- Consolidated sales of €49.1m, up 9.4% at constant exchange
rates
- EBITDA up to €11.8m (+1.5%), EBITDA rate at 24.1%.
- Recuring operating income of €5.1 million
- Cash position of €31.3 M at December 31, 2023
Regulatory News:
Amplitude Surgical (ISIN: FR0012789667, Mnemo: AMPLI, PEA-PME
eligible) (Paris:AMPLI), leading French player on the surgical
technology market for lower-limb orthopedics, announces its results
for the first half of the 2023-24 financial year.
Olivier Jallabert, Chief Executive Officer of Amplitude
Surgical, comments: "The Amplitude Surgical Group's sales for
the first half of the 2023-24 financial year were up +9.4% at
constant exchange rates compared with the first half of the
previous year. The increase in sales offset the rise in product
cost prices and operating costs, in particular staff costs,
resulting in EBITDA growth of +1.5% to €11.8 million. Profit from
recurring operations amounted to € 5.1 million, up slightly on the
first half of the previous year. The improvement in the financial
result leads to a net income close to breakeven for the first half
of the 2023-24 financial year."
Financial summary - data at current exchange rates:
In €m - IFRS
H1 2023-24
H1 2022-2023
Change
Sales
49.1
45.2
8.5%
Gross margin
34.7
32.4
7.2%
As % of sales
70.8%
71.6%
-86bp
Sales & marketing expenses
14.8
13.8
7.4%
Administrative expenses
7.3
6.2
17.9%
Research & Development costs
0.8
0.8
5.4%
EBITDA
11.8
11.7
1.5%
As % of sales
24.1%
25.8%
-167bp
Recurring operating income
5.1
4.9
Non-recurring operating income and
expenses
-1.1
-1.0
Operating income
4.0
3.9
Net financial income
-3.9
-6.9
Current and deferred taxes
-0.3
-0.3
Income from discontinued operations,
net of tax
-0.9
Net income - Group share
-0.2
-4.2
December 31, 2023
June 30, 2023
Net financial debt
81.5
69.3
Cash position at end of period
31.3
37.2
EBITDA up +1.5% with an EBITDA margin of 24.1%.
In the 1st half-year (July - December) of the 2023-24 financial
year, Amplitude Surgical sales came to €49.1 million, up +8.5% and
+9.4% at constant exchange rates on the previous year.
Amplitude Surgical reported a gross margin of 70.8%, down -86
bp, mainly due to higher product costs.
Group operating expenses came to €22.9m, up 10.4% on the first
half of FY 2022-23.
Sales & marketing expenses rose by 7.4%, in line with
business growth and salary increases both in France and abroad.
Administrative expenses rose by 17.9% to €7.3m, with higher
personnel expenses and regulatory costs. During the 1st half-year
2023/2024, R&D expenditure remained stable at 0.8 M€, at 1.7%
of sales. However, including capitalized R&D expenditure, the
Group's overall investment in R&D increased from 2.3 M€ in the
first half of the 2022-23 financial year to 3.0 M€ in the first
half of the 2023-24 financial year.
At the end of December 2023, Amplitude Surgical's headcount
stood at 416, compared with 426 at the end of June 2023. Staff
expenses increased by 12.2% compared with the 1st half-year
2022-2023, while average headcount rose from 409 to 420 FTEs
between the 1st half-year 2022-2023 and the 1st half-year
2023-2024.
EBITDA thus amounted to €11.8 million, up 1.5%, giving a margin
of 24.1%, down 167 bp on the 1st half-year 2022-23. The decrease of
the EBITDA margin comes for a half from the increase of the
purchasing prices of raw materials and semi-finished products and
for another half from the investment in corporate costs and
personnel expenses.
Operating income before non-recurring items was a profit of €5.1
million, compared with a profit of €4.9 million in the 1st
half-year 2022-23, as the increase in sales offset the rise in cost
prices and operating costs. Operating income was positive at €4.0
million, compared with a profit of €3.9 million in the 1st
half-year 2022/2023.
Net financial expense amounted to a loss of €3.9m, made up
mainly of interest expense of €4.9m, gains on debt hedging
transactions of €0.8m and interest on term accounts on cash
surpluses of €0.3m.
Overall, net income (Group share) showed a loss of € -0.2
million, compared with a net loss of € -4.2 million in the first
half of the previous year.
Financial structure: cash position of €31.3 million at end
2023
Net cash flow from operating activities for the half-year was
positive at €0.9m, compared with cash generation of €1.0m in the
1st half-year 2022-23.
Capital expenditure for the 1st half-year to 2023-24 totaled
€9.4m, compared with €9.3m for the 1st half-year of the previous
year.
At the end of December 2023, the Group had cash and cash
equivalents of €31.3m. Net financial debt stood at €81.5
million.
Group outlook
On the basis of sales for the first 8 months of the financial
year and sales indicators for the second half, the Company is
updating its outlook and anticipates the following for the 2023-24
financial year (financial year ending June 30, 2024):
- sales growth of around 7% year-on-year, with a lower level of
growth in the second half of the year; and
- an EBITDA margin close to 25.5%.
Availability of the financial report
Amplitude Surgical has made its half-yearly financial report to
December 31, 2023 available to the public and filed it with the
Autorité des marchés financiers.
The half-year financial report is available on the Amplitude
Surgical website at www.amplitude-surgical.com/fr, in the
"Documentation / Financial Report" section.
Next press release:
9-month sales 2023-24: Thursday April 18, 2024, after market
close.
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/20240320210806/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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