29.03.2013 10:58
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Substantial Improvement in 2012 Results

The MEDICREA Group (Paris:ALMED) (FR0004178572-ALMED), a company specialized in the development of innovative surgical technologies for the treatment of spinal pathologies, listed on Alternext by NYSE - Euronext Paris, announces its 2012 annual results as approved by the Board meeting of March 19th.

€m   2012   2011
Sales

Gross margin as a % of sales

Current operating profit / (loss)

Operating profit / (loss) before share-based payments

Profit / (loss) before tax

Net profit / (loss)

  20.7

78%

(0.15)

(0.5)

(0.9)

(1.2)

  19.1

71%

(1.9)

(1.7)

(2.3)

(2.4)

Audit procedures relative to the Group’s consolidated financial statements have been carried out, and the auditor’s reports will be Issued once the Statutory Auditors have performed specific checks on the notes to the consolidated financial statements and the management report.

SUBSTANTIAL IMPROVEMENT IN ANNUAL RESULTS

The press release published on January 14th and available on the www.medicrea.com website highlights the evolution of 2012 annual sales. Despite the pressure that continued to weigh on the spinal fusion market in 2012, notably in the United States, the Group recorded an 8.5% increase in sales.

"The development of activity in the United States associated with the continuous optimization of our manufacturing capacity and processes have substantially improved our gross margin, which is now close to our target of 80%”, comments Denys SOURNAC, Chairman and CEO of MEDICREA. The increase in activity combined with the reduction of some operating costs have enabled the break-even point to be substantially reduced and the current operating profit to be almost positive in 2012, following a loss of 1.9 million euros in 2011.

OUTLOOK

The Group will pursue four main objectives in 2013:

1. develop its sales activity, principally in the United States, with its PASS® LP product family and further innovations;

2. improve its gross margin and break-even point in order to record an operating profit over the year;

3. obtain FDA approval for its K-Jaws® technology in order to implement a strategic agreement and boost the sales of this medical device in the United States;

4. sign exclusive distribution licensing agreements for products that have been recently launched and which have represented a substantial portion of the R&D efforts undertaken in recent years.

Regarding this latter point, the Group has begun negotiations with potential American partners for its Granvia-C® cervical disc prosthesis.

Next publication

Sales for the 1st quarter of 2013: April 11th 2013, after market.

ABOUT MEDICREA (www.medicrea.com)

MEDICREA specializes in the design, development, manufacture and distribution of orthopedic implants dedicated to spinal surgery. In a $10 billion market, MEDICREA is a very dynamic small to medium-sized business of 110 employees with unique innovation capabilities. The Company enjoys an excellent and ever-improving reputation and develops unique relationships with the most visionary and creative spine surgeons in France, the UK, and the USA. Products developed and patented by MEDICREA provide neurosurgeons and orthopedic surgeons specialized in the spine with new and less-invasive surgical solutions that are faster and easier to implement than traditional techniques. The Group’s headquarters are based near Lyon, France, and it also has a manufacturing facility located in La Rochelle as well as three distribution subsidiaries in the USA, the UK and France.

MEDICREA is listed on ALTERNEXT by NYSE - Euronext Paris
ISIN: FR 0004178572 – Ticker: ALMED

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