INTERIM REPORT 1 JANUARY - 31 MARCH 2020
“2020 started very well for Episurf Medical. We experienced rapid growth, just as we had hoped for. Reported patient outcomes remained strong, and we completed the CE-marking process of our ankle implant. That said, late February, the operating environment changed dramatically as elective surgeries across Europe were postponed due to the Covid-19 situation. Of course, we fully support this line of action, and we are forever grateful to all our friends and customers in the healthcare system who are on the frontlines battling this virus. Even though the halt in elective surgeries negatively impacted about one-third of the quarter, we posted a 45% growth in our order-intake.” says Pål Ryfors, CEO Episurf Medical.
First quarter 2020 compared to 2019, Group
- Gross order intake amounted to SEK 1.6m (1.1), an increase by 45.5%. From late February, we noticed a negative impact from the outbreak of the Covid-19 as elective surgeries in Europe were temporarily halted
- Order backlog amounted to SEK 1.0m (1.0)
- Group net sales increased by 3.9% to SEK 1.5m (1.4)
- 40.8% increase in orders for Episealer® knee implants during the quarter with 69 (49) approved orders
- Loss for the period amounted to SEK -17.9m (-14.6), the increased costs during the quarter are due to the group’s work on the IDE study in the US, seasonal variations and business development projects
- Earnings per share amounted to SEK -0.19 (-0.35)
Significant events during the first quarter
- Episurf Medical announced a directed share issue and fully guaranteed rights issue of in total SEK 140m prior to transaction costs
- Episurf Medical received CE mark for Episealer® Talus and Talus Osteotomy Guide
- Episurf Medical updated on AI-based production process
- Episurf Medical reached milestone of 700 implants
- Episurf Medical announced that the first surgery in Italy has been scheduled
- Episealer® was presented at a sports medicine meeting in Germany
- Clinical data for Episealer® were presented at orthopaedic congress in The United Kingdom
- Important European patent approval received for Episurf Medical within 3D visualisation
- Episurf Medical announced positive results from a clinical study with follow-up of the 30 first Swedish patients
- Episurf Medical announced progress for European sites in the US clinical trial, the EPIC-Knee study
- Episurf Medical announced positive results from the first comparative Episealer® study
- US patent approvals for Episurf Medical
- Episealer® Talus was registered for sale in Italy and Spain
Significant events after the first quarter
- Episurf Medical conducted the rights issue and raised approximately SEK 51m prior to transaction costs
For more information, please contact:
Pål Ryfors, CEO, Episurf Medical
Tel:+46 (0) 709 62 36 69
Email: pal.ryfors@episurf.com
Veronica Wallin, CFO, Episurf Medical
Tel:+46 (0) 700 37 48 95
Email: veronica.wallin@episurf.com
About Episurf Medical
Episurf Medical is endeavoring to bring people with painful joint injuries a more active, healthier life through the availability of minimally invasive and individualised treatment alternatives. Episurf Medical’s Episealer® individualised implants and Epiguide® surgical drill guides are developed for treating localised cartilage injury in joints. Episurf Medical’s μiFidelity® system enables implants to be cost-efficiently tailored to each individual’s unique injury for the optimal fit and minimal intervention. Episurf Medical’s head office is in Stockholm, Sweden. Its share (EPIS B) is listed on Nasdaq Stockholm. For more information, go to the company’s website: www.episurf.com.
This information is information that Episurf Medical AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08.30 CEST on 24 April 2020.
Tags: