SMAIO (ALSMA) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was €2.2M, down year-over-year due to the absence of a €2.8M milestone payment from NuVasive received in H1 2023.

• Implant and instrument sales grew 80–81% year-over-year to €2.1M–€2.2M, driven by strong US and Scandinavian market momentum.

• Operating loss reached €1.7M versus a €0.9M profit in H1 2023, reflecting the non-recurrence of the milestone and increased operating expenses.

• Net loss was €1.2M compared to a €1.1M profit in H1 2023.

• Creation of a scientific advisory board with leading US surgeons to accelerate US market development.

Financial highlights

• Gross margin on implant sales reached 79%, up 8 points year-over-year, benefiting from higher-margin US sales.

• EBITDA was negative at €0.87M, compared to a positive €0.94M in H1 2023.

• Net financial income was €0.1M, mainly from guaranteed capital placements.

• Equity stood at €8.0M, down from €10.8M a year earlier.

• Cash position at June 30, 2024, was €5.1M.

Outlook and guidance

• Focus on expanding the i-kontrol platform, custom rod production, and US market integration, leveraging the scientific advisory board.

• Continued R&D to enhance surgical precision, including AI-driven planning and 3D-printed guides.

• Next Sagittal Alignment Academy in December 2024 in New York to further US market penetration.

• Sustained growth momentum expected in the next six months.