Spineway, a specialist in innovative implants for the treatment of severe spine disorders, recorded revenue of €2.7 million in the second quarter of 2025, down from €3.5 million in the same period in 2024, but broadly in line with the quarterly revenue recorded since the third quarter of 2024. Revenue for the first half of 2025 accordingly totaled €5.6 million, compared with €6.5 million for the same period last year, reflecting particularly high activity in the first half of 2024 (up 20%). However, the deferral of major account orders to the second half of 2025 enables Spineway to confirm its full-year revenue growth target for 2025.
€2 million improvement in net result
Operating performance improved in the first half of 2025 compared with 2024, with a 1-point improvement in gross margin to 69% and a 3% reduction in net operating costs. The cost-cutting measures implemented last year resulted in a €311 thousand (-12%) reduction in personnel expenses and a €146 thousand (-7%) reduction in general operating costs.
Financial expense related to the Negma bond financing was significantly reduced, resulting in a €1.9 million reduction in the financial loss to €219 thousand.
As a result, the net loss narrowed by €2 million to €1.4 million in the six months to June 30, 2025, from €3.4 million in 2024.
Solid €4 million cash position as of 30 June 2025; end of 2023 bond financing agreement
The convertible bond (OCA) issue and subscription agreement entered into with Negma in 20233 expired in May 2025. In the first half of 2025, 180 OCAs were issued and 235 OCAs were converted into 6,752,115 shares, representing a capital increase of €13,504.23. As a result, Spineway’s share capital as of June 30, 2025 amounted to €71,088.78, divided into 35,544,391 shares with a par value of €0.002 each.
Spineway’s effective control of expenditure has enabled it to report a solid cash position of €4 million as of June 30, 2025, i.e. a net cash burn of €0.5 million since December 31, 2024. This is primarily due to a doubling of capital expenditure in the first half of the year, reaching €0.8 million, in connection with the completion of the new industrial tool dedicated to the production of ESP4 intervertebral disc prostheses. This new production line will give the Group greater flexibility and responsiveness, thereby improving its competitiveness in this range of implants.
As of June 30, 2025, financial debt stood at €1.5 million, with net cash (after deducting financial debt) totalling €2.5 million.
Full-year 2025 revenue growth target confirmed
During the first half of 2025, Spineway laid the foundations for sustained growth in international markets through an intensive global training program that enabled over 100 surgeons to be trained across Europe, Asia, and Latin America,5 and through the commercial launch of the ESP product range in Indonesia.
With solid financial foundations and strong commercial momentum, Spineway is entering the second half of 2025 with confidence and determination.
Next event:
October 14, 2025 – Q3 2025 revenue
SPINEWAY IS ELIGIBLE FOR PEA-SME (EQUITY SAVINGS PLANS FOR SMES)
Find out all about Spineway at www.spineway.com
This press release has been prepared in both English and French. In case of discrepancies, the French version shall prevail.
Spineway designs, manufactures and markets innovative implants and surgical instruments for treating severe disorders of the spinal column.
Spineway has an international network of over 50 independent distributors and more than 70% of its revenue comes from exports.
ISIN: FR001400N2P2 – ALSPW
1 The Negma financing agreement provided for compensation if the share price fell below the nominal value of the share. The unfavorable trend affecting Spineway’s share price at the beginning of 2024 resulted in compensation as tranches were drawn down.
2 Net income/(loss) restated for the Negma exceptional financial expense
3 Press release of May 25, 2023
4 Press release of July 03, 2025
5 Press release of July 25, 2025