EOS imaging Reports First Half 2018 Financial Results

September 13, 2018

PARIS–(BUSINESS WIRE)–Regulatory News:

EOS imaging (Paris:EOSI) (Euronext, FR0011191766 – EOSI – Eligible PEA – SME), the pioneer of 2D/3D imaging and data solutions for orthopedics, today announced its consolidated results for the six months ended June 30, 2018, as stated by the Board of Directors on September 12, 2018.

  • First Half 2018 Financial Results
in millions euros

(unaudited)

H1 2018 H1 2017
Sales 17,54 16,46
Other Incomes 0,77 0,82
Total Income 18,31 17,28
Cost of good sales (8,73) (9,03)
Gross Margin as % of sales 50,3% 45,1%
Operating expenses (12,38) (10,91)
Operating Result (2,79) (2,66)
Financial Result (3,05) (1,06)
Net Result (5,84) (3,72)
June 30, 2018 December 31, 2017
Cash Position 8,9(2) 6,9
(2) Excludes Fosun Pharmaceuticals AG financing agreement signed post-closing

 

Marie Meynadier, Chief Executive Officer of EOS imaging, commented: “Our results for the first half of 2018 reflect a 520 points increase in gross margin to 50.3% of sales. This strong improvement is the combined result of our rising average selling price and reducing manufacturing and servicing costs. As previously reported, first half sales grew by 11%, excluding forex impact, following strong growth in Asia-Pacific and North America partially offset by forex effects and delayed sales in EMEA. The additional €15.1 million expected from our recent financing with Fosun will support our ability to accelerate growth in North America, Europe, and Asia-Pacific, our three major markets. We believe that EOS imaging is well positioned for a strong finish to 2018 and look forward to further establishing a solid foundation in the market for our EOS® system as we continue expanding our global presence with safe and superior technology.”

  • +11% sales growth over H1 2018 excluded forex impact

In the first half of 2018, EOS imaging generated sales revenue of €17.5 million, up +11% compared to the first half of 2017, i.e. +7% including forex impact. This increase in revenues was driven by strong sales in Asia-Pacific and North America, partially offset by postponed sales in Europe-Middle East-Africa.

The Company sold 34 EOS® systems during the first half of the year, in line with first half 2017, including a positive trend in average selling price. Revenues from equipment sales was €13.6 million, up +8% compared to 2017 (+4% including forex impact).

(1) The issuance of the new shares to Fosun Pharmaceutical AG and their admission to trading on Euronext Paris are expected to occur after the approval by the relevant Chinese government authorities and the visa from the AMF on the prospectus. The new shares will then be admitted to trading on the Euronext regulated market in Paris under ISIN FR0011191766 – EOSI. EOS imaging’s share capital will consist of 26,130,407 shares following the settlement-delivery.

Recurring revenues grew +19% to €3.9 million, including €3.5 million in maintenance revenue and €0.5 million revenue of consumables and services. The +22% increase in maintenance revenue reflects the continued increase in the installed base of EOS® systems under contract.

  • +19% increase in H1 2018 gross margin at €8.8 million, a 520 base point increase in Gross Margin rate

Gross profit for the first half of 2018 improved by +19% to €8.8 million representing 50.3% of sales, as compared to 45.1% during the same period last year. This reflects EOS® systems increasing pricing power, a solid North America contribution to the regional mix, as well as the company’s efforts to reduce manufacturing and maintenance costs.

  • Controlled increase of Operating Expenses

Operating expenses for the first half of 2018 totaled €12.4 million, up +13% compared to the same period last year to support EOS imaging’s business objectives. The increase was mostly associated with the development of the sales organization in all areas, and particularly in North America, initiated in the second half of 2017.

Operating loss for H1 2018 was (€2.8) million, compared with an operating loss of (€2.7) million in the same period last year, reflecting the positive effect of improved gross margin leveraging the increase of commercial expenses.

Net financial loss for H1 2018 totaled (€3.1) million, compared to (€1.1) million in the same period last year, reflecting the early reimbursement of €18.0 million debt financing.

Net loss for the first half of 2018 was (€5.8) million, compared with a net loss of (€3.7) million in the same period last year, mainly due to refinancing.

  • Improving Equity and Cash Positions

EOS imaging’s cash position at June 30, 2018 was €8.9 million, compared with €6.9 million at December 31, 2017.

Equity at June 30, 2018 was €21.1 million, compared with €23.2 million at December 31, 2017. It includes the period financial results, the exercise of options as well as an equity component associated with the successful raise of €29.5 million in convertible notes, which was followed by the full repayment of the Company’s venture debt. This has allowed the Company to enter into a first agreement to factor part of its receivables, that will be broadened in the second half year.

Additionally, EOS imaging entered into a binding agreement with Fosun Pharmaceuticals AG on July 17, 2018 to issue 3,446,649 new shares at a nominal value of €0.01, for a price per share of €4.37, issue premium included, which amounts to a total amount of €15.1 million. This is excluded from the June 30, 2018, cash position.

EOS imaging’s first half year 2018 financial report will be posted on its web site at www.eos-imaging.com.

Next financial release: Announcement of Q3 2018 Sales on October 16th, 2018

ABOUT EOS IMAGING

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

EOS imaging designs, develops and markets EOS®, a major innovative medical imaging solution dedicated to osteoarticular pathologies and orthopedics combining equipment and services and targeting a $2B per year market opportunity. EOS imaging is currently present in 33 countries, including the United States under FDA agreement, Japan, China and the European Union under CE labelling, through the over 280 installed EOS® platforms representing more than one million patient exams every year. Revenues were €37.1M in 2017, e.g. a +32% CAGR over 2012-2017. For more information, please visit www.eos-imaging.com.

EOS imaging has been selected to integrate the EnterNext © PEA – PME 150 index, composed of 150 French, listed companies on the Euronext markets in Paris.

Contacts

EOS imaging
Marie Meynadier, +33 (0)1 55 25 60 60
CEO
investors@eos-imaging.com
or
Investor Relations (US)
The Ruth Group
Matt Picciano / Emma Poalillo, 646-536-7008 / 7024
EOS-imagingIR@theruthgroup.com

Global Spine Market to Reach $18 Billion by 2023 According to New Analysis by iData Research

September 13, 2018

VANCOUVER, British Columbia–(BUSINESS WIRE)–According to a new series of reports by iData Research, the global spine market is valued at over $14.4 billion USD and is projected to approach $18 billion by 2023. Researched regions include the United States, 15 countries in Europe, 3 countries in Latin America, and 5 countries in Asia-Pacific.

The largest among the regions is undoubtedly the U.S. market, valued at $7.7 billion in 2017. Of this total market share, 78% can be attributed to the traditional spine market, and the remaining, to the minimally invasive (MIS) segment. Growth in the former has slowed as newer, minimally invasive innovations gradually cannibalize the traditional spine market. Growth, at a CAGR of 3.6%, in the MIS implant market is largely driven by the advantages of minimally invasive surgery over open surgery, including reduced trauma, shorter hospital stays and lower postoperative medication use. Despite the strong competition, there are still notable areas of growth within the traditional spine markets, and of these, the motion preservation segment is the fastest-growing. New technology in motion preservation is creating new markets by taking away from the number of spinal fusions performed annually in the United States.

The European spinal market’s total value in 2017 measures just over one-quarter the size of the U.S. at $2.05 billion USD. Similar to the U.S., minimally invasive interbody options will continue to cannibalize areas of the standard interbody market, particularly ALIF and PLIF approaches.

By 2030, for many countries in Latin America, the number of people aged 60 or older will be 2.5-3.5 times larger than in 2000. The increase of this elderly population is expected to stimulate growth across all spinal implant markets. However, the recent surge of the U.S. dollar against local currencies has made it difficult for local importers to profit from these more expensive MIS devices, which are primarily imported from American and European manufacturers. This decrease in profitability has stunted market growth and slowed the transition to MIS techniques.

China represents the largest and fastest-growing market in Asia-Pacific, having already surpassed the combined market value of fifteen countries in Europe at $2.73 billion USD. China’s spinal market continues to grow at a CAGR of 9%, similarly benefitting from the trends seen elsewhere for increased motion preservation and minimally invasive procedures.

More Information

For more information about the global spine and MIS device markets visit https://idataresearch.com/product-category/spine/. This global series covers 24 countries in detail with forecasted market values, unit sales, average selling prices, market shares, procedure volumes and much more.

Download a Free Whitepaper Here: The State of the Global Spine Market 2018

About iData

iData Research is an international consulting and market research firm dedicated to empowering confident strategic decisions within the medical device industry. For tracking competitor sales by SKU in the spine market, ask about MedSKU.

Contacts

iData Research
Joel Harrison, 604-266-6933
marketing@idataresearch.net

Global $11.4 Bn Orthopedic Trauma Fixation Devices Market to 2023 by Type of Internal Fixator, Composition & Region – ResearchAndMarkets.com

September 12, 2018

DUBLIN–(BUSINESS WIRE)–The “Global Orthopedic Trauma Fixation Devices Market – by Type of Internal Fixator, Composition, Region – Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2017-2023)” report has been added to ResearchAndMarkets.com’s offering.

The Global Orthopedic Trauma Fixation Devices Market was worth 7.52 Billion USD in 2017 and it is estimated to grow to 11.42 Billion USD by 2023 with a CAGR of 7.21% between 2017 and 2023.

The Orthopedic Devices are used for restoring skeletal structure and joint movements in various fractures, abnormal growth of bones, soft tissue damage, trauma or other deformities. These devices are implanted inside human body by surgical procedures or can be externally attached through minimally invasive procedures.

The North America is expected to hold the largest share of Global Orthopedic Trauma Fixation Devices Market while Asian-Pacific region is expected to witness fastest growth of this market with highest CAGR.

Drivers Vs. Constraints

The increasing prevalence of rheumatoid arthritis and osteoarthritis, growing number of traumatic orthopedic injury cases and rising demand for advanced facility in orthopedic trauma and surgery centers are the reasons for the growth of the market.

Industry Structure and Updates

In 2013 DePuy Synthes, a Johnson & Johnson company, is a leading player in the global market for Orthopedic trauma fixation devices, with a share of about 47.3%.

Key Topics Covered:

1. Research Methodology

2. Executive Summary

3. Market Overview

4. Market Dynamics

5. Global Orthopedic Trauma Fixation Devices Market Segmentation, Forecasts and Trends – by Type of Internal Fixator

5.1. Intramedullary Nail

5.2. Intramedullary Screw

5.3. Plate and Screw System

6. Global Orthopedic Trauma Fixation Devices Market Segmentation, Forecasts and Trends – by Composition

6.1. Metallic Fixators

6.2. Bioabsorbable Fixators

7. Global Orthopedic Trauma Fixation Devices Market Segmentation, Forecasts and Trends – by Region

8. North America

9. Company Market Share Analysis

10. Company Profiles

  • Advanced Orthopaedic Solutions
  • Arthrex
  • Ascension Orthopedics
  • Biomet
  • Bioretec
  • Conmed Linvatec
  • Depuy Orthopedics, Inc.
  • DGIMED Ortho
  • DJO Global
  • Emerge Medical
  • Hand Biomechanics
  • Integra LifeSciences
  • Intelligent Implant Systems
  • Internal Fixation Systems
  • Medtronic
  • Merlot OrthopediX
  • Orthofix
  • Osteomed
  • Rigid FX Corporation
  • Semprus Biosciences
  • Skeletal Dynamics LLC
  • Small Bone Innovations, Inc
  • Smith & Nephew
  • Stryker Corporation
  • Suspension Orthopaedic Solutions
  • Synthes
  • Tornier, Inc
  • TriMed, Inc
  • Vilex
  • Wright Medical
  • Zimmer Holdings, Inc
For more information about this report visit https://www.researchandmarkets.com/research/3ckxbl/global_11_4_bn?w=4

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Orthopedic Devices

Invuity Announces Definitive Agreement to Be Acquired by Stryker Corporation for $7.40 Per Share in Cash

SAN FRANCISCO, Sept. 11, 2018 (GLOBE NEWSWIRE) — Invuity, Inc. (NASDAQ: IVTY), a leading medical technology company focused on advanced surgical devices to enable better visualization, today announced it has entered into a definitive agreement with Stryker Corporation (NYSE:SYK), pursuant to which Stryker will acquire all of the outstanding shares of Invuity for $7.40 per share in cash, implying a total equity value of approximately $190 million.

“The combination of Stryker’s established leadership in minimal access surgery paired with Invuity’s suite of enabling visualization and surgical devices should facilitate better patient outcomes and operating room efficiencies in women’s health, general surgery, electrophysiology and orthopedics,” said Scott Flora, Invuity’s Interim Chief Executive Officer. “It is with this in mind that Invuity’s Board of Directors voted to recommend this transaction to Invuity’s stockholders.”

“Invuity’s innovative products in the single-use lighted instrumentation and hybrid energy markets provide best in class illumination and help make surgery safer,” stated Spencer S. Stiles, Group President, Neurotechnology, Instruments and Spine.  “I look forward to the work we will do together to advance Stryker’s mission of making healthcare better.”

Under the terms of the definitive transaction agreement, a subsidiary of Stryker Corporation will commence a tender offer to purchase all outstanding shares of Invuity, Inc. common stock in exchange for $7.40 per share in cash.  The completion of the tender offer is subject to customary terms and closing conditions, including a requirement that a majority of Invuity, Inc.’s outstanding shares are tendered in the offer and receipt of certain regulatory approvals.  The agreement provides that immediately following the successful completion of the tender offer, the subsidiary of Stryker Corporation making the offer will merge with and into Invuity, Inc. and all remaining outstanding shares of Invuity, Inc. common stock that were not tendered in the offer will receive the same consideration paid in respect of those shares that were tendered.  Stryker Corporation intends to fund the transaction with cash on hand.

The Invuity, Inc. Board of Directors has approved entering into the agreement and recommends that Invuity, Inc.’s stockholders tender their shares in the upcoming tender offer. All directors and executive officers of Invuity, Inc. have entered into a tender and support agreement providing that they will tender their shares in the offer.

Following the completion of the transaction, Invuity, Inc. shares will be delisted from NASDAQ.  The tender offer is expected to be completed in the fourth quarter of 2018, subject to the satisfaction or waiver of the transaction conditions.

In connection with this transaction, Moelis & Company LLC is acting as financial advisor and Wilson Sonsini Goodrich & Rosati P.C. is acting as legal advisor to Invuity, Inc.

About Invuity, Inc. (Nasdaq: IVTY):

Invuity, Inc., is a leading medical technology company focused on developing and marketing advanced surgical devices to improve the surgeon’s ability to perform minimal access surgery through smaller and hidden incisions. The Company’s patented Intelligent Photonics® technology delivers enhanced visualization, which facilitates surgical precision, efficiency and safety. Clinical applications include women’s health, encompassing breast cancer and breast reconstruction surgery, gynecology and thyroid surgery. Additional applications include procedures for general surgery, electrophysiology, spine and orthopedics. Invuity, Inc. is headquartered in San Francisco, CA. For more information, visit www.invuity.com

Forward-Looking Statements

This press release contains forward-looking statements regarding, among other things, statements related to expectations, goals, plans, objectives and future events.  In some cases, forward-looking statements can be identified by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “outlook,” “guidance” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking information and statements are or may be based on a series of projections and estimates and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. These risks and uncertainties include such factors as: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreement or delay the closing of the transaction, (2) uncertainties as to how many shares will be tendered in the tender offer, (3) the possibility that various closing conditions for the tender offer or the merger may not be satisfied or waived; (4) risks related to disruption of management’s attention from Invuity, Inc.’s ongoing business operations due to the transaction and (5) the effect of the announcement or completion of the transaction on the ability of Invuity, Inc. to retain and hire key personnel and maintain relationships with its customers, suppliers and others with whom it does business, or on its operating results and business generally. Additional risks are described in Invuity, Inc.’s periodic filings with the Securities and Exchange Commission, including under the heading “Risk Factors” in Invuity, Inc.’s annual report on Form 10-K for the year ended December 31, 2017 and subsequent reports on Form 10-Q. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Invuity, Inc. does not undertake any obligation to release any revisions to these forward-looking statements publicly to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

Additional Information and Where to Find It

The tender offer for the outstanding shares of Invuity, Inc. referenced in this document has not yet commenced.  This press release is for informational purposes only and is not an offer to purchase, a solicitation of an offer to sell, or a recommendation to sell shares of Invuity, nor is it a substitute for the tender offer materials that Stryker Corporation and its subsidiary will file with the Securities and Exchange Commission (“SEC”).  At the time the tender offer is commenced, Stryker Corporation and its subsidiary will file tender offer materials on Schedule TO, and thereafter Invuity, Inc. will file a Solicitation/Recommendation Statement on Schedule 14D-9, with the SEC with respect to the tender offer.  THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION.  HOLDERS OF SHARES OF INVUITY, INC. COMMON STOCK ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF SHARES OF INVUITY, INC. COMMON STOCK SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES.  The Offer to Purchase, the related Letter of Transmittal and other tender offer documents, as well as the Solicitation/Recommendation Statement, will be made available to all holders of shares of Invuity, Inc. common stock at no expense to them. The tender offer materials and the Solicitation/Recommendation Statement will be made available for free at the SEC’s website at www.sec.gov.  Additional copies of the tender offer materials may be obtained for free by contacting Invuity, Inc. at 444 De Haro St., San Francisco, CA 94107, Attention: Investor Relations or the investor relations department of Stryker Corporation at katherine.owen@stryker.com.  In addition to the Offer to Purchase, the related Letter of Transmittal and other tender offer documents, as well as the Solicitation/Recommendation Statement, Stryker Corporation and Invuity, Inc. file annual, quarterly and current reports and other information with the SEC.  You may read and copy any reports or other information filed by Stryker Corporation or Invuity, Inc. at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549.  Please call the Commission at 1-800-SEC-0330 for further information on the public reference room.  Stryker Corporation’s and Invuity, Inc.’s filings with the SEC are also available to the public from commercial document-retrieval services and at the SEC’s website at www.sec.gov.

James Mackaness
Chief Financial Officer
Invuity, Inc.
415-655-2100

Westwicke Partners
Mark Klausner
443-213-0500

CORRECTING and REPLACING – Misonix Reports Record Fourth Quarter and Fiscal Year 2018 Revenue

FARMINGDALE, N.Y., Sept. 06, 2018 (GLOBE NEWSWIRE) — On September 5, 2018, Misonix, Inc. (Nasdaq: MSON) (“Misonix” or the “Company”), issued a press release announcing financial results of its fourth fiscal quarter and fiscal year ended June 30, 2018. The sales performance supplemental data table in that release included a classification error between international consumables and equipment revenue for the three and twelve months ended June 30, 2018. Total, domestic and international revenue was reported correctly in all periods. A corrected supplemental data table and updated percentages within the text of the press release are included herein. Please note these changes when referencing the transcript of the quarterly results review conference call the Company held on September 5, 2018.

Misonix, Inc. (Nasdaq: MSON) (“Misonix” or the “Company”), a provider of minimally invasive therapeutic ultrasonic medical devices that enhance clinical outcomes, today reported financial results for the fiscal 2018 fourth quarter and year ended June 30, 2018 as summarized below:

($ in millions) Three Months Ended Year Ended
June 30, June 30,
2018 2017 2018 2017
Revenue $   8.6 $   7.9 $   36.7 $   27.3
Gross Profit $   6.1 $   5.5 $   26.9 $   19.1
GP Percentage – product revenue 70.8% 69.9% 70.0% 69.9%
Pretax loss from continuing operations $   (1.8) $   (1.1) $   (2.4) $   (2.9)
Net loss $   (1.8) $   (0.4) $   (7.6) $   (1.7)
EBITDA (1) $   (1.1) $   (0.9) $   (0.8) $   (1.6)
Adjusted EBITDA (1) $   (0.2) $   (0.3) $   4.2 $   (0.5)
June 30, June 30,
2018 2017
Long Term Debt $   – $   –
Cash $   11.0 $   11.6
  1. Definitions and disclosures regarding non-GAAP financial information including reconciliations are included on page 6 of this press release.

Stavros Vizirgianakis, President and Chief Executive Officer of Misonix stated, “Our fourth quarter and fiscal 2018 top-line financial results mark the conclusion of another year of significant company-wide improvements and growth for Misonix. The ongoing and successful execution of our strategies to aggressively expand our leading ultrasonic medical device platform resulted in a 35% rise in annual revenues to a record $36.7 million, exceeding the high-end of our fiscal 2018 guidance. Record top-line growth drove a 41% increase in annual gross profit, while maintaining our healthy gross margin on product sales of 70%. The significant improvement in our fiscal 2018 top- and bottom-line financial performance reflects the added value we are generating from our growth investments and our continued progress in positioning Misonix for ongoing sustainable growth and future profitability. With the positive operating momentum across our business and a strong balance sheet, Misonix has a solid foundation to continue pursuing a range of near- and long-term growth opportunities that we are confident will deliver enhanced returns for our shareholders.

“The demonstrated clinical benefits of Misonix’s ultrasonic surgical devices are a key driver behind the strong demand for our products and improved competitive position across our domestic and international markets. Robust growth in both consumables and equipment sales drove a 20% increase in product revenue for fiscal 2018. We are also very pleased to see continued double-digit revenue growth in our consumables business, a high-margin recurring revenue stream that brings added predictability to our results. Excluding license revenue, consumables accounted for 71% of total sales for the fiscal fourth quarter and 72% of sales for the full year. And, with over 62,000 surgical procedures performed with Misonix consumables, we exceeded our goal for fiscal 2018 and remain on track to meet or exceed our goal of 100,000 annual procedures world-wide within three years.

“In line with our commitment to radically improve patient outcomes through medical technology innovation, we continued to invest in R&D to support the development of new ultrasonic surgical solutions and products, including our next generation Nexus platform product. We have received an overwhelmingly positive response from physicians who tested early prototypes and have incorporated their feedback to make further enhancements to the Nexus product line, which will be unveiled at the NASS conference in September. Nexus presents a compelling value proposition to hospitals and physicians, allowing Misonix to further penetrate operating rooms by expanding our addressable markets.

“As we pursue the next phase of growth for Misonix, we will continue to focus on actively managing our capital structure, driving sales, improving productivity and increasing efficiencies. We are confident that the direction we are headed in will enable us to meet our goal of enhancing long-term shareholder value as we move through fiscal 2019 and beyond.”

 

READ THE REST HERE

 

Misonix Reports Record Fourth Quarter and Fiscal Year 2018 Revenue

FARMINGDALE, N.Y., Sept. 05, 2018 (GLOBE NEWSWIRE) — Misonix, Inc. (Nasdaq: MSON) (“Misonix” or the “Company”), a provider of minimally invasive therapeutic ultrasonic medical devices that enhance clinical outcomes, today reported financial results for the fiscal 2018 fourth quarter and year ended June 30, 2018 as summarized below:

($ in millions) Three Months Ended Year Ended
June 30, June 30,
2018 2017 2018 2017
Revenue $   8.6 $   7.9 $   36.7 $   27.3
Gross Profit $   6.1 $   5.5 $   26.9 $   19.1
GP Percentage – product revenue 70.8 % 69.9 % 70.0 % 69.9 %
Pretax loss from continuing operations $   (1.8 ) $   (1.1 ) $   (2.4 ) $   (2.9 )
Net loss $   (1.8 ) $   (0.4 ) $   (7.6 ) $   (1.7 )
EBITDA (1) $   (1.1 ) $   (0.9 ) $   (0.8 ) $   (1.6 )
Adjusted EBITDA (1) $   (0.2 ) $   (0.3 ) $   4.2 $   (0.5 )
June 30, June 30,
2018 2017
Long Term Debt  $  $
Cash $   11.0 $   11.6

(1) Definitions and disclosures regarding non-GAAP financial information including reconciliations are included on page 6 of this press release.

Stavros Vizirgianakis, President and Chief Executive Officer of Misonix stated, “Our fourth quarter and fiscal 2018 top-line financial results mark the conclusion of another year of significant company-wide improvements and growth for Misonix. The ongoing and successful execution of our strategies to aggressively expand our leading ultrasonic medical device platform resulted in a 35% rise in annual revenues to a record $36.7 million, exceeding the high-end of our fiscal 2018 guidance. Record top-line growth drove a 41% increase in annual gross profit, while maintaining our healthy gross margin on product sales of 70%. The significant improvement in our fiscal 2018 top- and bottom-line financial performance reflects the added value we are generating from our growth investments and our continued progress in positioning Misonix for ongoing sustainable growth and future profitability. With the positive operating momentum across our business and a strong balance sheet, Misonix has a solid foundation to continue pursuing a range of near- and long-term growth opportunities that we are confident will deliver enhanced returns for our shareholders.

“The demonstrated clinical benefits of Misonix’s ultrasonic surgical devices are a key driver behind the strong demand for our products and improved competitive position across our domestic and international markets. Robust growth in both consumables and equipment sales drove a 20% increase in product revenue for fiscal 2018. We are also very pleased to see continued double-digit revenue growth in our consumables business, a high-margin recurring revenue stream that brings added predictability to our results. Excluding license revenue, consumables accounted for 81% of total sales for the fiscal fourth quarter and 75% of sales for the full year. And, with over 62,000 surgical procedures performed with Misonix consumables, we exceeded our goal for fiscal 2018 and remain on track to meet or exceed our goal of 100,000 annual procedures world-wide within three years.

“In line with our commitment to radically improve patient outcomes through medical technology innovation, we continued to invest in R&D to support the development of new ultrasonic surgical solutions and products, including our next generation Nexus platform product. We have received an overwhelmingly positive response from physicians who tested early prototypes and have incorporated their feedback to make further enhancements to the Nexus product line, which will be unveiled at the NASS conference in September. Nexus presents a compelling value proposition to hospitals and physicians, allowing Misonix to further penetrate operating rooms by expanding our addressable markets.

“As we pursue the next phase of growth for Misonix, we will continue to focus on actively managing our capital structure, driving sales, improving productivity and increasing efficiencies. We are confident that the direction we are headed in will enable us to meet our goal of enhancing long-term shareholder value as we move through fiscal 2019 and beyond.”

Sales Performance Supplemental Data

($ in millions) For the Quarter Ended For the Year Ended
June 30, Net Change June 30, Net Change
2018 2017 $ % 2018 2017 $ %
Total
Consumables $   7.0 $   5.6 $   1.4 25.5 % $   24.5 $   20.4 $   4.1 20.5 %
Equipment   1.6   2.3  (0.7 ) -29.6 %   8.2   6.9   1.3 17.7 %
License   –   –   –   –   4.0   –   4.0 100.0 %
Total $   8.6 $   7.9 $   0.7 9.5 % $   36.7 $   27.3 $   9.4 34.5 %
Domestic
Consumables $   4.6 $   4.0 $   0.6 16.9 % $   17.7 $   14.9 $   2.8 19.1 %
Equipment   0.3   0.5 (0.2 ) -26.4 %   2.3   1.6   0.7 42.4 %
Total   4.9   4.5   0.4 12.2 %   20.0   16.5   3.5 21.3 %
International
Consumables $   2.4 $   1.6 $   0.8 46.5 % $   6.8 $   5.5 $   1.3 24.5 %
Equipment   1.3   1.8 (0.5 ) -30.4 %   5.9   5.3   0.6 10.4 %
Total   3.7   3.4   0.3 5.9 %   12.7   10.8   1.9 17.5 %
License $ $ $ $    – $   4.0  $ $   4.0 100.0 %

Joe Dwyer, Chief Financial Officer, added, “Our strong fourth quarter and fiscal 2018 financial performance marked continued progress against our strategic initiatives, which led to record revenue as well as positive adjusted EBITDA and cash generated from operations. As a result, we ended the quarter with $11 million in cash while continuing to operate debt free. We remain focused on preserving our strong liquidity position and remain committed to profitably growing the business through investments in organic growth initiatives and select accretive acquisitions that bring complementary capabilities to our product portfolio and generate strong returns for our shareholders.”

“Looking ahead, we expect double-digit top-line growth to continue in fiscal 2019 as we continue to follow the approach we’ve successfully deployed to build the top line, maintain close control of fixed and variable costs and optimize the balance sheet and capital structure. As it relates to revenue guidance, we anticipate product revenue growth in fiscal 2019 to exceed 20%, with gross profit margins of approximately 70%.”

Fiscal Fourth Quarter 2018 Conference Call

Misonix will host a conference call at 4:30 p.m. ET today, Wednesday, September 5, 2018.  Senior management will discuss the financial results and host a question and answer session.  The dial in number for the audio conference call is 888-204-4368 (domestic) or 323-794-2423 (international), conference ID 3913387. Participants may also listen to a live webcast of the call through the “Events and Presentations” section under “Investor Relations” on Misonix’s website at www.misonix.com.  A webcast replay will be available for 30 days following the live event at www.misonix.com.

About Misonix, Inc.

Misonix, Inc. (Nasdaq: MSON) designs, manufactures and markets ultrasonic medical devices for the precise removal of hard and soft tissue, including bone removal, wound debridement and ultrasonic aspiration. Misonix is focused on leveraging its proprietary ultrasonic technology to become the standard of care in operating rooms and clinics around the world. Misonix’s proprietary ultrasonic medical devices are used in a growing number of medical procedures, including spine surgery, neurosurgery, orthopedic surgery, cosmetic surgery, laparoscopic surgery, and other surgical and medical applications. At Misonix, Better Matters to us. That is why throughout the Company’s history, Misonix has maintained its commitment to medical technology innovation and the development of ultrasonic surgical products that radically improve patient outcomes. Additional information is available on the Company’s web site at www.misonix.com.

Safe Harbor Statement

With the exception of historical information contained in this press release, content herein may contain “forward looking statements” that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include general economic conditions, delays and risks associated with the performance of contracts, risks associated with international sales and currency fluctuations, uncertainties as a result of research and development, acceptable results from clinical studies, including publication of results and patient/procedure data with varying levels of statistical relevancy, risks involved in introducing and marketing new products, potential acquisitions, consumer and industry acceptance, litigation and/or court proceedings, including the timing and monetary requirements of such activities, the timing of finding strategic partners and implementing such relationships, regulatory risks including approval of pending and/or contemplated 510(k) filings, the ability to achieve and maintain profitability in the Company’s business lines, the impact of the pending investigation by the Department of Justice and Securities Exchange Commission, and other factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company disclaims any obligation to update its forward-looking statements.

Contact:
Joe Dwyer
Chief Financial Officer
Misonix, Inc.
631-694-9555
Joseph Jaffoni, Norberto Aja, Jennifer Neuman
JCIR
212-835-8500 or mson@jcir.com

    


Misonix, Inc. and Subsidiaries
Consolidated Statements of Operations
For the years ended
June 30,
2018 2017 2016
Revenues
  Product $   32,669,826 $   27,269,963 $   23,113,194
  License $ 4,010,000 $ $
Total revenue $   36,679,826 $   27,269,963 $   23,113,194
Cost of goods sold   9,794,898   8,217,439   7,640,626
Gross profit   26,884,928   19,052,524   15,472,568
Operating expenses:
 Selling expenses   16,368,381   14,220,907   12,632,961
 General and administrative expenses   9,063,139   9,595,206   6,829,516
 Research and development expenses   4,394,149   1,837,497   1,839,479
Total operating expenses   29,825,669   25,653,610   21,301,956
Loss from operations (2,940,741) (6,601,086) (5,829,388)
Other income (expense):
 Interest income   26,123   75   81
 Royalty income and license fees   525,438   3,771,610   3,948,757
 Other   2,274 (36,211) (21,878)
Total other income   553,835   3,735,474   3,926,960
(Loss) from continuing operations before income taxes  (2,386,906)  (2,865,612) (1,902,428)
Income tax expense (benefit)   5,416,646  (1,022,808) (573,351)
Net (loss) from continuing operations (7,803,552) (1,842,804) (1,329,077)
Discontinued operations:
  Gain from sale of discontinued operations net of tax of
  $58,883, $88,375 and $93,069, respectively   191,117   161,625   156,931
Net income from discontinued operations   191,117   161,625   156,931
Net (loss) $   (7,612,435 ) $   (1,681,179 ) $   (1,172,146 )
Net income (loss) per share:
Continuing operations:
  Basic $   (0.87 ) $   (0.22 ) $   (0.17)
  Diluted $   (0.87 ) $   (0.22 ) $   (0.17)
Discontinued operations
  Basic $   0.02 $   0.02 $   0.02
  Diluted $   0.02 $   0.02 $   0.02
Combined
  Basic $   (0.85 ) $   (0.20 ) $   (0.15 )
  Diluted $   (0.85 ) $   (0.20 ) $   (0.15 )
Weighted average shares – Basic   9,009,189   8,398,778   7,776,949
Weighted average shares – Diluted   9,009,189   8,398,778   7,776,949

  

Misonix, Inc. and Subsidiaries
Consolidated Balance Sheets
June 30,   June 30,
2018   2017
   
Assets  
Current assets:    
Cash and cash equivalents $   10,979,455 $   11,557,071
Accounts receivable, less allowance for doubtful accounts of $200,000 and $96,868, respectively   5,245,549   5,133,389
Inventories, net   5,019,886   4,992,434
Prepaid expenses and other current assets   611,647   918,899
Total current assets   21,856,537   22,601,793
Property, plant and equipment, net of accumulated amortization and depreciation of $9,023,235 and $6,976,282, respectively   4,188,378   3,730,203
Patents, net of accumulated amortization of $1,063,393 and $885,394, respectively   757,447   719,136
Goodwill   1,701,094   1,701,094
Intangible and other assets   517,295   282,876
Deferred income tax   –   4,334,547
Total assets $ 29,020,751 $ 33,369,649
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable $   1,794,098 $   1,861,228
Accrued expenses and other current liabilities   2,812,172   3,346,138
Total current liabilities   4,606,270   5,207,366
Deferred lease liability   –   9,354
Deferred income   13,303   13,087
Total liabilities   4,619,573   5,229,807
Commitments and contingencies
Shareholders’ equity:        
Common stock, $.01 par value-shares authorized 40,000,000; 9,430,466 and 9,357,166 shares issued and outstanding in each period   94,305   93,572
Additional paid-in capital   39,772,973   36,808,810
Accumulated deficit (15,466,100 ) (8,762,540 )
Total shareholders’ equity   24,401,178   28,139,842
Total liabilities and shareholders’ equity $   29,020,751   $   33,369,649

Use of Non-GAAP Financial Measures
The Company has presented the following non-GAAP financial measures in this press release: EBITDA and Adjusted EBITDA. The Company defines EBITDA as the net income (loss) as reported under GAAP, plus depreciation and amortization expense, interest expense and income tax expense (benefit). The Company defines Adjusted EBITDA as EBITDA plus non-cash stock compensation expense and engineering costs associated with its development of its next generation platform, which will not be a recurring cost when the project is completed in late 2018.

We present these non-GAAP measures because we believe these measures are useful indicators of our operating performance. Our management uses these non-GAAP measures principally as a measure of our operating performance and believes that these measures are useful to investors because they are frequently used by analysts, investors and other interested parties to evaluate the operating performance of companies in our industry. We also believe that these measures are useful to our management and investors as a measure of comparative operating performance from period to period.

Misonix, Inc. and Subsidiaries
Reconciliation of GAAP Results to Non-GAAP Measures
(unaudited)
         
(in millions) Three Months Ended Year Ended
June 30, June 30,
2018 2017 2018 2017
EBITDA:
Net income (loss) $   (1.8 ) $   (0.4 ) $   (7.6 ) $   (1.7 )
Depreciation and amortization   0.4   0.3   1.4   1.1
Income taxes   0.3  (0.8 )   5.4 (1.0 )
EBITDA $   (1.1 ) $   (0.9 ) $   (0.8 ) $   (1.6 )
Non-cash compensation   0.5   0.5   2.7   1.0
Next generation engineering   0.4   0.1   2.3   0.1
Adjusted EBITDA $   (0.2 ) $   (0.3 ) $   4.2 $   (0.5 )

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Earnings Releases and Operating Results

Kuros Biosciences Reports Results for First Half 2018

SCHLIEREN (ZURICH), Switzerland, Sept. 05, 2018 (GLOBE NEWSWIRE) — Kuros Biosciences (SIX: KURN) has delivered on its targets in the first half of 2018, confirming its successful transition into a full-fledged orthobiologics company with scientific, clinical, and commercial excellence in bone regeneration. Kuros has recorded first sales of MagnetOs in the U.S. and in Europe, and commercial rollout continues apace in both regions.

Joost de Bruijn, Chief Executive Officer, said: “We have successfully pursued the new course for Kuros in the first half of 2018, progressing on all fronts. We have realized the first sales from MagnetOs, an important milestone as we focus on the commercial opportunity of cutting-edge orthobiologics, and the commercial rollout is advancing on both sides of the Atlantic. Furthermore, we are driving forward the exciting clinical program with Fibrin-PTH in spinal fusion, which represents a huge commercial opportunity.”

Financial position
Cash and cash equivalents (including financial assets and trade and other receivables) as per June 30, 2018, amounted to CHF 9.7 million, compared with CHF 21.4 million as per June 30, 2017.

Operating expenses decreased to CHF 6.0 million (first half 2017: CHF 7.5 million) primarily due to lower non-cash expenses in connection with share-based payments. Expenses for research and development of CHF 3.1 million (CHF 2.2 million in the first half 2017) are mainly external costs for the preparation of the Phase II study (spine indication) of fibrin PTH, personnel expenses and depreciation of tangible assets. Expenses for general and administrative of CHF 4.1 million contained costs for personnel and other expenses for maintenance and administration. Revenues amounted to CHF 0.3 million (first half 2017: CHF 0.5 million) and originated primarily from a milestone payment related to the agreement with Checkmate. Furthermore, the commercial rollout of MagnetOs recognized its first sales. Other income was CHF 1.1 million (first half 2017: CHF 1.5 million) and mainly consisted of proceeds from sub-lease agreements.

The net loss as per June 30, 2018 amounts to CHF 5.2 million, compared to CHF 7.0 million in the corresponding period in the first half of 2017. The primary reason for the substantial decrease of CHF 1.7 million are a substantial reduction in expenses for share-based payment and income tax effects.

Key figures H1 2018 H1 2017
In TCHF, IFRS
Revenue 274 534
Research and development (3,058 ) (2,211 )
General and administrative (4,112 ) (6,777 )
Other income 1,125 1,522
Net operating costs (6,045 ) (7,466 )
Operating income/(loss) (5,787 ) (6,932 )
Net financial income/(loss) (4 ) (247 )
Net income/(loss) (5,247 ) (6,970 )
Net income/(loss) per share (in CHF) (0.63 ) (1.11 )
Cash and cash equivalents, financial assets and trade and other receivables 9,650 21,417

Events after the reporting period
Kuros will issue 370,000 shares to former Xpand Biotechnology shareholders, a milestone related to the merger and triggered by the important CE mark certification in Europe for MagnetOs Putty, which today allows Kuros to commercialize MagnetOs Putty across Europe.

Outlook
Kuros’s products are advancing according to plan with MagnetOs Putty having received clearance for commercialization in the United States and recently having received CE mark in Europe followed by first commercial sales in the United States and Europe, in June 2018. Kuros is financed to initiate the commercialization of MagnetOs in the US and to prepare for the phase II clinical study of Fibrin-PTH in spine.

For further information, please contact: 
Kuros Biosciences AG
Michael Grau
Chief Financial Officer
Tel +41 44 733 47 47
michael.grau@kurosbio.com

LifeSci Advisors
Hans Herklots
Media & Investors
+41 79 598 7149
hherklots@lifesciadvisors.com

About Kuros Biosciences AG 
Kuros Biosciences is focused on the development of innovative products for tissue repair and regeneration and is located in Schlieren (Zurich), Switzerland and Bilthoven, The Netherlands. The Company is listed according to the International Financial Reporting Standard on the SIX Swiss Exchange under the symbol KURN. Visit www.kuros.ch for additional information on Kuros, its science and product pipeline.

Forward Looking Statements 
This media release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are urged to consider statements that include the words “will” or “expect” or the negative of those words or other similar words to be uncertain and forward-looking. Factors that may cause actual results to differ materially from any future results expressed or implied by any forward-looking statements include scientific, business, economic and financial factors, Against the background of these uncertainties, readers should not rely on forward-looking statements. The Company assumes no responsibility for updating forward-looking statements or adapting them to future events or developments.

Nanovis Announces Successful Completion of $5.5 Million Investment Round To Fund Technology-Driven Growth

Nanovis, an innovative and fast-growing technology company selling nano-technology enhanced spinal implants, announced today the successful completion of a $5.5 million funding round managed by Commenda Securities. Key investors include Elevate Ventures, 1st Source Capital Corporation, Purdue’s Foundry Investment Fund, Commenda Capital, and Ellipsis Ventures.

“Our investment in Nanovis is consistent with our mission to support the ongoing development and success of entrepreneurial businesses across Indiana. This latest round of funding will provide Nanovis the growth capital they need as a high-performing, high-growth business,” says Elevate Ventures CEO Chris LaMothe.

Nanovis will use the funds to meet increased working capital and sales needs from surging demand from surgeons and distributors for Nanovis’ nanotechnology enhanced spinal implants.

“Investors recognized that Nanovis’ technology portfolio offers interbodies with the best combination of a deeply porous bone interface scaffold with a tailored nanotube surface and bridging bone visualization. Nanovis’ nanotube surface is the only nanotechnology in the spine market with which scientists can customize and control the spacing of the nanofeatures,” says Nanovis CEO Matt Hedrick. “Appropriate nanofeature design and control is important in optimizing bone growth. As a result, our distribution partners are already seeing rapid sales growth and hospital approvals for Nanovis’ FortiCore interbodies. In addition, we are receiving strong interest from surgeons in participating in our nanotube enhanced FortiCore interbody launch.”

Nanovis invents, acquires, and commercializes technologies that offer meaningfully superior implants to reduce fixation and infection related complications. Surgeons seeking for the best outcomes for their patients by utilizing the leading-edge nanotechnology, now have the option with Nanovis implants.

Nanovis’ nanotube enhanced FortiCore interbodies have deeply porous interconnected titanium scaffolds enhanced with a carefully designed nanotube surface and intermolded with a PEEK core, giving surgeons the most advanced interbody fixation technology with very good bridging bone imaging.

For more information about how to help patients, or better serve surgeons with Nanovis’ nanotechnologies, please visit us during the North American Spine Society (NASS) 2018 meeting September 26-29 in Los Angeles at Booth #2260 or call 1-317-507-1058.

For more information about distribution opportunities, please contact Jeff Shepherd, Vice President of Sales, at jeff.shepherd@nanovistechnology.com.

About Elevate Ventures
Elevate Ventures is a private venture development organization that nurtures and develops emerging and existing high-growth businesses into high-performing, Indiana-based companies. Elevate Ventures accomplishes this by providing access to capital, rigorous business analysis and robust advisory services that connect companies with the right mix of resources businesses need to succeed long-term. Learn more about Elevate Ventures at http://www.elevateventures.com.

About 1st Source Capital Corp.
The venture capital arm of South Bend, IN-based 1st Source Bank, invests in growing companies that have the ability to impact our local communities. The Bank’s parent company, 1st Source Corporation, has assets of $5.2 billion and is the largest locally controlled financial institution in the northern Indiana-southwestern Michigan area. For more information, visit http://www.1stsource.com.

About Nanovis
Nanovis’ mission is to develop science-enhanced, life-improving technologies targeted at tissue fixation and infection. The Company maintains a technology portfolio intended to fuel 10 years of growth. Focused on aggressive, sustainable growth in the Spine market, Nanovis is commercializing science-driven platforms: the deeply porous scaffold currently available with the FortiCore® line of interbody fusion devices; an advanced nanotube-surface technology; and surface technologies with anti-colonization and bactericidal capabilities.

Wright Medical Group N.V. Announces Pricing of Public Offering of Ordinary Shares

AMSTERDAM, The Netherlands, Aug. 27, 2018 (GLOBE NEWSWIRE) — Wright Medical Group N.V. (NASDAQ:WMGI) today announced the pricing of its previously announced registered underwritten public offering of 18,248,932 of its ordinary shares at an initial price to the public of $24.60 per share.  The net proceeds to Wright from the offering, after deducting the underwriting discounts and commissions and other estimated offering expenses, are expected to be $423 million.  The offering is expected to close on or about August 30, 2018, subject to customary closing conditions.  J.P. Morgan is acting as sole underwriter for the offering.

Wright intends to use the net proceeds of the offering to fund the purchase price of the previously announced pending acquisition (Acquisition) of Cartiva, Inc., as well as costs and expenses related thereto.  The offering is not contingent on the closing of the Acquisition.  If for any reason the Acquisition does not close, Wright intends to use the net proceeds of the offering for general corporate purposes.

An automatic shelf registration statement relating to the ordinary shares offered in the public offering described above was filed with the Securities and Exchange Commission (SEC) on May 4, 2016 and was effective upon filing. The securities may be offered only by means of a written prospectus, including a prospectus supplement, forming a part of the effective registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. A final prospectus supplement and accompanying prospectus will be filed with the SEC and will be available on its website.  When available, copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Wright Medical Group N.V.

Wright Medical Group N.V. is a global medical device company focused on extremities and biologics products. The company is committed to delivering innovative, value-added solutions improving the quality of life for patients worldwide.  Wright is a recognized leader of surgical solutions for the upper extremities (shoulder, elbow, wrist and hand), lower extremities (foot and ankle) and biologics markets, three of the fastest growing segments in orthopaedics.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include those regarding our expectations related to the offering discussed in this press release. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Each forward-looking statement contained in this release is subject to risks and uncertainties that may cause actual events or results to differ materially from the company’s current expectations. Applicable risks and uncertainties include, among others, the inability of the company to complete the anticipated sale of equity securities or the acquisition of Cartiva, Inc., or a delay in closing of the same.  These and other risks are described under the caption “Risk Factors” in Wright’s Annual Report on Form 10-K for the year ended December 31, 2017, filed by Wright with the SEC on February 28, 2018, and subsequent SEC filings by Wright, including, without limitation, its Quarterly Reports on Form 10-Q for the quarters ended April 1, 2018 and July 1, 2018. Investors should not place undue reliance on the forward-looking statements contained in this release. Investors are encouraged to read Wright’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this release speak only as of the date of this release, and Wright undertakes no obligation to update or revise any of these statements.

Investors & Media:

Julie D. Dewey
Sr. Vice President, Chief Communications Officer
Wright Medical Group N.V.
(901) 290-5817
julie.dewey@wright.com

Medicrea to Begin Trading on the OTCQX Market in the U.S.

August 27, 2018

LYON, France & NEW YORK–(BUSINESS WIRE)–The Medicrea Group (Euronext Growth Paris: FR0004178572 – ALMED), pioneering the transformation of spinal surgeries through Artificial Intelligence, predictive modeling and patient specific implants with its UNiD ASI™ technologies, announced today that the Company will begin trading on the OTCQX Best Market under the tickers “MRNTY” and “MRNTF” on Tuesday, the 28th of August, 2018.

“Being qualified to trade on the OTCQX Best Market in the U.S. is a great opportunity for Medicrea as well as for institutional and individual investors looking for a transformational medical device company. We believe that our proprietary patient-specific UNiD ASI™ (Adaptive Spine Intelligence) technology will become standard of care across the spine industry over the coming years and that it will replace the current approach, which requires manual implant manipulation and selection from a limited range that is not tailored to individual patients or surgeons,” stated Denys Sournac, Chief Executive Officer of Medicrea.

“The U.S. is an important market for Medicrea’s UNiD ASI™ platform as it represents the largest global market for spinal surgery and represents a key growth area with the Company’s largest subsidiary based in New York City. As we continue to drive Medicrea’s technology adoption in the U.S., we want U.S. investors to have a simple and efficient way to invest in Medicrea. Joining OTCQX will complement our European listing on EURONEXT Growth – Paris, providing additional opportunities for liquidity to the global investment community,” expanded Mr. Sournac.

The Company will trade under two separate tickers, MRNTY, which will represent the Company’s American Depository Receipts (“ADR”) and MRNTF, which will represent the Company’s ordinary shares. Each ADR represents one share of the Company’s ordinary shares. Investors will have the opportunity to purchase in dollars either ADR or ordinary shares.

“We are excited to welcome Medicrea to the OTCQX Best Market,” said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. “Trading on the OTCQX Market will give Medicrea the opportunity to increase visibility within the U.S. and grow its investor base. Historically, international companies who trade on OTCQX have both increased the number of U.S.-based investors and improved trading volume in their home market, providing a benefit for investors in the U.S. and in their domestic markets.”

About Medicrea (www.medicrea.com)

Through the lens of predictive medicine, Medicrea leverages its proprietary software analysis tools with big data and machine learning technologies supported by an expansive collection of clinical and scientific data. The Company is well-placed to streamline the efficiency of spinal care, reduce procedural complications and limit time spent in the operating room.

Operating in a $10 billion marketplace, Medicrea is a Small and Medium sized Enterprise (SME) with 200 employees worldwide, which includes 50 who are based in the U.S. The Company has an ultra-modern manufacturing facility in Lyon, France housing the development and production of 3D-printed titanium patient-specific implants.

For further information, please visit: Medicrea.com.

About OTC Markets Group Inc.

OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for 10,000 U.S. and global securities. Through OTC Link® ATS and OTC Link ECN, OTC Markets Group connects a diverse network of broker-dealers that provide liquidity and execution services. OTC Markets Group enables investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for investors.

Connect with Medicrea:
FACEBOOK | INSTAGRAM | TWITTER | WEBSITE | YOUTUBE

Medicrea is listed on
EURONEXT Growth Paris
ISIN: FR 0004178572
Ticker: ALMED
LEI: 969500BR1CPTYMTJBA37

Medicrea is traded on
OTCQX Best Market
Symbol: MNRTY & MRNTF

Contacts

Medicrea
Denys Sournac
Founder, Chairman and CEO
dsournac@Medicrea.com
or
Fabrice Kilfiger, +33 (0)4 72 01 87 87
Chief Financial Officer
fkilfiger@Medicrea.com