- Consolidated sales of €100.2 million, +14.0% at constant
exchange rates
- Increase in EBITDA to €26.1 million (+18.7%), EBITDA margin of
26.1%
- Recurring operating profit of €10.3 million
- Cash position of €37.2 million at end-June 2023
Regulatory News:
Amplitude Surgical (ISIN: FR0012789667, Ticker: AMPLI, eligible
for PEA-PME plans) (Paris:AMPLI), a leading French player on the
surgical technology market for lower-limb orthopedics, announces
its 2022-23 annual results.
Olivier Jallabert, Amplitude Surgical’s CEO, commented:
“Group sales for the 2022-23 financial year were up by 14.0% on the
previous year at constant exchange rates. Activity notably improved
thanks to revenue growth of 15.8% in France, which benefited from a
favorable sales dynamic. This growth in activity and good control
over operating costs led to an 18.7% increase in EBITDA to €26.1
million. The recurring operating profit rose to €10.3 million. The
disposal of Novastep’s activities enabled the Group to reduce its
debt and strengthen its financial structure, which will allow it to
continue its sales development momentum and its investments in
technological projects”.
Financial summary – actual exchange rates:
In June 2022, the Board of Directors issued a recommendation
that a strategic review of the Group’s foot and ankle activities be
launched. On June 29, 2023, the Group announced the completion of
the sale of Novastep SAS and Novastep Inc. Therefore, for both
financial years, the Group has applied IFRS 5 “Non-current assets
held for sale and discontinued activities”. The contribution of
Novastep’s activities to the Group’s net profit for 2023 and the
proceeds of the divestment are thus presented on a single line as
Profit/loss from discontinued activities.
€ millions – IFRS
2022-23
2021-2022
Δ
Sales
100.2
87.6
14.4%
Gross margin
70.9
62.7
13.0%
as a % of sales
70.7%
71.6%
-89 bps
Sales & Marketing costs
29,7
27,3
8.5%
General & Administrative costs
13.3
11.5
15.4%
Research & Development costs
1.8
1.8
-3.3%
EBITDA
26.1
22.0
18.7%
as a % of sales
26.1%
25.1%
+95 bps
Recurring operating profit/loss
10.3
6.8
Non-recurring operating income and
expenses
-2.3
-1.8
Operating profit/loss
8.0
4.9
Financial profit/loss
-14.0
-6.6
Current and deferred tax
-0.8
-1.2
Profit/loss from discontinued
activities, after tax
45.3
-2.0
Net profit/loss - Group share
39.2
-4.4
Net financial debt
69.3
118.0
Net cash position at end of
period
37.2
21.0
EBITDA up by 18.7% with an EBITDA margin of 26.1%
During its 2022-23 financial year, Amplitude Surgical recorded
sales of €100.2 million, up 14.4% in actual terms and 14.0% at
constant exchange rates. The Group benefited from a favorable sales
dynamic in France throughout the year and from the growth of its
international activities.
Amplitude Surgical generated a gross margin of 70.7%, down 89
bps, primarily impacted by an increase in the cost prices of its
products.
The Group’s operating expenses totaled €44.7 million, an
increase of 9.9% on the previous year, given the growth in
sales.
Sales & Marketing spending was up 8.5%, due to the growth in
activity leading to a higher level of commissions, notably in
France.
General & Administrative spending rose by 15.4% to €13.3
million, with an increase in personnel costs and in expenses
notably for quality control and regulatory activities.
R&D costs booked as expenses represented 1.8% of sales,
compared with 2.1% the previous year. However, including
capitalized R&D spending, the Group’s global investment in
R&D increased, rising from €4.0 million in 2021-2022 to €4.9
million in the year to June 30, 2023.
Amplitude Surgical had a workforce of 426 staff at end-June 2023
compared with 389 at end-June 2022, an increase of 9.5%. Personnel
costs were up by 12.2% on the previous year.
EBITDA was thus €26.1 million, up 18.7%, giving an EBITDA margin
of 26.1% in 2022-23, an improvement of 95 bp compared with
2021-22.
The Recurring Operating Profit was €10.3 million, versus €6.8
million the previous year, driven by the positive sales trend and
the limited increase in operating costs.
The Operating Profit was €8.0 million in 2022-23 versus €4.9
million in 2021-22.
The financial result was -€14.0 million and consisted primarily
in an interest expense of €11.1 million and the booking of a net
currency loss of €3.6 million.
The profit from discontinued activities was €45.3 million at
June 30, 2023, and corresponds to the net impact of the divestment
of Novastep’s activities.
The Net Result (Group share) was a profit of €39.2 million,
versus a loss of €4.4 million the previous year.
Financial structure: cash position of €37.2 million at
end-June 2023
Net cash flow generated by operating activity totaled €8.1
million, versus €8.0 million in 2021-22.
Investments (excluding the impacts of the Novastep divestment)
totaled €19.4 million in 2022-23 compared with €12.1 million a year
earlier.
The proceeds of the sale of Novastep’s activities generated
approximately €68 million for the Group.
At the end of June 2023, the Group thus had cash and cash
equivalents of €37.2 million.
Net Financial Debt was €69.3 million, giving gearing (Net
Financial Debt over Shareholders’ Equity) of 0.72, compared with
2.24 at the end of June last year.
Key 2022-23 events
- On June 29, 2023, the Amplitude Group announced the completion
of the divestment of its Novastep subsidiaries to Enovis
Corporation. The proceeds of this sale received by the Group
totaled €68 million including €39.2 million of capital gains on the
sale received by Amplitude SAS.
- Partial redemption of the bond issue
- Amplitude Surgical undertook the partial redemption of its
bond issue for a nominal amount of €110 million, to the tune of €40
million, including €37.5 million corresponding to the principal and
€2.5 million to capitalized interest. The remaining bond debt at
June 30, 2023, before deduction of the costs of the issue and the
fair value of the hedging instruments, was €72.5m.
- URSSAF audits on tax on the promotion of medical
devices
- In a decision dated July 11, 2023, the Court of Valence
dismissed Amplitude SAS's claim for cancellation of the
reassessment in the fourth dispute concerning the medical device
promotion tax for the period from July 1, 2017 to June 30, 2020.
The court confirmed the reassessment and ordered the company to pay
URSSAF Rhône Alpes €5.9 million, including €5.5 million in
principal and €0.4 million in late payment surcharges. Amplitude
SAS has appealed this decision.
- Dispute with Zimmer Biomet
- In May 2023, the Court of Cassation rejected the appeal lodged
by Zimmer Biomet against Amplitude SAS, thus ending the dispute
over alleged unfair competition.
Outlook
For the 2023-24 financial year, the Group anticipates sales
growth of around 10%, with a stable EBITDA margin of around
26%.
Next press release:
Q1 2023-24 sales, on Thursday November 23, 2023, after
market.
About Amplitude Surgical
Founded in 1997 in Valence, France, Amplitude Surgical is a
leading French player on the global surgical technology market for
lower-limb orthopedics. Amplitude Surgical develops and markets
high-end products for orthopedic surgery covering the main
disorders affecting the hip and knee. Amplitude Surgical develops,
in close collaboration with surgeons, numerous high value-added
innovations in order to best meet the needs of patients, surgeons
and healthcare facilities. A leading player in France, Amplitude
Surgical is developing abroad through its subsidiaries and a
network of exclusive distributors and agents distributing its
products in more than 30 countries. As of June 30, 2023, Amplitude
Surgical employed 426 people and generated sales of nearly 100.2
million euros.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231018060704/en/
Amplitude Surgical CFO Dimitri Borchtch
finances@amplitude-surgical.com +33 (0)4 75 41 87 41
NewCap Investor Relations Thomas Grojean
amplitude@newcap.eu +33 (0)1 44 71 94 94
NewCap Media Relations Nicolas Merigeau
amplitude@newcap.eu +33 (0)1 44 71 94 98
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