EOS imaging (Paris:EOSI) (Euronext, FR0011191766 - EOSI), the pioneer in
2D/3D orthopedic medical imaging, eligible for PEA-PME equity
savings plans, today announced 2013 consolidated annual results for the
year to December 31, 2013, as approved by the Company's Board of
Directors on April 8, 2014. EOS also announced its revenue results for
the first quarter of 2014.
EOS imaging posted 2013 revenue of €15.17 million, up 61% from 2012.
Driven by sales of 34 systems, revenue from EOS® equipment totaled
€13.43 million in 2013, an increase of 58%. Sales of services increased
by 71% to €1.54 million.
The Company also received €1.50 million in public financing in 2013 to
bolster its innovation efforts, including a research tax credit,
recorded as "other income."
The ongoing reduction in production and maintenance costs contributed to
a further improvement in the Company's gross margin, which represented
43% of revenue in 2013 compared to 40% in 2012. This three percentage
point improvement occurred despite a negative currency effect of 1
percentage point on gross margin compared to the prior year.
The increase in operating expenses (excluding the direct cost of sales
and share-based payments) was limited to 20% in 2013, which compares
favorably to the 61% increase in sales.
The indirect cost of production and services totaled €2.5 million and
represented 15% of revenue, compared to 17% in 2012. Sales and marketing
costs, which increased by 21% in 2013, totaled €5.1 million and
accounted for 39% of operating expenses. Research and development
expenses, which increased by 21%, totaled €2.6 million and represented
17% of revenue compared to 23% in 2012. Other expenses increased by 7%
and represented 21% of revenue compared with 32% in 2012.
Once share-based payments are taken into account, the Company's
operating loss decreased to €6.37 million in 2013, or to 41% of revenue
compared to 82% of 2012 revenues.
The Company recorded a net loss of €5.88 million in 2013 compared to
€7.22 million loss in 2012, reducing overall net loss from 2012 by 19%.
The Company's total number of employees was 101 as of December 31, 2013
as opposed to 62 on December 31, 2012. This notable increase in EOS'
workforce was the result of recruitment throughout 2013 to accompany the
growth in activity. This personnel increase also reflects the
integration of OneFit Medical's workforce into EOS. The average
consolidated headcount was 77 employees in 2013 compared to 58 in 2012.
As of December 31, 2013, EOS imaging had a net cash position of €15.75
million. At the end of December, the Company had shareholders' equity of
€30.07 million, compared with €31.5 million at December 31, 2012.
Over the first quarter of 2014, EOS imaging recorded revenue of €2.16
million - an increase of 14 % from the same period in 2012.
Revenue from equipment sales totaled €1.56 million in the first quarter
of 2014, corresponding to the sale of four EOS® systems, an identical
performance to that recorded in the first quarter of 2013. The average
sale price of each system was €390,000, compared with €399,000 a year
Sales of services increased by 47% over the first quarter of 2014,
totaling €0.45 million compared with €0.30 million in the same quarter
of 2013. This growth is a result of the expansion in the number of
installed EOS® systems.
Sales of consumables and related services associated with the
integration of OneFit Medical came to €0.15 million in the quarter.
Marie Meynadier, CEO of EOS imaging, commented: "The buoyant
growth in our sales in 2013 reflects the medical community's adoption of
the innovation provided by EOS to osteoarticular imaging and orthopedic
surgery. Combined with the continual improvement in our gross
margin and tight management of our expenses, this adoption has enabled
us to significantly reduce our operating loss. The acquisition of OneFit
Medical at the end of the year will intensify the development of our
consumable and software service offerings related to EOS system sales.
The year 2013 also saw remarkable successes in the Asia-Pacific region.
The first quarter of 2014, whose contribution to annual revenue is
traditionally very low, reflects a gradual rebalancing of our sales on
our three main markets, on which EOS is continuing its improvement
despite a lengthening of sales cycles in North America."
About EOS imaging:
EOS imaging designs, develops, and markets EOS®, a revolutionary and
patented medical imaging system, based on technology that enabled George
Charpak to win the Nobel Prize for Physics. The Company is authorized to
market the system in 31 countries, including the United States (FDA),
Japan, Canada, Australia and the European Union (EU). Backed by an
installed base of over 80 sites and more than 400,000 imaging sessions,
EOS® benefits from worldwide recognition within the global medical
community. As of December 31, 2013 the Group posted 2013 consolidated
revenue of €15.2 million and employs 101 people including an R&D team of
38 engineers. The Group is based in Paris and has four subsidiaries in
Besançon (France), Cambridge (Massachusetts), in Montreal (Canada) and
Frankfurt (Germany), and offices in Singapore. For further information,
please visit: www.eos-imaging.com.
EOS imaging is listed on Compartment C of Euronext Paris
ISIN: FR0011191766 - Ticker: EOSI
Next press release: revenue for the 1st
half of 2014, on July 22, 2014 (after market).
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