0001558370-22-005229 | 20-F | XBRL Viewer

Leasehold improvements (in years)

10 or lease term if shorter

Equipment (in years)

Furniture, fixtures, fittings and other (in years)

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FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Fair Value Measurement Inputs Level 1 (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	€ 47,183	€ 24,696
Liabilities:
Short-term borrowings	1,914	2,638
Long-Term Debt	5,759	5,675
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash and cash equivalents	47,183	24,696
Liabilities:
Short-term borrowings	€ 1,914	€ 2,638

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

OPERATING LEASE RIGHT-OF-USE ASSETS (Details) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 EUR (€)
OPERATING LEASE RIGHT-OF-USE ASSETS.
Reduction to Right-of-use Assets Resulting From Reduction to Operating Lease Liability	€ (917)		€ (930)
Variable Lease, Cost		$ 123	101
Short-term Lease, Cost	€ 70		€ 71

EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2021

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

24— EARNINGS (LOSS) PER SHARE


	December 31, 2021		December 31, 2020		December 31, 2019
Income (loss) available to common shareholders (in Euros)	€	699,890	€	(1,703,668)	€	1,512,057
Weighted average number of shares for the computation of basic EPS		32,129,047		29,148,108		29,016,118
Basic EPS (in Euros)	€	0.02	€	(0.06)	€	0.05
Effect of dilutive securities		293,824		622,723		604,238
Weighted average number of shares for the computation of diluted EPS		32,422,871		29,148,108		29,615,466
Diluted EPS income / (loss) (in Euros)	€	0.02	€	(0.06)	€	0.05

Diluted EPS income / (loss) available to common shareholders is computed including all dilutive securities that are in the money.

The effects of dilutive securities for the year ended December 31, 2020 were excluded from the calculation of diluted earnings per share as a net loss was reported in this period.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1-1 Nature of operations

EDAP TMS S.A. and its subsidiaries (‘‘the Company’’) are engaged in the development, production, marketing, distribution and maintenance of a portfolio of minimally-invasive medical devices for the treatment of urological diseases. The Company currently produces innovative robotic devices for treating stones of the urinary tract and localized prostate cancer. We also derive revenues from the distribution of urodynamics products and urology lasers. Net sales consist primarily of direct sales to hospitals and clinics in France and Europe, export sales to third-party distributors and agents, and export sales through subsidiaries based in Germany, Italy, the United States and Asia.

The Company purchases the majority of the components used in its products from a number of suppliers but for some components, relies on a single source. Delay would be caused if the supply of these components or other components was interrupted and these delays could be extended in certain situations where a component substitution may require regulatory approval. Failure to obtain adequate supplies of these components in a timely manner could have a material adverse effect on the Company’s business, financial position and results of operations.

Since the occurrence in 2020 of the COVID-19 virus, we have implemented numerous precautions and protective measures to safeguard our employees and to ensure an uninterrupted supply of our devices and disposables, adjusting supply chain activity and curtailing all business travel. We continue to closely monitor the situation. The pandemic has resulted in further postponement and/or cancelation of the sale and installation of new devices and disposables in hospitals or clinics as investment decisions are put on hold or their resources are refocused on COVID-19.

1-2 Basis of preparation

These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP).

1-3 Management estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (‘‘U.S. GAAP’’) requires management to make estimates and assumptions, such as business plans, stock price volatility, duration of standard warranty per market, duration and interest rate of operating leases, price of maintenance contracts used to determine the amount of revenue to be deferred and life duration of our range of products. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In particular regarding the estimate of future sales in our business plans, the prolonged impact of the COVID19 pandemic and lack of visibility on the return to normal sales cycles has created a higher level of uncertainty. Actual results could differ from those estimates.

1-4 Consolidation

The accompanying consolidated financial statements include the accounts of EDAP TMS S.A. and all its domestic and foreign owned subsidiaries after elimination of intercompany balances and transactions. We do not have any significant interests in any variable interest entities.

1-5 Revenue recognition

The Company’s revenue consists of:

- Sales of goods (devices and consumables), where invoicing generally takes place upon delivery. Consumables revenues included in sales contracts are deferred until delivery.

- Revenue-per-Procedures (“RPP”) and leases: they comprise (i) revenues on a per treatment basis which are invoiced after each treatment, or in advance, or on a periodic basis, (ii) leases of devices, which are generally invoiced on a monthly or quarterly basis, and (iii) immaterial lease components arising from multiple-element arrangements, where specific sales terms are negotiated in accordance with each customer’s individual requirements and which are generally invoiced based on contract terms,

- Sales of spare parts and services (maintenance, upgrades, mobility and others). Spare parts are invoiced when delivered. Regarding services, invoicing is performed either on a subscription basis (in advance or at the end of the period) or when performed.

Sales of our medical devices and sales of disposables, sales of RPPs and leases, and sales of spare parts and services, are all net of commissions.

The Company invoices its customers based on the billing schedules in its sales arrangements. Payments are generally due between one to three months from date of invoice.

The Company accounts for a contract with a customer when there is a legally enforceable contract between the Company and its customer, the rights of the goods or services and their payment terms can be identified, the contract has commercial substance, collectability of the contract consideration is probable, it is approved and the parties are committed to their obligations.

Our sale arrangements may contain multiple elements, including device(s), consumables and services. For these multiple-element arrangements, the Company accounts for individual goods and services as separate performance obligations: (i) if a customer can benefit from the good or service on its own or with other resources that are readily available to the customer, and (ii) if they are a distinct good or service that is separately identifiable from other items in the multiple-element arrangement. The Company’s sale arrangements may include a combination of the following performance obligations: device(s), consumables, leases and services (such as, but not limited to, warranty extension).

For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells the goods or services. If a standalone selling price is not directly observable, then the Company estimates the standalone selling price considering market conditions and entity-specific factors including, but not limited to, features and functionality of the goods and services, geographies, and type of customer. The Company regularly reviews standalone selling prices and updates these estimates as necessary.

The Company recognizes revenue when the performance obligations are satisfied by transferring control over the goods or service to a customer.

The Company’s revenue consists of the following:

Sales of goods:

Sales of goods are and have historically been comprised of sales net of commission of medical devices (ESWL lithotripters and HIFU devices) and net sales of disposables (mostly Ablapaks and Focalpaks in the HIFU division and electrodes in the ESWL division). Sales of goods also includes products such as urology laser and urodynamics devices distributed through our agents and third-party distributors.

For devices and disposables, revenue is recognized when the Company transfers control to the customer (i.e. when the customer has the ability to direct the use of, and obtain substantially all of the remaining benefit from, the device or disposables), which is generally at the point of delivery or installation, depending on the terms of the arrangement (i.e. when the customer can use the goods to provide services or sell or exchange the good), and based on contractual incoterms. Such installation-related costs are immaterial in the context of the contract with the customer and do not constitute a distinct performance obligation.

The Company’s sales arrangements do not provide a right of return. The goods are generally covered by a period of one to two years standard warranty upon installation depending of the geographic area. Over this standard one to two years period, it is considered as an extension of such warranty period and constitutes a distinct performance obligation. The Company also provides training associated with the sales of goods; such training-related costs are immaterial in the context of the contract with the customer and do not constitute a distinct performance obligation.

Sales of RPPs and leases:

Sales of RPP and leases include the revenues from the sale of treatment procedures and from the leasing of machines. For RPP, we provide machines to clinics and hospitals for free for a limited period, rather than selling the devices. These hospitals and clinics perform treatments using the devices and usually pay us based on the number of individual treatments provided. Revenues from leasing of machine are considered as immaterial.

Revenues related to the sale of treatments invoiced on a ‘‘Revenue-Per-Procedure’’ (‘‘RPP’’) basis are recognized when the treatment procedure has been completed. Revenues from devices leased to customers under operating leases are recognized on a straight-line basis.

Regarding multiple-element arrangements with a lease component, a portion of the contract is allocated to the lease component on the basis of observable market prices applied by the Company for similar devices under operating leases. The lease component is recognized on a straight line basis over the contractual period. Other immaterial components under the contract are recognized in accordance with their nature.

Sales of spare parts and services:

Revenues related to spare parts are recognized when spare parts are delivered to distributors who perform their own maintenance services. Spare parts used in the performance of EDAP’s own maintenance and repair services are generally not recognized separately, unless a type of spare part is specifically excluded from the maintenance contract terms.

Revenues related to Services mainly consist of maintenance contracts which rarely exceed one year and are recognized on a straight line basis over the term of the service period as the customer benefits from the service equally throughout the service contract period. For services rendered when no maintenance contract is in place or for services not included in the scope of a maintenance contract, revenues are recorded when services are performed.

The Company recognizes revenue for extended warranties included in the multiple-element arrangements as a separate performance obligation in Sales of services on a straight-line basis over the extended warranty period. In the majority of countries in which the Company operates, the statutory warranty period is one to two years and the extended warranty covers periods beyond this statutory period. Standard warranties do not constitute a separate performance obligation. The Company accrues for the warranty costs at the time of sale of the device through the multiple-element arrangement.

Distributors:

As part of its sale process in countries other than continental France, when the Company does not have a local subsidiary, sales of goods to end-customers are performed through agents and distributors. Such agents and distributors are primarily responsible for the sales’ process, bear the inventory risk, and are free to determine the sale prices. Sales of goods to agents and distributors are recognized when the control is transferred to the related agent or distributor which generally occurs based on contractual incoterms.

Deferred revenue:

Deferred revenue for the periods presented primarily relates to service contracts where the service fees are billed up-front, generally quarterly or annually, prior to those services having been performed, and consists primarily of billing or cash receipts in advance of services due under maintenance contracts or extended warranty contracts. The associated deferred revenue is generally recognized ratably over the service period.

Disaggregation of revenue:

Disaggregation by primary geographical market, and timing of revenue recognition is reported in Note 18.

Contract Balances:

Details on contract liabilities are reported on Note 11.

The Company applies the practical expedient in paragraph 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. This relates mainly to maintenance services.

1-6 Costs of sales

Costs of sales include all direct product costs, costs related to shipping, handling, duties and importation fees, as well as certain indirect costs such as service and supply chain departments expenses. Indirect costs are allocated by type of sales (goods, RPP and leases, spare parts and services) using an allocation method determined by management by type of costs and segment activities and reviewed on an annual basis.

1-7 Shipping and handling costs

Shipping and handling costs are not considered as performance obligations. Shipping and handling costs are recorded as a component of cost of sales.

1-8 Cash equivalents and short term investments

Cash equivalents are cash investments which are highly liquid and have initial maturities of 90 days or less.

Cash investments with a maturity higher than 90 days are considered as short-term investments. There is no short-term investment at December 31, 2021.

1-9 Accounts Receivable

The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the Company’s customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. The Company reviews its allowance for doubtful accounts quarterly. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Write-offs for 2021 and 2020 approximated €0 thousands and €827 thousands, respectively. The Company does not have any off-balance-sheet credit exposure related to its customers. 2020 write-offs are linked to the liquidation of the Italian’ subsidiary.

1-10 Inventories

Inventories are valued at the lower of cost and net realizable value. Cost is either the manufacturing cost, which is principally comprised of components and labor costs for our own manufactured products, or purchase price for urology products we distribute. Cost is determined on a first-in, first-out basis for components and spare parts and by specific identification for finished goods (medical devices). The Company establishes reserves for inventory estimated to be obsolete, unmarketable or slow moving, first based on a detailed comparison between quantity in inventory and historical consumption and then based on case-by-case analysis of the difference between the cost of inventory and the related estimated market value.

1-11 Property and equipment

Property and equipment is stated at historical cost, net of accumulated depreciation and impairment. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful life of the related assets, as follows:

Equipment includes industrial equipment and research equipment that has alternative future uses. Equipment also includes devices that are manufactured by the Company and leased to customers through operating leases related to Revenue-Per-Procedure transactions and devices subject to sale and leaseback transactions. This equipment is depreciated over a period of seven years.

1-12 Long-lived assets

The Company reviews the carrying value of its long-lived assets, including fixed assets and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Recoverability of long-lived assets is assessed by a comparison of the carrying amount of the assets (or the Group of assets, including the asset in question, that represents the lowest level of separately-identifiable cash flows) to the total estimated undiscounted cash flows expected to be generated by the asset or group of assets. If the future net undiscounted cash flows is less than the carrying amount of the asset or group of assets, the asset or group of assets is considered impaired and an expense is recognized equal to the amount required to reduce the carrying amount of the asset or group of assets to its then fair value. Fair value is determined by discounting the cash flows expected to be generated by the assets, when the quoted market prices are not available for the long-lived assets. Estimated future cash flows are based on assumptions and are subject to risk and uncertainty.

1-13 Goodwill and intangible assets

Goodwill represents the excess of purchase price over the fair value of identifiable net assets of businesses acquired. Goodwill is not amortized but instead tested annually for impairment or more frequently when events or change in circumstances indicate that the assets might be impaired.

When impairment indicators are identified, the impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, including goodwill. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. For the purpose of any impairment test, the Company relies upon projections of future undiscounted cash flows and takes into account assumptions regarding the evolution of the market and its ability to successfully develop and commercialize its products.

Changes in market conditions could have a major impact on the valuation of these assets and could result in additional impairment losses.

Intangible assets consist primarily of purchased patents relating to lithotripters, purchased licenses, a purchased trade name and a purchased trademark. The basis for valuation of these assets is their historical acquisition cost. Amortization of intangible assets is calculated by the straight-line method over the shorter of the contractual or estimated useful life of the assets, as follows:


Patents (in years)		5
SAP Licenses (in years)		10
Other licenses (in years)		5
Trade name and trademark (in years)		7

1-14 Treasury Stocks

Treasury stock purchases are accounted for at cost. The sale of treasury stocks is accounted for using the first in first out method. Gains on the sale or retirement of treasury stocks are accounted for as additional paid-in capital whereas losses on the sale or retirement of treasury stock are recorded as additional paid-in capital to the extent that previous net gains from sale or retirement of treasury stocks are included therein; otherwise the losses shall be recorded to accumulated benefit (deficit) account. Gains or losses from the sale or retirement of treasury stock do not affect reported results of operations. Treasury stocks held by a Company cannot exceed 10% of the total number of shares issued.

1-15 Warranty expenses

The Company provides customers with a warranty for each product sold and accrues warranty expense at time of sale based upon historical claims experience. Standard warranty period may vary from 1 year to 2 years depending on the market. The warranty expense is incurred at time of accrual and not when paid. Warranty expense amounted to €110 thousand, €266 thousand and €131 thousand for the years ended December 31, 2021, 2020 and 2019, respectively.

1-16 Income taxes

The Company accounts for income taxes in accordance with ASC 740, ‘‘Accounting for Income Taxes’’ Under ASC 740, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured by applying enacted tax rates and laws to taxable years in which such differences are expected to reverse. A valuation allowance is established if, based on the weight of available evidence, it is more likely than not that some portion, or all of the deferred tax assets, will not be realized. In accordance with ASC740, no provision has been made for income or withholding taxes on undistributed earnings of foreign subsidiaries, such undistributed earnings being permanently reinvested.

Under ASC740, the measurement of a tax position that meets the more-likely-that-not recognition threshold must take into consideration the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances and information available at the reporting date.

1-17 Research and development costs

Research and development costs are recorded as an expense in the period in which they are incurred.

The French government provides tax credits to companies for innovative research and development. This tax credit is calculated based on a percentage of eligible research and development costs and it can be refundable in cash and is not contingent on future taxable income. As such, the Company considers the research tax credits as a grant, offsetting research and development expenses.

1-18 Advertising costs

Advertising costs are recorded as an expense in the period in which they are incurred and are included in selling and administrative expenses in the accompanying consolidated statements of income (loss). Advertising costs amounted to €490 thousand, €291 thousand and €739 thousand for the years ended December 31, 2021, 2020 and 2019, respectively.

1-19 Foreign currency translation and transactions

Translation of the financial statements of consolidated companies

The reporting currency of EDAP TMS S.A. for all years presented is the euro (€). The functional currency of each subsidiary is its local currency. In accordance with ASC 830, all accounts in the financial statements are translated into euro from the functional currency at the following exchange rates:

●

assets and liabilities are translated at year-end exchange rates;

●

shareholders’ equity is translated at historical exchange rates (as of the date of contribution);

●

statement of income (loss) items are translated at average exchange rates for the year; and

●

translation gains and losses are recorded in a separate component of shareholders’ equity.

Foreign currencies transactions

Transactions involving foreign currencies are translated into the functional currency using the exchange rate prevailing at the time of the transactions. Receivables and payables denominated in foreign currencies are translated at year-end exchange rates. The resulting unrealized exchange gains and losses are recorded in the statement of income (loss).

Presentation in the Statement of Income (loss)

Aggregate foreign currency transactions gains and losses are disclosed in a single caption in the Statement of Income (loss) under section “Foreign currency exchange gain (loss), net”.

1-20 Earnings per share

Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share reflects potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The dilutive effects of the Company’s common stock options and warrants is determined using the treasury stock method to measure the number of shares that are assumed to have been repurchased using the average market price during the period, which is converted from U.S. dollars at the average exchange rate for the period.

1-21 Derivative instruments

ASC 815 requires the Company to recognize all of its derivative instruments as either assets or liabilities in the statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the Company must classify the hedging instrument, based upon the exposure being hedged, as fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation.

Gains and losses from derivative instruments are recorded in the Statement of Income (loss). As of December 31, 2021, there are no derivative instruments.

1-22 Employee stock option and free shares plan

The accounting for stock-based awards is based on the fair value of the award measured at the grant date. Accordingly, stock-based compensation cost is recognized in the consolidated statements of income (loss) and comprehensive income (loss) as an operating expense over the requisite service period. The fair value of stock options is determined using the Black-Scholes option-pricing model. The Company determines the fair value of stock option awards on the date of grant using assumptions regarding expected term, share price volatility over the expected term of the awards, risk-free interest rate, and dividend rate. The fair value of free shares is measured using the fair value of the Company's shares as if the free shares were vested and issued on the grant date. Forfeited stock-options and free shares are recognized as they occur, in accordance with ASU 2016-09. The Company recognizes compensation cost for employee awards with only service conditions that have a graded vesting schedule on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards.

At December 31, 2021, the Company had four stock-based employee compensation plans and one free shares plan.

1-23 Warrants

Not applicable.

1-24 Leases

Leases as a Lessee

In accordance with ASC 842, Leases, and as from January 1, 2019, the Company classifies all leases at the inception of a contract and assess whether the contract is, or contains, a lease. The assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the company controls the use of the identified asset (e.g. whether the company has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period, and whether the company has the right to direct the use of the asset).

Leases are classified as either finance leases or operating leases. Substantially all our operating leases are comprised of office space leases, and substantially all our finance leases are comprised of office furniture and technology equipment.

The Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, plus prepaid lease payments, less any lease incentives received. All ROU assets are reviewed for impairment. For operating leases, the lease liability is initially measured at the present value of the unpaid lease payments at lease commencement date, discounted using the incremental borrowing rate for assets of same duration or characteristics. For finance leases the lease liability is initially measured in the same manner and date as for operating leases and is subsequently measured at amortized cost using the effective interest method

For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

For finance leases, the ROU asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of its useful life or the end of the lease term unless the lease transfers ownership of the underlying asset to the Company or the Company is reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. Amortization of the ROU asset is recognized and presented separately from interest expense on the lease liability.

Lease payments included in the measurement of the lease liability comprise the following: the fixed payments, including in-substance fixed payments over the lease term (which includes termination penalties the Company would owe if the lease term assumes the Company’s exercise of a termination option), variable lease payments that depend on an index or rate payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, the exercise price of an option to

purchase the underlying asset if the company is reasonably certain to exercise the option, and amounts expected to be payable under a Company provided residual value guarantee. Documentation of the discount rates used is provided by a credit simulation carried out by the bank for similar goods and duration.

Variable lease payments associated with the Company’s leases are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Variable lease payments are presented as operating expenses in the Company’s consolidated statements of income (loss) in the same line item as expenses arising from fixed lease payments (operating leases) or amortization of the ROU asset (finance leases).

Our real estate leases generally include non-lease maintenance services. The consideration in the contract is allocated to the lease and non-lease components based on standalone selling prices.

Some of our real estate leases contain variable lease payments, including payments based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at lease commencement, and changes to index and rate-based variable lease payments are recognized in profit or loss in the period of the change. Variable payments that do not depend on an index or rate, such as rental payments based on the use of the underlying asset or property taxes and insurance reimbursement, are recorded as operating expenses when incurred. Lease modifications result in remeasurement of the lease payments when that modification is not accounted for as a separate contract.

Lease expense for operating leases consists of the lease payments plus any initial direct costs, primarily brokerage commissions, and is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. Lease expense for finance leases consists of the amortization of the right-of-use asset on a straight-line basis over the lease term and interest expense determined on an amortized cost basis. The lease payments are allocated between a reduction of the lease liability and interest expense.

The lease term for all of the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor .

We have elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a term of 12 months or less. The effect of short-term leases on our right-of-use asset and lease liability was not material. We have elected not to review the classification for expired or existing leases, prior to January 1, 2019.

Leases as a Lessor:

A lessor shall classify a lease as a sales-type lease when the lease meets any of the following criteria at lease commencement:

●

The lease transfers ownership of the underlying asset to the lessee by the end of the lease term.

●

The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

●

The lease term is for the major part of the remaining economic life of the underlying asset. However, if the commencement date falls at or near the end of the economic life of the underlying asset, this criterion shall not be used for purposes of classifying the lease.

●

The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments in accordance with paragraph 842-10-30-5(f) equals or exceeds substantially all of the fair value of the underlying asset.

●

The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

When none of the criteria are met:

A lessor shall classify the lease as either a direct financing lease or an operating lease. A lessor shall classify the lease as an operating lease unless both of the following criteria are met, in which case the lessor shall classify the lease as a direct financing lease:

●

The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments in accordance with paragraph 842-10-30-5(f) and/or any other third party unrelated to the lessor equals or exceeds substantially all of the fair value of the underlying asset;

●

It is probable that the lessor will collect the lease payments plus any amount necessary to satisfy a residual value guarantee.

1-25 Recent accounting pronouncements

Recently Adopted Accounting Pronouncements

Effective January 1, 2021, the Company adopted ASU 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes, which is intended to simplify accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. The adoption of ASU 2019-12 did not have a material impact on the Company’s financial position or results of operations.

Accounting Pronouncements issued not yet adopted

In July 2021, the FASB issued ASU 2021-05 (Lessors—Certain leases with variable lease payments) which requires lessors to classify as operating leases those leases with variable lease payments that do not depend on an index or rate if another classification (i.e. sales-type or direct financing) would result in a commencement date (‘day 1’) selling loss. This standard is effective for the Company in fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact of the this guidance on its Consolidated Financial Statements. The Company does not expect that this new standard will have a material impact on its consolidated financial statements.

In November 2021, the FASB issued ASU 2021-10 creating new Codification Topic 832 (government assistance), which requires business entities to disclose information about certain government assistance that they receive. The new Topic 832 disclosure requirements include: the nature of the transactions and the related accounting policies used; the line items on the balance sheet and income statement that are affected and the amounts applicable to each financial statement line item; and significant terms and conditions of the transactions. Topic 832 is effective for the Company in fiscal years beginning after December 15, 2021. The Company is currently assessing the impact of the above guidance on its Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - EUR (€)	Common stock	Additional paid-in capital.	Retained Earnings / (Loss)	Other comprehensive income (loss)	Treasury stock	Total
Balance at Dec. 31, 2018	€ 3,818,000	€ 65,983,000	€ (39,947,000)	€ (3,748,000)	€ (1,142,000)	€ 24,964,000
Balance (in shares) at Dec. 31, 2018	28,997,866
Net (loss) / income			1,512,000			1,512,057
Translation adjustment				(61,000)		(61,000)
stock options granted or exercised		232,000				232,000
Capital increase	€ (9,000)	(116,000)				€ (124,000)
Capital increase (in shares)	65,600
Treasury stock disposition (in shares)	78,100				214,000	214,000
Provision for retirement indemnities				374,000		€ 374,000
Balance (in shares) at Dec. 31, 2019	29,141,566
Balance at Dec. 31, 2019	€ 3,826,000	66,331,000	(38,435,000)	(3,436,000)	€ (928,000)	27,359,000
Net (loss) / income			(1,704,000)			(1,703,668)
Translation adjustment				410,000		410,000
stock options granted or exercised		160,000				160,000
Capital increase	€ 3,000	57,000				60,000
Capital increase (in shares)	23,750
Provision for retirement indemnities				(38,000)		(38,000)
Balance (in shares) at Dec. 31, 2020	29,165,316
Balance at Dec. 31, 2020	€ 3,830,000	66,548,000	(40,139,000)	(3,064,000)	(928,000)	26,248,000
Net (loss) / income			700,000			699,890
Translation adjustment				(554,000)		(554,000)
stock options granted or exercised		1,900,000				1,900,000
Capital increase	€ 559,000	21,173,000				21,732,000
Capital increase (in shares)	4,300,820
Provision for retirement indemnities				77,000		77,000
Deferred tax for retirement indemnities				(48,000)		(48,000)
Balance (in shares) at Dec. 31, 2021	33,466,136
Balance at Dec. 31, 2021	€ 4,389,000	€ 89,621,000	€ (39,439,000)	€ (3,589,000)	€ (928,000)	€ 50,054,000

SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2021

SHAREHOLDERS' EQUITY.

SHAREHOLDERS' EQUITY

17— SHAREHOLDERS’ EQUITY

17-1 Common stock

As of December 31, 2021, EDAP TMS S.A.’s common stock consisted of 33,758,564 issued shares fully paid and with a par value of € 0.13 each. 33,466,136 of the shares were outstanding.

In April 2021, the Company completed a successful common stock offering and issued 4,150,000 new common shares in the form of ADS for $6.75 per share which resulted in gross proceeds of €23,255 thousand. In connection with this offering, the Company incurred issuance costs amounting to €1,961 thousand.

17-2 Pre-emptive subscription rights

Shareholders have preemptive rights to subscribe on a pro rata basis for additional shares issued by the Company for cash. Shareholders may waive such preemptive subscription rights at an extraordinary general meeting of shareholders under certain circumstances. Preemptive subscription rights, if not previously waived, are transferable during the subscription period relating to a particular offer of shares.

17-3 Dividend rights

Dividends may be distributed from the statutory retained earnings, subject to the requirements of French law and the Company’s by-laws. The Company has not distributed any dividends since its inception as the result of an accumulated statutory deficit of 15,367 thousand. Dividend distributions, if any, will be made in euros. The Company has no plans to distribute dividends in the foreseeable future.

17-4 Treasury stock

As of December 31, 2021, all 292,428 shares held as treasury stock consisted of (i) 112,138 shares acquired between August and December 1998 and (ii) 180,290 shares acquired in June and July 2001 for a total of €928 thousand. All treasury stocks have been acquired to cover stock purchase options (see Note 17-5).

17-5 Stock-option and free share plans

As of December 31, 2021, EDAP TMS S.A. sponsored four stock purchase and subscription option plans open to employees of EDAP TMS group:

On December 19, 2012, the shareholders authorized the Board of Directors to grant up to 500,000 options to subscribe 500,000 new shares at a fixed price to be set by the Board of Directors. Conforming to this stock option plan, the Board of Directors granted 500,000 options to subscribe to new shares to certain employees of EDAP TMS on January 18, 2013. The exercise price was fixed at €1.91 per share. Options were to begin vesting one year after the date of grant and all options were fully vested as of January 18, 2017 (i.e., four years after the date of grant). The options expire on January 18, 2023 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. At December 31, 2013 the total fair value of the

options granted under this plan was €660 thousand. This non-cash financial charge has been recognized in the Company’s operating expenses over a period of 48 months (using the graded vesting method). Under this plan, 262,500 options are outstanding and exercisable at December 31, 2021.

On February 18, 2016, the shareholders authorized the Board of Directors to grant up to 1,000,000 options to subscribe to 1,000,000 new shares at a fixed price to be set by the Board of Directors. Conforming to this stock option plan, the Board of Directors granted 575,000 options to subscribe to new shares to certain employees of EDAP TMS on April 26, 2016. The exercise price was fixed at €3.22 per share. Options were to begin vesting one year after the date of grant and all options were fully vested as of April 26, 2020 (i.e., four years after the date of grant). The options expire on April 26, 2026 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. At December 31, 2016 the total fair value of the options granted under this plan was €960 thousand. This non-cash financial charge has been recognized in the Company’s operating expenses over a period of 48 months (using the graded vesting method).

Conforming to this February 18, 2016 stock option plan, the Board of Directors granted 260,000 options to subscribe to new shares to certain employees of EDAP TMS on April 25, 2017. The exercise price was fixed at €2.39 per share. Options were to begin vesting one year after the date of grant and all options will be fully vested as of April 25, 2021 (i.e., four years after the date of grant). The options expire on April 25, 2027 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. At December 31, 2017, the total fair value of the options granted on April 25, 2017 under this plan was €335 thousand. This non-cash financial charge has been recognized in the Company’s operating expenses over a period of 48 months (using the graded vesting method).

Conforming to this February 18, 2016 stock option plan, the Board of Directors granted 165,000 options to subscribe to new shares to certain employees of EDAP TMS on August 29, 2018. The exercise price was fixed at €2.65 per share. Options were to begin vesting one year after the date of grant and all options will be fully vested as of August 29, 2022 (i.e., four years after the date of grant). The options expire on August 29, 2029 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. At December 31, 2018, the total fair value of the options granted on August 29, 2018 under this plan was €219 thousand. This non-cash financial charge is recognized in the Company’s operating expenses over a period of 48 months (using the graded vesting method).

Conforming to this February 18, 2016 stock option plan, the Board of Directors granted 155,000 options to subscribe to new shares to certain employees of EDAP TMS on April 4, 2019. Forfeited options corresponding to employees’ departures were re-allocated. The exercise price was fixed at €3.90 per share. Options were to begin vesting one year after the date of grant and all options will be fully vested as of April 4, 2023 (i.e., four years after the date of grant).The options expire on April 4, 2029 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. At December 31, 2019, the total fair value of the options granted on April 4, 2019 under this plan was €299 thousand. This non-cash financial charge is recognized in the Company’s operating expenses over a period of 48 months (using the graded vesting method).

The impact of this February 18, 2016 Plan on operating income, in accordance with ASC 718, was €289 thousand, €260 thousand and €160 thousand in 2018, 2019 and 2020, respectively.

Under this 2016 plan, 758,580 options are outstanding, 672,330 options are exercisable and 150,820 options are exercised at December 31, 2021.

On June 28, 2019, the shareholders authorized the Board of Directors to grant up to a maximum of 358,528 options to purchase pre-existing shares and to grant 1,000,000 options to subscribe to 1,000,000 new shares at a fixed price to be set by the Board of Directors. Conforming to this June 28, 2019 stock option plan, the Board of Directors granted 292,428 options to purchase pre-existing shares and 1,000,000 options to subscribe to new shares to certain employees of EDAP TMS on June 11, 2021. The exercise price was fixed at €5.59 per share. Options were to begin vesting six months after the date of grant and all options will be fully vested as of June 11, 2024 (i.e., three years after the date of grant). The options expire on June 11, 2031 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. At December 31, 2021, the total fair value of subscription options granted on June 11, 2021 under this plan was €681 thousand and the total fair value of purchase options was €2 371 thousand. This non-cash financial charge is recognized in the Company’s operating expenses over a period of 36 months (using the graded vesting method).

Under this 2019 plan, 1,287,428 options are outstanding, 214,571 options are exercisable at December 31, 2021.

On June 30, 2021, the shareholders authorized the Board of Directors to grant up to a maximum of 2,000,000 options to subscribe to 2,000,000 new shares at a fixed price to be set by the Board of Directors. Conforming to this June 30, 2021 stock-option plan, the Board of Directors granted 100,000 options to subscribe to new shares to certain employees of EDAP TMS on November 17, 2021. The exercise price was fixed at €5.18 per share. Options were to begin vesting six months after the date of grant and all options will be fully vested as of November 17, 2024 (i.e., three years after the date of grant). The options expire on November 17, 2031 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. At December 31, 2021, the total fair value of the options granted on November 17, 2021 under this plan was €229 thousand. This non-cash financial charge is recognized in the Company’s operating expenses over a period of 36 months (using the graded vesting method).

Under this 2021 plan, 100,000 options are outstanding at December 31, 2021.

Forfeited stock-options are recognized as they occur, in accordance with ASU 2016-09.

The fair value of each stock option granted during the year is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:


	November 2021		June 2021		2020		2019
Weighted-average expected life (years)	5.79		5.79		—		6.25
Expected volatility rates⁽¹⁾	45.08	%	46.34	%	—	%	49.45	%
Expected dividend yield	0	%	0	%	—	%	0	%
Risk-free interest rate	1.32	%	0.63	%	—	%	(0.08)	%
Weighted-average exercise price (€)	5.18		5.59		—		3.90
Weighted-average fair value of options granted during the year (€)	2.29		2.37		—		1.93

(1)

^{Historical volatility calculated over 10} ^years.

(2)

^{There was no new plan for the} ^{year 2020.}

As of December 31, 2021, a summary of stock option activity to purchase or to subscribe to Shares under these plans is as follows:


	2021		2020		2019
	Options	Weighted	Options	Weighted	Options	Weighted
		average		average		average
		exercice		exercice		exercice
		price (€)		price (€)		price (€)
Outstanding on January 1,	1,186,900	2.81	1,273,900	2.78	1,347,600	2.61
Granted	1,392,428	5.56	—	—	155,000	3.90
Exercised	(150,820)	2.93	(23,750)	2.54	(143,700)	2.16
Forfeited	(20,000)	4.01	(21,250)	2.55	(85,000)	1.94
Expired	—	—	(42,000)	2.38	—	—
Outstanding on December 31,	2,408,508	4.38	1,186,900	2.81	1,273,900	2.78
Exercisable on December 31,	1,149,401	3.25	970,650	2.73	818,900	2.60
Share purchase options available for grant on December 31,	5,000		292,428		250,428

The following table summarizes information about options to purchase existing Shares held by the Company, or to subscribe to new Shares, at December 31, 2021:


	Outstanding options				Fully vested options ⁽¹⁾
		Weighted	Weighted			Weighted
		average	average	Aggregate		average	Aggregate
		remaining	exercise	Intrinsic		exercise	Intrinsic
		contractual	price	Value		price	Value
Exercise price (€)	Options	life	(€)	(2)	Options	(€)	(2)
5.59	1,287,428	9.4	5.59	—	214,571	5.59	—
5.18	100,000	9.8	5.18	11,217	—	—	—
3.90	107,500	7.8	3.90	149,657	52,500	3.90	82,726
3.22	400,000	4.3	3.22	828,866	400,000	3.22	828,866
2.65	105,000	6.7	2.65	277,477	73,750	2.65	194,860
2.39	146,080	5.3	2.39	423,948	146,080	2.39	423,948
1.91	262,500	1.0	1.91	887,818	262,500	1.91	887,818
1.91 to 5.59	2,408,508	6.3	4.38	2,578,983	1,149,401	3.25	2,418,219

(1)

Fully vested options are all exercisable options.

(2)

The aggregate intrinsic value represents the total pre-tax intrinsic value, based on the Company’s closing stock price of $5.99 at December 31, 2021, which would have been received by the option holders had all in-the-money option holders exercised their options as of that date.

A summary of the status of the non-vested options to purchase shares or to subscribe to new shares as of December 31, 2021, and changes during the three years ended December 31, 2021, is presented below:


		Weighted average
		Grant-Date Fair
	Options	Value (€)
Non-vested at January 1, 2019	575,000	1.47
Granted	155,000	1.93
Vested	(204,000)	1.52
Forfeited	(70,600)	1.58
Non-vested at December 31, 2019	455,000	1.58
Non-vested at January 1, 2020	455,000	1.58
Granted	—	—
Vested	(235,000)	1.58
Forfeited	(3,750)	1.54
Non-vested at December 31, 2020	216,250	1.59
Non-vested at January 1, 2021	216,250	1.59
Granted	1,392,428	2.37
Vested	(329,571)	2.06
Forfeited	(20,000)	1.89
Non-vested at December 31, 2021	1,259,107	2.32

As of December 31, 2021, there were €1,795 thousand of total unrecognized compensation expenses related to non-vested stock-options, over a period of 2.9 years.

On June 30, 2021, the shareholders authorized the Board of Directors to grant up to a maximum of 200,000 free shares to certain employees. Conforming to this June 30, 2021 authorization, the Board of Directors granted 61,500 free shares to certain employees of EDAP TMS on September 28, 2021. Free shares shall be definitively acquired by the relevant beneficiaires at the end of the vesting period (minimum one year period starting on the allocation date and ending on the acquisition date, i.e. two years starting on the allocation date). At December 31, 2021, the total fair value of the free shares granted on September 28, 2021 under this plan was €340 thousand. This non-cash financial charge was recognized in the Company’s operating expenses upon allocation.

Under this 2021 plan, 61,500 free shares are outstanding at December 31, 2021.

17-6 Accumulated other comprehensive income (loss)

The components of accumulated other comprehensive income (loss) net of tax, for the years ended December 31, 2021, and 2020, are as follows:


	Year Ended December 31, 2021
	Foreign currency	Provision for
	translation	retirement indemnities
	adjustment	(net of tax)	Total
Beginning balance	(2,824)	(241)	(3,064)
Other comprehensive income (loss) before reclassifications	—	—	—
Reclassified from accumulated other comprehensive loss	—	—	—
Net current-period other comprehensive income (loss)	(554)	29	(525)
Ending balance	(3,377)	(212)	(3,589)


	Year Ended December 31, 2020
	Foreign currency	Provision for
	translation	retirement indemnities
	adjustment	(net of tax)	Total
Beginning balance	(3,234)	(203)	(3,436)
Other comprehensive income (loss) before reclassifications	—	—	—
Reclassified from accumulated other comprehensive loss	—	—	—
Net current-period other comprehensive income (loss)	410	(38)	372
Ending balance	(2,824)	(241)	(3,064)

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

CONCENTRATION OF CREDIT RISK

12 Months Ended

Dec. 31, 2021

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK

27— CONCENTRATION OF CREDIT RISK

Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts and notes receivable from customers, primarily located in France, Japan and the United States. The Company maintains cash deposits with major banks. Management periodically assesses the financial condition of these institutions and believes that credit risk is limited.

The Company has implemented procedures to monitor the creditworthiness of its customers. The Company obtains bank guarantees for first time or infrequent customers, and in certain cases obtains insurance against the risk of a payment default by the customer. The Company reviewed individual customer balances considering current and historical loss experience and general economic conditions in determining the allowance for doubtful accounts receivable of €0.7 million and €0.7 million, for the years ended December 31, 2021 and 2020, respectively.

Actual losses may vary from the current estimates, and any adjustments are reported in earnings in the periods in which they become known.

In 2021, 2020 and 2019, the Company did not generate more than 10% revenue with a single customer.

EARNINGS (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2021

EARNINGS (LOSS) PER SHARE

Schedule of Earnings Per Share, Basic and Diluted


	December 31, 2021		December 31, 2020		December 31, 2019
Income (loss) available to common shareholders (in Euros)	€	699,890	€	(1,703,668)	€	1,512,057
Weighted average number of shares for the computation of basic EPS		32,129,047		29,148,108		29,016,118
Basic EPS (in Euros)	€	0.02	€	(0.06)	€	0.05
Effect of dilutive securities		293,824		622,723		604,238
Weighted average number of shares for the computation of diluted EPS		32,422,871		29,148,108		29,615,466
Diluted EPS income / (loss) (in Euros)	€	0.02	€	(0.06)	€	0.05

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of Income before Income Tax, Domestic and Foreign


	2021	2020	2019
France	869	(2,042)	1,803
Other countries	24	854	388
Total	893	(1,188)	2,191

Schedule of Components of Income Tax (Expense)/Benefit


	2021	2020	2019
Current income tax expense:
France	(320)	(158)	(237)
Other countries	(436)	(312)	(550)
Sub-total current income tax expense	(756)	(471)	(787)
Deferred income tax (expense) benefit:
France	8	8	(1)
Other countries	556	(53)	109
Sub-total deferred income tax (expense) benefit	563	(45)	108
Total	(193)	(516)	(679)

Schedule of Deferred Tax Assets and Liabilities


	2021	2020
Net operating loss carry forwards	13,611	14,014
Elimination of intercompany profit in inventory	182	161
Elimination of intercompany profit in fixed assets	278	244
Provisions for retirement indemnities	642	634
Capital leases treated as operating leases for tax	40	56
Other items	487	775
Total deferred tax assets	15,239	15,883
Total deferred tax liabilities	—	—
Net deferred tax assets	15,239	15,883
Valuation allowance for deferred tax assets	(14,341)	(15,508)
Deferred tax assets (liabilities), net of allowance	898	374

Schedule of Effective Income Tax Rate Reconciliation


	2021	2020	2019
Theoretical income tax (expense) benefit at French statutory tax rate	(237)	333	(614)
Income of foreign subsidiaries taxed at different tax rates	(95)	9	(51)
Effect of net operating loss carry-forwards and valuation allowances	577	(858)	189
Non-taxable debt fair value variation	—	—	—
Permanent differences	(258)	(159)	(251)
Effect of cancellation of intra-group positions	(130)	152	(54)
French business tax included in income tax (CVAE)	(85)	(156)	(159)
Other	35	164	263
Effective income tax (expense) benefit	(193)	(516)	(679)

CONSOLIDATED STATEMENTS OF CASH FLOWS - EUR (€)

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Cash flows from operating activities

Net income (loss)

€ 699,890

€ (1,703,668)

€ 1,512,057

Adjustments to reconcile net income (loss) to net cash generated by (used in) operating activities:

Depreciation and amortization

1,920,000

2,105,000

1,879,000

Share based compensation

1,900,000

160,000

260,000

US Paycheck Protection Program Forgiveness

(187,000)

Change in allowances for doubtful accounts & slow-moving inventories

363,000

734,000

176,000

Change in long-term provisions

(350,000)

455,000

(6,000)

Net capital loss on disposals of assets

142,000

291,000

79,000

Deferred tax expense (benefit)

(563,000)

45,000

(106,000)

Operating cash flow

3,925,000

2,087,000

3,794,000

Increase/Decrease in operating assets and liabilities:

Decrease (Increase) in trade accounts and notes and other receivables

(103,000)

1,137,000

908,000

Decrease (Increase) in inventories

166,000

(554,000)

(1,036,000)

Decrease (Increase) in other assets

(210,000)

69,000

(60,000)

(Decrease) Increase in trade accounts and notes payable

(38,000)

(422,000)

(249,000)

(Decrease) Increase in accrued expenses, other current liabilities

706,000

(339,000)

445,000

Net change in operating assets and liabilities

520,000

(110,000)

6,000

Net cash generated by (used in) operating activities

4,445,000

1,977,000

3,800,000

Cash flows from investing activities:

Additions to capitalized assets produced by the Company

(1,161,000)

(1,339,000)

(1,020,000)

Acquisitions of property and equipment

(393,000)

(531,000)

(396,000)

Acquisitions of intangible assets

(92,000)

(103,000)

(35,000)

Decrease (Increase) of other financial assets

13,000

(2,000)

(14,000)

Increase in deposits and guarantees

(6,000)

(36,000)

(67,000)

Net cash generated by (used in) investing activities

(1,638,000)

(2,011,000)

(1,532,000)

Cash flow from financing activities:

Proceeds from capital increase

^[1]

21,289,000

Proceeds from stock-option exercise

442,000

60,000

310,000

Proceeds from long term borrowings, net of financing costs

1,058,000

4,848,000

688,000

Repayment of long term borrowings

(1,401,000)

(519,000)

(1,087,000)

Repayment of obligations under financing leases

(406,000)

(321,000)

(396,000)

Increase (decrease) in bank overdrafts and short-term borrowings

(717,000)

(867,000)

(179,000)

Net cash generated by (used in) financing activities

20,266,000

3,201,000

(664,000)

Net effect of exchange rate changes on cash and cash equivalents

(585,000)

642,000

(182,000)

Net increase (decrease) in cash and cash equivalents

22,488,000

3,810,000

1,422,000

Cash and cash equivalents at beginning of year

24,696,000

20,886,000

19,464,000

Cash and cash equivalents at end of year

€ 47,183,000

€ 24,696,000

€ 20,886,000

[1]	The proceeds from capital increase of €21,289 thousands relate to the Company’s successful common stock offering in April 2021 – refer to note 17-1.

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

OTHER ASSETS

Schedule of other assets


	December 31,
	2021	2020
Prepaid expenses, current portion	581	369
Total	581	369

OPERATING LEASE RIGHT-OF-USE ASSETS (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Right of use assets:
Operating lease, right of use	€ 1,555	€ 1,895
Facilities
Right of use assets:
Operating lease, right of use	1,290	1,584
Equipment.
Right of use assets:
Operating lease, right of use	158	237
Furniture, fixture, fittings and other
Right of use assets:
Operating lease, right of use	€ 107	€ 74

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2021

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

26— FAIR VALUE OF FINANCIAL INSTRUMENTS

The following disclosure of the estimated fair value of financial instruments was made in accordance with the requirements of ASC 820 ‘‘Disclosure about fair value of financial instruments’’ and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.

ASC 820 defines three levels of inputs that may be used to measure fair value and requires that the assets or liabilities carried at fair value be disclosed by the input level under which they were valued. The input levels are defined as follows:

Level 1: Quoted (unadjusted) prices in active markets for identical assets and liabilities that the reporting entity can access at the measurement date.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: Unobservable inputs for the asset or liability.


	ASC 820	December 31,	December 31,
	Level	2021	2020
Assets:
Cash and cash equivalents	Level 1	47,183	24,696
Liabilities:
Short-term borrowings	Level 1	1,914	2,638

The recorded amount of cash and cash equivalents and short-term borrowings are a reasonable estimate of their fair value due to the short-term maturities of these instruments.

As of December 31, 2021 and December 31, 2020, the fair value of the Company’s long-term debt was not materially different from the carring value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

OTHER ACCRUED LIABILITIES - Schedule of Other Accrued Liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement indemnities	€ 2,382	€ 2,665
Provision for warranty costs	252	368	€ 370
Accruals for payroll and associated taxes	944	734
Conditional government advances	463	1,097
Value added tax payable	463	420
Advances received from customers	225	551
Provision for Asset Retirement Obligation (Japan)	109	113
Others	353	477
Total	5,289	6,494
Less non-current portion	(2,534)	(3,720)
Current portion	2,755	2,774
KOREA
Provision for employee termination indemnities	€ 97	€ 69

SHAREHOLDERS' EQUITY - Stock Option Assumptions (Details) - € / shares	1 Months Ended		12 Months Ended
	Nov. 30, 2021	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SHAREHOLDERS' EQUITY.
Weighted-average expected life (years) (Year)	5 years 9 months 14 days	5 years 9 months 14 days		0 years	6 years 3 months
Expected volatility rates(1)	45.08%	46.34%			49.45%
Expected dividend yield	0.00%	0.00%			0.00%
Risk-free interest rate	1.32%				0.08%
Risk-free interest rate		0.63%
Weighted-average exercise price () (in EUR per share)	€ 5.18	€ 5.59			€ 3.90
Weighted-average fair value of options granted during the year ()	€ 2.29	€ 2.37	€ 2.37		€ 1.93

TRADE ACCOUNTS AND NOTES RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2021

TRADE ACCOUNTS AND NOTES RECEIVABLE, NET

Schedule of trade accounts and notes receivable


	2021	2020
Trade accounts receivable	10,992	11,363
Notes receivable	615	667
Less: allowance for doubtful accounts	(742)	(722)
Total	10,864	11,307
Less current portion	(10,864)	(11,307)
Total long-term portion	—	—

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Intangible assets
Intangible assets, gross	€ 2,484	€ 2,619
Accumulated amortization	(1,756)	(1,858)
Intangible assets, net	728	761
Licenses
Intangible assets
Intangible assets, gross	1,448	1,570
Accumulated amortization	(723)	(813)
Trade name and trademark
Intangible assets
Intangible assets, gross	400	412
Accumulated amortization	(397)	(409)
Patents
Intangible assets
Intangible assets, gross	412	412
Accumulated amortization	(412)	(412)
Organization Costs
Intangible assets
Intangible assets, gross	225	225
Accumulated amortization	€ (225)	€ (225)

SHAREHOLDERS' EQUITY - Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range (Details) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2021 EUR (€) € / shares shares
Outstanding options - Number (in shares) \| shares	2,408,508
Outstanding options - Weighted average remaining contractual life (Year)	6 years 3 months 18 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 4.38
Outstanding options - Aggregate intrinsic value \| €	€ 2,578,983
Exercisable options - Number (in shares) \| shares	1,149,401
Exercisable options - Weighted average exercise price (in EUR per share)	€ 3.25
Exercisable options - Aggregate intrinsic value \| €	€ 2,418,219
Exercise price, Lower range (in EUR per share)	€ 1.91
Exercise price, Upper range (in EUR per share)	€ 5.59
Range 1 [Member]
Outstanding options - Number (in shares) \| shares	1,287,428
Outstanding options - Weighted average remaining contractual life (Year)	9 years 4 months 24 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 5.59
Exercisable options - Number (in shares) \| shares	214,571
Exercisable options - Weighted average exercise price (in EUR per share)	€ 5.59
Exercise price, Lower range (in EUR per share)	€ 5.59
Range 2 [Member]
Outstanding options - Number (in shares) \| shares	100,000
Outstanding options - Weighted average remaining contractual life (Year)	9 years 9 months 18 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 5.18
Outstanding options - Aggregate intrinsic value \| €	€ 11,217
Exercise price, Lower range (in EUR per share)	€ 5.18
Range 3 [Member]
Outstanding options - Number (in shares) \| shares	107,500
Outstanding options - Weighted average remaining contractual life (Year)	7 years 9 months 18 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 3.90
Outstanding options - Aggregate intrinsic value \| €	€ 149,657
Exercisable options - Number (in shares) \| shares	52,500
Exercisable options - Weighted average exercise price (in EUR per share)	€ 3.90
Exercisable options - Aggregate intrinsic value \| €	€ 82,726
Exercise price, Lower range (in EUR per share)	€ 3.90
Range 4 [member]
Outstanding options - Number (in shares) \| shares	400,000
Outstanding options - Weighted average remaining contractual life (Year)	4 years 3 months 18 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 3.22
Outstanding options - Aggregate intrinsic value \| €	€ 828,866
Exercisable options - Number (in shares) \| shares	400,000
Exercisable options - Weighted average exercise price (in EUR per share)	€ 3.22
Exercisable options - Aggregate intrinsic value \| €	€ 828,866
Exercise price, Lower range (in EUR per share)	€ 3.22
Range 5 [Member]
Outstanding options - Number (in shares) \| shares	105,000
Outstanding options - Weighted average remaining contractual life (Year)	6 years 8 months 12 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 2.65
Outstanding options - Aggregate intrinsic value \| €	€ 277,477
Exercisable options - Number (in shares) \| shares	73,750
Exercisable options - Weighted average exercise price (in EUR per share)	€ 2.65
Exercisable options - Aggregate intrinsic value \| €	€ 194,860
Exercise price, Lower range (in EUR per share)	€ 2.65
Range 6 [Member]
Outstanding options - Number (in shares) \| shares	146,080
Outstanding options - Weighted average remaining contractual life (Year)	5 years 3 months 18 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 2.39
Outstanding options - Aggregate intrinsic value \| €	€ 423,948
Exercisable options - Number (in shares) \| shares	146,080
Exercisable options - Weighted average exercise price (in EUR per share)	€ 2.39
Exercisable options - Aggregate intrinsic value \| €	€ 423,948
Exercise price, Lower range (in EUR per share)	€ 2.39
Range 7 [Member]
Outstanding options - Number (in shares) \| shares	262,500
Outstanding options - Weighted average remaining contractual life (Year)	1 year
Outstanding options - Weighted average exercise price (in EUR per share)	€ 1.91
Outstanding options - Aggregate intrinsic value \| €	€ 887,818
Exercisable options - Number (in shares) \| shares	262,500
Exercisable options - Weighted average exercise price (in EUR per share)	€ 1.91
Exercisable options - Aggregate intrinsic value \| €	€ 887,818
Exercise price, Lower range (in EUR per share)	€ 1.91

TRADE ACCOUNTS AND NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2021

TRADE ACCOUNTS AND NOTES PAYABLE

Schedule of Accounts Payable and Accrued Liabilities


	2021	2020
Trade accounts payable	5,511	5,708
Notes payable	1	0
Total	5,512	5,708

OTHER ASSETS

12 Months Ended

Dec. 31, 2021

OTHER ASSETS

OTHER ASSETS

6— OTHER ASSETS

Other assets consist of the following:


	December 31,
	2021	2020
Prepaid expenses, current portion	581	369
Total	581	369

Prepaid expenses mainly consist of rental and future congresses and conferences expenses.

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Income taxes paid (refunds received)	€ 307	€ 377	€ 289
Interest paid	114	124	87
Interest received	10	10	17
Financing lease obligations incurred	233	192	203
Operating lease obligations incurred	674	317	3,483
Operating cash flow used in operating leases	916	941
Operating cash flow used in finance leases	18	18
Financing cash flow used in finance leases	€ 406	€ 321	€ 396

LONG TERM DEBT AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE - Schedule Of Long-term Debt and Financial Instruments Maturities (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
LONG TERM DEBT AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE
2021	€ 828
2022	1,512
2023	1,504
2024	1,229
2025 and thereafter	686
Total	€ 5,759	€ 5,675

- Definition

+ References + Details

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2021

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of fair value measurement inputs level 1


	ASC 820	December 31,	December 31,
	Level	2021	2020
Assets:
Cash and cash equivalents	Level 1	47,183	24,696
Liabilities:
Short-term borrowings	Level 1	1,914	2,638

CONSOLIDATED BALANCE SHEETS - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	€ 47,183	€ 24,696
Current portion of net trade accounts and notes receivable	10,864	11,307
Other receivables	1,255	1,031
Inventories	7,499	7,989
Other assets, current portion	581	369
Total current assets	67,382	45,393
Non-current assets
Property and equipment, net	3,617	3,704
Operating lease right-of-use assets	1,555	1,895
Intangible assets, net	728	761
Goodwill	2,412	2,412
Deposits and other non-current assets	634	655
Deferred tax assets	898	374
Total assets	77,226	55,193
Current liabilities
Trade accounts and notes payable	5,512	5,708
Deferred revenues, current portion	3,408	2,701
Social security and other payroll withholdings taxes	1,314	1,176
Employee absences compensation	704	698
Income taxes payable	501	129
Other accrued liabilities	2,755	2,774
Short-term borrowings	1,914	2,638
Current obligations under finance leases	340	344
Current portion of operating lease obligations	673	802
Current portion of long-term debt	830	4,532
Total current liabilities	17,951	21,504
Non-current liabilities
Deferred revenues, non-current	440	926
Obligations under finance leases	430	555
Operating lease obligations, non-current	888	1,099
Long-term debt, non-current	4,930	1,143
Other long-term liabilities	2,534	3,720
Total liabilities	27,172	28,945
Shareholders' equity
Common stock, 0.13 par value; 33,758,564 shares issued and 33,466,136 shares outstanding at December 31, 2021 0.13 par value29,457,744 shares issued and 29,165,316 shares outstanding at December 31, 2020	4,389	3,830
Additional paid-in capital	89,621	66,548
Retained earnings	(39,438)	(40,139)
Cumulative other comprehensive loss	(3,589)	(3,064)
Treasury stock, at cost; 292,428 at December 31, 2021 and at December 31, 2020	(928)	(928)
Total shareholders' equity	50,054	26,248
Total liabilities and shareholders' equity	€ 77,226	€ 55,193

LONG TERM DEBT AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE

12 Months Ended

Dec. 31, 2021

LONG TERM DEBT AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE

LONG TERM DEBT AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE

15— LONG TERM DEBT

15-1 Long-term debt:


	December 31,
	2021	2020
France term loan	4,848	4,394
Japanese term loan (YEN)	786	900
Germany term loan	111	193
USA term loan	—	180
Korea term loan	11	—
Malaysia term loan	3	8
Total long term debt	5,759	5,675
Less current portion	(830)	(4,532)
Total long-term portion	4,930	1,143

As of December 31, 2021 and 2020, long-term debt in Japan consists of two loans in Yen subscribed with the following conditions:


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP Technomed Co. Ltd	80,000,000	August 2, 2026	1.98	%	Monthly instalment
EDAP Technomed Co. Ltd	50,000,000	April 2, 2025	1.8	%	Monthly instalment

As of December 31, 2021 and 2020 , long-term debt in Germany consists of one loan in euro with the following conditions :


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TMS GMBH	400,000	April 30, 2023	2.40	%	Monthly instalment

This loan was pledged against an HIFU equipment with a purchase value of €438 thousand.

As of December 31, 2021, long-term debt in France consists of three loans in Euro subscribed in 2020 which conditions and maturity were updated and a new loan in Euro subscribed in 2021 with the following conditions:


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TMS FRANCE	780,457	April 1, 2025	0.99	%	Monthly instalment

This loan is pledged against the countervalue in dollars on the loan. This loan constitutes a complete financial package of €1,530,000, of which €780,457 were drawn at the end of December 2021 to finance HIFU treatment probes.


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TMS FRANCE	2,000,000	July 30, 2026	0.73	%	Monthly instalment

This loan is a COVID-related loan guaranteed by the French government in 2020 with an initial one year repayment term subsequently extended to six years.


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TMS FRANCE	2,000,000	August 4, 2026	0.73	%	Monthly instalment

This loan is a COVID-related loan guaranteed by the French government in 2020 with an initial one year repayment term subsequently extended to six years.


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TMS FRANCE	72,222	July 5, 2024	0.45	%	Monthly instalment

This new loan is related to the acquisition of computer servers.

As of December 31, 2020, long-term debt in France consists of a loan in Euro to finance the ERP project and three loans in Euro subscribed in 2020 with the following conditions:


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TMS FRANCE	700,000	October 16, 2021	0.40	%	Quarterly instalment

This loan is related to the ERP SAP project. This four-year loan was fully reimbursed in October 2021


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TMS FRANCE	218,000	April 1, 2025	0.99	%	Monthly instalment

This loan is pledged against the countervalue in dollars on the loan. This loan constitutes a complete financial package of €1,530,000, of which €218,000 was drawn at the end of December to finance HIFU treatment probes.


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TMS FRANCE	2,000,000	August 11, 2021	0.25	%	Monthly instalment

This loan is a COVID-related loan guaranteed by the French government in 2020 with an initial one year repayment term.


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TMS FRANCE	2,000,000	August 4, 2021	0.25	%	Monthly instalment

This loan is a COVID-related loan guaranteed by the French government in 2020 with an initial one year repayment term.

As of December 31, 2021 and 2020, long-term debt in Malaysia consisted of a loan in Ringgit with the following conditions:


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TECHNOMED SDN BHD	90,000	July 31, 2022	4.64	%	Monthly instalment

As of December 31, 2020, long-term debt in USA consisted of a loan in USD with the following conditions:


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TECHNOMED INC	221,217	May 14, 2022	1	%	Monthly instalment

This loan was linked to the US Paycheck Protection Program and was forgiven in 2021.

15-2 Financial instruments carried at fair value:

As of December 31, 2021, there are no financial instruments such as warrants.

Refer to Note 26 for more details on the fair value of other Financial Instruments.

15-3 Long-term debt maturity:

Long-term debt carried at amortized cost at December 31, 2021 matures as follows:


2022		828
2023		1,512
2024		1,504
2025		1,229
2026 and thereafter		686
Total		5,759

COSTS OF SALES

12 Months Ended

Dec. 31, 2021

COSTS OF SALES

COSTS OF SALES

20— COSTS OF SALES

Costs of sales consist of the following:


	2021	2020	2019
Direct costs of sales	(16,199)	(14,058)	(14,919)
Indirect costs of sales	(9,443)	(9,225)	(8,990)
Total costs of sales	(25,643)	(23,283)	(23,909)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - € / shares	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Common stock, par value	€ 0.13	€ 0.13
Common stock, shares issued	33,758,564	29,457,744
Commons stock, shares outstanding	33,466,136	29,165,316
Treasury stock	292,428	292,428

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2021

PROPERTY AND EQUIPMENT, NET

Schedule of Property and equipment


	2021	2020
Equipment	8,894	8,405
Furniture, fixture, and fittings and other	2,678	2,736
Total gross value	11,572	11,141
Less: accumulated depreciation and amortization	(8,594)	(8,142)
Total	2,978	3,000

Schedule of Finance lease right-of-use assets


	2021	2020
Facilities	290	—
Equipment	220	359
Vehicles and IT equipment	1,497	1,196
Total gross value	2,007	1,554
Less: accumulated depreciation and amortization	1,368	850
Total	639	704

LEASE OBLIGATIONS - Maturities of Operating Leases Liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
LEASE OBLIGATIONS
2021		€ 803
2022	€ 673	523
2023	523	381
2024	277	195
2025	69
2026 and thereafter	20
Total undiscounted minimum lease payments	1,562	1,901
Less: current portion	(673)	(802)
Long-term portion	€ 888	€ 1,099

CASH EQUIVALENTS - Schedule of Cash Equivalents and Short Term Investments (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
CASH EQUIVALENTS
Total cash and cash equivalents	€ 47,183	€ 24,696
Short term investments	0
Total cash and cash equivalents	€ 47,183	€ 24,696

VALUATION ACCOUNTS (Tables)

12 Months Ended

Dec. 31, 2021

VALUATION ACCOUNTS

Schedule of valuation accounts


	Allowance	Allowance
	for deferred	for doubtful	Slow-moving	Warranty
	tax assets	accounts	inventory	reserve
Balance as of December 31, 2018	14,553	1,404	974	548
Charges to costs and expenses	859	94	333	131
Deductions: write-off and others	(435)	(9)	(223)	(308)
Balance as of December 31, 2019	14,977	1,489	1,084	371
Charges to costs and expenses	596	90	651	266
Deductions: write-off and others	(65)	(858)	(172)	(268)
Balance as of December 31, 2020	15,508	721	1,563	369
Charges to costs and expenses	346	2	371	110
Deductions: write-off and others	(1,513)	19	(464)	(227)
Balance as of December 31, 2021	14,341	742	1,470	252

OTHER ACCRUED LIABILITIES - Schedule of Changes in Warranty Costs Provision (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
OTHER ACCRUED LIABILITIES.
Beginning of year	€ 368	€ 370
Amount used during the year	(225)	(269)
New warranty expenses	110	266
End of year	252	368
Less current portion	(206)	(262)
Long term portion	€ 46	€ 106

LONG TERM DEBT AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2021

LONG TERM DEBT AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE

Schedule of Long-term Debt


	December 31,
	2021	2020
France term loan	4,848	4,394
Japanese term loan (YEN)	786	900
Germany term loan	111	193
USA term loan	—	180
Korea term loan	11	—
Malaysia term loan	3	8
Total long term debt	5,759	5,675
Less current portion	(830)	(4,532)
Total long-term portion	4,930	1,143

Schedule of Long-term Debt Instruments


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP Technomed Co. Ltd	80,000,000	August 2, 2026	1.98	%	Monthly instalment
EDAP Technomed Co. Ltd	50,000,000	April 2, 2025	1.8	%	Monthly instalment


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TMS GMBH	400,000	April 30, 2023	2.40	%	Monthly instalment


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TMS FRANCE	780,457	April 1, 2025	0.99	%	Monthly instalment


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TMS FRANCE	2,000,000	July 30, 2026	0.73	%	Monthly instalment


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TMS FRANCE	2,000,000	August 4, 2026	0.73	%	Monthly instalment


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TMS FRANCE	72,222	July 5, 2024	0.45	%	Monthly instalment


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TMS FRANCE	700,000	October 16, 2021	0.40	%	Quarterly instalment


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TMS FRANCE	218,000	April 1, 2025	0.99	%	Monthly instalment


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TMS FRANCE	2,000,000	August 11, 2021	0.25	%	Monthly instalment


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TMS FRANCE	2,000,000	August 4, 2021	0.25	%	Monthly instalment


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TECHNOMED SDN BHD	90,000	July 31, 2022	4.64	%	Monthly instalment


	Initial				Frequency of
	Amount	Maturity	Fixed Interest rate		principal payments
EDAP TECHNOMED INC	221,217	May 14, 2022	1	%	Monthly instalment

Schedule of Long-term Debt and Financial Instrument Maturities


2022		828
2023		1,512
2024		1,504
2025		1,229
2026 and thereafter		686
Total		5,759

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

TOTAL SALES (Tables)

12 Months Ended

Dec. 31, 2021

TOTAL SALES

Revenue from External Customers by Geographic Areas


Primary geographical markets (€)	2021	2020	2019
Asia	16,009	15,872	17,938
France	12,251	10,021	11,350
United States	5,524	5,611	5,194
Others geographical areas	10,276	10,146	10,377
Total Net Sales	44,060	41,649	44,859

Disaggregation of Revenue


Timing of revenue recognition	2021	2020	2019
Products transferred at a point in time	34,552	32,862	36,767
Products and services transferred over time	9,508	8,787	8,092
Total Net Sales	44,060	41,649	44,859

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - EUR (€)	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - EUR (€)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues	€ 44,065,000	€ 41,662,000	€ 44,912,000
Cost of sales	(25,643,000)	(23,283,000)	(23,909,000)
Gross profit	18,422,000	18,379,000	21,002,000
Research and development expenses	(3,402,000)	(4,496,000)	(3,728,000)
Selling and marketing expenses	(10,732,000)	(9,279,000)	(10,850,000)
General and administrative expenses	(5,900,000)	(4,335,000)	(4,224,000)
Income (loss) from operations	(1,612,000)	269,000	2,201,000
Financial (expense) income, net	145,000	(98,000)	(146,000)
Foreign currency exchange gain (loss), net	2,360,000	(1,359,000)	136,000
Income (loss) before taxes	893,000	(1,188,000)	2,191,000
Income tax (expense) benefit	(193,000)	(516,000)	(679,000)
Net income (loss)	€ 699,890	€ (1,703,668)	€ 1,512,057
Basic income (loss) per share (in EUR per share)	€ 0.02	€ (0.06)	€ 0.05
Diluted income (loss) per share (in EUR per share)	€ 0.02	€ (0.06)	€ 0.05
Basic Weighted average shares outstanding (in shares)	32,129,047	29,148,108	29,016,118
Diluted Weighted average shares outstanding (in shares)	32,422,871	29,148,108	29,615,466
Product
Revenues	€ 44,060,000	€ 41,649,000	€ 44,859,000
Goods
Revenues	29,040,000	27,523,000	30,111,000
Cost of sales	(16,181,000)	(14,951,000)	(15,442,000)
RPP's and leases
Revenues	4,968,000	4,745,000	5,747,000
Cost of sales	(3,108,000)	(2,601,000)	(3,000,000)
Spare parts and services
Revenues	10,052,000	9,382,000	9,001,000
Cost of sales	(6,354,000)	(5,732,000)	(5,467,000)
Other revenues
Revenues	€ 6,000	€ 12,000	€ 52,000

FINANCIAL INCOME, NET (Tables)

12 Months Ended

Dec. 31, 2021

FINANCIAL INCOME, NET

Schedule of Interest Income and Interest Expense


	2021	2020	2019
Interest income	10	10	20
Interest expense	(52)	(108)	(165)
Paycheck Protection Program loan forgiveness	187	—	—
Total	145	(98)	(146)

OTHER ACCRUED LIABILITIES

12 Months Ended

Dec. 31, 2021

OTHER ACCRUED LIABILITIES.

OTHER ACCRUED LIABILITIES

12— OTHER ACCRUED LIABILITIES

Other accrued liabilities consist of the following:


	2021	2020
Retirement indemnities	2,382	2,665
Provision for warranty costs	252	368
Accruals for payroll and associated taxes	944	734
Conditional government advances	463	1,097
Value added tax payable	463	420
Advances received from customers	225	551
Provision for Asset Retirement Obligation (Japan)	109	113
Provision for employee termination indemnities (Korea)	97	69
Others	353	477
Total	5,289	6,494
Less non-current portion	(2,534)	(3,720)
Current portion	2,755	2,774

We received government conditional advances and grants for advanced research program HECAM which are provided for and managed by French state-owned entity “Banque Publique d’Investissement” (“Bpifrance”). This arrangement consists of both grants and conditional advances which are paid in fixed instalments at predetermined contractual dates, subject generally to milestones based on progress of the research and documentation. Grants received are non-refundable. Conditional advances received are subject to a fixed 1.44% interest rate.

Despite a first mono-centric study successfully implemented with Lyon’s Centre Leon Bérard cancer center, we decided not to pursue the development of HIFU for liver cancer as a per-operative approach. The multi-centric Phase II study, which was to be initiated following the mono-centric study, will not be implemented. We considered that the per-operative approach initially targeted will not offer the breakthrough innovation expected by the market and will lead to comparative lengthy clinical studies with existing therapeutic solutions to fulfill the requirement of the new European MDR regulations which became effective in May 2021.

In 2020, the Company decided to reorient the efforts, knowledge and assets resulting from the HECAM project in two directions. The first one, with a technology and approach very similar to the one developed for liver cancer, will focus on pancreatic cancer for patients with few or even no alternatives. The second one will still target liver cancer application but through an extracorporeal solution to offer to patients affected by primary or metastatic liver cancer an undisputable benefit compared to the existing alternatives. In 2021, after discussing with Bpifrance, the Company decided not to pursue the HECAM project under the initial parameters and based on results obtained as part of the HECAM program, we had to reimburse €0.6 million, with the balance of €0.4 million reclassified as a non-refundable grant.

In 2021, we also received conditional advances for €0.4 million from Banque Publique d’Investissements for business development programs in China and Africa.

Grants that relate to expenses we incur for this research program are recognized in the line item “Research and Development Expenses” in the period in which the expenses subject to the grants have been incurred (see Note 21).

Conditional advances as of December 31, 2021 mature as follows:


2022		6
2023		12
2024		93
2025		93
2026 and thereafter		260
Total		463

Changes in the provision for warranty costs are as follows:


	2021	2020
Beginning of year	368	370
Amount used during the year	(225)	(269)
New warranty expenses	110	266
End of year	252	368
Less current portion	(206)	(262)
Long term portion	46	106

EARNINGS (LOSS) PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - EUR (€)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
EARNINGS (LOSS) PER SHARE
Net income (loss)	€ 699,890	€ (1,703,668)	€ 1,512,057
Weighted average number of shares for the computation of basic EPS	32,129,047	29,148,108	29,016,118
Basic EPS (in Euros)	€ 0.02	€ (0.06)	€ 0.05
Effect of dilutive securities (in shares)	293,824	622,723	604,238
Weighted average number of shares for the computation of diluted EPS	32,422,871	29,148,108	29,615,466
Diluted EPS income / (loss) (in Euros)	€ 0.02	€ (0.06)	€ 0.05

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

RELATED PARTY TRANSACTIONS (Details) € in Thousands, RM in Thousands	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 MYR (RM)	Apr. 27, 2021 MYR (RM)	Dec. 31, 2020 EUR (€)	Apr. 22, 2020 JPY (¥)	Aug. 19, 2019 JPY (¥)	Aug. 02, 2019 USD ($)
Related Party Transaction [Line Items]
Fixed deposit \| €	€ 634			€ 655
MALAYSIA
Related Party Transaction [Line Items]
Loan amount		RM 90
EDAP Technomed Co Ltd. [Member] \| JAPAN
Related Party Transaction [Line Items]
Loan amount \| ¥					¥ 50,000,000
EDAP Technomed Co Ltd. [Member] \| JAPAN \| Loans Payable [Member]
Related Party Transaction [Line Items]
Loan amount \| ¥						¥ 80,000,000
EDAP Technomed Sdn Bdh [Member] \| MALAYSIA \| Performance Guarantee
Related Party Transaction [Line Items]
Contractual obligation			RM 8,000
Fixed deposit			RM 8,000
EDAP Technomed Inc. [Member] \| Car Lease Required Personal Warranty [Member] \| President [Member]
Related Party Transaction [Line Items]
Operating lease, liability \| $							$ 28,756.44

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2021

INVENTORIES.

Schedule of Inventory, Current


	December 31,
	2021	2020
Components, spare parts	4,955	6,050
Work-in-progress	250	226
Finished goods – own manufactured products	1,166	1,283
Finished goods – distribution products	2,598	1,994
Total gross inventories	8,968	9,552
Less: allowance for slow-moving inventory and net realizable value	(1,470)	(1,563)
Total	7,499	7,989

OTHER RECEIVABLES - (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
OTHER RECEIVABLES.
Research and development tax credit receivable from the French State	€ 617	€ 492
Value-added taxes receivable	574	403
Other receivables from Government and public authorities		64
Others	64	72
Other receivables	€ 1,255	€ 1,031

SHAREHOLDERS' EQUITY - Non-vested Options Activity (Details) - € / shares	1 Months Ended		12 Months Ended
	Nov. 30, 2021	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SHAREHOLDERS' EQUITY.
Non-vested options outstanding (in shares)			216,250	455,000	575,000
Non-vested options outstanding, weighted average grant-date fair value (in EUR per share)			€ 1.59	€ 1.58	€ 1.47
Non-vested options granted (in shares)			1,392,428		155,000
Non-vested options granted, weighted average grant-date fair value (in EUR per share)	€ 2.29	€ 2.37	€ 2.37		€ 1.93
Non-vested options vested (in shares)			(329,571)	(235,000)	(204,000)
Non-vested options vested, weighted average grant-date fair value (in EUR per share)			€ 2.06	€ 1.58	€ 1.52
Non-vested options forfeited (in shares)			(20,000)	(3,750)	(70,600)
Non-vested options forfeited, weighted average grant-date fair value (in EUR per share)			€ 1.89	€ 1.54	€ 1.58
Non-vested options outstanding (in shares)			1,259,107	216,250	455,000
Non-vested options outstanding, weighted average grant-date fair value (in EUR per share)			€ 2.32	€ 1.59	€ 1.58

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2021

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

33— SUBSEQUENT EVENTS

Referring to ongoing developments relating to Ukraine and Russia, our assets held in Russia, which are linked to our representative office in Moscow (one employee), are not significant.

Net sales in Russia between 2019 and 2021 represented between approximately 0.2% to 2.5% of our consolidated revenues, with net sales in 2021 representing approximately 2.5% of our consolidated revenues. Our sales in Russia are historically subject to significant variation and long purchase order periods. Nevertheless, if the representative office in Russia were to close or no longer be permitted to operate, the loss in our revenues would be up to 2.5% of consolidated Group revenues. However, although we are closely monitoring applicable sanctions and related restrictions, we do not intend to close our representative office or suspend operations in Russia at present.

As of December 31, 2021, we had €321 thousand in receivables from Russian customers, which were fully paid in the first quarter of 2022. As of March 31, 2022, there are no outstanding receivables from Russian or Belarusian customers.

OTHER LONG-TERM LIABILITIES - Provision Presentation According to ASC 715 (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Retirement Indemnity Plans, France [Member]
Non-current liabilities	€ 1,080	€ 1,032
Current liabilities		80
Accumulated other comprehensive income (loss)	(38)	(111)
Accrued pension cost	1,042	1,000	€ 902
Defined Benefit Retirement Indemnity Plans, Japan [Member]
Non-current liabilities	1,200	1,241
Current liabilities	102	69
Accumulated other comprehensive income (loss)	(126)	(130)
Accrued pension cost	€ 1,176	€ 1,181	€ 1,093

SHAREHOLDERS' EQUITY - Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) - € / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non-vested options granted (in shares)	1,392,428		155,000
Share-based Payment Arrangement, Option [Member]
Outstanding - number (in shares)	1,186,900	1,273,900	1,347,600
Outstanding - Weighted average exercise price (in EUR per share)	€ 2.81	€ 2.78	€ 2.61
Non-vested options granted (in shares)	1,392,428		155,000
Granted - Weighted average exercise price (in EUR per share)	€ 5.56		€ 3.90
Exercised - number (in shares)	(150,820)	(23,750)	(143,700)
Exercised - Weighted average exercise price (in EUR per share)	€ 2.93	€ 2.54	€ 2.16
Forfeited - number (in shares)	(20,000)	(21,250)	(85,000)
Forfeited - Weighted average exercise price (in EUR per share)	€ 4.01	€ 2.55	€ 1.94
Expired - number (in shares)		(42,000)
Expired - Weighted average exercise price (in EUR per share)		€ 2.38
Outstanding - number (in shares)	2,408,508	1,186,900	1,273,900
Outstanding - Weighted average exercise price (in EUR per share)	€ 4.38	€ 2.81	€ 2.78
Exercisable - number (in shares)	1,149,401	970,650	818,900
Exercisable - Weighted average exercise price (in EUR per share)	€ 3.25	€ 2.73	€ 2.60
Share purchase options available for grant - number (in shares)	5,000	292,428	250,428

CASH EQUIVALENTS

12 Months Ended

Dec. 31, 2021

CASH EQUIVALENTS

CASH EQUIVALENTS

2— CASH EQUIVALENTS

Cash equivalents at December 31, 2021 and 2020 only comprise cash investments which are highly liquid and have initial maturities of 90 days or less.


	2021	2020
Total cash and cash equivalents	47,183	24,696
Short term investment	—	—
Total cash and cash equivalents	47,183	24,696

DEFERRED REVENUES (Tables)

12 Months Ended

Dec. 31, 2021

DEFERRED REVENUES

Schedule of Deferred revenues


	2021	2020
Deferred revenues on maintenance contracts	1,624	1,761
Deferred revenue on RPP	315	255
Deferred revenue on sale of devices	114	135
Deferred revenue on extension of warranty, included in sales contracts	740	782
Deferred revenue on treatment probe lease and other	1,055	693
Total	3,848	3,627
Less long term portion	(440)	(926)
Current portion	3,408	2,701

Schedule of Deferred revenue on extension of warranty


		December 31,
		2021
2022		350
2023		260
2024		82
2025		43
2026		5
Total		740

Components of deferred revenue on extension of warranty


		Total
Balance as of December 31, 2019		837
New extension of warranty		206
Recognition of revenue		(261)
Balance as of December 31, 2020		782
New extension of warranty		256
Recognition of revenue		(298)
Balance as of December 31, 2021		740

LONG TERM DEBT AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE - Schedule of Long Term Debt (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Long term debt	€ 5,759	€ 5,675
Less current portion	(830)	(4,532)
Long-term debt, non-current	4,930	1,143
France
Long term debt	4,848	4,394
JAPAN
Long term debt	786	900
GERMANY
Long term debt	111	193
United States
Long term debt		180
MALAYSIA
Long term debt	3	€ 8
KOREA
Long term debt	€ 11

- Definition

+ References + Details

INCOME TAXES - Income Tax Benefit (Expense) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current income tax expense	€ (756)	€ (471)	€ (787)
Deferred income tax (expense) benefit	563	(45)	108
Total	(193)	(516)	(679)
France
Current income tax expense	(320)	(158)	(237)
Deferred income tax (expense) benefit	8	8	(1)
Other countries
Current income tax expense	(436)	(312)	(550)
Deferred income tax (expense) benefit	€ 556	€ (53)	€ 109

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Effective Tax Rate Reconciliation (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
Theoretical income tax (expense) benefit at French statutory tax rate	€ (237)	€ 333	€ (614)
Income of foreign subsidiaries taxed at different tax rates	(95)	9	(51)
Effect of net operating loss carry-forwards and valuation allowances	577	(858)	189
Permanent differences	(258)	(159)	(251)
Effect of cancellation of intra-group positions	(130)	152	(54)
French business tax included in income tax (CVAE)	(85)	(156)	(159)
Other	35	164	263
Effective income tax (expense) benefit	€ (193)	€ (516)	€ (679)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

OTHER LONG-TERM LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

OTHER LONG-TERM LIABILITIES.

Schedule of Other Long-term Liabilities


	2021	2020
Provision for retirement indemnities (Japan & France), less current portion	2,281	2,273
Provision for employee termination indemnities (Korea) less current portion	97	69
Provision for Asset Retirement Obligation (Japan) less current portion	109	113
Provision for warranty costs, less current portion	46	106
Conditional government advances, less current portion	—	1,097
Accrued interest less current portion	—	62
Total	2,534	3,720

Defined Benefit Plan, Assumptions


	Pension benefits France
	2021	2020
Discount rate	1.05%	0.60	%
Salary increase	2.50%	2.50	%
Retirement age	65	65
Average retirement remaining service period	24	24


	Pension benefits Japan
	2021	2020
Discount rate	0.60%	0.60	%
Salary increase	2.50%	2.50	%
Retirement age	60	60
Average retirement remaining service period	14	14

Schedule of Amounts Recognized in Balance Sheet

In 2021, provision presentation according to ASC 715 in thousands of euros :


	France	Japan
Non-current liabilities	1,080	1,200
Current liabilities	—	102
Accumulated other comprehensive income (loss)	(38)	(126)
Total	1,042	1,176

In 2020, provision presentation according to ASC 715 in thousands of euros:


	France	Japan
Non-current liabilities	1,032	1,241
Current liabilities	80	69
Accumulated other comprehensive income (loss)	(111)	(130)
Total	1,000	1,181

Schedule of Defined Benefit Plans Disclosures


France	2021	2020	2019
Change in benefit obligations:
Benefit obligations at beginning of year	1,111	969	976
Service cost	90	88	68
Interest cost	6	9	16
Net loss or (gain)	—	—	2
Actuarial (gain) or loss	(72)	46	(93)
Amortization of net prior service cost	—	1	1
Benefits paid	(56)	—	—
Benefit obligations at end of year ⁽¹⁾	1,080	1,111	969
Unrecognized actuarial (gain) loss ⁽²⁾	22	94	48
Unrecognized prior service cost ⁽²⁾	16	17	18
Accrued pension cost	1,042	1,000	902

(1)

The accumulated benefit obligation was €780 thousand and €800 thousand at December 31, 2021 and 2020 respectively.

(2)

The amount in accumulated other comprehensive income (loss) to be recognized as components of net periodic benefit costs in 2021 is 0 thousand.


Japan	2021	2020	2019
Change in benefit obligations:
Benefit obligations at beginning of year	1,310	1,230	1,311
Service cost	120	123	140
Interest cost	7	7	6
Amortization of net loss	—	1	27
Actuarial (gain) / loss	—	(1)	(294)
Benefits paid	(97)	(5)	(3)
Exchange rate impact	(39)	(44)	42
Benefit obligations at end of year⁽¹⁾	1,302	1,310	1,230
Unrecognized actuarial (gain) loss ⁽²⁾	126	130	136
Unrecognized prior service cost ⁽²⁾	—	—	—
Accrued pension cost	1,176	1,181	1,093

(1)

The accumulated benefit obligation was €1,123 thousand and €1,134 thousand at December 31, 2021 and 2020, respectively.

(2)

The amount in accumulated other comprehensive income (loss) to be recognized as components of net periodic benefit costs in 2021 is 0 thousand.

Schedule of Expected Benefit Payments


	France	Japan
2022	—	102
2023	67	110
2024	—	152
2025	—	162
2026	91	160
2027-2031	277	449
	435	1,135

SHAREHOLDERS' EQUITY (Details)									1 Months Ended	2 Months Ended	5 Months Ended	12 Months Ended
SHAREHOLDERS' EQUITY (Details)	Nov. 17, 2021 EUR (€) € / shares shares	Sep. 28, 2021 shares	Jun. 11, 2021 € / shares shares	Apr. 04, 2019 € / shares shares	Aug. 29, 2018 € / shares shares	Apr. 25, 2017 € / shares shares	Apr. 26, 2016 € / shares shares	Jan. 18, 2013 € / shares shares	Apr. 30, 2021 EUR (€) shares	Jul. 31, 2001 EUR (€) shares	Dec. 31, 1998 shares	Dec. 31, 2021 EUR (€) € / shares shares	Dec. 31, 2020 EUR (€) € / shares shares	Dec. 31, 2019 EUR (€) € / shares shares	Dec. 31, 2018 EUR (€) shares	Dec. 31, 2017 EUR (€)	Dec. 31, 2016 EUR (€)	Dec. 31, 2013 EUR (€)	Jun. 30, 2021 shares	Apr. 30, 2021 $ / shares	Jun. 28, 2019 shares	Feb. 18, 2016 shares	Dec. 19, 2012 shares
Common stock, shares issued												33,758,564	29,457,744
Common stock, par value \| € / shares												€ 0.13	€ 0.13
Commons stock, shares outstanding												33,466,136	29,165,316
Issuance costs \| €												€ 1,961,000
Statutory Retained Earnings (Statutory Accumulated Deficit) \| €												€ 15,367,000
Treasury stock												292,428	292,428
Treasury Stock, Shares, Acquired (in shares)										180,290	112,138
Treasury Stock, Value, Acquired, Par Value Method \| €										€ 928,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)												1,392,428		155,000
Share Price (in EUR per share) \| € / shares												€ 5.99
The 2012 Plan [Member]
Common Stock, Shares Subscribed but Unissued (in shares)																							500,000
The 2016 Plan [Member]
Common Stock, Shares Subscribed but Unissued (in shares)																						1,000,000
The 2021 Plan [Member] \| Maximum
Common Stock, Shares Subscribed but Unissued (in shares)																			2,000,000
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in EUR per share) \| € / shares												€ 5.56		€ 3.90
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)												2,408,508	1,186,900	1,273,900	1,347,600
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)												1,392,428		155,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares)												1,149,401	970,650	818,900
Stock issued during period shares stock options exercised												150,820	23,750	143,700
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount \| €												€ 1,795,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)												2 years 10 months 24 days
Share-based Payment Arrangement, Option [Member] \| The 2012 Plan [Member]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in EUR per share) \| € / shares								€ 1.91
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)								10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)												262,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)								500,000
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture \| €																		€ 660,000
Recognition period of non-cash financial charges								48 months
Share-based Payment Arrangement, Option [Member] \| The 2012 Plan [Member] \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)								1 year
Share-based Payment Arrangement, Option [Member] \| The 2012 Plan [Member] \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)								4 years
Share-based Payment Arrangement, Option [Member] \| The 2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)																					1,000,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in EUR per share) \| € / shares				€ 3.90	€ 2.65	€ 2.39	€ 3.22
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)				10 years	10 years	10 years	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)												758,580
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)				155,000	165,000	260,000	575,000
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture \| €														€ 299,000	€ 219,000	€ 335,000	€ 960,000
Recognition period of non-cash financial charges																	48 months
Share-based Payment Arrangement, Expense \| €												€ 160,000	€ 260,000	€ 289,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares)												672,330
Stock issued during period shares stock options exercised												150,820
Share-based Payment Arrangement, Option [Member] \| The 2016 Plan [Member] \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)				1 year	1 year	1 year	1 year
Share-based Payment Arrangement, Option [Member] \| The 2016 Plan [Member] \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)				4 years	4 years	4 years	4 years
Share-based Payment Arrangement, Option [Member] \| The 2019 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)																					358,528
Share-based Compensation Arrangement by Share-based Payment Award, Number of pre-existing shares available for future puchase option			292,428
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in EUR per share) \| € / shares			€ 5.59
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)			10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)												1,287,428
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)			1,000,000
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture \| €												€ 681,000
Recognition period of non-cash financial charges														36 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares)												214,571
Share-based Payment Arrangement, Option [Member] \| The 2019 Plan [Member] \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			6 months
Share-based Payment Arrangement, Option [Member] \| The 2019 Plan [Member] \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			3 years
Share-based Payment Arrangement, Option [Member] \| The 2021 Plan [Member]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in EUR per share) \| € / shares	€ 5.18
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)												61,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	100,000	61,500
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture \| €	€ 229,000											€ 340,000
Recognition period of non-cash financial charges												36 months
Share-based Payment Arrangement, Option [Member] \| The 2021 Plan [Member] \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	6 months	1 year
Share-based Payment Arrangement, Option [Member] \| The 2021 Plan [Member] \| Maximum
Common Stock, Shares Subscribed but Unissued (in shares)																			200,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years	2 years
Options to Subscribe New Shares [Member] \| The 2012 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)																							500,000
Options to Subscribe New Shares [Member] \| The 2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)																						1,000,000
Options to Subscribe New Shares [Member] \| The 2019 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)																					1,000,000
Options to Subscribe New Shares [Member] \| The 2021 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)																			2,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)												100,000
Common stock
Stock Issued During Period, Shares, New Issues (in shares)												4,300,820	23,750	65,600
Common stock \| American Depository Shares (ADS) [Member]
Stock Issued During Period, Shares, New Issues (in shares)									4,150,000
Price per share \| $ / shares																				$ 6.75
Gross Proceeds From Issuance of Stock \| €									€ 23,255,000
Issuance costs \| €									€ 1,961,000

OTHER ACCRUED LIABILITIES - Conditional Advances (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
OTHER ACCRUED LIABILITIES.
2022	€ 6
2023	12
2024	93
2025	93
2026 and thereafter	260
Total	€ 463	€ 1,097

DEFERRED REVENUES - Recognition Period (Details) € in Thousands	Dec. 31, 2021 EUR (€)
Extension of Warranty [Member]
Revenue, remaining performance obligation, amount	€ 740

OPERATING LEASE RIGHT-OF-USE ASSETS

12 Months Ended

Dec. 31, 2021

OPERATING LEASE RIGHT-OF-USE ASSETS.

OPERATING LEASE RIGHT-OF-USE ASSETS

8— OPERATING LEASE RIGHT-OF-USE ASSETS

Operating lease right-of-use assets consist of the following:


	2021	2020
Facilities	1,290	1,584
Equipment	158	237
Furniture, fixture, and fittings and other	107	74
Total net operating lease right of use	1,555	1,895

The reduction to right-of-use assets resulting from reductions to operating lease obligations amounted to € 917 thousand and €930 thousand for the years ended December 31, 2021 and 2020 respectively.

Variable lease costs related to above contracts amounted to €123 thousand and €101 thousand for the years ended December 31, 2021 and 2020 respectively.

Non-recognized lease liabilities for short term leases amounted to €70 thousand and €71 thousand for the years ended December 31, 2021 and 2020 respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and equipment (Details)	12 Months Ended
	Dec. 31, 2021
Leasehold improvements
Property and equipment
Useful life	10 years
Equipment \| Minimum
Property and equipment
Useful life	3 years
Equipment \| Maximum
Property and equipment
Useful life	10 years
Furniture, fixtures, fittings and other \| Minimum
Property and equipment
Useful life	2 years
Furniture, fixtures, fittings and other \| Maximum
Property and equipment
Useful life	10 years

SHAREHOLDERS' EQUITY - Components of Accumulated Other Comprehensive Income (Loss) Net of Tax (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Balance	€ 26,248	€ 27,359
Balance	50,054	26,248
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(2,824)	(3,234)
Net current-period other comprehensive income (loss)	(554)	410
Balance	(3,377)	(2,824)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(241)	(203)
Net current-period other comprehensive income (loss)	29	(38)
Balance	(212)	(241)
Other comprehensive income (loss)
Balance	(3,064)	(3,436)
Net current-period other comprehensive income (loss)	(525)	372
Balance	€ (3,589)	€ (3,064)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
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-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

LEASE OBLIGATIONS - Maturities of Finance Leases Liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
LEASE OBLIGATIONS
2021		€ 360
2022	€ 358	280
2023	215	190
2024	124	72
2025	75
2025 and thereafter		28
2026 and thereafter	53
Total undiscounted minimum lease payments	825	930
Less: amount representing interest	(55)	(33)
Present value of minimum lease payments	770	899
Less: current portion	(340)	(344)
Long-term portion	€ 430	€ 555

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, net (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property and equipment
Property and equipment, gross	€ 11,572	€ 11,141
Less: accumulated depreciation and amortization	(8,594)	(8,142)
Property and equipment, net	2,978	3,000
Equipment
Property and equipment
Property and equipment, gross	8,894	8,405
Furniture, fixture, and fittings and other
Property and equipment
Property and equipment, gross	€ 2,678	€ 2,736

CASH EQUIVALENTS (Tables)

12 Months Ended

Dec. 31, 2021

CASH EQUIVALENTS

Schedule of Cash and Cash Equivalents [Table Text Block]


	2021	2020
Total cash and cash equivalents	47,183	24,696
Short term investment	—	—
Total cash and cash equivalents	47,183	24,696

INCOME TAXES

12 Months Ended

Dec. 31, 2021

INCOME TAXES

INCOME TAXES

23— INCOME TAXES

23-1 Income / (Loss) before income taxes

Income / (loss) before income taxes is comprised of the following:


	2021	2020	2019
France	869	(2,042)	1,803
Other countries	24	854	388
Total	893	(1,188)	2,191

23-2 Income tax (expense)/ benefit

Income tax (expense)/benefit consists of the following :


	2021	2020	2019
Current income tax expense:
France	(320)	(158)	(237)
Other countries	(436)	(312)	(550)
Sub-total current income tax expense	(756)	(471)	(787)
Deferred income tax (expense) benefit:
France	8	8	(1)
Other countries	556	(53)	109
Sub-total deferred income tax (expense) benefit	563	(45)	108
Total	(193)	(516)	(679)

23-3 Deferred income taxes:

Deferred income taxes reflect the impact of temporary differences between the amounts of assets and liabilities reported for financial reporting purposes and such amounts as measured in accordance with tax laws. The tax effects of temporary differences which give rise to significant deferred tax assets (liabilities) are as follows by nature :


	2021	2020
Net operating loss carry forwards	13,611	14,014
Elimination of intercompany profit in inventory	182	161
Elimination of intercompany profit in fixed assets	278	244
Provisions for retirement indemnities	642	634
Capital leases treated as operating leases for tax	40	56
Other items	487	775
Total deferred tax assets	15,239	15,883
Total deferred tax liabilities	—	—
Net deferred tax assets	15,239	15,883
Valuation allowance for deferred tax assets	(14,341)	(15,508)
Deferred tax assets (liabilities), net of allowance	898	374

Net operating loss carryforwards available amount to €57,872 thousand as of December 31, 2021, of which €31,458 thousand relates to EDAP TMS SA, €23,097 thousand relates to Edap Technomed Inc., €1,466 thousand relates to Edap Technomed Co Ltd Japan, €1,806 thousand relates to EDAP Technomed Italia S.R.L and €45 thousand relates to Edap TMS Gmbh. These net operating losses generate deferred tax assets of €14,014 thousand as at December 31, 2021. Realization of these tax assets is contingent on future taxable earnings in the applicable tax jurisdictions. As of December 31, 2021, €56,407 thousand out of these €57,872 thousand net operating loss carry-forwards have no expiration date but the amount of the net operating loss carry-forward, which can be used each year to offset taxable earnings, is limited in all jurisdictions. The remaining tax loss carry-forwards expire from years 2021 through 2031. In accordance with ASC 740, a valuation allowance is established if, based on the weight of available evidence, it is more-likely-than-not that some portion or all of the deferred tax asset will not be realized.

The 2017 U.S. Tax Act was enacted on December 22, 2017. The 2017 U.S. Tax Act includes a number of changes in existing tax law which impacted our business in the U.S. Starting with tax year 2018, the U.S. corporate tax rates changed from a graduated system ranging from 15% to 39% to a flat 21% of taxable net income. For taxable net income of $100K and greater for years 2018 and following, EDAP’s U.S. subsidiary would pay significantly lower taxes than with the previous tax law.

Starting from tax year 2020, the French corporate tax rates of taxable net income gradually decreased from 28% to 25% in 2022.

23-4 Effective tax income (expense)

A reconciliation of differences between the statutory French income tax rate and the Company’s effective tax income (loss) is as follows:


	2021	2020	2019
Theoretical income tax (expense) benefit at French statutory tax rate	(237)	333	(614)
Income of foreign subsidiaries taxed at different tax rates	(95)	9	(51)
Effect of net operating loss carry-forwards and valuation allowances	577	(858)	189
Non-taxable debt fair value variation	—	—	—
Permanent differences	(258)	(159)	(251)
Effect of cancellation of intra-group positions	(130)	152	(54)
French business tax included in income tax (CVAE)	(85)	(156)	(159)
Other	35	164	263
Effective income tax (expense) benefit	(193)	(516)	(679)

23-5 Uncertainty in Income Taxes

According to ASC 740, the Company reviewed the tax positions of each subsidiary. On December 31, 2021 the Company believes that there is no significant uncertainty in the Company’s tax positions.

The Company remains subject to examination by major tax jurisdictions.

Interest and penalties on income taxes are classified as a component of the provision for income taxes. There were no interest or penalties in 2021, 2020 and 2019.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
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-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

OTHER LONG-TERM LIABILITIES

12 Months Ended

Dec. 31, 2021

OTHER LONG-TERM LIABILITIES.

OTHER LONG-TERM LIABILITIES

16— OTHER LONG-TERM LIABILITIES

Other long-term liabilities consist of the following:


	2021	2020
Provision for retirement indemnities (Japan & France), less current portion	2,281	2,273
Provision for employee termination indemnities (Korea) less current portion	97	69
Provision for Asset Retirement Obligation (Japan) less current portion	109	113
Provision for warranty costs, less current portion	46	106
Conditional government advances, less current portion	—	1,097
Accrued interest less current portion	—	62
Total	2,534	3,720

Provision for asset retirement obligation in Japan is related to subsidiary’s offices and warehouses.

Pension, post-retirement and post-employment benefits for most of the Company’s employees are sponsored by European governments. In addition to government-sponsored plans, subsidiaries in Japan and France have defined benefit retirement indemnity plans in place. The provision for retirement indemnities at December 31, 2021 represents an accrual for lump-sum retirement indemnity payments to be paid at the time an employee retires if he or she is still present at the Company at the date of retirement. This provision has been calculated taking into account the estimated payment at retirement (discounted to the current date), turnover and salary increases.

The provision is management’s best estimate based on the following assumptions as of year-end :


	Pension benefits France
	2021	2020
Discount rate	1.05%	0.60	%
Salary increase	2.50%	2.50	%
Retirement age	65	65
Average retirement remaining service period	24	24


	Pension benefits Japan
	2021	2020
Discount rate	0.60%	0.60	%
Salary increase	2.50%	2.50	%
Retirement age	60	60
Average retirement remaining service period	14	14

The discount rate retained is determined by reference to the high quality rates for AA- rated corporate bonds for a duration equivalent to that of the obligations. It derives from a benchmark per monetary area of different market data at the closing date.

In 2021, provision presentation according to ASC 715 in thousands of euros :


	France	Japan
Non-current liabilities	1,080	1,200
Current liabilities	—	102
Accumulated other comprehensive income (loss)	(38)	(126)
Total	1,042	1,176

In 2020, provision presentation according to ASC 715 in thousands of euros:


	France	Japan
Non-current liabilities	1,032	1,241
Current liabilities	80	69
Accumulated other comprehensive income (loss)	(111)	(130)
Total	1,000	1,181

The Company does not have a funded benefit plan. Detailed reconciliation of pension cost components (in thousands of euros) during fiscal year for each of the three years ending December 31, 2021 is as follows :


France	2021	2020	2019
Change in benefit obligations:
Benefit obligations at beginning of year	1,111	969	976
Service cost	90	88	68
Interest cost	6	9	16
Net loss or (gain)	—	—	2
Actuarial (gain) or loss	(72)	46	(93)
Amortization of net prior service cost	—	1	1
Benefits paid	(56)	—	—
Benefit obligations at end of year ⁽¹⁾	1,080	1,111	969
Unrecognized actuarial (gain) loss ⁽²⁾	22	94	48
Unrecognized prior service cost ⁽²⁾	16	17	18
Accrued pension cost	1,042	1,000	902

(1)

The accumulated benefit obligation was €780 thousand and €800 thousand at December 31, 2021 and 2020 respectively.

(2)

The amount in accumulated other comprehensive income (loss) to be recognized as components of net periodic benefit costs in 2021 is 0 thousand.


Japan	2021	2020	2019
Change in benefit obligations:
Benefit obligations at beginning of year	1,310	1,230	1,311
Service cost	120	123	140
Interest cost	7	7	6
Amortization of net loss	—	1	27
Actuarial (gain) / loss	—	(1)	(294)
Benefits paid	(97)	(5)	(3)
Exchange rate impact	(39)	(44)	42
Benefit obligations at end of year⁽¹⁾	1,302	1,310	1,230
Unrecognized actuarial (gain) loss ⁽²⁾	126	130	136
Unrecognized prior service cost ⁽²⁾	—	—	—
Accrued pension cost	1,176	1,181	1,093

(1)

The accumulated benefit obligation was €1,123 thousand and €1,134 thousand at December 31, 2021 and 2020, respectively.

(2)

The amount in accumulated other comprehensive income (loss) to be recognized as components of net periodic benefit costs in 2021 is 0 thousand.

The benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five fiscal years thereafter, are detailed in the table below:


	France	Japan
2022	—	102
2023	67	110
2024	—	152
2025	—	162
2026	91	160
2027-2031	277	449
	435	1,135

OTHER REVENUES - Other Revenues (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other revenues:
Revenues	€ 44,060	€ 41,649	€ 44,859
Service [Member]
Other revenues:
Revenues	6	12	52
Licenses and others.
Other revenues:
Revenues	€ 6	€ 12	€ 52

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of depreciation of property and equipment is estimated useful life of the related assets

Schedule of amortization of intangible assets is contractual or estimated useful life of the assets


Patents (in years)		5
SAP Licenses (in years)		10
Other licenses (in years)		5
Trade name and trademark (in years)		7

OTHER RECEIVABLES (Tables)

12 Months Ended

Dec. 31, 2021

OTHER RECEIVABLES.

Schedule of other receivables


	December 31,
	2021	2020
Research and development tax credit receivable from the French State	617	492
Value-added taxes receivable	574	403
Other receivables from Government and public authorities	—	64
Others	64	72
Total	1,255	1,031

OPERATING LEASE RIGHT-OF-USE ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

OPERATING LEASE RIGHT-OF-USE ASSETS.

Schedule of Operating lease right-of-use assets


	2021	2020
Facilities	1,290	1,584
Equipment	158	237
Furniture, fixture, and fittings and other	107	74
Total net operating lease right of use	1,555	1,895

RESEARCH AND DEVELOPMENT EXPENSES

12 Months Ended

Dec. 31, 2021

RESEARCH AND DEVELOPMENT EXPENSES

RESEARCH AND DEVELOPMENT EXPENSES

21— RESEARCH AND DEVELOPMENT EXPENSES

Research and development expenses consist of the following:


	2021	2020	2019
Gross research and development expenses	(4,757)	(5,173)	(4,727)
Research Tax Credit	617	492	762
Grants	739	184	236
Net Research and development expenses	(3,402)	(4,496)	(3,728)

In 2021 grants consisted mainly of national grants for the assessment and optimization of the focal treatments of prostate cancer (Perfuse development project) and of a financial impact for the development of innovative imaging solutions for the focal treatment of liver cancer (HECAM Development project). Ref. Note 12.

In 2020 and 2019 grants consisted mainly of national grants for the assessment and optimization of the focal treatments of prostate cancer (Perfuse development project).

Research and development costs are expensed as incurred and include amortization of assets, costs of prototypes, salaries, benefits and other headcount related costs, contract and other outside service fees, and facilities and overhead costs.

FINANCIAL INCOME, NET - Schedule of Financial Income (Expense) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
FINANCIAL INCOME, NET
Interest income	€ 10	€ 10	€ 20
Interest expense	(52)	(108)	(165)
US Paycheck protection program loan forgiveness	187
Total	€ 145	€ (98)	€ (146)

OTHER LONG-TERM LIABILITIES - Assumptions (Details) - item	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Retirement Indemnity Plans, France [Member]
Discount rate	1.05%	0.60%
Salary increase	2.50%	2.50%
Retirement age	65	65
Average retirement remaining service period	24	24
Defined Benefit Retirement Indemnity Plans, Japan [Member]
Discount rate	0.60%	0.60%
Salary increase	2.50%	2.50%
Retirement age	60	60
Average retirement remaining service period	14	14

VALUATION ACCOUNTS (Details) - EUR (€) € in Thousands	12 Months Ended
VALUATION ACCOUNTS (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for deferred tax assets
Balance	€ 15,508	€ 14,977	€ 14,553
Charges to costs and expenses	346	596	859
Deductions: write-off and others	(1,513)	(65)	(435)
Balance	14,341	15,508	14,977
Allowance for doubtful accounts
Balance	721	1,489	1,404
Charges to costs and expenses	2	90	94
Deductions: write-off and others	19	(858)	(9)
Balance	742	721	1,489
Slow-moving inventory
Balance	1,563	1,084	974
Charges to costs and expenses	371	651	333
Deductions: write-off and others	(464)	(172)	(223)
Balance	1,470	1,563	1,084
Warranty reserve
Balance	369	371	548
Charges to costs and expenses	110	266	131
Deductions: write-off and others	(227)	(268)	(308)
Balance	€ 252	€ 369	€ 371

LONG TERM DEBT AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE (Details) € in Thousands	Dec. 31, 2021 EUR (€)
Loans Payable [Member] \| GERMANY \| High Intensity Focused Ultrasound (HIFU) Equipment 2 [Member]
Debt Instrument, Collateral Amount	€ 438

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2021

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

31— SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Interest and income taxes paid are as follows:


	2021	2020	2019
Income taxes paid (refunds received)	307	377	289
Interest paid	114	124	87
Interest received	10	10	17

Non-cash transactions:



	2021	2020	2019
Financing lease obligations incurred	233	192	203
Operating lease obligations incurred	674	317	3,483

Cash paid for amounts included in the measurement of lease liabilities:


	2021	2020
Operating cash flow used in operating leases	916	941
Operating cash flow used in finance leases	18	18
Financing cash flow used in finance leases	406	321

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

SEGMENT INFORMATION

Schedule of Reconciliation of Operating Profit or Loss from Segments to Consolidated


	2021	2020	2019
Segment operating income (loss)	(1,612)	269	2,201
Financial income (expense), net	145	(98)	(146)
Foreign Currency exchange (losses) gains, net	2,360	(1,359)	136
Income tax (expense) credit	(193)	(516)	(679)
Consolidated net profit (loss)	700	(1,704)	1,512

Schedule of Segment Reporting Information, by Segment


	HIFU	ESWL	DISTRIB	Reconciling	Total
2021	Division	Division	Division	Items	consolidated
Sales of goods	4,515	4,236	20,289	—	29,040
Sales of RPPs & leases	3,679	1,022	267	—	4,968
Sales of spare parts and services	1,715	5,758	2,578	—	10,052
Total sales	9,910	11,016	23,134	—	44,060
External other revenues	6	—	—	—	6
Total revenues	9,915	11,016	23,134	—	44,065
Total COS	(5,311)	(6,080)	(14,252)	—	(25,643)
Gross profit	4,604	4,936	8,882	—	18,422
R&D expenses	(2,238)	(835)	(329)	—	(3,402)
Selling and marketing expenses	(3,910)	(2,048)	(4,774)	—	(10,732)
G&A expenses	(1,481)	(1,161)	(1,355)	(1,904)	(5,900)
Total expenses	(7,630)	(4,043)	(6,458)	(1,904)	(20,034)
Operating income (loss) from operations	(3,025)	893	2,424	(1,904)	(1,612)
Total Assets	13,597	13,596	25,344	24,690	77,226
Capital expenditures	1,234	141	261	—	1,636
Non-current assets	3,689	2,185	3,971	—	9,845
Goodwill	645	496	1,271	—	2,412


	HIFU	ESWL	DISTRIB	Reconciling	Total
2020	Division	Division	Division	Items	consolidated
Sales of goods	6,000	6,248	15,274	—	27,523
Sales of RPPs & leases	3,594	927	224	—	4,745
Sales of spare parts and services	1,831	5,707	1,844	—	9,382
Total sales	11,425	12,882	17,342	—	41,649
External other revenues	12	—	—	—	12
Total revenues	11,438	12,882	17,342	—	41,662
Total COS	(5,144)	(7,232)	(10,906)	—	(23,283)
Gross profit	6,293	5,649	6,436	—	18,379
R&D expenses	(2,583)	(1,555)	(358)	—	(4,496)
Selling and marketing expenses	(3,151)	(2,052)	(4,076)	0	(9,279)
G&A expenses	(1,005)	(964)	(900)	(1,465)	(4,335)
Total expenses	(6,738)	(4,572)	(5,335)	(1,465)	(18,110)
Operating income (loss) from operations	(445)	1,078	1,102	(1,465)	269
Total Assets	16,279	15,567	20,795	2,551	55,193
Capital expenditures	1,144	309	557	—	2,010
Non-current assets	3,706	2,466	3,628	—	9,801
Goodwill	645	496	1,271	—	2,412


	HIFU	ESWL	DISTRIB	Reconciling	Total
2019	Division	Division	Division	Items	consolidated
Sales of goods	8,311	6,715	15,084	—	30,111
Sales of RPPs & leases	4,162	1,426	158	—	5,747
Sales of spare parts and services	1,618	6,048	1,335	—	9,001
Total sales	14,092	14,190	16,577	—	44,859
External other revenues	52	—	—	—	52
Total revenues	14,144	14,190	16,577	—	44,911
Total COS	(6,152)	(7,816)	(9,941)	—	(23,909)
Gross profit	7,991	6,374	6,637	—	21,002
R&D expenses	(1,962)	(1,394)	(372)	—	(3,728)
Selling and marketing expenses	(4,402)	(2,441)	(4,008)	—	(10,850)
G&A expenses	(1,168)	(904)	(854)	(1,297)	(4,224)
Total expenses	(7,533)	(4,738)	(5,233)	(1,297)	(18,802)
Operating income (loss) from operations	459	1,635	1,403	(1,297)	2,200
Total Assets	16,665	15,892	16,500	4,012	53,068
Capital expenditures	915	298	319	—	1,532
Non-current assets	4,096	4,448	2,427	—	10,971
Goodwill	645	450	1,317	—	2,412

INVENTORIES (Details) - EUR (€) € in Thousands	12 Months Ended
INVENTORIES (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INVENTORIES.
Components, spare parts	€ 4,955	€ 6,050
Work-in-progress	250	226
Finished goods - own manufactured products	1,166	1,283
Finished goods - distribution products	2,598	1,994
Total gross inventories	8,968	9,552
Less: allowance for slow-moving inventory and net realizable value	(1,470)	(1,563)
Total	7,499	7,989
Provision for slow moving inventory:
Inventory Write-down	€ 371	€ 651	€ 168

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - EUR (€)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	€ 699,890	€ (1,703,668)	€ 1,512,057
Foreign currency translation adjustments	(554,000)	410,000	(61,000)
Provision for retirement indemnities	77,000	(38,000)	374,000
Deferred tax for retirement indemnities	(48,000)
Comprehensive income (loss), net of tax	€ 175,000	€ (1,332,000)	€ 1,825,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2021

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

7— PROPERTY AND EQUIPMENT, NET

Property and equipment consist of Property and equipment purchased or capitalized by the Company and finance leases for 2021 and 2020.

7-1 Property and Equipment, net

Property and equipment consist of the following:


	2021	2020
Equipment	8,894	8,405
Furniture, fixture, and fittings and other	2,678	2,736
Total gross value	11,572	11,141
Less: accumulated depreciation and amortization	(8,594)	(8,142)
Total	2,978	3,000

Depreciation expense related to property and equipment amounted to €1,521 thousand, €1,695 thousand and €1,511 thousand for the years ended December 31, 2021, 2020 and 2019, respectively.

Assets leased to customers:

Capitalized costs on equipment leased to customers of €423 thousand and €264 thousand are included in property and equipment at December 31, 2021 and 2020, respectively. Accumulated amortization of these assets leased to third parties was €108 thousand and €102 thousand, at December 31, 2021 and 2020, respectively.

Depreciation expense on equipment leased to customers is included in total depreciation expense and amounted to €40 thousand, €240 thousand and €23 thousand, for the years ended December 31, 2021, 2020 and 2019, respectively.

7-2 Finance leases

Finance lease right-of-use assets in 2021 and previous years consist of the following:


	2021	2020
Facilities	290	—
Equipment	220	359
Vehicles and IT equipment	1,497	1,196
Total gross value	2,007	1,554
Less: accumulated depreciation and amortization	1,368	850
Total	639	704

Depreciation expense related to finance lease right-of-use assets amounted to €275 thousand, €401 thousand and €448 for the years ended December 31, 2021, 2020, 2019, respectively.

The reduction to right-of-use assets resulting from reductions to finance lease obligations amounted to €315 thousand and €670 thousand for the years ended December 31, 2021 and 2020 respectively.

TOTAL SALES

12 Months Ended

Dec. 31, 2021

TOTAL SALES

TOTAL SALES

18— TOTAL SALES

Amount of net sales derived from our operations in Asia, France, the United States. and other geographical areas, are as follows:


Primary geographical markets (€)	2021	2020	2019
Asia	16,009	15,872	17,938
France	12,251	10,021	11,350
United States	5,524	5,611	5,194
Others geographical areas	10,276	10,146	10,377
Total Net Sales	44,060	41,649	44,859

The amount of net sales is recognized following the timing above:


Timing of revenue recognition	2021	2020	2019
Products transferred at a point in time	34,552	32,862	36,767
Products and services transferred over time	9,508	8,787	8,092
Total Net Sales	44,060	41,649	44,859

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of operations

1-1 Nature of operations

Basis of preparation

1-2 Basis of preparation

These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP).

Management estimates

1-3 Management estimates

Consolidation

1-4 Consolidation

Revenue recognition

1-5 Revenue recognition

The Company’s revenue consists of:

- Sales of goods (devices and consumables), where invoicing generally takes place upon delivery. Consumables revenues included in sales contracts are deferred until delivery.

Sales of our medical devices and sales of disposables, sales of RPPs and leases, and sales of spare parts and services, are all net of commissions.

The Company invoices its customers based on the billing schedules in its sales arrangements. Payments are generally due between one to three months from date of invoice.

The Company recognizes revenue when the performance obligations are satisfied by transferring control over the goods or service to a customer.

The Company’s revenue consists of the following:

Sales of goods:

Sales of RPPs and leases:

Sales of spare parts and services:

Distributors:

Deferred revenue:

Disaggregation of revenue:

Disaggregation by primary geographical market, and timing of revenue recognition is reported in Note 18.

Contract Balances:

Details on contract liabilities are reported on Note 11.

Costs of sales

1-6 Costs of sales

Shipping and handling costs

1-7 Shipping and handling costs

Shipping and handling costs are not considered as performance obligations. Shipping and handling costs are recorded as a component of cost of sales.

Cash equivalents and short term investments

1-8 Cash equivalents and short term investments

Cash equivalents are cash investments which are highly liquid and have initial maturities of 90 days or less.

Cash investments with a maturity higher than 90 days are considered as short-term investments. There is no short-term investment at December 31, 2021.

Accounts Receivable

1-9 Accounts Receivable

Inventories

1-10 Inventories

Property and equipment

1-11 Property and equipment

Long-lived assets

1-12 Long-lived assets

Goodwill and intangible assets

1-13 Goodwill and intangible assets

Changes in market conditions could have a major impact on the valuation of these assets and could result in additional impairment losses.


Patents (in years)		5
SAP Licenses (in years)		10
Other licenses (in years)		5
Trade name and trademark (in years)		7

Treasury Stocks

1-14 Treasury Stocks

Warranty expenses

1-15 Warranty expenses

Income taxes

1-16 Income taxes

Research and development costs

1-17 Research and development costs

Research and development costs are recorded as an expense in the period in which they are incurred.

Advertising costs

1-18 Advertising costs

Foreign currency translation and transactions

1-19 Foreign currency translation and transactions

Translation of the financial statements of consolidated companies

●

assets and liabilities are translated at year-end exchange rates;

●

shareholders’ equity is translated at historical exchange rates (as of the date of contribution);

●

statement of income (loss) items are translated at average exchange rates for the year; and

●

translation gains and losses are recorded in a separate component of shareholders’ equity.

Foreign currencies transactions

Presentation in the Statement of Income (loss)

Aggregate foreign currency transactions gains and losses are disclosed in a single caption in the Statement of Income (loss) under section “Foreign currency exchange gain (loss), net”.

Earnings per share

1-20 Earnings per share

Derivative instruments

1-21 Derivative instruments

Gains and losses from derivative instruments are recorded in the Statement of Income (loss). As of December 31, 2021, there are no derivative instruments.

Employee stock option and free shares plan

1-22 Employee stock option and free shares plan

At December 31, 2021, the Company had four stock-based employee compensation plans and one free shares plan.

Warrants

1-23 Warrants

Not applicable.

Leases

1-24 Leases

Leases as a Lessee

Our real estate leases generally include non-lease maintenance services. The consideration in the contract is allocated to the lease and non-lease components based on standalone selling prices.

Leases as a Lessor:

A lessor shall classify a lease as a sales-type lease when the lease meets any of the following criteria at lease commencement:

●

The lease transfers ownership of the underlying asset to the lessee by the end of the lease term.

●

The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

●

The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

When none of the criteria are met:

●

The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments in accordance with paragraph 842-10-30-5(f) and/or any other third party unrelated to the lessor equals or exceeds substantially all of the fair value of the underlying asset;

●

It is probable that the lessor will collect the lease payments plus any amount necessary to satisfy a residual value guarantee.

Recent accounting pronouncements

1-25 Recent accounting pronouncements

Recently Adopted Accounting Pronouncements

Accounting Pronouncements issued not yet adopted

LEASE OBLIGATIONS (Details) - EUR (€) € in Thousands	12 Months Ended
LEASE OBLIGATIONS (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finance Lease, Liability, Total	€ 770	€ 899
Finance Lease, Interest Expense	€ 55	€ 33	€ 29
Finance Lease, Weighted Average Remaining Lease Term (Year)	2 years 1 month 9 days	2 years 4 months 17 days
Finance Lease, Weighted Average Discount Rate, Percent	2.93%	3.06%
Operating Lease, Weighted Average Remaining Lease Term (Year)	2 years 7 months 13 days	2 years 9 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	1.69%	1.45%
Operating Lease, Expense	€ 953	€ 941	€ 828
Medical Devices [Member]
Finance Lease, Liability, Total	100
Vehicles and Other IT Equipment [Member]
Finance Lease, Liability, Total	€ 670

DEFERRED REVENUES - Deferred Revenue Recognition Period 2 (Details) - Extension of Warranty [Member] € in Thousands	Dec. 31, 2021 EUR (€)
Revenue, remaining performance obligation, amount	€ 740
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, remaining performance obligation, expected timing of satisfaction, period (Year)	1 year
Revenue, remaining performance obligation, amount	€ 350
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, remaining performance obligation, expected timing of satisfaction, period (Year)	1 year
Revenue, remaining performance obligation, amount	€ 260
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, remaining performance obligation, expected timing of satisfaction, period (Year)	1 year
Revenue, remaining performance obligation, amount	€ 82
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, remaining performance obligation, expected timing of satisfaction, period (Year)	1 year
Revenue, remaining performance obligation, amount	€ 43
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, remaining performance obligation, expected timing of satisfaction, period (Year)	1 year
Revenue, remaining performance obligation, amount	€ 5

DEFERRED REVENUES - Change in Deferred Revenue on Extension of Warranty (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Balance	€ 3,627
Balance	3,848	€ 3,627
Extension of Warranty [Member]
Balance	782	837
New extension of warranty	256	206
Recognition of revenue	(298)	(261)
Balance	€ 740	€ 782

GOODWILL AND INTANGIBLE ASSETS (Details) € in Thousands	12 Months Ended
GOODWILL AND INTANGIBLE ASSETS (Details) € in Thousands	Dec. 31, 2021 EUR (€) item	Dec. 31, 2020 EUR (€)	Dec. 31, 2019 EUR (€)
Goodwill
Goodwill	€ 2,412	€ 2,412
Reporting units \| item	3
Impairment	€ 0
Amortization expense	125	€ 113	€ 113
Urology Devices and Services (ESWL)
Goodwill
Goodwill	496
Distribution Services (DIST)
Goodwill
Goodwill	1,271
High Intensity Focused Ultrasound (HIFU)
Goodwill
Goodwill	€ 645

OTHER ASSETS (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
OTHER ASSETS
Prepaid expenses, current portion	€ 581	€ 369
Total	€ 581	€ 369

RESEARCH AND DEVELOPMENT EXPENSES - Research and Development Expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
RESEARCH AND DEVELOPMENT EXPENSES
Gross research and development expenses	€ (4,757)	€ (5,173)	€ (4,727)
Research Tax Credit	617	492	762
Grants	739	184	236
Net Research and development expenses	€ (3,402)	€ (4,496)	€ (3,728)

INCOME TAXES - Income (Loss) Before Income Taxes (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income (loss)	€ 893	€ (1,188)	€ 2,191
France
Income (loss)	869	(2,042)	1,803
Other countries
Income (loss)	€ 24	€ 854	€ 388

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

PROPERTY AND EQUIPMENT, NET - Schedule of Financing leases right-of-use assets (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property and equipment
Total gross value	€ 2,007	€ 1,554
Less: accumulated depreciation and amortization	(1,368)	(850)
Total	€ 639	€ 704
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	us-gaap_PropertyPlantAndEquipmentNet	us-gaap_PropertyPlantAndEquipmentNet
Facilities
Property and equipment
Total gross value	€ 290
Equipment
Property and equipment
Total gross value	220	€ 359
Vehicles and IT equipment
Property and equipment
Total gross value	€ 1,497	€ 1,196

DEFERRED REVENUES

12 Months Ended

Dec. 31, 2021

DEFERRED REVENUES

DEFERRED REVENUES

11— DEFERRED REVENUES

Deferred revenues consist of the following:


	2021	2020
Deferred revenues on maintenance contracts	1,624	1,761
Deferred revenue on RPP	315	255
Deferred revenue on sale of devices	114	135
Deferred revenue on extension of warranty, included in sales contracts	740	782
Deferred revenue on treatment probe lease and other	1,055	693
Total	3,848	3,627
Less long term portion	(440)	(926)
Current portion	3,408	2,701

Deferred revenue on extension of warranty will be recognized over the following periods:


		December 31,
		2021
2022		350
2023		260
2024		82
2025		43
2026		5
Total		740

Changes in deferred revenue on extension of warranty are as follows:


		Total
Balance as of December 31, 2019		837
New extension of warranty		206
Recognition of revenue		(261)
Balance as of December 31, 2020		782
New extension of warranty		256
Recognition of revenue		(298)
Balance as of December 31, 2021		740

SHORT-TERM BORROWINGS (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Short-term borrowings	€ 1,914	€ 2,638
Factored Account Receivables [Member]
Short-term borrowings	€ 1,914	€ 2,638

TRADE ACCOUNTS AND NOTES PAYABLE (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
TRADE ACCOUNTS AND NOTES PAYABLE
Trade accounts payable	€ 5,511	€ 5,708
Notes payable	1	0
Trade accounts and notes payable	€ 5,512	€ 5,708

OTHER ACCRUED LIABILITIES (Details) € in Millions	12 Months Ended
OTHER ACCRUED LIABILITIES (Details) € in Millions	Dec. 31, 2021 EUR (€)
OTHER ACCRUED LIABILITIES.
Conditional Advances, Interest Rate, Percentage	1.44%
Grant received, Reimbursed	€ 0.6
Non-refundable grant	0.4
Proceeds from conditional advances	€ 0.4

FOREIGN CURRENCY TRANSACTIONS

12 Months Ended

Dec. 31, 2021

FOREIGN CURRENCY TRANSACTIONS

FOREIGN CURRENCY TRANSACTIONS

28— FOREIGN CURRENCY TRANSACTIONS

The Company generates a significant percentage of its revenues, and of its operating expenses, in currencies other than the euro. The Company’s operating profitability could be materially adversely affected by large fluctuations in the rate of exchange between the euro and such other currencies. The Company engages in foreign exchange hedging activities when it deems necessary, but there can be no assurance that hedging activities will be offset by the impact of movements in exchange rates on the Company’s results of operations. As of December 31, 2021, there were no outstanding hedging instruments.

COSTS OF SALES - Schedule of Costs of Sales (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
COSTS OF SALES
Direct costs of sales	€ (16,199)	€ (14,058)	€ (14,919)
Indirect costs of sales	(9,443)	(9,225)	(8,990)
Total cost of sales	€ (25,643)	€ (23,283)	€ (23,909)

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.2)
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2021
Intangible assets
Maximum treasury shares as percentage of total shares issued	10.00%
Patents
Intangible assets
Useful life (in years)	5 years
SAP Licenses
Intangible assets
Useful life (in years)	10 years
Other licenses
Intangible assets
Useful life (in years)	5 years
Trade name and trademark
Intangible assets
Useful life (in years)	7 years

OTHER LONG-TERM LIABILITIES - Reconciliation of Pension Cost Components (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Retirement Indemnity Plans, France [Member]
Benefit obligations at beginning of year	€ 1,111	€ 969	€ 976
Service cost	90	88	68
Interest cost	6	9	16
Net loss or (gain)			2
Actuarial (gain) or loss	(72)	46	(93)
Amortization of net prior service cost		1	1
Benefits paid	(56)
Benefit obligations at end of year	1,080	1,111	969
Unrecognized actuarial (gain) loss	22	94	48
Unrecognized prior service cost	16	17	18
Accrued pension cost	1,042	1,000	902
Defined Benefit Retirement Indemnity Plans, Japan [Member]
Benefit obligations at beginning of year	1,310	1,230	1,311
Service cost	120	123	140
Interest cost	7	7	6
Amortization of net loss		1	27
Actuarial (gain) or loss		(1)	(294)
Benefits paid	(97)	(5)	(3)
Exchange rate impact	(39)	(44)	42
Benefit obligations at end of year	1,302	1,310	1,230
Unrecognized actuarial (gain) loss	126	130	136
Accrued pension cost	€ 1,176	€ 1,181	€ 1,093

TRADE ACCOUNTS AND NOTES RECEIVABLE, NET

12 Months Ended

Dec. 31, 2021

TRADE ACCOUNTS AND NOTES RECEIVABLE, NET

TRADE ACCOUNTS AND NOTES RECEIVABLE, NET

3— TRADE ACCOUNTS AND NOTES RECEIVABLE, NET

Trade accounts and notes receivable consist of the following:


	2021	2020
Trade accounts receivable	10,992	11,363
Notes receivable	615	667
Less: allowance for doubtful accounts	(742)	(722)
Total	10,864	11,307
Less current portion	(10,864)	(11,307)
Total long-term portion	—	—

Notes receivable usually represent commercial bills of exchange (drafts) with initial maturities of 90 days or less.

Bad debt expenses amount to a net cost of €2 thousand, a net cost of €87 thousand and €84 thousand, respectively for the years ended December 31, 2021, 2020 and 2019.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Short term investments	€ 0
Accounts Receivable, Allowance for Credit Loss, Writeoff	0	€ 827
Gain (loss) derivatives	0
Warranty expense	110	266	€ 131
Advertising Expense	490	291	€ 739
Operating lease, right of use	€ 1,555	€ 1,895
Minimum
Warranty term	one year
Maximum
Warranty term	two years
Maximum \| Sale and leaseback
Useful life	7 years

RESEARCH AND DEVELOPMENT EXPENSES (Tables)

12 Months Ended

Dec. 31, 2021

RESEARCH AND DEVELOPMENT EXPENSES

Schedule of Research and Development Expenses


	2021	2020	2019
Gross research and development expenses	(4,757)	(5,173)	(4,727)
Research Tax Credit	617	492	762
Grants	739	184	236
Net Research and development expenses	(3,402)	(4,496)	(3,728)

OTHER ACCRUED LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

OTHER ACCRUED LIABILITIES.

Schedule of Other Accrued Liabilities


	2021	2020
Retirement indemnities	2,382	2,665
Provision for warranty costs	252	368
Accruals for payroll and associated taxes	944	734
Conditional government advances	463	1,097
Value added tax payable	463	420
Advances received from customers	225	551
Provision for Asset Retirement Obligation (Japan)	109	113
Provision for employee termination indemnities (Korea)	97	69
Others	353	477
Total	5,289	6,494
Less non-current portion	(2,534)	(3,720)
Current portion	2,755	2,774

Schedule of Conditional Advances


2022		6
2023		12
2024		93
2025		93
2026 and thereafter		260
Total		463

Schedule of Changes is the Provision for Warranty Costs


	2021	2020
Beginning of year	368	370
Amount used during the year	(225)	(269)
New warranty expenses	110	266
End of year	252	368
Less current portion	(206)	(262)
Long term portion	46	106

VALUATION ACCOUNTS

12 Months Ended

Dec. 31, 2021

VALUATION ACCOUNTS

VALUATION ACCOUNTS

30— VALUATION ACCOUNTS


	Allowance	Allowance
	for deferred	for doubtful	Slow-moving	Warranty
	tax assets	accounts	inventory	reserve
Balance as of December 31, 2018	14,553	1,404	974	548
Charges to costs and expenses	859	94	333	131
Deductions: write-off and others	(435)	(9)	(223)	(308)
Balance as of December 31, 2019	14,977	1,489	1,084	371
Charges to costs and expenses	596	90	651	266
Deductions: write-off and others	(65)	(858)	(172)	(268)
Balance as of December 31, 2020	15,508	721	1,563	369
Charges to costs and expenses	346	2	371	110
Deductions: write-off and others	(1,513)	19	(464)	(227)
Balance as of December 31, 2021	14,341	742	1,470	252

SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2021

SHORT-TERM BORROWINGS.

SHORT-TERM BORROWINGS

14— SHORT-TERM BORROWINGS

As of December 31, 2021 and 2020, short-term borrowings consist mainly of €1,914 thousand and €2,638 thousand of factored account receivables and for which the Company maintains the effective control, respectively.

INCOME TAXES (Details) € in Thousands, $ in Thousands	12 Months Ended
INCOME TAXES (Details) € in Thousands, $ in Thousands	Dec. 31, 2022	Dec. 31, 2019	Dec. 31, 2018 USD ($)	Dec. 31, 2017	Dec. 31, 2021 EUR (€)
Operating Loss Carryforwards, Total					€ 45
Deferred Tax Assets, Operating Loss Carryforwards, Foreign					14,014
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration					€ 56,407
U.S Subsidiary Taxable Net Income Subject to Lower Taxes with New Tax Law, Minimum \| $			$ 100
Effective Income Tax Rate Reconciliation, at French Corporate Income Tax Rate, Percent		28.00%
Forecast [Member]
Effective Income Tax Rate Reconciliation, at French Corporate Income Tax Rate, Percent	25.00%
Foreign Tax Authority [Member] \| Internal Revenue Service (IRS) [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
Foreign Tax Authority [Member] \| Minimum \| Internal Revenue Service (IRS) [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				15.00%
Foreign Tax Authority [Member] \| Maximum \| Internal Revenue Service (IRS) [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				39.00%

TOTAL SALES - Timing of Revenue Recognition (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues	€ 44,060	€ 41,649	€ 44,859
Products transferred at a point in time
Revenues	34,552	32,862	36,767
Products and services transferred over time
Revenues	€ 9,508	€ 8,787	€ 8,092

- Definition

+ References

+ Details

SEGMENT INFORMATION (Details)	12 Months Ended
SEGMENT INFORMATION (Details)	Dec. 31, 2021 segment
SEGMENT INFORMATION
Reportable segments	3

TRADE ACCOUNTS AND NOTES PAYABLE

12 Months Ended

Dec. 31, 2021

TRADE ACCOUNTS AND NOTES PAYABLE

TRADE ACCOUNTS AND NOTES PAYABLE

10— TRADE ACCOUNTS AND NOTES PAYABLE

Trade accounts and notes payable consist of the following:


	2021	2020
Trade accounts payable	5,511	5,708
Notes payable	1	0
Total	5,512	5,708

Trade accounts payable usually represent invoices with a due date of 90 days or less and invoices to be received.

Notes payable represent commercial bills of exchange (drafts) with initial maturities of 90 days or less.

INVENTORIES

12 Months Ended

Dec. 31, 2021

INVENTORIES.

INVENTORIES

5— INVENTORIES


	December 31,
	2021	2020
Components, spare parts	4,955	6,050
Work-in-progress	250	226
Finished goods – own manufactured products	1,166	1,283
Finished goods – distribution products	2,598	1,994
Total gross inventories	8,968	9,552
Less: allowance for slow-moving inventory and net realizable value	(1,470)	(1,563)
Total	7,499	7,989

The provision for slow moving inventory relates to components and spare parts. The allowance for slow moving inventory (excluding exchange rate impact), the increases in which are classified within cost of sales, amounted to a cost of €371 thousand for the year ended December 31, 2021, a cost of €651 thousand for the year ended December 31, 2020, and a cost of €168 thousand for the year ended December 31, 2019, respectively.

OTHER RECEIVABLES

12 Months Ended

Dec. 31, 2021

OTHER RECEIVABLES.

OTHER RECEIVABLES.

4— OTHER RECEIVABLES

Other receivables consist of the following:


	December 31,
	2021	2020
Research and development tax credit receivable from the French State	617	492
Value-added taxes receivable	574	403
Other receivables from Government and public authorities	—	64
Others	64	72
Total	1,255	1,031

GOODWILL AND INTANGIBLE ASSETS - Estimated amortization expense (Details) € in Thousands	Dec. 31, 2021 EUR (€)
GOODWILL AND INTANGIBLE ASSETS
2022	€ 130
2023	118
2024	110
2025	101
2026	101
Total	€ 561

SUBSEQUENT EVENTS (Details) - EUR (€) € in Thousands	12 Months Ended	36 Months Ended
SUBSEQUENT EVENTS (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2021	Mar. 31, 2022
Representative office in Russia closes or is no longer permitted to operate
Loss of revenue if scenario occurs	2.50%	2.50%
Russia and Belarus \| Subsequent Event [Member]
Receivables			€ 0
RUSSIA
Receivables	€ 321	€ 321
RUSSIA \| Geographic Concentration Risk [Member] \| Revenue Benchmark [Member]
Net sales, percentage	2.50%
RUSSIA \| Maximum \| Geographic Concentration Risk [Member] \| Revenue Benchmark [Member]
Net sales, percentage		2.50%
RUSSIA \| Minimum \| Geographic Concentration Risk [Member] \| Revenue Benchmark [Member]
Net sales, percentage		0.20%

DEFERRED REVENUES - Summary of Deferred Revenues (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred revenues, total	€ 3,848	€ 3,627
Less long term portion	(440)	(926)
Deferred revenues, current portion	3,408	2,701
Maintenance [Member]
Deferred revenues, total	1,624	1,761
RPP [Member]
Deferred revenues, total	315	255
Sale of Devices [Member]
Deferred revenues, total	114	135
Extension of Warranty [Member]
Deferred revenues, total	740	782	€ 837
Research and Development Grants [Member]
Deferred revenues, total	€ 1,055	€ 693

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Parenthetical) € in Thousands	12 Months Ended
	Dec. 31, 2021 EUR (€)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY
Issuance costs	€ 1,961

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Net operating loss carry forwards	€ 13,611	€ 14,014
Elimination of intercompany profit in inventory	182	161
Elimination of intercompany profit in fixed assets	278	244
Provisions for retirement indemnities	642	634
Capital leases treated as operating leases for tax, asset	40
Capital leases treated as operating leases for tax, liability		56
Other items	487	775
Total deferred tax assets	15,239	15,883
Net deferred tax assets	15,239	15,883
Valuation allowance for deferred tax assets	(14,341)	(15,508)
Deferred tax assets (liabilities), net of allowance	€ 898	€ 374

LEASE OBLIGATIONS

12 Months Ended

Dec. 31, 2021

LEASE OBLIGATIONS

LEASE OBLIGATIONS

13— LEASE OBLIGATIONS

13-1 Financing leases

The Company leases certain of its equipment under finance leases. At December 31, 2021, this equipment consists of medical devices for a liability amount of €100 thousand and vehicles and other IT equipment for a liability amount of €670 thousand.

Maturities of finance leases liabilities for the years ended December 31, 2021 and 2020 are as follows:


		December 31,
		2021
2022		358
2023		215
2024		124
2025		75
2026 and thereafter		53
Total undiscounted minimum lease payments		825
Less: amount representing interest		(55)
Present value of minimum lease payments		770
Less: current portion		(340)
Long-term portion		430


		December 31,
		2020
2021		360
2022		280
2023		190
2024		72
2025 and thereafter		28
Total undiscounted minimum lease payments		930
Less: amount representing interest		(33)
Present value of minimum lease payments		899
Less: current portion		(344)
Long-term portion		555

Interest paid under finance lease obligations was €55 thousand, €33 thousand and €29 thousand the years ended December 31, 2021, 2020 and 2019 respectively.

The weighted average remaining lease term and the weighted average discount rate for finance leases at December 31, 2021 was 2.11 years and 2.93% and at December 31, 2020 was 2.38 years and 3.06%.

13-2 Operating leases

Maturities of operating lease liabilities consist of the following amounts:


		December 31,
		2021
2022		673
2023		523
2024		277
2025		69
2026 and thereafter		20
Total undiscounted minimum lease payments		1,562
Less: current portion		(673)
Long-term portion		888


		December 31,
		2020
2021		803
2022		523
2023		381
2024		195
2025 and thereafter		—
Total undiscounted minimum lease payments		1,901
Less: current portion		(802)
Long-term portion		1,099

The weighted average remaining lease term and the weighted average discount rate for operating leases at December 31, 2021 was 2.62 years and 1.69% and at December 31, 2020 was 2.80 years and 1.45%.

Total rent expenses under operating leases amounted to €953 thousand, €941 thousand and €828 thousand, for the years ended December 31, 2021, 2020 and 2019, respectively. These total rent expenses are related to office rentals, office equipment and car rentals.

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

GOODWILL AND INTANGIBLE ASSETS

Schedule of Intangible assets


	2021	2020
Licenses	1,448	1,570
Trade name and trademark	400	412
Patents	412	412
Organization costs	225	225
Total gross value	2,484	2,619
Accumulated amortization for licenses	(723)	(813)
Accumulated amortization for trade name and trademark	(397)	(409)
Accumulated amortization for patents	(412)	(412)
Accumulated amortization for organization costs	(225)	(225)
Less: Total accumulated amortization	(1,756)	(1,858)
Total	728	761

Schedule of Intangible assets, annual estimated amortization expense


		December 31,
		2021
2022		130
2023		118
2024		110
2025		101
2026		101
Total		561

COSTS OF SALES (Tables)

12 Months Ended

Dec. 31, 2021

COSTS OF SALES

Schedule of Costs of Sales


	2021	2020	2019
Direct costs of sales	(16,199)	(14,058)	(14,919)
Indirect costs of sales	(9,443)	(9,225)	(8,990)
Total costs of sales	(25,643)	(23,283)	(23,909)

SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2021

SHAREHOLDERS' EQUITY.

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions


	November 2021		June 2021		2020		2019
Weighted-average expected life (years)	5.79		5.79		—		6.25
Expected volatility rates⁽¹⁾	45.08	%	46.34	%	—	%	49.45	%
Expected dividend yield	0	%	0	%	—	%	0	%
Risk-free interest rate	1.32	%	0.63	%	—	%	(0.08)	%
Weighted-average exercise price (€)	5.18		5.59		—		3.90
Weighted-average fair value of options granted during the year (€)	2.29		2.37		—		1.93

(1)

^{Historical volatility calculated over 10} ^years.

(2)

^{There was no new plan for the} ^{year 2020.}

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award


	2021		2020		2019
	Options	Weighted	Options	Weighted	Options	Weighted
		average		average		average
		exercice		exercice		exercice
		price (€)		price (€)		price (€)
Outstanding on January 1,	1,186,900	2.81	1,273,900	2.78	1,347,600	2.61
Granted	1,392,428	5.56	—	—	155,000	3.90
Exercised	(150,820)	2.93	(23,750)	2.54	(143,700)	2.16
Forfeited	(20,000)	4.01	(21,250)	2.55	(85,000)	1.94
Expired	—	—	(42,000)	2.38	—	—
Outstanding on December 31,	2,408,508	4.38	1,186,900	2.81	1,273,900	2.78
Exercisable on December 31,	1,149,401	3.25	970,650	2.73	818,900	2.60
Share purchase options available for grant on December 31,	5,000		292,428		250,428

Share-based Payment Arrangement, Option, Exercise Price Range


	Outstanding options				Fully vested options ⁽¹⁾
		Weighted	Weighted			Weighted
		average	average	Aggregate		average	Aggregate
		remaining	exercise	Intrinsic		exercise	Intrinsic
		contractual	price	Value		price	Value
Exercise price (€)	Options	life	(€)	(2)	Options	(€)	(2)
5.59	1,287,428	9.4	5.59	—	214,571	5.59	—
5.18	100,000	9.8	5.18	11,217	—	—	—
3.90	107,500	7.8	3.90	149,657	52,500	3.90	82,726
3.22	400,000	4.3	3.22	828,866	400,000	3.22	828,866
2.65	105,000	6.7	2.65	277,477	73,750	2.65	194,860
2.39	146,080	5.3	2.39	423,948	146,080	2.39	423,948
1.91	262,500	1.0	1.91	887,818	262,500	1.91	887,818
1.91 to 5.59	2,408,508	6.3	4.38	2,578,983	1,149,401	3.25	2,418,219

(1)

Fully vested options are all exercisable options.

(2)

Schedule of Nonvested Share Activity


		Weighted average
		Grant-Date Fair
	Options	Value (€)
Non-vested at January 1, 2019	575,000	1.47
Granted	155,000	1.93
Vested	(204,000)	1.52
Forfeited	(70,600)	1.58
Non-vested at December 31, 2019	455,000	1.58
Non-vested at January 1, 2020	455,000	1.58
Granted	—	—
Vested	(235,000)	1.58
Forfeited	(3,750)	1.54
Non-vested at December 31, 2020	216,250	1.59
Non-vested at January 1, 2021	216,250	1.59
Granted	1,392,428	2.37
Vested	(329,571)	2.06
Forfeited	(20,000)	1.89
Non-vested at December 31, 2021	1,259,107	2.32

Schedule of Accumulated Other Comprehensive Income (Loss)


	Year Ended December 31, 2021
	Foreign currency	Provision for
	translation	retirement indemnities
	adjustment	(net of tax)	Total
Beginning balance	(2,824)	(241)	(3,064)
Other comprehensive income (loss) before reclassifications	—	—	—
Reclassified from accumulated other comprehensive loss	—	—	—
Net current-period other comprehensive income (loss)	(554)	29	(525)
Ending balance	(3,377)	(212)	(3,589)


	Year Ended December 31, 2020
	Foreign currency	Provision for
	translation	retirement indemnities
	adjustment	(net of tax)	Total
Beginning balance	(3,234)	(203)	(3,436)
Other comprehensive income (loss) before reclassifications	—	—	—
Reclassified from accumulated other comprehensive loss	—	—	—
Net current-period other comprehensive income (loss)	410	(38)	372
Ending balance	(2,824)	(241)	(3,064)

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

9— GOODWILL AND INTANGIBLE ASSETS

As discussed in Note 1-13, ASC 350 requires that goodwill not be amortized but instead be tested at least annually for impairment, or more frequently when events or change in circumstances indicate that the asset might be impaired, by comparing the carrying value to the fair value of the reporting unit to which they are assigned. The Company considers its ASC 280 operating segments — High Intensity Focused Ultrasound (HIFU), Lithotripsy (ESWL) and Distribution services (DIST) — to be its reporting units for purposes of testing for impairment. Goodwill amounts to €496 thousand for the ESWL division, 1,271 thousand for the DIST division and to €645 thousand for the HIFU division, at December 31, 2021.

The Company completed the required annual impairment test in the fourth quarter of 2021. To determine the fair value of the Company’s reporting units, the Company used the discounted cash flow approach for each of the three reportable units. In all three cases, the fair value of the reporting unit was in excess of the reporting unit’s book value, which resulted in no goodwill impairment.

Intangible assets consist of the following:


	2021	2020
Licenses	1,448	1,570
Trade name and trademark	400	412
Patents	412	412
Organization costs	225	225
Total gross value	2,484	2,619
Accumulated amortization for licenses	(723)	(813)
Accumulated amortization for trade name and trademark	(397)	(409)
Accumulated amortization for patents	(412)	(412)
Accumulated amortization for organization costs	(225)	(225)
Less: Total accumulated amortization	(1,756)	(1,858)
Total	728	761

Amortization expenses related to intangible assets amounted to €125 thousand, €113 thousand and €113 thousand, for the years ended December 31, 2021, 2020 and 2019, respectively.

For the five coming years, the annual estimated amortization expense will consist of the following:


		December 31,
		2021
2022		130
2023		118
2024		110
2025		101
2026		101
Total		561

TRADE ACCOUNTS AND NOTES RECEIVABLE, NET (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
TRADE ACCOUNTS AND NOTES RECEIVABLE, NET
Trade accounts receivable	€ 10,992	€ 11,363
Notes receivable	615	667
Less: allowance for doubtful accounts	(742)	(722)
Total	10,864	11,307
Less current portion	(10,864)	(11,307)
Bad debt expense:
Bad debt expense	€ 2	€ 87	€ 84

- Definition

Amount, before allowance for credit loss, of financing receivable.

+ References + Details

LEASE OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2021

LEASE OBLIGATIONS

Schedule of Maturities of Finance Leases Liabilities


		December 31,
		2021
2022		358
2023		215
2024		124
2025		75
2026 and thereafter		53
Total undiscounted minimum lease payments		825
Less: amount representing interest		(55)
Present value of minimum lease payments		770
Less: current portion		(340)
Long-term portion		430


		December 31,
		2020
2021		360
2022		280
2023		190
2024		72
2025 and thereafter		28
Total undiscounted minimum lease payments		930
Less: amount representing interest		(33)
Present value of minimum lease payments		899
Less: current portion		(344)
Long-term portion		555

Schedule of Maturities of Operating Leases Liabilities


		December 31,
		2021
2022		673
2023		523
2024		277
2025		69
2026 and thereafter		20
Total undiscounted minimum lease payments		1,562
Less: current portion		(673)
Long-term portion		888


		December 31,
		2020
2021		803
2022		523
2023		381
2024		195
2025 and thereafter		—
Total undiscounted minimum lease payments		1,901
Less: current portion		(802)
Long-term portion		1,099

OTHER REVENUES (Tables)

12 Months Ended

Dec. 31, 2021

OTHER REVENUES

Schedule of Other Revenues

CONCENTRATION OF CREDIT RISK (Details) - EUR (€) € in Millions	Dec. 31, 2021	Dec. 31, 2020
CONCENTRATION OF CREDIT RISK
Allowance for doubtful accounts receivable	€ 0.7	€ 0.7

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Schedule of interest and income taxes paid


	2021	2020	2019
Income taxes paid (refunds received)	307	377	289
Interest paid	114	124	87
Interest received	10	10	17

Non-cash transactions:



	2021	2020	2019
Financing lease obligations incurred	233	192	203
Operating lease obligations incurred	674	317	3,483

Cash paid for amounts included in the measurement of lease liabilities:


	2021	2020
Operating cash flow used in operating leases	916	941
Operating cash flow used in finance leases	18	18
Financing cash flow used in finance leases	406	321

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2021

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

25— COMMITMENTS AND CONTINGENCIES

25-1 Commitments

The Company currently has commitments regarding its operating leases as described in Note 13-2.

25-2 Contingencies

The Company currently has contingencies relating to standard warranties provided to customers for products as described in Note 1-15 and Note 12.

LONG TERM DEBT AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE - Long-term Debt (Details) RM in Thousands	1 Months Ended			12 Months Ended
	Oct. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)	Oct. 31, 2020 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 MYR (RM)	Dec. 31, 2021 JPY (¥)
JAPAN \| Loan One [Member]
Debt Instrument, Face Amount \| ¥								¥ 80,000,000
Maturity				Aug. 02, 2026
Interest rate				1.98%		1.98%	1.98%	1.98%
Frequency of principal payments				Monthly instalment
JAPAN \| Loan Two [Member]
Debt Instrument, Face Amount \| ¥								¥ 50,000,000
Maturity				Apr. 02, 2025
Interest rate				1.80%		1.80%	1.80%	1.80%
Frequency of principal payments				Monthly instalment
GERMANY \| High Intensity Focused Ultrasound (HIFU) Equipment 1 [Member] \| Loan One [Member]
Debt Instrument, Face Amount				€ 400,000
Maturity				Apr. 30, 2023
Interest rate				2.40%		2.40%	2.40%	2.40%
Frequency of principal payments				Monthly instalment
France \| COVID-related loan guaranteed by the French government I [Member]
Debt Instrument, Face Amount		€ 2,000,000			€ 2,000,000
Maturity		Jul. 30, 2026
Interest rate		0.73%			0.73%
Frequency of principal payments		Monthly instalment
Debt Instrument, Term at Initiation					1 year
Debt Instrument, Term after Extension					6 years
France \| COVID-related loan guaranteed by the French government II [Member]
Debt Instrument, Face Amount		€ 2,000,000			€ 2,000,000
Maturity					Aug. 04, 2026
Interest rate		0.73%			0.73%
Frequency of principal payments					Monthly instalment
Debt Instrument, Term at Initiation					1 year
Debt Instrument, Term after Extension					6 years
France \| COVID-related loan guaranteed by the French government III [Member]
Debt Instrument, Face Amount				€ 2,000,000
Maturity				Aug. 11, 2021
Interest rate				0.25%		0.25%	0.25%	0.25%
Frequency of principal payments				Monthly instalment
Debt Instrument, Term					1 year
France \| COVID-related loan guaranteed by the French government IV [Member]
Debt Instrument, Face Amount				€ 2,000,000
Maturity				Aug. 04, 2021
Interest rate				0.25%		0.25%	0.25%	0.25%
Frequency of principal payments				Monthly instalment
Debt Instrument, Term					1 year
France \| Loan related to acquisition of computer servers [Member]
Debt Instrument, Face Amount		€ 72,222			€ 72,222
Maturity					Jul. 05, 2024
Interest rate		0.45%			0.45%
Frequency of principal payments					Monthly instalment
France \| Loan related to ERP SAP project [Member]
Debt Instrument, Face Amount		€ 700,000			€ 700,000
Maturity					Oct. 16, 2021
Interest rate		0.40%			0.40%
Frequency of principal payments					Quarterly instalment
Debt Instrument, Term					4 years
France \| Loan pledged against countervalue in dollars I [Member] \| High Intensity Focused Ultrasound (HIFU) Equipment 1 [Member]
Debt	€ 780,457
France \| Loan pledged against countervalue in dollars I [Member] \| High Intensity Focused Ultrasound (HIFU) Equipment 1 [Member] \| Maximum
Debt Instrument, Face Amount				€ 1,530,000
France \| Loan pledged against countervalue in dollars I [Member] \| High Intensity Focused Ultrasound (HIFU) Equipment 1 [Member] \| Loan One [Member]
Debt Instrument, Face Amount			€ 780,457
Maturity			Apr. 01, 2025
Interest rate			0.99%
Frequency of principal payments			Monthly instalment
France \| Loan pledged against countervalue in dollars II [Member]
Debt Instrument, Face Amount	€ 218,000
Maturity	Apr. 01, 2025
Interest rate	0.99%
Frequency of principal payments	Monthly instalment
France \| Loan pledged against countervalue in dollars II [Member] \| Maximum
Debt Instrument, Face Amount		€ 1,530,000			€ 1,530,000
France \| Loan pledged against countervalue in dollars II [Member] \| High Intensity Focused Ultrasound (HIFU) Equipment 1 [Member]
Debt				€ 218,000
MALAYSIA
Debt Instrument, Face Amount \| RM							RM 90
Maturity				Jul. 31, 2022
Interest rate				4.64%		4.64%	4.64%	4.64%
Frequency of principal payments				Monthly instalment
United States
Debt Instrument, Face Amount \| $						$ 221,217
Maturity				May 14, 2022
Interest rate				1.00%		1.00%	1.00%	1.00%
Frequency of principal payments				Monthly instalment

SEGMENT INFORMATION - Schedule of Segment Reporting Information By Segment (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues	€ 44,065	€ 41,662	€ 44,912
Cost of sales	(25,643)	(23,283)	(23,909)
Gross profit	18,422	18,379	21,002
R&D expenses	(3,402)	(4,496)	(3,728)
Selling and marketing expenses	(10,732)	(9,279)	(10,850)
G&A expenses	(5,900)	(4,335)	(4,224)
Segment operating income (loss)	(1,612)	269	2,201
Total Assets	77,226	55,193
Goodwill	2,412	2,412
Product
Revenues	44,060	41,649	44,859
RPP's and leases
Revenues	4,968	4,745	5,747
Cost of sales	(3,108)	(2,601)	(3,000)
Spare parts and services
Revenues	10,052	9,382	9,001
Cost of sales	(6,354)	(5,732)	(5,467)
FDA [Member]
Revenues	44,065	41,662	44,911
Cost of sales	(25,643)	(23,283)	(23,909)
Gross profit	18,422	18,379	21,002
R&D expenses	(3,402)	(4,496)	(3,728)
Selling and marketing expenses	(10,732)	(9,279)	(10,850)
G&A expenses	(5,900)	(4,335)	(4,224)
Total expenses	(20,034)	(18,110)	(18,802)
Segment operating income (loss)	(1,612)	269	2,200
Total Assets	77,226	55,193	53,068
Capital expenditures	1,636	2,010	1,532
Non-current assets	9,845	9,801	10,971
Goodwill	2,412	2,412	2,412
FDA [Member] \| Product
Revenues	29,040	27,523	30,111
FDA [Member] \| RPP's and leases
Revenues	4,968	4,745	5,747
FDA [Member] \| Spare parts and services
Revenues	10,052	9,382	9,001
FDA [Member] \| Product and Services, Excluding Other
Revenues	44,060	41,649	44,859
FDA [Member] \| Other revenues.
Revenues	6	12	52
Operating Segments \| High Intensity Focused Ultrasound (HIFU)
Revenues	9,915	11,438	14,144
Cost of sales	(5,311)	(5,144)	(6,152)
Gross profit	4,604	6,293	7,991
R&D expenses	(2,238)	(2,583)	(1,962)
Selling and marketing expenses	(3,910)	(3,151)	(4,402)
G&A expenses	(1,481)	(1,005)	(1,168)
Total expenses	(7,630)	(6,738)	(7,533)
Segment operating income (loss)	(3,025)	(445)	459
Total Assets	13,597	16,279	16,665
Capital expenditures	1,234	1,144	915
Non-current assets	3,689	3,706	4,096
Goodwill	645	645	645
Operating Segments \| High Intensity Focused Ultrasound (HIFU) \| Product
Revenues	4,515	6,000	8,311
Operating Segments \| High Intensity Focused Ultrasound (HIFU) \| RPP's and leases
Revenues	3,679	3,594	4,162
Operating Segments \| High Intensity Focused Ultrasound (HIFU) \| Spare parts and services
Revenues	1,715	1,831	1,618
Operating Segments \| High Intensity Focused Ultrasound (HIFU) \| Product and Services, Excluding Other
Revenues	9,910	11,425	14,092
Operating Segments \| High Intensity Focused Ultrasound (HIFU) \| Other revenues.
Revenues	6	12	52
Operating Segments \| Urology Devices and Services (ESWL)
Revenues	11,016	12,882	14,190
Cost of sales	(6,080)	(7,232)	(7,816)
Gross profit	4,936	5,649	6,374
R&D expenses	(835)	(1,555)	(1,394)
Selling and marketing expenses	(2,048)	(2,052)	(2,441)
G&A expenses	(1,161)	(964)	(904)
Total expenses	(4,043)	(4,572)	(4,738)
Segment operating income (loss)	893	1,078	1,635
Total Assets	13,596	15,567	15,892
Capital expenditures	141	309	298
Non-current assets	2,185	2,466	4,448
Goodwill	496	496	450
Operating Segments \| Urology Devices and Services (ESWL) \| Product
Revenues	4,236	6,248	6,715
Operating Segments \| Urology Devices and Services (ESWL) \| RPP's and leases
Revenues	1,022	927	1,426
Operating Segments \| Urology Devices and Services (ESWL) \| Spare parts and services
Revenues	5,758	5,707	6,048
Operating Segments \| Urology Devices and Services (ESWL) \| Product and Services, Excluding Other
Revenues	11,016	12,882	14,190
Operating Segments \| Distribution (DISTRIB) Division [Member]
Revenues	23,134	17,342	16,577
Cost of sales	(14,252)	(10,906)	(9,941)
Gross profit	8,882	6,436	6,637
R&D expenses	(329)	(358)	(372)
Selling and marketing expenses	(4,774)	(4,076)	(4,008)
G&A expenses	(1,355)	(900)	(854)
Total expenses	(6,458)	(5,335)	(5,233)
Segment operating income (loss)	2,424	1,102	1,403
Total Assets	25,344	20,795	16,500
Capital expenditures	261	557	319
Non-current assets	3,971	3,628	2,427
Goodwill	1,271	1,271	1,317
Operating Segments \| Distribution (DISTRIB) Division [Member] \| Product
Revenues	20,289	15,274	15,084
Operating Segments \| Distribution (DISTRIB) Division [Member] \| RPP's and leases
Revenues	267	224	158
Operating Segments \| Distribution (DISTRIB) Division [Member] \| Spare parts and services
Revenues	2,578	1,844	1,335
Operating Segments \| Distribution (DISTRIB) Division [Member] \| Product and Services, Excluding Other
Revenues	23,134	17,342	16,577
Reconciling Items \| EDAP Technomed Co Ltd. [Member]
Selling and marketing expenses		0
G&A expenses	(1,904)	(1,465)	(1,297)
Total expenses	(1,904)	(1,465)	(1,297)
Segment operating income (loss)	(1,904)	(1,465)	(1,297)
Total Assets	€ 24,690	€ 2,551	€ 4,012

OTHER REVENUES

12 Months Ended

Dec. 31, 2021

OTHER REVENUES

OTHER REVENUES

19— OTHER REVENUES

Other revenues consist of the following:

In 2021, 2020 and 2019, other revenues mainly consist of sales of a license to Theraclion and training to customers.

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2021

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

32— RELATED PARTY TRANSACTIONS

On August 19, 2019, EDAP Technomed Co. Ltd. (Japan) contracted a loan amounting to JPY 80,000,000. As a current practice in Japan, this loan required a personal warranty from the representative director, president and CEO of the subsidiary Mr. Jean-François Bachelard. EDAP TMS S.A., as the parent company, counter-warranted this personal loan and agreed to indemnify Mr. Bachelard, in an indemnification letter dated September 12, 2019 expiring upon loan maturity date of August 26, 2026.

On August 2, 2019, EDAP Technomed Inc. contracted a car lease amounting to $28,756.44. This lease required a personal warranty from the president of the subsidiary Mr. Marc Oczachowski. EDAP TMS S.A., as the parent company, counter-warranted this personal lease warranty and agreed to indemnify Mr. Marc Oczachowski, in an indemnification letter dated July 1, 2019, expiring upon car lease maturity date of July 2, 2022.

On April 22, 2020, EDAP Technomed Co. Ltd (Japan) contracted another loan amounting to JPY 50,000,000 requiring a personal warranty from the representative director, president and CEO of the subsidiary Mr. Jean-François Bachelard. EDAP TMS S.A., as the parent company, counter-warranted this personal loan and agreed to indemnify Mr. Bachelard, in an indemnification letter dated June 2, 2020, expiring upon loan maturity date of April 2, 2025.

On April 27, 2021, EDAP Technomed Sdn Bdh (Malaysia) contracted with Maybank to issue a Performance Guarantee amounting to MYR 8,000.00, expiring on June 30, 2023. As a current practice in Malaysia, any bank guarantee requires a personal warranty from the representative director, president and CEO of the subsidiary Mr. Hervé de Soultrait. Consequently, Mr. de Soultrait personally counter-garanteed this Performance Guarantee by making a fixed deposit of MYR 8,000.00 to Maybank, valid until June 30, 2023.

OTHER LONG-TERM LIABILITIES (Details) - EUR (€)	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Retirement Indemnity Plans, France [Member]
Defined Benefit Plan, Accumulated Benefit Obligation	€ 780,000	€ 800,000
Defined Benefit Plan, Expected Amortization, Next Fiscal Year, Total	0
Defined Benefit Retirement Indemnity Plans, Japan [Member]
Defined Benefit Plan, Accumulated Benefit Obligation	1,123,000	€ 1,134,000
Defined Benefit Plan, Expected Amortization, Next Fiscal Year, Total	€ 0

FINANCIAL INCOME, NET

12 Months Ended

Dec. 31, 2021

FINANCIAL INCOME, NET

FINANCIAL INCOME, NET

22— FINANCIAL INCOME, NET

Interest (expense) income, net consists of the following:


	2021	2020	2019
Interest income	10	10	20
Interest expense	(52)	(108)	(165)
Paycheck Protection Program loan forgiveness	187	—	—
Total	145	(98)	(146)

TOTAL SALES - Sales by Geographical Area (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues	€ 44,060	€ 41,649	€ 44,859
Asia
Revenues	16,009	15,872	17,938
France
Revenues	12,251	10,021	11,350
United States
Revenues	5,524	5,611	5,194
Other geographical Areas
Revenues	€ 10,276	€ 10,146	€ 10,377

- Definition

+ References

+ Details

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2021

SEGMENT INFORMATION

SEGMENT INFORMATION

29— SEGMENT INFORMATION

In 2020, we implemented organizational changes in our structure and realigned our activity into three divisions: HIFU, ESWL (including lithotripsy activities) and Distribution to better reflect how we view our businesses and how we measure our progress. Through these three divisions, we develop, produce, market and distribute minimally invasive medical devices, mainly for urological diseases. HIFU division includes sales of Focal One, Ablatherm and related consumables and services, ESWL division includes revenues generated by the existing Sonolith range of lithotripters and, Distribution division includes the sale of complimentary products such as lasers, micro-ultrasound systems and other products from third parties.

The organization of our activities into three divisions better clarified our vision and enhanced our financial reporting of our three businesses HIFU, ESWL and Distribution. This new structure also allows for an improved measurement of our business progress.

The business in which the Company operates is the development, production and distribution of minimally invasive medical devices, primarily for the treatment of urological diseases. Substantially all revenues result from the sale of medical devices and their related license and royalty payments from third parties. The segments derive their revenues from this activity.

The following tables set forth the key Statement of income (loss) figures, by segment for fiscal years 2021, 2020 and 2019 and the key balance sheet figures, by segment, for fiscal years 2021, 2020 and 2019. Segment operating profit or loss and segment assets are determined in accordance with the same policies as those described in the summary of significant accounting policies and they are reviewed by the CODM, who is the CEO. Interest income and expense, current and deferred income taxes are not allocated to individual segments. A reconciliation of segment operating profit or loss to consolidated net loss is as follows:


	2021	2020	2019
Segment operating income (loss)	(1,612)	269	2,201
Financial income (expense), net	145	(98)	(146)
Foreign Currency exchange (losses) gains, net	2,360	(1,359)	136
Income tax (expense) credit	(193)	(516)	(679)
Consolidated net profit (loss)	700	(1,704)	1,512

A summary of the Company’s operations by segment is presented below for years ending December 31, 2021, 2020 and 2019:


	HIFU	ESWL	DISTRIB	Reconciling	Total
2021	Division	Division	Division	Items	consolidated
Sales of goods	4,515	4,236	20,289	—	29,040
Sales of RPPs & leases	3,679	1,022	267	—	4,968
Sales of spare parts and services	1,715	5,758	2,578	—	10,052
Total sales	9,910	11,016	23,134	—	44,060
External other revenues	6	—	—	—	6
Total revenues	9,915	11,016	23,134	—	44,065
Total COS	(5,311)	(6,080)	(14,252)	—	(25,643)
Gross profit	4,604	4,936	8,882	—	18,422
R&D expenses	(2,238)	(835)	(329)	—	(3,402)
Selling and marketing expenses	(3,910)	(2,048)	(4,774)	—	(10,732)
G&A expenses	(1,481)	(1,161)	(1,355)	(1,904)	(5,900)
Total expenses	(7,630)	(4,043)	(6,458)	(1,904)	(20,034)
Operating income (loss) from operations	(3,025)	893	2,424	(1,904)	(1,612)
Total Assets	13,597	13,596	25,344	24,690	77,226
Capital expenditures	1,234	141	261	—	1,636
Non-current assets	3,689	2,185	3,971	—	9,845
Goodwill	645	496	1,271	—	2,412


	HIFU	ESWL	DISTRIB	Reconciling	Total
2020	Division	Division	Division	Items	consolidated
Sales of goods	6,000	6,248	15,274	—	27,523
Sales of RPPs & leases	3,594	927	224	—	4,745
Sales of spare parts and services	1,831	5,707	1,844	—	9,382
Total sales	11,425	12,882	17,342	—	41,649
External other revenues	12	—	—	—	12
Total revenues	11,438	12,882	17,342	—	41,662
Total COS	(5,144)	(7,232)	(10,906)	—	(23,283)
Gross profit	6,293	5,649	6,436	—	18,379
R&D expenses	(2,583)	(1,555)	(358)	—	(4,496)
Selling and marketing expenses	(3,151)	(2,052)	(4,076)	0	(9,279)
G&A expenses	(1,005)	(964)	(900)	(1,465)	(4,335)
Total expenses	(6,738)	(4,572)	(5,335)	(1,465)	(18,110)
Operating income (loss) from operations	(445)	1,078	1,102	(1,465)	269
Total Assets	16,279	15,567	20,795	2,551	55,193
Capital expenditures	1,144	309	557	—	2,010
Non-current assets	3,706	2,466	3,628	—	9,801
Goodwill	645	496	1,271	—	2,412


	HIFU	ESWL	DISTRIB	Reconciling	Total
2019	Division	Division	Division	Items	consolidated
Sales of goods	8,311	6,715	15,084	—	30,111
Sales of RPPs & leases	4,162	1,426	158	—	5,747
Sales of spare parts and services	1,618	6,048	1,335	—	9,001
Total sales	14,092	14,190	16,577	—	44,859
External other revenues	52	—	—	—	52
Total revenues	14,144	14,190	16,577	—	44,911
Total COS	(6,152)	(7,816)	(9,941)	—	(23,909)
Gross profit	7,991	6,374	6,637	—	21,002
R&D expenses	(1,962)	(1,394)	(372)	—	(3,728)
Selling and marketing expenses	(4,402)	(2,441)	(4,008)	—	(10,850)
G&A expenses	(1,168)	(904)	(854)	(1,297)	(4,224)
Total expenses	(7,533)	(4,738)	(5,233)	(1,297)	(18,802)
Operating income (loss) from operations	459	1,635	1,403	(1,297)	2,200
Total Assets	16,665	15,892	16,500	4,012	53,068
Capital expenditures	915	298	319	—	1,532
Non-current assets	4,096	4,448	2,427	—	10,971
Goodwill	645	450	1,317	—	2,412

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
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-Name Accounting Standards Codification
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+ Details

OTHER LONG-TERM LIABILITIES - Other Long-term Liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
OTHER LONG-TERM LIABILITIES.
Provision for retirement indemnities (Japan & France), less current portion	€ 2,281	€ 2,273
Provision for employee termination indemnities (Korea) less current portion	97	69
Provision for Asset Retirement Obligation (Japan) less current portion	109	113
Provision for warranty costs, less current portion	46	106
Conditional government advances, less current portion		1,097
Accrued interest less current portion		62
Total	€ 2,534	€ 3,720

SEGMENT INFORMATION - Reconciliation of Operating Profit (Loss) From Segments to Consolidated (Details) - EUR (€)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEGMENT INFORMATION
Segment operating income (loss)	€ (1,612,000)	€ 269,000	€ 2,201,000
Financial income (expense), net	145,000	(98,000)	(146,000)
Foreign Currency exchange (losses) gains, net	2,360,000	(1,359,000)	136,000
Income tax (expense) benefit	(193,000)	(516,000)	(679,000)
Net income (loss)	€ 699,890	€ (1,703,668)	€ 1,512,057

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOW (Parenthetical) - EUR (€)
€ in Thousands

1 Months Ended

12 Months Ended

Apr. 30, 2021

Dec. 31, 2021

CONSOLIDATED STATEMENTS OF CASH FLOWS

Proceeds from capital increase

€ 21,289

^[1]

[1]	The proceeds from capital increase of €21,289 thousands relate to the Company’s successful common stock offering in April 2021 – refer to note 17-1.

OTHER LONG-TERM LIABILITIES - Expected Benefit Payments (Details) € in Thousands	Dec. 31, 2021 EUR (€)
Defined Benefit Retirement Indemnity Plans, France [Member]
2023	€ 67
2026	91
2027-2031	277
Total	435
Defined Benefit Retirement Indemnity Plans, Japan [Member]
2022	102
2023	110
2024	152
2025	162
2026	160
2027-2031	449
Total	€ 1,135

PROPERTY AND EQUIPMENT, NET (Details) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 EUR (€)	Dec. 31, 2019 EUR (€)
Property and equipment
Depreciation expense	€ 1,521		€ 1,695	€ 1,511
Property and equipment, gross	11,572		11,141
Accumulated amortization	8,594		8,142
Depreciation expense related to financing lease right-of-use assets	275		401	448
Reduction to Right-of-use Assets Resulting From Reduction to Financing Lease Liability	315		670
Assets leased to customers
Property and equipment
Depreciation expense		$ 40	240	€ 23
Property and equipment, gross	423		264
Accumulated amortization	€ 108		€ 102