SMAIO (ALSMA) Q2 2025 TU earnings summary

Executive summary

• Sales for H1 2025 surged 126% year-over-year to €5 million, nearly matching full-year 2024 sales.

• US market drove growth, with sales up 360% to €3.8 million, now representing over 75% of total sales.

• Strategic focus on high-value, complex spinal surgeries in key US centers is yielding higher average revenue per procedure.

Financial highlights

• Total H1 2025 sales reached €5 million, up from €2.2 million in H1 2024.

• US implant sales rose to €3.8 million from €0.8 million year-over-year.

• Rest of world (excluding France) sales stable at €0.7 million; France declined 12% to €0.5 million.

• Dollar sales grew sequentially from $2 million in Q1 2025 to $2.2 million in Q2 2025.

• Negative FX impact of €150 thousand due to dollar weakening.

Outlook and guidance

• Targeting expansion to around 20 active US centers by end of 2026, matching European footprint.

• Continued investment in AI-driven innovation and specialized surgeon training.

• Confident in maintaining growth momentum and progressing toward profitability.