SMAIO (ALSMA) Q4 2025 TU earnings summary

Executive summary

• Annual sales reached €9.2 million in 2025, a 67% increase year-over-year, driven by strong U.S. market performance.

• U.S. sales rose 138% to €7.0 million, now representing over 75% of total sales.

• Adoption of the Kheiron system accelerated, with 326 procedures in 2025 versus 180 in 2024.

• 11 new North American surgeons began using SMAIO solutions, indicating potential for further growth in 2026.

Financial highlights

• Group sales: €9.2 million in 2025 vs. €5.5 million in 2024 (+67%).

• U.S. sales: €7.0 million in 2025 vs. €2.9 million in 2024 (+138%).

• Rest of world (ex-France): €1.2 million (-10%); France: €0.9 million (-20%).

• Cash position at year-end: €5.8 million, up from €3.2 million in 2024.

Outlook and guidance

• Continued U.S. market expansion with further center activations and surgeon adoption expected in 2026.

• Rollout of KEOPS-4ME platform and patient-specific K-Rods to begin in Q2 2026 via new industrial partnerships.

• Ongoing R&D investment to enhance technological differentiation and clinical value.