EOS imaging, the pioneer in 2D/3D orthopaedic medical imaging, today announced its consolidated sales revenue for the fourth quarter and full year ended December 31, 2017. Sales in the last quarter amounted to €12.2 million, up 22% from the fourth quarter of 2016.
Excluding the impact of the exchange rate, the fourth quarter sales across North America, Middle East Europe and Asia Pacific grew 35%.
Marie Meynadier, CEO of EOS imaging, said: "2017 was a year of
execution in which we delivered sustainable top-line growth while
significantly reshaping our presence in North America, the most
strategic market for our Company. The important commercial investment we
made there in 2017 has enabled us to set up a first-rate organization,
and is already reflected in our significant growth in the fourth
quarter. Our remarkable progress in the Europe-Middle East and
Asia-Pacific regions, with 45% and 83% respective growth in 2017,
continues to demonstrate the demand for our solutions from hospitals and
health professionals worldwide. We approach 2018 very confident in our
ability to accelerate our growth in all our priority markets and
continue to deploy EOS as a standard of care.”
- Sales Trend by Product Line
| In millions of euros | 2017 | 2016 | Change (%) | |||
| Equipment sales | 30.0 | 25.1 | +20% | |||
| % of total sales | 81% | 82% | ||||
| Sales of maintenance contracts | 6.0 | 4.7 | +27% | |||
| % of total sales | 16% | 15% | ||||
| Sales of consumables and services | 1.2 | 1.0 | +15% | |||
| % of total sales | 3% | 3% | ||||
| Total Sales | 37.1 | 30.8 | +21% | |||
| Non audited data |
EOS imaging recorded annual revenue of €37.1 million, up 21% compared to the full year 2016. The Company sold 77 EOS® systems in 2017, compared to 60 in the same period last year. Revenue from equipment sales was €30.0 million, up 20% compared to 2016.
Recurring revenues grew 25% to €7.1 million. They include €6.0
million maintenance revenue and €1.2 million revenue of consumables and
services. Recurring revenues in 2017 represented 19% of total sales,
compared to 18% of total sales in 2016.
- Full Year 2017 Sales by Geography: strong momentum in priority markets
| In millions of euros | 2017 | 2016 | Change (%) | |||
| EMEA | 16,6 | 11.4 | +45% | |||
| North America | 14.6 | 15.4 | -5% | |||
| Asia-Pacific | 5.9 | 3.2 | +83% | |||
| Latin America | 0.8 | na | ||||
| Total revenue | 37.1 | 30.8 | +21% | |||
| Non audited data | ||||||
In 2017, EOS imaging's sales in Europe, Middle East and Africa grew 45% to €16.6 million and accounted for 45% of the Company’s sales, compared to 37% in 2016.
Following the reorganization and strengthening of the second and
third quarters, North America resumed 40% growth in the last
quarter, in line with the growth observed in 2016. North America sales
in USD increased by 53% in the fourth quarter. For the whole year, sales
amounts to €14.6 million and represent 39% of total sales, compared
with 50% in 2016.
Asia Pacific sales grew 83% to €5.9 million, notably due to the China and Australia markets.
There was no sale in Latin America, which was not a priority area of
exploration. Excluding Latin America, full year revenue increased 24%
and fourth quarter revenue increased 32% (35% at constant exchange
rate).
- Quarterly Sales by Product Line
| In millions of euros | 2017 | 2016 | ||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||
| Equipment sales | 5.5 | 7.7 | 6.7 | 10.1 | 4.1 | 7.4 | 5.5 | 8.1 | ||||||||||||||||
| Growth versus n-1 -1 | 34% | 4% | 23% | 24% | ||||||||||||||||||||
| % of total revenue | 77% | 82% | 83% | 83% | ||||||||||||||||||||
| Sales of maintenance contracts | 1.4 | 1.4 | 1.5 | 1.7 | 1.0 | 1.2 | 0.9 | 1.5 | ||||||||||||||||
| Growth versus n-1 -1 | 41% | 16% | 53% | 10% | ||||||||||||||||||||
| % of total revenue | 20% | 15% | 17% | 14% | ||||||||||||||||||||
| Sales of consumables and services | 0.3 | 0.2 | 0.3 | 0.4 | 0.2 | 0.2 | 0.2 | 0.4 | ||||||||||||||||
| Growth versus n-1 -1 | 9% | 3% | 33% | 17% | ||||||||||||||||||||
| % of total revenue | 4% | 3% | 3% | 3% | ||||||||||||||||||||
| Total sales | 7.1 | 9.3 | 8.5 | 12.2 | 5.3 | 8.8 | 6.6 | 10.0 | ||||||||||||||||
| Growth versus n-1 -1 | 34% | 6% | 28% | 22% | ||||||||||||||||||||
Non audited data | ||||||||||||||||||||||||
EOS imaging sold 26 systems and recorded revenue of €12.2 million in the fourth quarter of 2017.
In order to secure and accelerate sales growth in 2018, EOS imaging
entered into an amendment with International Personal Finance (IPF) to
modify the terms of its ongoing financing agreement. As part of the
amendment, the amortization of the first three tranches is suspended
from December 2017 until June 2019 and the last repayment is deferred
from December 2020 to June 2022. In addition, a new tranche of €5.0
million can be subscribed by the end of June 2018 with amortization
between December 2021 and December 2022 (60% bullet) under conditions
comparable to those of the previous tranche and no additional warrant
issuance.
Learn more about EOS Imaging.
Source: EOS Imaging
