VEXIM (Paris:ALVXM) (FR0011072602 ‐ ALVXM / PEA-PME), a medical device company specializing in the minimally invasive treatment of vertebral fractures, announced its consolidated financial results for the year that ended on December 31st, 2015.
Fast and sustained business growth
In 2015, VEXIM had a turnover of €13.9 million, up 34% compared to 2014. This increase resulted primarily from the progressive and continued adoption of the SpineJack® technology, more than 10,000 implants of which were sold in 2015. The company is now a key European player with 7% of the vertebral compression fracture market in Europe and 30% in France2. In 2016, VEXIM aims to increase its European market share to 10% with an annual revenue growth between 30% and 40%. The company is now working with 378 health facilities worldwide, a number expected to exceed 500 by the end of 2016.
The company’s increase in sales was achieved by maintaining a high-level gross margin throughout the year: 71.5% as of December 31st, 2015. Operating expenses increased slightly by 5%, up from €13.5 million in 2014 to €14.2 million in 2015. Commercial objectives achievement is thus realized with a controlled cost structure. The costs of the company’s sales force and marketing activities made up for the majority of its operating expenses in 2015.
VEXIM’s productivity gains and control over its investments allowed it to significantly reduce its losses in the second half of 2015, down from a €3.6 million loss over the first half of 2015 to a €0.7 million loss in the second half. Over the fourth quarter of 2015, the company reached profitability, with a net profit of €65,000, thus meeting the expectations it had set for itself earlier in the year. Over the course of 2015, the company’s overall loss also decreased by €1.8 million, compared to 2014.
VEXIM continues to invest in sales and marketing activities as a way to raise awareness about the SpineJack® technology, develop the knowledge and clinical experience of health professionals and expand its sales coverage. The company can now count on a direct sales force of 30 trained and experienced employees in Europe, allowing VEXIM to offer a comprehensive coverage throughout the region. VEXIM also trained 219 surgeons in 2015, bringing the number of surgeons trained since the market launch of SpineJack® in 2011 to more than 900.
On December 31st, 2015, VEXIM had a cash position of €4.2 million, and the company raised €10.4 million in private placements on January 28th, 2016 (excluding capital increase expenses). The company’s current cash position and future cash flows should allow VEXIM to continue to grow, in line with its ambitions, and eventually generate positive cash flows.
About VEXIM, the innovative back microsurgery specialist
Based in Balma, near Toulouse (France), VEXIM is a medical device company created in February 2006. The company has specialized in the creation and marketing of minimally-invasive solutions for treating traumatic spinal pathologies. Benefitting from the financial support of it longstanding shareholder, Truffle Capital3 and from BPI public subsidies, VEXIM has designed and developed the SpineJack®, a unique implant capable of repairing a fractured vertebra and restoring the balance of the spinal column. The company also developed the MasterflowTM, an innovative solution for mixing and injecting orthopedic cement that enhances the accuracy of the injection and optimizes the overall surgical procedure. The company counts 64 employees, including its own sales teams in Europe and a network of international distributors.
VEXIM has been listed on Alternext Paris since May 2012. For further information, please visit www.vexim.com
SpineJack® 4, a revolutionary implant for treating Vertebral Fractures
The revolutionary aspect of the SpineJack® lies in its ability to restore a fractured vertebra to its original shape, restore the spinal column’s optimal anatomy and thus remove pain and enable the patient to recover their functional capabilities. Thanks to a specialized range of instruments, inserting the implants into the vertebra is carried out by minimally-invasive surgery, guided by X-ray, in approximately 30 minutes, enabling the patient to be discharged shortly after surgery. The SpineJack® range consists of 3 titanium implants with 3 different diameters, thus covering 95% of vertebral fractures and all patient morphologies. SpineJack® technology benefits from the support of international scientific experts in the field of spinal surgery and worldwide patent protection through to 2029.
MasterflowTM 2, a high-performance orthopedic cement delivery system
The MasterflowTM is an innovative solution for mixing and injecting orthopedic cement that enhances the accuracy of the injection and optimizes the overall surgical procedure for treating vertebral compression fractures. The device provides a better control of the injection of biomaterials into the spine. A complement of the SpineJack®, the MasterflowTM stands out for being both easy to use and precise, particularly in its ability to stop the cement delivery instantly without inertia. The MasterflowTM contributes to reducing pain in patients. Its first sales were recorded in the U.S. in February 2015, and the system has also received the CE marking in February 2015, a mandatory conformity mark for products marketed in Europe.