Mauna Kea Technologies Reports Full-Year 2012 Results in Line with
- 2012 sales grew 76% to €8.8 million
- Growth of operating expenses slowed in the second half of 2012
- Company ended year with strong cash position at €37.6 million
- Gross margin reached record 69%
PARIS -- March 26, 2013
Mauna Kea Technologies (NYSE Euronext: MKEA, FR0010609263), leader in the
optical biopsy market and developer of Cellvizio®, the fastest way to see
cancer, today announced its full financial results for the 12 months ended
December 31, 2012.
Thousands of euros (€) – IFRS December 31, 2012 December 31, 2011
Sales 8,810 5,016
Other Revenue 1,472 960
Total Revenue 10,282 5,976
Cost of Goods Sold (2,705) (1,583)
Gross Margin 69% 68%
Research & Development (3,262) (2,291)
Sales & Marketing (12,527) (6,281)
Overhead (3,684) (3,271)
Share-based Payments (1,073) (654)
Total Expenses (23,251) (14,079)
Operating Income (Loss) (12,969) (8,103)
Net Earnings (Loss) (13,056) (7,909)
Fiscal Year 2012 Sales Up 76%
Fiscal year 2012 sales grew by 76% to €8.810 million. Sales of Cellvizio® to
hospitals and clinics, the company’s key target market, grew by 69% to €7.461
million in 2012, while Cellvizio sales for pre-clinical research more than
doubled to €1.349 million, an increase of 129%.
The breakdown of 2012 sales by product type and geography highlights strong
growth in equipment sales (sales of Cellvizio systems) and consumables (sales
of multi-use confocal miniprobes used with Cellvizio systems), which increased
82% and 96% to €6.172 million and €2.003 million, respectively.
Sales in the Americas region accounted for nearly half of the company’s sales
(48%), while the EMEA (Europe, Middle East and Africa) and APAC (Asia-Pacific)
regions constituted 36% and 16% of sales, respectively.
Other revenues totaled €1.472 million, driven mainly by grants associated with
the company’s collaboration under the PERSEE project and €0,975 million in
research tax credit.
As of December 31^st, 2012, Mauna Kea Technologies has an installed base of
283 Cellvizio systems worldwide with 185 in hospitals and clinical care
facilities and 98 in pre-clinical research facilities.
At year-end, 102 Cellvizio systems were installed in North America, including
95 in the United States, while 142 systems have been installed in EMEA, 38
systems in APAC, and one system in Latin America.
Gross margin reaches a record high
Gross margins continued to improve, reaching a record 69% in 2012, compared to
68% and 65% in 2011 and 2010, respectively. The increase is largely
attributable to an increase in the average selling price of systems and
Sales Growth Significantly Outpaces Sequential Increase in Operating Expenses
H2 2012 H1 2012 H2 2011 H1 2011
Sales (€ million) 5.3 3.5 3.2 1.8
Sequential Growth 50.4% 10.1% 75.6% -
OPEX (€ million) 12.1 11.1 8.6 5.4
Sequential Growth 9.3% 28.3% 59.7% -
The company finished recruiting its direct sales forces for the United States
and France early in the second half of 2012. Consequently sequential growth in
operating expenses began to slow in comparison to sequential sales growth in
the second half of the year.
The company ended the year with a net loss of €13.056 million. As of December
31, 2012, the company reported cash and cash equivalents of €37.6 million.
Mauna Kea Technologies had 121 employees as of December 31^st, 2012 compared
to 88 employees at the end of 2011.
“Optical biopsy is becoming established as a standard of care in
gastroenterology and in other disciplines, paving the way for better care for
patients,” Sacha Loiseau, Chief Executive Officer of Mauna Kea Technologies,
stated. “The healthy growth in Cellvizio system and miniprobe sales – in spite
of the very bleak global business environment – reflects the medical
community’s adoption of the technology as a vital tool to improve the
diagnosis and treatment of patients with many of the world’s most common
diseases. The investments we made in our commercial organization at the
beginning of 2012, coupled with the growing body of clinical data and positive
reimbursement milestones in the U.S. have helped us lay a strong foundation
for success in our key markets. We continue to manage our substantial cash
resources while delivering on our goals to increase the utilization of optical
biopsies across clinical applications and regions around the globe.”
Recent Developments and Highlights
Record Number of Cellvizio Studies Published in 2012
*Over 66 papers on the benefits of optical biopsies across indications were
*Publications during 2012 supported the use of Cellvizio in new
applications including needle-based procedures in the pancreas and stomach
*Additionally, gastroenterologists in Japan and Germany used Cellvizio to
view the enteric nervous system of the digestive tract during an endoscopy
procedure for the first time. Study findings were published in the
November 2012 issue of Gastroenterology, the leading medical journal in
the digestive field.
*There was also an increase in publications validating the use of Cellvizio
optical biopsies for irritable bowel disease (IBD) and syndrome (IBS),
Barrett’s Esophagus (BE), colorectal diseases, and cancers of the bile and
U.S. Reimbursement Highlights
*On January 1^st 2013, new Category I CPT codes for the use of Cellvizio in
the digestive tract were implemented. Payment from Medicare/Medicaid for
these codes had been established at $927 per procedure. The company
recently launched an information and support initiative to help its
customers obtain coverage from private insurers.
Cellvizio Optical Biopsy Probe CE Marked For Urological Applications
*In December 2012, the company’s Cellvizio optical biopsy probe for
urological applications received CE mark approval for use during
cystoscopy procedures in Europe. First indication will be bladder cancer
Regulatory Clearance in Brazil, Canada, Turkey, Russia, and China
*In December 2012, Mauna Kea Technologies received regulatory approval for
Cellvizio from the State Food and Drug Administration (SFDA) in China. The
company has a strategic partnership with FUJIFILM (China), for the
expansion of Cellvizio optical biopsy distribution throughout China.
*The company received regulatory clearance in Brazil in June 2012 to sell
its Cellvizio 100 Series optical biopsy system throughout the country,
which is the largest medical device market in South America.
*In 2012, the company also received regulatory clearance from Health
Canada, the Canadian Federal department responsible for medical device
approval, the Turkish Ministry of Health, and the Russian Ministry of
Health to sell both the Cellvizio 100 optical biopsy system and the AQ
Flex 19 miniprobe throughout Canada, Turkey, and Russia. These countries
are among the most dynamic medical device markets in the world.
Company Reports First Cellvizio System Sales in Japan, World’s Second Largest
*At the beginning of 2013, physicians at Japanese medical schools,
including the Hirosaki University Graduate School of Medicine in Aomori,
have acquired two Cellvizio systems to better understand stomach,
pancreatic and esophageal cancers, as well as common functional
gastrointestinal and motility disorders such as irritable bowel syndrome
(IBS), gastro esophageal reflux disease (GERD) and chronic constipation.
Revolutionary Cellvizio Dual Band Color Lab Imaging System Launched
*Cellvizio Dual Band, launched September 2012, incorporates color into the
state-of-the-art molecular imaging system that allows researchers to
visualize both structural and functional information of tissue inside
animals’ bodies in real time.
Next Quarterly Financial Press Release: 2013 First Quarter Sales, April 16,
About Mauna Kea Technologies
Mauna Kea Technologies is a global medical device company dedicated to the
advent of optical biopsy. The company researches, develops and markets
innovative tools to visualize and detect cellular abnormalities during
endoscopic procedures. Its flagship product, Cellvizio®, a probe-based
Confocal Laser Endomicroscopy (pCLE) system, provides physicians and
researchers high-resolution cellular views of tissue inside the body. Large,
international, multicenter clinical trials have demonstrated Cellvizio's
ability to help physicians more accurately detect early forms of disease and
make treatment decisions immediately. Designed to improve patient outcomes and
reduce costs within a hospital, Cellvizio can be used with almost any
endoscope. Cellvizio has 510(k) clearance from the U.S. Food and Drug
Administration and the European CE-Mark for use in the GI tract, biliary and
pancreatic ducts and lungs.
For more information on Mauna Kea Technologies, visit www.maunakeatech.com
This press release and the information contained herein do not constitute an
offer to sell or subscribe to, or a solicitation of an offer to buy or
subscribe to, shares in Mauna Kea Technologies ("the Company") in any country.
This press release contains forward-looking statements that relate to the
Company’s objectives. Such forward-looking statements are based solely on the
current expectations and assumptions of the Company’s management and involve
risk and uncertainties. Potential risks and uncertainties include, without
limitation, whether the Company will be successful in implementing its
strategies, whether there will be continued growth in the relevant market and
demand for the Company’s products, new products or technological developments
introduced by competitors, and risks associated with managing growth.
Unfavorable developments in connection with these and other risks and
uncertainties described, in particular, in the Company’s prospectus prepared
in connection with its IPO and on which the French Autorité des marches
financiers (“AMF”) granted its visa number 11-236 on June 230, 2011, could
cause the Company to fail to achieve the objectives expressed by the
forward-looking statements above.
Tel: +1 917 497 2867
Mauna Kea Technologies
Vice President, Finance
Tel: + 33 1 70 08 09 86
France and Europe
Investor Relations and Financial Communication
Pierre Laurent / Florent Alba
Tel: +33(0)1 44 71 94 94
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