SPINEWAY

2023 annual results

Press release        

Ecully, February 7, 2024 – 6 p.m.

 

SPINEWAY

2023 annual results

• 2023 revenue of €10.5 million (+42%)
• Gross margin steady at 69%
• Net income heavily impacted by exceptional items
• Implementation in 2024 of a streamlining plan to achieve operating breakeven in the medium term¹
  
  

In thousands of euros Consolidated accounts	2023	2022
Revenue	10,519	7,432
Cost of sales	(3,309)	(2,320)
Gross margin	7,210	5,112
% of revenue	69%	69%
Net operating expenses	(11,727)	(8,322)
Of which running costs	(5,424)	(3,770)
Of which personnel expenses	(5,659)	(4,875)
Operating income/(loss)	(4,517)	(3,210)
Financial income/(expense)	(1,035)	184
Non-recurring income/(expenses)	(957)	(112)
Net income/(loss)	(6,510)	(3,137)

The Board of Directors of Spineway, meeting on February 6, 2024 under the chairmanship of Stéphane Le Roux, approved the financial statements for the year ended December 31, 2023.

Spineway recorded revenue of €10.5 million in 2023, an increase of 42% compared with 2022. This growth was driven by the strong sales performance of Distimp products and the consolidation of revenue from Spine Innovations, acquired in July 2022. Over the full year, the Group posted growth of more than 20% in each of its three main operating regions (Europe, Asia and Latin America).

 

Results marked by the increase in operating expenses

Although the gross margin was steady at 69% of revenue, the increase in revenue is not reflected in the Group’s results, which were impacted by increased spending on R&D, sales, marketing and practitioner training, as well as the necessary regulatory investments (MDR regulatory requirements, product export approvals, etc.), which will continue in 2024.