Mauna Kea Technologies (ALMKT) investor relations material

Market opportunity and clinical impact

• Cellvizio enables real-time, cellular-level imaging during standard procedures, transforming diagnostic certainty for pancreatic cysts, IBS/food intolerance, and Barrett's esophagus.

• Over 1,200 peer-reviewed publications and 110,000+ procedures support its clinical adoption.

• Three clinical pillars drive growth: pancreatic cysts (new diagnostic standard), CellTolerance for IBS (addresses massive unmet need), and Barrett's esophagus (improves early cancer detection).

• CellTolerance uniquely visualizes gut barrier function in real time, outperforming all current IBS diagnostic methods.

• Peer-driven adoption and inclusion in major guidelines accelerate market momentum.

Business model and financial performance

• Flexible business model combines capital sales, recurring probe sales, and pay-per-use/rental, each with ~80% gross margin.

• U.S. market now generates ~70% of sales, with strong capital adoption and margin expansion.

• Core sales grew 68% in Q1 2026, driven by clinical validation and reimbursement improvements.

• Operating losses reduced by 70% since 2020; cash burn halved since 2022.

• Major debt restructuring in 2025 slashed gross debt by 69% and restored €20M in equity.

Growth strategy and forward outlook

• Three growth vectors: U.S. direct sales (targeting >$10M by 2028), strategic partnerships (e.g., TaeWoong), and international expansion (projected 4x growth by 2028, led by CellTolerance).

• R&D roadmap includes ultra-thin probes, digital transformation (connected devices), and AI integration for enhanced diagnostics.

• Financial runway secured until early Q2 2027, with additional upside from warrant exercises.

• Profitability targeted by end-2027, with a diversified platform attracting strategic interest.

• Strong management alignment and institutional support following the 2025 restructuring.