EOS imaging Reports Half-Year 2019 Revenues

EOS imaging (Paris:EOSI)(Euronext, FR0011191766 – EOSI) a leader in 2D/3D orthopedic medical imaging and software solutions for 3D anatomical modeling and surgical planning today announces preliminary consolidated revenues for the half year ending June 30, 2019.

Mike Lobinsky, CEO of EOS imaging, commented: “The commercial traction and the positive momentum observed during the second quarter of 2019, especially in North America and EMEA, show that the investments made in our regional commercial teams last year are beginning to deliver. With 30 EOS® orders received over the 1 half year 2019, a steady growth of our average selling price and +33% growth in recurring revenues, we are in line with our expectations through mid-year. The enhancements we made in our Advanced Orthopedic Solutions portfolio in H1, including the launch of EOSlink, further strengthen our evolving portfolio of orthopedic hardware, software, and service solutions. These ongoing evolutions along with our growing and maturing EOS system opportunity pipeline make us confident in the future.”

As a reminder, EOS imaging has modified its commercial contracts and sales cycle, to meet customer expectations. With a delay of 3 to 12 months between equipment orders and installations, the alignment of equipment delivery, installation and invoicing will impact revenues in 2019, but create better conditions for commercial development and cash management. Equipment orders are reported to provide advanced visibility and comparability on commercial performance vs. prior years.

In Q2 2019, EOS imaging booked 15 equipment orders, representing a total value of €6.57 million.

The number of equipment orders is in line with last year with positive trends in EMEA and in NAM, offsetting a planned decrease in APAC compared to a high basis in 2018.

In value, equipment orders increased by +9% thanks to a rising average selling price in NAM and favorable geographical mix: equipment orders in value grew by +45% in EMEA and +52% in NAM. Q2 orders in APAC region (-67%) tempered by the unusually strong basis of comparison of Q2 2018.

In the first half of 2019, EOS imaging booked 30 equipment orders for a total value of €12.82 million.

In EMEA, the momentum in France continued, with new orders from prestigious university hospitals. Orders were also booked in new markets: Sweden and the Czech Republic.

In APAC, we are in line with our expectations, as 75% of APAC 2018 FY orders were registered in H1, driven by multiple systems from a clinic chain in Australia and entry into India.

In NAM, EOS adoption continued to be good in the pediatric hospital space with acceleration occurring in hospitals that care for both adult and pediatric ortho/neuro patients as well as hospitals specializing in adult spine and hip/knee care.

1 End of June 2019, Equipment Order Book Value is equal to 12.05m€, as Dec 2018 Order Book Value was zero. 2 Forex impact over Q2 2019: €0.08 million

Total revenue for the second quarter 2019 reached €3.42 million in which total Equipment sales were €0.72 million, corresponding to two units from 2019 orders.

Total Q2 2019 recurring revenue reached €2.71 million, including €2.45 million in maintenance revenue to be compared to €1.74 million in Q2 2018 (+41% growth).

The two unit equipment sales recorded in Q2 is in line with expectations.

As a comparable indicator to last year’s performance: total Q2 2019 revenue with the addition of the change in Equipment Order Book value, reached €9.28 million to be compared to €8.00 million in Q2 2018. This is a +16% increase, led by NAM (+57%) and EMEA (+32%), offsetting a variation in APAC (-60%).

Total revenue for the first half of the year 2019 was €6.0 million in which total Equipment sales were €0.77 million mostly from the two units of Q2.

Total H1 2019 recurring revenue reached €5.23 million, ie. +33% growth compared to last year, including €4.66 million in maintenance revenue to be compared to €3.46 million in H1 2018.

Over the semester, EOS imaging demonstrates a positive turnaround in two major markets, especially in NAM: H1 2019 revenue with the addition of the change in equipment order book value reached €18.05 million to be compared to €17.54 million in H1 2018. This global +3% growth is led by +26% in NAM, +16% in EMEA and offset by -52% variation in APAC.

EOS imaging will hold a conference call for financial analysts following Q2 2019 press release on July 16, 2019. The webcast of this call will be available on EOS website.

EOS imaging is a global medical device company that designs, develops and markets innovative, low dose 2D/3D full body and weight-bearing imaging, rapid 3D modeling of patient X-ray images, web based patient-specific surgical planning, and integration of surgical plan into the operating room that collectively bridge the entire spectrum of care from imaging to post-operative assessment capabilities for orthopedic surgery. With a primary focus on hips, knees, and spine, EOS imaging is targeting a $2 billion annual market opportunity. EOS imaging has over 300 system installations in more than 30 countries generating more than 1 million patient exams annually. In FY 2018, the company reported revenue of €35.4 million. EOS imaging has corporate locations in U.S., France, Canada, Germany, and Singapore, and engages more than 175 employees.

EOS imaging has been chosen to be included in the new EnterNext© PEA-PME 150 index, composed of 150 French companies and listed on Euronext and Alternext markets in Paris.

EOS imaging is listed on Compartment C of Euronext Paris ISIN: FR0011191766 – Ticker: EOSI

Source: Businesswire.com

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