Cash position of €8.8 million at December 31, 2017, reflecting a substantial reduction in cash burn over the second half
PARIS--(BUSINESS WIRE)-- Regulatory News:
STENTYS (Paris:STNT) (FR0010949404 – STNT), a medical technology company commercializing the Xposition S self-apposing coronary stent, today reports its revenues for the fourth quarter and full year 2017.
Change in revenues
|€ thousands||2017||2016||% change||2017||2016||% change|
* Unaudited data
During the fourth quarter of 2017, STENTYS recorded revenues of €1.9 million, driven by the substantial acceleration in sales of the Xposition S drug-eluting stent (+35% in volume and +12% in value). The end of the commercialization of previous-generation stents, DES and BMS, and the decrease in sales of non-proprietary products led to a 5% fall in revenues compared with the fourth quarter of 2016.
The Xposition S stent accounted for 87% of STENTYS’ total revenues in 2017, and benefited from fast-growing demand throughout the year.
Over 2017 as a whole, STENTYS recorded sales of €7.0 million, versus €7.3 million in 2016.
Substantial reduction of the cash burn: cash position of €8.8 million at December 31, 2017
At December 31, 2017, STENTYS had a cash position of €8.8 million, versus €10.3 million at June 30, 2017, reflecting a substantial reduction of the cash burn during the second half of the year as a result of the cost-cutting program implemented by the Company.
Christophe Lottin, Chief Executive Officer of STENTYS, comments: “2017 was a transitional year for STENTYS during which we reorganized our offering by focusing our resources on our flagship product, Xposition S, with the aim of accelerating its penetration of our strategic markets. The Xposition S sales momentum observed during the fourth quarter validates the relevance of our strategy for this specialty drug-eluting stent that is generating considerable interest among the global cardiology community. In accordance with our intention of expanding our proprietary product portfolio, we have added Serpentis, our new latest-generation drug-eluting stent for routine procedures, to our product range at the end of the year. Its pre-commercialization has begun in a number of pilot European facilities. We thus now have a solid offering of proprietary drug-eluting stents on which we expect to see a return to a strong growth in 2018.”
STENTYS develops and commercializes innovative solutions for the treatment of patients with complex artery disease. STENTYS’ Self-Apposing® drug-eluting stents (DES) are designed to adapt to vessels with ambiguous or fluctuating diameters in order to prevent the malapposition problems associated with conventional stents. The APPOSITION clinical trials for the treatment of acute myocardial infarction showed a very low mortality rate at one year and a faster arterial healing compared to conventional stents. The company’s product portfolio also includes MiStent SES® and Serpentis, two innovative coronary DES for routine interventions, and is marketed through STENTYS’ commercial network in Europe, the Middle East, Asia and Latin America.
Additional information is available at www.stentys.com
STENTYS is listed on Compartment C of Euronext Paris
ISIN: FR0010949404 – Ticker: STNT
Safe Harbor Statements
This press release contains forward-looking statements about the Company that 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, 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 2016 Registration Document (document de référence) filed with the French Autorité des Marchés Financiers (AMF) on November 29, 2017 under number D.17-1084.
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