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IMPLANET Announces the Divestment of Its Knee Prosthesis Range to Refocus on Its Spine Business
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Rhea-AI Summary
IMPLANET has finalized the sale of its MADISONTM knee prosthesis business to MENIX Group’s SERF for €5 million, a strategic move to focus solely on its spine surgery products. The divestment aligns with IMPLANET's goal to enhance its JAZZ® and OSD ranges. The MADISONTM business generated €1.5 million in the first nine months of 2021. Future payments will depend on regulatory milestones, with an additional commission up to €0.5 million based on SERF's sales. This transition is expected to boost resource allocation towards spinal disorder treatments.
Positive
Completion of the sale of MADISONTM business for €5 million allows IMPLANET to focus on its core spine surgery products.
Expected additional revenue through commission on SERF's sales enhances financial outlook.
Negative
MADISONTM generated an operating loss of €0.2 million in 2020, indicating prior underperformance.
Completion of the sale of the MADISONTM range’s assets to the MENIX Group’s SERF company for €5 million
Strengthening of the JAZZ® and OSD spine surgery ranges
BORDEAUX, France & BOSTON--(BUSINESS WIRE)--
Regulatory News:
IMPLANET (Euronext Growth: ALIMP, FR0013470168, eligible for PEA-PME equity savings plans), a medical technology company specialized in vertebral and knee-surgery implants, today announces the completion of the sale on October 29, 2021 of its MADISONTM knee prosthesis business to the MENIX Group’s SERF company for a total of € 5.0 million to which a price supplement will be added.
Ludovic Lastennet, IMPLANET’s CEO, said: “Strategically decided in 2020 and initiated in early 2021 with the acquisition of OSD, the refocus on our Spine business is materializing with the divestment of our MADISONTM knee prosthesis range to French group MENIX. This operation will allow IMPLANET to devote 100% of its resources to its historical activity. Our objective is henceforth to become an innovative and leading player on the spine surgery segment and to offer surgeons and patients outstanding products for treating major pediatric deformities and adult degenerative disorders that account for the majority of surgical procedures on our priority markets”.
Announced on September 23, 2021, this divestment of the MADISONTM range concerns the entire activity, from the design to the marketing of the implants. In order to ensure the continuity of regulatory obligations, a contract under which IMPLANET will continue to manufacture the products and an exclusive distribution contract by SERF have also been signed between the parts. This transition period will end 6 months after SERF has obtained the CE mark.
The sale price of €5.0 million will be subject to an adjustment related to the inventory items sold. A first installment of €2.7 million was paid on October 29, 2021 and the balance will be paid in instalments over time depending on the achievement of regulatory milestones related to the CE marking. In addition, a price supplement of up to €0.5 million is also planned for IMPLANET, paid in the form of a commission on sales made by SERF with the KiCO partner.
This operation is in line with IMPLANET’s stated intention of positioning itself as a benchmark player in the treatment of spinal disorders. The Company is now fully focused on developing its strategic Spine business, and the financial resources resulting from this divestment will be used to strengthen the JAZZ® and OSD ranges, accelerate sales momentum and continue the Company’s intellectual protection strategy.
The MADISONTM business, to which a collaborator was attached, generated revenue of €2.1 million with a current operating income of €0.1 million and an operating loss of €0.2 million in 2020. In the first nine months of fiscal year 2021, this activity generated revenues of €1.5 million.
Upcoming financial event:
- 2021 annual revenue, January 18, 2022 after market close*
* Date subject to modification
About IMPLANET
Founded in 2007, IMPLANET is a medical technology company that manufactures high-quality implants for orthopedic surgery. Its activity revolves around two product ranges, a comprehensive innovative solution for improving the treatment of spinal pathologies (JAZZ® and OSD), as well as the MADISON implant for first-line prosthetic knee surgery. Implanet’s tried-and-tested orthopedic platform is based on the traceability of its products. Protected by four families of international patents, JAZZ® has obtained 510(k) regulatory clearance from the Food and Drug Administration (FDA) in the United States, the CE mark in Europe and ANVISA approval in Brazil. IMPLANET employs 29 staff and recorded sales of €6.0 million in 2020. For further information, please visit www.implanet.com. Based near Bordeaux in France, IMPLANET opened a US subsidiary in Boston in 2013. In May 2021, IMPLANET acquired Orthopaedic & Spine Development (OSD), which specializes in developing, manufacturing and marketing implants for spine surgery and offers a product range that complements the latest generation JAZZ® implant (thoraco-lumbar screws, cages and cervical plates). IMPLANET is listed on the Euronext Growth market in Paris.
The Company would like to remind readers that the table for monitoring the equity line (OCA, BSA) and the number of shares outstanding is available on its website: http://www.implanet-invest.com/suivi-des-actions-80
