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Mauna Kea Technologies Announces Q2 and 1H 2022 Revenues
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Rhea-AI Summary
Mauna Kea Technologies (MKEAY) reported a 2% increase in 1H 2022 revenues to €3,397K. U.S. sales grew 35% year-on-year, but overall sales declined 13% in Q2 due to a drop in systems sales (-42%). Consumables experienced a 10% decline, partly due to a fluorescein shortage. The company is shifting focus towards strategic partnerships, exemplified by a joint venture with Tasly Pharmaceuticals. The next financial release is scheduled for September 22, 2022.
Positive
U.S. sales growth of 35% year-on-year.
Total sales for the first half increased by €82K, or +2%.
Negative
Q2 sales decreased by 13% year-on-year, down to €1,511K.
Systems sales dropped by 42% in Q2.
Consumables sales fell by 10%, attributed to a national shortage.
Stable YTD Revenue while Strategic Realignment Implemented
35% 1H U.S. Sales Growth offset by Declines in Asia
Recently announced Tasly Pharmaceuticals JV and licensing agreements expected to produce new revenue stream
PARIS & BOSTON--(BUSINESS WIRE)--
Regulatory News:
Mauna Kea Technologies(Euronext: MKEA) (Paris:MKEA) (OTCQX:MKEAY), inventor of Cellvizio®, the multi-disciplinary probe and needle-based confocal laser endomicroscopy (p/nCLE) platform, today announced its revenues for the second quarter and first half of 2022 ended June 30, 2022.
Sales for the first half of 2022 increased by €82K, or +2% year-on-year, to €3,397K.
Systems sales at €1,294K, +11%.
Sales of consumables at €1,419K, -11%.
Sales of services at 684 K€, +22%.
After an increase in the first quarter (€1,886K, i.e. +20% compared to the previous year), sales in the second quarter of 2022 were down (€227K), i.e. -13% year-on-year, to €1,511K.
Systems sales at 363 K€, -42%.
Sales of consumables at 786 K€, -10%.
Sales of services at 362 K€, +45%.
Nicolas Bouvier, Interim CEO of Mauna Kea Technologies, said, "When we announced our Strategic Realignment in late-2021, we expressed our intent to meet the clinical and service needs of our legacy Cellvizio users while pivoting our commercial focus to strategic partnerships in new indications, such as we recently announced with Tasly Pharmaceuticals. I am proud of how our team has responded to this dynamic transition and believe our Half-year sales, including 35% y/y U.S. revenue growth, reflect the organization’s disciplined commitment to meeting our near-term objectives while working to ensure Cellvizio is an indispensable technology for improved clinical effectiveness and patient outcomes."
Second quarter and first half 2022 sales by category:
(in K€) - IFRS
T2 2022
T2 2021
Var €.
Var %.
S1 2022
S1 2021
Var €.
Var %.
Systems
363
621
(258)
(42%)
1 294
1 167
127
+11%
Consumables
786
868
(83)
(10%)
1 419
1 588
(169)
(11%)
Services
362
249
113
+45%
684
560
124
+22%
Total sales
1 511
1 738
( 227)
(13%)
3 397
3 314
82
+2%
*Due to rounding, totals may not add up to the sum of the elements.
Second quarter and first half 2022 sales by geography:
(in M€) - IFRS
T2 2022
T2 2021
Var €.
Var %.
S1 2022
S1 2021
Var €.
Var %.
United States
833
1 002
(170)
(17%)
2 228
1 651
577
+35%
Asia-Pacific
320
444
(124)
(28%)
349
888
(539)
(61%)
EMEA & ROW
358
292
66
+23%
819
775
45
+6%
Total sales
1 511
1 738
(227)
(13%)
3 397
3 314
82
+2%
*Due to rounding, totals may not add up to the sum of the elements.
Second quarter and first half 2022 unit sales by type:
Units (#)
T2 2022
T2
2021
VAR %.
S1
2022
S1
2021
VAR %.
New systems sold
4
6
(33%)
11
12
(8%)
New systems placed
3
3
-
3
10
(70%)
Total Systems
5
9
(22%)
14
22
(36%)
Deliveries of consumables
136
148
(8%)
227
294
(23%)
Sales in the United States increased 35% in the first half of the year compared to last year, despite a reduced sales force. The decline in systems sales, which are more difficult to predict, is the main reason for the drop in sales in the second quarter. Lower sales of consumables were due in part to the national shortage of fluorescein in the United States. In Asia, business continues to be impacted by pandemic-related restrictions.
Next financial release:
Financial results for the first half of 2022, on September 22, 2022 after market close.
About Mauna Kea Technologies Mauna Kea Technologies is a global medical device company that manufactures and markets Cellvizio®, the real-time in vivo cell imaging platform. This technology provides unique in vivo cellular visualization that allows physicians to monitor disease progression over time, assess responses as they occur, classify areas of uncertainty and guide surgical interventions. The Cellvizio platform is used in many countries around the world and in several medical specialties and is transforming the way physicians diagnose and treat patients. For more information, visit www.maunakeatech.com.
Disclaimer
This press release contains forward-looking statements about Mauna Kea Technologies and its business. All statements other than statements of historical fact included in this press release, including, but not limited to, statements regarding Mauna Kea Techonologies' financial condition, business, strategies, plans and objectives for future operations are forward-looking statements. Mauna Kea Technologies believes that these forward-looking statements are based on reasonable assumptions. However, no assurance can be given that the expectations expressed in these forward-looking statements will be achieved. These forward-looking statements are subject to numerous risks and uncertainties, including those described in Chapter 3 of Mauna Kea Technologies' 2020 Universal Registration Document filed with the Autorité des marchés financiers (AMF) on June 17, 2021 under number D-21-0566 and the amendment to the Universal Registration Document filed with the AMF on September 17, 2021, both of which are available on the Company's website (www.maunakeatech.fr ), as well as the risks associated with changes in economic conditions, financial markets and the markets in which Mauna Kea Technologies operates. The forward-looking statements contained in this press release are also subject to risks that are unknown to Mauna Kea Technologies or that Mauna Kea Technologies does not currently consider material. The occurrence of some or all of these risks could cause the actual results, financial condition, performance or achievements of Mauna Kea Technologies to differ materially from those expressed in the forward-looking statements. This press release and the information contained herein do not constitute an offer to sell or subscribe for, or the solicitation of an order to buy or subscribe for, shares of Mauna Kea Technologies in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The distribution of this press release may be restricted in certain jurisdictions by local law. Persons into whose possession this document comes are required to comply with all local regulations applicable to this document.
