Spineway (ALSPW) H1 2024 earnings summary

Executive summary

• H1 2024 sales reached €6.5m, up 20% year-over-year, reflecting continued organic growth.

• Operating result improved by nearly €500,000 to -€770,000 compared to -€1,256,000 in H1 2023 (+39%).

• The group continued its strategic growth plan, launching a premium implant range and pursuing US market entry.

• An austerity plan was implemented, reducing workforce by over 11% and incurring €196k in exceptional expenses.

• Gross margin stable at 69%, in line with forecasts and prior periods.

Financial highlights

• Consolidated net income was -€3.4m, impacted by a non-cash exceptional Negma financial charge of €1.4m.

• Restated net result (excluding Negma charge) stable at -€1.9m.

• Cash at period end was €1.6m, up from €1.2m at end-2023, with low net debt of €0.3m.

• Share capital at 30 June 2024 was €155,857, comprising 3,463,477 shares.

• Gearing (net debt/equity) at 1.3% with equity of €20.7m.

Outlook and guidance

• The group expects continued growth, supported by ongoing regulatory approvals and product launches.

• Full effect of cost-saving measures to be realized in H2 2024.

• Aims to regain operational balance in the medium term and return to profitability.

• Cash flow needs are secured for at least 12 months via the Negma convertible bond agreement.

• Focused on launching a premium range for degenerative spinal pathologies and internalizing ESP prosthesis production.