STENTYS Reports 2012 Financial Results
As announced on 24 January 2013, STENTYS recorded annual revenues of €2.5 million in 2012, an increase of 77% on the previous year. The sales performance recorded in 2012 continues to indicate substantial appeal for the STENTYS Self-Apposing stent amongst cardiologists in countries where it has been pre-marketed.
Operating expenses (including the cost of goods sold and before share-based payment) totaled €12.5 million over the year, compared with €10.2 million in 2011, representing an increase of 22%. Operating expenses (before share-based payment) were as follows:
STENTYS had 35 staff at 31 December 2012.
As announced on 24 January 2013, STENTYS’ cash position was €45.6 million at 31 December 2012 (versus €14.7 million a year earlier), following the successful capital increases carried out during the period. The amount of cash consumed by operating activities was €9.9 million in 2012 compared with €8.1 million in 2011.
2012 was marked by two major events:
Following the FDA approval of its clinical trial in the United States, a decisive development milestone, Professor Jacques Séguin decided to step down as a Director to focus on new early-stage projects and proposed to join the Scientific Advisory Board in order to continue advising STENTYS’ clinical strategy. The Board of Directors has unanimously voted Michel Darnaud, as its new Chairman. A STENTYS Director since its IPO, Michel Darnaud is a seasoned medical technology professional with over 30 years of experience in the industry, including 20 years in management positions with companies such as Boston Scientific and the Sorin Group where he currently serves as President of the Cardiac Surgery Division. Additionally, the Board appointed the (FSI) and its representative Maïlys Ferrère as a new Director.
Michel Darnaud, Chairman of the Board, comments: “”
Gonzague Issenmann, Chief Executive Officer and co-founder of STENTYS, concludes: “Fonds Stratégique d’Investissement”
STENTYS expects to publish its revenues for Q1 2013 on 25 April 2013.
STENTYS is developing and commercializing innovative solutions for the treatment of patients with acute myocardial infarction (AMI, or heart attack) and complex coronary artery disease. STENTYS’s Self-Apposing Stents are designed to adapt to vessels with ambiguous or fluctuating diameters, particularly in the post-infarction phase, in order to prevent the malapposition problems associated with conventional stents. In the APPOSITION III clinical trial, STENTYS stents demonstrated a very low one year mortality rate among 1,000 high-risk AMI patients when compared to recent studies with conventional stents.
This press release contains forward looking statements about the Company’s business. Such forward looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future which may not be accurate. Such forward-looking statements involve known and unknown risks which may cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the development and commercialization of the Company’s products, market acceptance of the Company’s products, its ability to manage growth, the competitive environment in relation to its business area and markets, its ability to enforce and protect its patents and proprietary rights, uncertainties related to the U.S. FDA approval process, including with respect to a pre-market approval for the Company’s BMS, slower than expected rates of patient recruitment for clinical trials, the outcome of clinical trials, and other factors, including those described in the Section 4 “Risk Factors” of the Company’s 2011 Registration Document (document de référence) filed with the Autorité des marchés financiers in France on June 25, 2012 under number R.12-033 as such section may be updated from time to time.
STENTYS is listed on Comp. C of the NYSE Euronext ParisISIN: FR0010949404 – Ticker: STNT