 10,307 | 8,132 | 11,347 | 9,467 | |||
Cost of sales | (5,641) | (4,759) | (6,209) | (5,540) | |||
GROSS PROFIT | 4,667 | 3,374 | 5,137 | 3,928 | |||
Research & development expenses | (886) | (941) | (975) | (1,095) | |||
S, G & A expenses | (3,522) | (3,112) | (3,877) | (3,623) | |||
Total operating expenses | (4,408) | (4,053) | (4,852) | (4,718) | |||
OPERATING PROFIT (LOSS) | 259 | (679) | 285 | (791) | |||
Interest (expense) income, net | (40) | 289 | (44) | 336 | |||
Currency exchange gains (loss), net | 684 | (140) | 753 | (163) | |||
INCOME (LOSS) BEFORE TAXES AND MINORITY INTEREST | 903 | (530) | 994 | (617) | |||
Income tax (expense) credit | (120) | (163) | (132) | (189) | |||
NET INCOME (LOSS) |
783 | (692) | 862 | (806) | |||
Earning per share – Basic | 0.03 | (0.02) | 0.03 | (0.03) | |||
Average number of shares used in computation of EPS | 28,997,886 | 28,997,866 | 28,997,886 | 28,997,866 | |||
Earning per share – Diluted | 0.03 | (0.02) | 0.03 | (0.03) | |||
Average number of shares used in computation of EPS for positive net income |
29,622,866 | 28,997,866 | 29,622,866 | 28,997,866 |
NOTE: Translated for convenience of the reader to U.S. dollars at the 2019 average three months’ noon buying rate of
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands of Euros and U.S. Dollars, except per share data)
Nine Months Ended: | Nine Months Ended: | ||||||
September 30, 2019 Euros |
|
September 30, 2018 Euros |
September 30, 2019 $US |
September 30, 2018 $US |
|||
Sales of medical equipment Net Sales of RPP and Leases |
22,139 4,028 |
15,795 3,520 |
24,797 4,512 |
18,833 4,197 |
|||
Sales of spare parts, supplies and Services |
6,742 |
6,565 |
7,551 |
7,828 |
|||
TOTAL NET SALES | 32,909 | 25,880 | 36,860 | 30,858 | |||
Other revenues | 15 | 14 | 17 | 17 | |||
TOTAL REVENUES | 32,924 | 25,894 | 36,877 | 30,874 | |||
Cost of sales | (17,061) | (14,959) | (19,110) | (17,836) | |||
GROSS PROFIT | 15,863 | 10,935 | 17,768 | 13,038 | |||
Research & development expenses | (2,884) | (3,140) | (3,231) | (3,744) | |||
S, G & A expenses | (10,857) | (9,956) | (12,161) | (11,870) | |||
Total operating expenses | (13,742) | (13,096) | (15,392) | (15,615) | |||
OPERATING PROFIT (LOSS) | 2,121 | (2,161) | 2,376 | (2,576) | |||
Interest (expense) income, net | (103) | 817 | (115) | 974 | |||
Currency exchange gains (loss), net | 788 | 316 | 883 | 377 | |||
INCOME (LOSS) BEFORE TAXES AND MINORITY INTEREST | 2,807 | (1,028) | 3,144 | (1,226) | |||
Income tax (expense) credit | (317) | (343) | (356) | (409) | |||
NET INCOME (LOSS) |
2,490 | (1,371) | 2,789 | (1,635) | |||
Earning per share – Basic | 0.09 | (0.05) | 0.10 | (0.06) | |||
Average number of shares used in computation of EPS | 28,997,866 | 28,997,866 | 28,997,866 | 28,997,866 | |||
Earning per share – Diluted | 0.08 | (0.05) | 0.09 | (0.06) | |||
Average number of shares used in computation of EPS for positive net income |
29,623,683 | 28,997,866 | 29,623,683 | 28,997,866 |
NOTE: Translated for convenience of the reader to U.S. dollars at the 2019 average nine months’ noon buying rate of
UNAUDITED CONSOLIDATED BALANCE SHEETS HIGHLIGHTS
(Amounts in thousands of Euros and U.S. Dollars)
September 30, 2019 Euros |
June 30, 2019 Euros |
September 30, 2019 $US |
June 30, 2019 $US |
|||||
Cash, cash equivalents and short-term investments | 17,665 | 16,257 | 19,264 | 18,491 | ||||
Total current assets | 42,383 | 40,749 | 46,219 | 46,348 | ||||
Total current liabilities | 17,463 | 16,357 | 19,044 | 18,604 | ||||
Shareholders’ Equity | 27,477 | 26,780 | 29,964 | 30,460 |
NOTE: Translated for convenience of the reader to U.S. dollars at the noon buying rate of
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS BY DIVISION
NINE MONTHS ENDED
(Amounts in thousands of Euros)
HIFU Division |
UDS Division |
Reconciling Items |
Total After Consolidation |
||||||
Sales of goods |
7,142 |
14,997 |
22,139 |
||||||
Sales of RPPs & Leases | 2,861 | 1,166 | 4,028 | ||||||
Sales of spare parts & services | 1,217 | 5,525 | 6,742 | ||||||
TOTAL NET SALES |
11,220 | 21,689 | 32,909 | ||||||
Other revenues |
15 | - | 15 | ||||||
TOTAL REVENUES | 11,235 | 21,689 | 32,924 | ||||||
GROSS PROFIT (% of Total Revenues) |
6,542 | 58.2% | 9,321 | 43.0% | 15,863 | 48.2% | |||
Research & Development | (1,522) | (1,362) | (2,884) | ||||||
Total SG&A plus depreciation | (3,979) | (5,879) | (999) | (10,857) | |||||
OPERATING PROFIT (LOSS) |
1,041 |
2,080 |
(999) |
2,121 |
Attachment
Source: EDAP TMS S.A.