SMAIO (ALSMA) H2 2025 earnings summary

Executive summary

• Annual sales grew 67% year-over-year to €9.2m, driven by a 138% surge in US implant sales, now over 75% of total activity.

• Gross margin rate improved by 14 points to 83%, reflecting strong US market momentum.

• EBITDA loss reduced by 36% to -€0.8m, with net loss narrowing to €2.2m from €2.3m year-over-year.

• Strategic focus on US market and complex surgeries, supported by new partnerships and product launches.

Financial highlights

• Group sales reached €9.2m in 2025, up from €5.5m in 2024 (+67%).

• US implant sales rose to €7.0m (+138%), accounting for the majority of revenue.

• Gross margin increased to €7.6m, with margin rate at 83% versus 69% prior year.

• Operating expenses rose 47% to €10.3m, reflecting higher commissions and R&D investment.

• Net loss improved to -€2.2m from -€2.3m year-over-year.

Outlook and guidance

• Plans to accelerate US market penetration, leveraging direct surgeon collaborations and the KEOPS-4ME platform.

• KEOPS-4ME rollout and new partnerships expected to drive growth from H2 2026.

• Continued investment in R&D to enhance product differentiation and technological leadership.