August 23, 2017 16:01 ET | Source: EDAP TMS SA
EDAP-TMS Reports Record Second Quarter and First Half 2017 Results
LYON, France, August 23, 2017 -- EDAP TMS SA (Nasdaq: EDAP), the global leader in therapeutic ultrasound, announced today financial results for the second quarter ended June 30, 2017, and provided an update on strategic and operational accomplishments.
"We are incredibly pleased to announce record second quarter revenue of 9.3 million", said Marc Oczachowski, EDAP's Chief Executive Officer. "Additionally, the 25% growth in HIFU revenues compared to the first quarter of 2017 shows a significant return from our increased sales and marketing efforts. We also submitted our 510(k) filing to the FDA for our novel Ablatherm Fusion device recently, and are working to file a new 510(k) application with the FDA for the Focal One device in the U.S. The addition of these HIFU devices to our U.S. marketing efforts, coupled with the active C-Code, should serve to help our customers service the widest possible range of patients."
Second Quarter 2017 Results
Total revenue for the second quarter 2017 was EUR 9.3 million (USD 10.4 million), compared to EUR 8.2 million (USD 9.2 million) for the second quarter of 2016, a 13.7% increase and the highest second quarter revenue in EDAP's history.
For the three months ended June 30, 2017, total revenue for the Lithotripsy division was EUR 6.4 million (USD 7.2 million), a 33.9% increase compared to EUR 4.8 million (USD 5.4 million) during the year-ago period. During the second quarter of 2017, EDAP sold 7 lithotripsy devices compared to 6 lithotripsy devices sold during the second quarter of 2016.
Total revenue in the HIFU business for the second quarter was EUR 2.9 million (USD 3.2 million) compared to EUR 3.4 million (USD 3.8 million) for the second quarter of 2016. During the second quarter of 2017, EDAP sold 1 Focal One and 2 Ablatherm HIFU devices compared to 1 Focal One and 3 Ablatherm devices during the second quarter of 2016.
Gross profit for the second quarter 2017 was EUR 4.0 million (USD 4.5 million), compared to EUR 3.5 million (USD 3.9 million) for the year-ago period. Gross profit margin on net sales expanded to 43.2% in the second quarter of 2017, compared to 42.2% in the prior year period, primarily due to increase in revenues.
Operating expenses for the second quarter of 2017 totaled EUR 4.4 million (USD 5.0 million) for the second quarter of 2017, compared to EUR 3.8 million (USD 4.3 million) for the same period in 2016. The increase reflects increased sales and marketing efforts associated with the expansion of the HIFU and UDS businesses.
Operating loss for the second quarter of 2017 was EUR 0.4 million (USD 0.5 million), compared to an operating loss of EUR 0.3 million (USD 0.4 million) in the second quarter of 2016.
Net loss for the second quarter of 2017 was EUR 1.7 million (USD 2.0 million), or loss of EUR 0.06 per diluted share, as compared to net income of EUR 2.5 million (USD 2.8 million), or earnings of EUR 0.09 per diluted share in the year-ago period. Net loss during the second quarter of 2017 included a non-cash interest expense of EUR 0.6 million (USD $0.6 million) to adjust the accounting fair value of the outstanding warrants.
First Six Months 2017 Results
Total revenue for the first half of 2017 was EUR 18.0 million (USD 19.7 million) - a new record level for the period, up 6.3% compared to EUR 16.9 million (USD 18.8 million) for the first half of 2016. For the six months ended June 30, 2017, total revenue for the Lithotripsy division was EUR 12.8 million (USD 14.0 million), an increase of 24.6% when compared to EUR 10.2 million (USD 11.4 million), during the year ago period. This increase was driven by growth in both the distribution business and lithotripsy device sales.
Total revenue in the HIFU division for the first six months 2017 was EUR 5.2 million (USD 5.7 million) compared to EUR 6.7 million (USD 7.4 million) for the six months ended June 30, 2016. This decrease was primarily due to slow U.S. sales of HIFU devices during the first half of the year, tempered by an increase in HIFU treatment driven revenues.
Gross profit for the first half of 2017 was EUR 7.6 million (USD 8.3 million) and gross profit margin was 42.1%, compared to 45.8% in the year ago period. The contraction in gross profit margin was primarily due to an unfavorable mix of HIFU and UDS segment revenues.
The Company recorded an operating loss for the first half of 2017 of EUR 0.8 million (USD 0.9 million), compared with an operating profit of EUR 0.4 million (USD 0.4 million) in the first six months of 2016.
Net loss for the first half of 2017 was EUR 0.1 million (USD 0.1 million), or EUR 0.00 per diluted share, as compared to a net income of EUR 3.9 million (USD 4.3 million), or EUR 0.14 per diluted share, in the first half of 2016. Net income for the first six months of 2017 included non-cash interest income of EUR 1.4 million (USD 1.5 million) to adjust the accounting fair value of the outstanding warrants
At June 30, 2017, cash and cash equivalents, including short-term treasury investments, were EUR 18.6 million (USD 21.2 million).
An accompanying conference call will be conducted by Philippe Chauveau, Chairman of the Board, Marc Oczachowski, Chief Executive Officer; and Francois Dietsch, Chief Financial Officer, to go over the results. The call will be held at 9:00 AM ET, on Thursday, August 24, 2017. Please refer to the information below for conference call dial-in information and webcast registration.
Conference Date:Thursday, August 24, 2017, 9:00 AM ET Conference dial-in:877-269-7756 International dial-in:201-689-7817 Conference Call Name:EDAP-TMS Second Quarter 2017 Results Conference Call Webcast Registration:Click Here
Following the live call, a replay will be available on the Company's website, http://www.edap-tms.com under "Investors Information."
About EDAP TMS SA
EDAP TMS SA markets today Ablatherm for high-intensity focused ultrasound (HIFU) for prostate tissue ablation in the U.S. and for treatment of localized prostate cancer in the rest of the world. HIFU treatment is shown to be a minimally invasive and effective option for prostatic tissue ablation with a low occurrence of side effects. Ablatherm-HIFU is generally recommended for patients with localized prostate cancer (stages T1-T2) who are not candidates for surgery or who prefer an alternative option, or for patients who failed radiotherapy treatment. Ablatherm-HIFU is approved for commercial distribution in Europe and some other countries including Mexico and Canada, and has received 510(k) clearance by the U.S. FDA. Ablatherm Fusion is not FDA cleared yet. The Company also markets an innovative robot-assisted HIFU device, the Focal One, dedicated to focal therapy of prostate cancer. Focal One is CE marked but is not FDA approved. The Company also develops its HIFU technology for the potential treatment of certain other types of tumors. EDAP TMS SA also produces and distributes medical equipment (the Sonolith lithotripters' range) for the treatment of urinary tract stones using extra-corporeal shockwave lithotripsy (ESWL) in most countries including Canada and the U.S. For more information on the Company, please visit http://www.edap-tms.com, andhttp://www.hifu-planet.com.
In addition to historical information, this press release may contain forward-looking statements. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties, including matters not yet known to us or not currently considered material by us, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, the clinical status and market acceptance of our HIFU devices and the continued market potential for our lithotripsy device. Factors that may cause such a difference also may include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission and in particular, in the sections "Cautionary Statement on Forward-Looking Information" and "Risk Factors" in the Company's Annual Report on Form 20-F.
EDAP TMS S.A. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Amounts in thousands of Euros and U.S. Dollars, except per share data)
Three Months Ended: Three Months Ended:
Net sales of RPP and Leases
NOTE: Translated for convenience of the reader to U.S. dollars at the 2017 average three months' noon buying rate of 1 Euro = 1.1181USD, and 2016 average three months' noon buying rate of 1 Euro = 1.1203 USD.
EDAP TMS S.A. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Amounts in thousands of Euros and U.S. Dollars, except per share data)
Six Months Ended: Six Months Ended:
Net sales of RPP and leases
NOTE: Translated for convenience of the reader to U.S. dollars at the 2017 average six months' noon buying rate of 1 Euro = 1.0942USD, and 2016 average six months' noon buying rate of 1 Euro = 1. 1116 USD.
EDAP TMS S.A. CONSOLIDATED BALANCE SHEETS HIGHLIGHTS (Amounts in thousands of Euros and U.S. Dollars)
NOTE: Translated for convenience of the reader to U.S. dollars at the noon buying rate of 1 Euro = 1.1412 USD, on June 30, 2017 and at the noon buying rate of 1 Euro = 1.0697 USD, on March 31, 2017.
EDAP TMS S.A. CONDENSED STATEMENTS OF OPERATIONS BY DIVISION SIX MONTHS ENDED JUNE 30, 2017 (Amounts in thousands of Euros)
Sales of goods
Research & Development
OPERATING PROFIT (LOSS)
Contact Blandine Confort Investor Relations / Legal Affairs EDAP TMS SA +33 4 72 15 31 72 email@example.com
Investors Rich Cockrell CG CAPITAL 877.889.1972 firstname.lastname@example.org
- Transcranial magnetic stimulation - Mayo Clinic - May 11th, 2020
- Transcranial magnetic stimulation (TMS): Hope for stubborn ... - May 11th, 2020
- What is a Transportation Management System (TMS ... - May 11th, 2020
- The Global Transportation Management Systems (TMS) Market is expected to grow by $ 2049.50 million during 2020-2024 progressing at a CAGR of 8% during... - May 11th, 2020
- Greenbrook TMS Announces Overnight Marketed Offering of Common Shares - Business Wire - May 11th, 2020
- Transcranial Magnetic Stimulators (TMS) Market 2020; Region Wise Analysis of To - News by aeresearch - May 11th, 2020
- Texas Governor Greg Abbott and TMS issue statement on Genesys 300 - Speedway Digest - May 11th, 2020
- BBC TMS star Isa Guha reveals she peed in a cup on open-top bus tour celebrating famous 2005 Ashes win - The Sun - May 11th, 2020
- Nexstim Plc to host Webinars to Present a Business Update and Information about the Rights Issue 2020 - GlobeNewswire - May 11th, 2020
- COVID-19 impact on Global Transportation Management Systems (TMS) Market 2020 Trends, Share, Opportunities, SWOT Analysis and Forecast-2026 - Press... - May 11th, 2020
- EDAP TMS SA to Announce First Quarter 2020 Financial Results on May 13, 2020 - Yahoo Finance - May 11th, 2020
- Florida TMS Clinic Offering Copay Waiver for Those Suffering from Depression and Anxiety Affected by COVID-19 - MENAFN.COM - May 1st, 2020
- Pokmon GOs Elite TMs Arrive And Shake Up The Meta Movesets - TheGamer - May 1st, 2020
- Global Toll Management System (TMS) Market With Positive Long-Term Growth Outlook 2020-2025 - Cole of Duty - May 1st, 2020
- Treasury Management System (TMS) Market Growth Opportunities, Challenges, Key Companies, Drivers and Forecast to 2026 Cole Reports - Cole of Duty - May 1st, 2020
- Treasury Management System (TMS) Market Overview, Top Companies, Region, Application and Global Forecast by 2026 - Latest Herald - May 1st, 2020
- Pokemon GO Elite TM: Best Moves to Teach Pokemon - Heavy.com - May 1st, 2020
- BrainsWay Reports Fourth Quarter and Full-Year 2019 Financial Results and Operational Highlights - Yahoo Finance - March 25th, 2020
- EDAP TMS SA to Announce Fourth Quarter and Year Ended December 31, 2019 Financial Results on Monday, March 30, 2020 - Associated Press - March 25th, 2020
- VIDEO: What is TMS-65U? Soviet-era MiG-15 fighter jet engine powered special vehicle deployed by Russia to battle coronavirus in Italy - International... - March 25th, 2020
- GTreasury Supports New Survey of Corporate Treasurers That Gathers Industry Response Data to the COVID-19 Pandemic - Yahoo Finance - March 25th, 2020
- Strategy Analytics: Coronavirus Expected to Add 5% to Global Video-on-Demand Subscriptions In 2020 - Business Wire - March 25th, 2020
- When Should You Buy EDAP TMS S.A. (NASDAQ:EDAP)? - Simply Wall St - March 25th, 2020
- Neuronetics Hits Major Milestones with More Than 2.5 Million Treatments and 1000 Installations of Its NeuroStar Advanced Therapy System -... - March 16th, 2020
- TMS Red Team ups record to 6-0 | Local Sports - Tullahoma News and Guardian - March 16th, 2020
- Gallery Systems Unveils TMS Collections 2020, the Most Powerful Release of its Online Collections Management Software, to Help Museums Manage Their... - March 16th, 2020
- Global Transportation Management Systems (TMS) MarMarket 2020 with Top Companies, Growth Factors and Development Estimation up to 2025 - NJ MMA News - March 16th, 2020
- US$2.68: That's What Analysts Think Greenbrook TMS Inc. Is Worth After Its Latest Results - Yahoo Finance - March 16th, 2020
- Why Did You Move Your Hand Just Now? Linking Free Will and Movement - The Great Courses Daily News - March 16th, 2020
- Student of the week: The Marin Schools Marissa Ahuncain - Marin Independent Journal - March 16th, 2020
- [Major Update] TMS Confirms, Dr Stone Season 2: What will be the story story arc tell us? Release Date ... - Union Journalism - March 16th, 2020
- Transportation Management Systems (TMS) Industry Market Report 2020: Size, Trends, Competitive Analysis, Types, Applications, Manufactures And... - March 16th, 2020
- Pokemon Mystery Dungeon DX Shiny Pokemon: where to find and how to catch shinies - RPG Site - March 16th, 2020
- 7 Takeaways From REWIRED, An inewsource Investigation - KPBS - February 24th, 2020
- Global transportation management systems (TMS) market is expected to grow with a CAGR of 13.4% over the forecast period from 2018-2024 - Benzinga - February 24th, 2020
- Author talk leads to TMS anti-bullying club - Teton Valley News - February 24th, 2020
- Notice of Nexstim Plc 2019 Full Year Results - Yahoo Finance - February 24th, 2020
- Best informative report on Cyber- Terminal Management System (TMS) Market is growing rapidly with provides detailed profile - Keep Reading - February 24th, 2020
- TMS(Transcranial Magnetic Stimulation) Coil Market Size 2020-2025: Why It Is Important? and Key Manufacturers| MAG & More , Magstim , MagVenture -... - February 24th, 2020
- Harry and Meghan should 'do the right thing' and withdraw TMs - World Intellectual Property Review - February 24th, 2020
- The Morning Show: From Reality To The Screen - Old Gold & Black - February 24th, 2020
- 3Gtms Announces Additions to Board of Directors - Yahoo Finance - January 24th, 2020
- project44 and BluJay Solutions announce new partnership with a focus on visibility - Logistics Management - January 24th, 2020
- Looking back at 2019 in the Tonganoxie community - The Mirror - January 5th, 2020
- Time to move on: How to rework Pokemon Gos TM system - Pokemon GO Hub - January 5th, 2020
- Rita Oras 4th Talent Show Judging Gig Just ANOTHER Cash Grab? - Talent Recap - January 5th, 2020
- These Breakthroughs Made the 2010s the Decade of the Brain - Singularity Hub - January 5th, 2020
- Transportation Management System (Tms): Market 2019 Will Generate New Growth Opportunities in The Upcoming Year to Expand its Size in Overseas Market... - December 31st, 2019
- Read This If You're Considering Transcranial Magnetic Stimulation - Yahoo Lifestyle - December 31st, 2019
- Digitizing Transportation Processes: A Win/Win for Shippers and Carriers | 2019-12-06 - SupplyChainBrain - December 31st, 2019
- Outlook on the World's $1+ Billion Tumor Ablation Market, 2019-2024 - Minimally Invasive (MI) Procedures are Gaining Widespread Preference -... - December 31st, 2019
- The Morning Show Season Finale Recap: Cut the Feed - Vulture - December 27th, 2019
- ConnectToBrain: The dynamics of the brain - SciTech Europa - December 27th, 2019
- Hedge Funds Have Never Been This Bullish On EDAP TMS S.A. (EDAP) - Yahoo Finance - December 27th, 2019
- New Security Scanning Technology Looks To Expand In Cincinnati Area Businesses, Government, Schools - WVXU - December 27th, 2019
- Transportation Management Systems (TMS) Market Share Growing Rapidly with Recent Trends and Outlook 2020 2027 - Market Research Sheets - December 27th, 2019
- This Year's 4 Most Mind-Boggling Stories About the Brain - Singularity Hub - December 27th, 2019
- New kid on the block | easter 2019 - BerthoudSurveyor.com - November 13th, 2019
- ORANGEBURG PROPERTY TRANSFERS - The Times and Democrat - November 13th, 2019
- November 2019 LM Viewpoint: Transformation starts with the basics - Logistics Management - November 13th, 2019
- Real-Life Telepathy Is Closer Than You Think - The Daily Beast - November 13th, 2019
- Sullivan takes over TMS wrestling program | Local Sports - Tullahoma News and Guardian - October 28th, 2019
- TMS projects aim to bring bullying to a halt - Tahlequah Daily Press - October 28th, 2019
- TMS Busy in the Shetland Islands, Toft Pier Development in Full Swing - Dredging Today - October 28th, 2019
- ORANGEBURG PROPERTY TRANSFERS - The Tand D.com - October 28th, 2019
- Previewing the NASCAR playoffs at Texas Motor Speedway: The contenders, their success on remaining tracks and more - The Dallas Morning News - October 28th, 2019
- EDAP TMS SA to Announce Third Quarter and Nine Months 2019 Financial Results on Wednesday, November 13, 2019 - Yahoo Finance - October 28th, 2019
- How the UK investment landscape is helping alleviate NHS load on mental health - BQ Live - October 28th, 2019
- How Old Dominion is using technology to better serve its customers - Fast Company - October 28th, 2019
- EDAP TMS S.A. (EDAP) estimated to achieve average price target of $5.72 - Market Seat - October 28th, 2019
- Mexican carrier TMS partners with Fr8Hub - American Journal of Transportation - October 15th, 2019
- Changes in the Nexstim Plcs Board - Yahoo Finance - October 15th, 2019
- Fr8Hub CEO Ohad Axelrod to Discuss US-Mexico Cross-Border Trade at Journal of Commerce Inland Conference - Yahoo Finance - October 15th, 2019
- Welcome to the Shiny New Mary Sue - The Mary Sue - October 15th, 2019
- TMS Motor Spares Ltd - March 13th, 2019
- TMS - Welcome to TMS - January 9th, 2019
- TMS - Wholesale - November 23rd, 2018
- Temecula Middle School - Official Site - July 15th, 2018
- TMS Engineering - Home - May 24th, 2018
- TMS Therapy Center of Tulsa - Cutting Edge Depression ... - May 24th, 2018