- 89% growth in the number of
treatments
- Doubling of recurring
revenues1: + 87% vs1H'17
- € 0.9M sales: + 15% vs1H'17
- Sales to non-Group customers up
61%
- Looking for 4 M€ funding in the next
6 months
Regulatory News:
THERACLION (Paris:ALTHE) (Euronext Growth, FR0010120402 –
ALTHE), a company specialized in leading-edge medical equipment for
echotherapy, announces today its sales for the first semester of
2018, closing on June 30th.
David Caumartin, Managing Director of Theraclion, says:
"Theraclion continues to expand its installed base of Echopulse
equipment and recorded sales to non-Group customers of 3 systems in
the first half of 2018. The development of the installed base
explains the growth in recurring revenue from the sale of
consumables and services that doubled over the period. Nearly 500
treatments were performed in the first half of 2018, almost
doubling compared to the first half of last year, reflecting the
growing adoption of our echotherapy solution and opening up very
promising development prospects in new indications such as venous
pathologies.”
Growth in sales to non-Group customers: + 61%
In accordance with the changes in the reporting entity for the
Theraclion financial statements decided in 2017, the figures
published today are those of the legal entity Theraclion SA. They
do not consolidate the contributions of Theraclion APAC Ltd (Hong
Kong) and Theraclion China Co., Ltd. (Shenzhen). Sales to these
subsidiaries are accounted for as sales to third parties. Total
sales third parties from Theraclion SA, Theraclion Hong Kong and
the joint venture in China would have amounted to € 899,0002 up 61%
from € 559,000 in 2017.
Sales of Theraclion SA alone were of € 862,000, up 15%
year-on-year.
The € 653k in equipment revenue for the first half of 2018
corresponds to the sales of three Echopulse machines: one in Spain,
one in France and one in South Korea via the unconsolidated Hong
Kong Theraclion subsidiary. In the first half of 2017, Theraclion
had sold three systems, including one to its Hong Kong subsidiary
which uses this system for pay per use clients.
The equipment rentals are progressing compared to the first half
of 2017 due to a lease of a veterinary research system in the
United States.
The sale of consumables is up 54% in line with the increase in
the number of treatments in clinical routine of 68%, which
illustrates the growing adoption of echotherapy.
Finally, the 142% increase in service sales reflects the signing
of system maintenance contracts that come out of the warranty
period. In total, recurring revenues - consumables and maintenance
services - doubled compared to the first half of 2017.
K€ 2018 2017 % vs
2017
Echopulses sales3
653 656 +0% Echopulse rent 72 24 +202%
Consumables sales (a) 70 46 +54% Service sales (b) 67
28 +142%
Sales Theraclion SA 862
753 +15% Inc External Sales 680 549 +24% Inc
Sales to Theraclion SA branches 183 204 -11%
Externales Sales from branches
220 11 +1 962%
External sales Theraclion SA
+branches
899 559 +61% (a)+(b)
Recurring sales 137 73 +87%
Growth in the number of treatments: + 89%
The total number of treatments increased by 89% in the first
half.
The number of treatments in clinical routine (that is to say the
treatments carried out outside a clinical study sponsored by
Theraclion) is increasing by 68%: several reference sites in
Germany, Spain and Hong Kong have switched over towards echotherapy
as an effective and elegant method of treatment. The technique is
also for them an important marketing differentiator.
The strong growth of treatments in sponsored studies is due to
the completion of a study on the treatment of varicose veins in
Austria and the acceleration of recruitment in the multicenter
trial in the United States on the treatment of fibroadenoma, last
step before accession to this gigantic market.
june-18 june-17 Evolution
% Evolution Thyroid 327 168 159 95% Breast 81 63 18
29% Veins 36 36 NA Other 3 6 -3 -50%
TOTAL 447 237 210
89%
Number of treatments outsidesponsored
studies
371 221 150 68%
Finalization on June 5, 2018 of the study on the treatment of
varicose veins by echotherapy
Intermediate Outcomes: Safety and
Effectiveness
The study was conducted by Dr. Alfred Obermayer Vascular Surgeon
at St. Joseph's Hospital in Vienna and Director of the Karl
Landsteiner Institute for Functional Phlebology in Melk who states:
"We are satisfied with the clinical results. We did echototherapy
on patients who had already been treated with other techniques,
without success. The encouraging results we have seen with
echotherapy suggest that we have identified a relevant alternative
to current solutions. "
Benefits of echotherapy compared to
existing methods
Existing methods, even if some are minimally invasive, have
disadvantages, mainly related to the fact that they require
incisions: a sterile surgical block and anesthesia - or even a
general anesthesia - are mandatory. These acts are delicate to
perform, a large surgical experience is required, which makes them
extremely dependent on the experience of operators. Side effects
such as pigmentation, inflammation, nerve damage or induration are
also sometimes observed. The patient who has just been treated is
absolutely not autonomous and requires postoperative assistance. So
many disadvantages that echotherapy is exonerated. This technique
has the potential to respond to the shortcomings of existing
methods.
Dr. Michel Nuta, Chief Medical Officer and Vice President Veins
of Theraclion, adds: "The intermediate results are in line with our
expectations. Given the treated patients who had mostly recurred
after initial treatment with traditional methods, we are very
confident about the benefits and effectiveness of this new
technique. "
The treatment of varicose veins by
echotherapy represents a gigantic market quickly
accessible
The health costs of treating varicose veins are $ 9 billion a
year. This figure excludes the treatment of telangiectasia, or
so-called spider veins. The venous medical device market in this
budget has increased by 12% per year over the last 10 years, from
approximately $ 160 million to over $ 500 million through the rapid
adoption of minimally invasive methods such as than the radio
frequency and the laser.
Opinion leaders in the world of phlebology have found that their
patients are increasingly deciding on the alternative choices of
treatments they can benefit from. A completely non-invasive
solution such as echotherapy will undoubtedly be their favor.
Minimally invasive techniques have paved the way for reimbursement
in some markets. On others even among the largest, patients opt for
a payment out of pocket to avoid invasive surgery.
"Our plan for CE marking and FDA submission will soon be
disclosed. We focused our research, development and clinical
studies efforts to transform this huge market. We will submit it
for unmet medical needs and many benefits from our echotherapy
technology. We bring a revolutionary, non-invasive, accurate and
safe approach that addresses the shortcomings of current options.
The whole project looks extremely promising "says David
Caumartin.
Evolution of cash flow and continuity of operations
In June 2018, Theraclion set up an issue financing of 120
redeemable share warrants (BSAR) divided into 12 equal monthly
tranches for a total amount of € 3.6 million provided by NICE &
GREEN, a company specializing in providing financing solutions
tailored to listed companies.
In addition, Theraclion has just received approbation for € 1.7
million financing over 3 years from Eurostar to fund a project
aimed at developing the first marketable HIFU machine for the
treatment of cancer.
At June 30, 2018, Theraclion's available cash position amounted
to € 1.5 million. Given its sales prospects (including those
resulting from orders received) and its expected cash flow, the
Company carried out a specific review of its liquidity risk and
implemented actions to ensure going concern until 30th of June
2019. In this respect, it is currently studying several financing
options in the second half of 2018 amounting to about € 4
million.
About Theraclion
Theraclion is a French company specialized in high technology
medical equipment using therapeutic ultrasound. Based on the most
advanced technologies, Theraclion designs and markets an innovative
Echopulse® echo-therapy solution, which allows the treatment of
tumors using Ultrasound Focused under ultrasound guidance.
Theraclion is ISO 13485 certified and CE marked for noninvasive
ablation of breast adenofibromas and thyroid nodules. Located in
Malakoff, near Paris, Theraclion brings together a team of 34
people, 50% of whom are dedicated to R & D and clinical
trials.
For more information, do not hesitate to visit the Theraclion
website:www.theraclion.com
Theraclion is listed on Alternext ParisPEA-PME
eligibleMnemonique : ALTHE – Code ISIN :
FR0010120402
1 Addition of Consumables and Service sales2 Non audited
numbers3 These sales of equipment include a return clause within 12
months. This practice is commonly used by Theraclion to facilitate
the adoption of its innovative technology. To date, no customer has
exercised this clause.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180716005556/en/
TheraclionDavid CaumartinCEOTél. : +33 (0)1 55 48 90
70david.caumartin@theraclion.com
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