EDAP Reports Strong Year-over-Year Revenue Growth in Second Quarter 2015
EDAP Reports Strong Year-over-Year Revenue Growth in Second Quarter 2015
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Second quarter 2015 revenue increased 39% year-over-year to
EUR 7.8 million (USD 8.7 million ) - Second Quarter 2015 HIFU revenues increased 55% year-over-year
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Strong and increased cash position at €11.8 Million on
June 30, 2015 . -
Formal complete response to recent FDA Letter submitted on
Friday, August 21, 2015 -
First Focal One® Device sold in
Italy -
Recorded sale of Focal One® at prominent MediPôle
Partenaires Hospital Group inFrance
Second Quarter 2015 Results
Total revenue for the second quarter 2015 was
Total revenue in the HIFU business for this quarter was
For the three months ended
Gross profit for the first quarter 2015 was
Operating expenses were
Operating loss for the second quarter 2015 was
Net income for the second quarter 2015 was
First Six Months 2015 Results
Total revenue for the first half of 2015 was
Gross profit for the first half of 2015 was
Operating loss for the first half of 2015 was
Net loss for the first half of 2015 was EUR 2.0 million (
At June 30, 2015, cash and cash equivalents, including short-term treasury investments, were EUR 11.8 million (
Conference Call
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About
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 uncertainties of the U.S.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||
(Amounts in thousands of Euros and U.S. Dollars, except per share data) | ||||
Three Months Ended: | Three Months Ended: | |||
2015 Euros |
2014 Euros |
2015 $US |
2014 $US |
|
Sales of goods | 5,357 | 3,342 | 5,948 | 4,589 |
Net Sales of RPP and Leases | 1,090 | 1,024 | 1,210 | 1,407 |
Sales of spare parts and Services |
1,388 |
1,269 |
1,541 |
1,743 |
TOTAL NET SALES | 7,834 | 5,635 | 8,699 | 7,738 |
Other revenues | 2 | (3) | 2 | (4) |
TOTAL REVENUES | 7,836 | 5,632 | 8,701 | 7,734 |
Cost of goods | (2,996) | (2,344) | (3,327) | (3,219) |
Cost of RPP and Leases | (648) | (636) | (720) | (874) |
Cost of spare parts & services | (861) | (849) | (956) | (1,166) |
Cost of sales | (4,505) | (3,829) | (5,002) | (5,258) |
GROSS PROFIT | 3,331 | 1,803 | 3,699 | 2,476 |
Research & development expenses | (739) | (932) | (820) | (1,279) |
Marketing & Sales expenses | (1,859) | (1,623) | (2,064) | (2,228) |
G & A expenses | (950) | (853) | (1,055) | (1,171) |
Total operating expenses | (3,548) | (3,407) | (3,940) | (4,679) |
OPERATING PROFIT (LOSS) | (217) | (1,604) | (241) | (2,203) |
Interest (expense) income, net | 1,005 | (3,814) | 1,116 | (5,237) |
Currency exchange gains (loss), net | (262) | 161 | (291) | 221 |
Other income (loss), net | -- | (1) | -- | (2) |
INCOME (LOSS) BEFORE TAXES AND MINORITY INTEREST | 526 | (5,259) | 584 | (7,222) |
Income tax (expense) credit | (39) | (7) | (43) | (9) |
NET INCOME (LOSS) | 487 | (5,265) | 541 | (7,231) |
Earning per share - Basic | 0.02 | (0.23) | 0.02 | (0.32) |
Average number of shares used in computation of Basic EPS | 24,958,174 | 22,756,337 | 24,958,174 | 22,756,337 |
Earning per share - Diluted | 0.02 | (0.23) | 0.02 | (0.32) |
Average number of shares used in computation of Diluted EPS |
27,016,460 | 22,756,337 | 27,016,460 | 22,756,337 |
NOTE: Translated for convenience of the reader to U.S. dollars at the 2015 average three months noon buying rate of |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||
(Amounts in thousands of Euros and U.S. Dollars, except per share data) | ||||
Six Months Ended : | Six Months Ended : | |||
2015 Euros |
2014 Euros |
2015 $US |
2014 $US |
|
Sales of goods | 9,103 | 8,756 | 10,095 | 11,769 |
Net Sales of RPP and Leases | 2,119 | 2,023 | 2,350 | 2,719 |
Sales of spare parts and Services |
2,830 |
2,618 |
3,138 |
3,519 |
TOTAL NET SALES | 14,052 | 13,397 | 15,584 | 18,006 |
Other revenues | 2 | -- | 2 | -- |
TOTAL REVENUES | 14,054 | 13,397 | 15,586 | 18,006 |
Cost of goods | (5,042) | (5,159) | (5,591) | (6,934) |
Cost of RPP and Leases | (1,292) | (1,141) | (1,433) | (1,534) |
Cost of spare parts & services | (1,809) | (1,730) | (2,006) | (2,325) |
Cost of sales | (8,143) | (8,030) | (9,030) | (10,793) |
GROSS PROFIT | 5,911 | 5,367 | 6,556 | 7,214 |
Research & development expenses | (1,512) | (1,618) | (1,677) | (2,174) |
Marketing & Sales expenses | (3,408) | (3,064) | (3,780) | (4,118) |
G & A expenses | (1,830) | (1,732) | (2,030) | (2,328) |
Total operating expenses | (6,750) | (6,413) | (7,486) | (8,620) |
OPERATING PROFIT (LOSS) | (839) | (1,046) | (931) | (1,406) |
Interest (expense) income, net | (1,344) | (3,554) | (1,491) | (4,778) |
Currency exchange gains (loss), net | 303 | 216 | 336 | 290 |
Other income (loss), net | (3) | (4) | (3) | (6) |
INCOME (LOSS) BEFORE TAXES AND MINORITY INTEREST | (1,884) | (4,389) | (2,089) | (5,899) |
Income tax (expense) credit | (69) | (36) | (77) | (49) |
NET INCOME (LOSS) | (1,953) | (4,425) | (2,166) | (5,948) |
Earning per share - Basic | (0.08) | (0.20) | (0.09) | (0.27) |
Average number of shares used in computation of Basic EPS | 24,926,627 | 22,273,003 | 24,926,627 | 22,273,003 |
Earning per share - Diluted | (0.08) | (0.20) | (0.09) | (0.27) |
Average number of shares used in computation of Diluted EPS | 24,926,627 | 22,273,003 | 24,926,627 | 22,273,003 |
NOTE: Translated for convenience of the reader to U.S. dollars at the 2015 average six months noon buying rate of |
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CONSOLIDATED BALANCE SHEETS HIGHLIGHTS (Amounts in thousands of Euros and U.S. Dollars) | ||||
June 30, 2015 Euros |
Mar. 31, 2015 Euros |
2015 $US |
2015 $US |
|
Cash, cash equivalents and short term investments | 11,851 | 11,285 | 13,219 | 12,121 |
Total current assets | 28,442 | 26,792 | 31,725 | 28,778 |
Total current liabilities | 13,942 | 12,021 | 15,552 | 12,912 |
Shareholders' Equity | 13,383 | 12,829 | 14,928 | 13,780 |
NOTE: Translated for convenience of the reader to U.S. dollars at the noon buying rate of |
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CONDENSED STATEMENTS OF OPERATIONS BY DIVISION | ||||||||||
SIX MONTHS ENDED |
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(Amounts in thousands of Euros) | ||||||||||
HIFU Division |
UDS Division |
FDA Trials |
Corporate |
Total After Consolidation |
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Sales of goods |
2,318 |
6,785 |
9,103 |
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Sales of RPPs & Leases | 1,297 | 822 | 2,119 | |||||||
Sales of spare parts & services | 333 | 2,497 | 2,830 | |||||||
TOTAL NET SALES | 3,948 | 10,104 | 14,052 | |||||||
Other revenues | 2 | -- | 2 | |||||||
TOTAL REVENUES | 3,950 | 10,104 | 14,054 | |||||||
GROSS PROFIT | 2,158 | 55% | 3,753 | 37% | 5,911 | 42% | ||||
(% of Total Revenues) | ||||||||||
Research & Development | (745) | (455) | (312) | (1,512) | ||||||
Total SG&A plus depreciation | (1,504) | (3,014) | (721) | (5,238) | ||||||
OPERATING PROFIT (LOSS) | (91) | 284 | (312) | (721) | (839) |
CONTACT:Source:Blandine Confort Investor Relations / Legal AffairsEDAP TMS SA +33 4 72 15 31 72 bconfort@edap-tms.com Investors:Lee Roth The Ruth Group 646-536-7012 lroth@theruthgroup.com
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