Mauna Kea Technologies reports its Financial Results for the First Half of 2022
Improvement in gross margin driven by a more favorable sales mix and reduction in operating loss
Solid business activity following strategic repositioning and reallocation of resources
Cash position as of June 30, 2022 at €5.3 million
Mauna Kea Technologies today announced its financial results for the first half of 2022 ended June 30, 2022.
"First half 2022 financial results are in line with our expectations and reflect the ongoing implementation of the strategic repositioning. This transition, initiated end of 2021, has yielded first tangible results, including the recently announced formation of a Joint Venture in China with Tasly Pharmaceutical," said Sacha Loiseau, Chairman and CEO of Mauna Kea Technologies. “In parallel, we have continued to strengthen Mauna Kea’s core technology assets, including favorable clinical study results in novel therapeutic areas, the systematic enhancement of our imaging platform, and additional regulatory approval in the U.S.. On balance, while 2022 has been a challenging transition year, I have growing confidence in Mauna Kea’s capacity to better capitalize on the significant commercial potential of Cellvizio as we enter 2023.”
Financial summary for the first half of 2022
- Increase in gross margin to 73% vs. 71% in H1 2021
- Current operating loss reduced by 19% to €4,957K from €6,099K in H1 2021
- Net loss of €6,212K compared to €6,691K in the first half of 2021
- Total revenues for H1 2022 at €3,391K, up slightly by €77K, i.e. +2% compared to the previous period in 2021
- Total revenues for the first half of 2022 slightly down by €154K (-4%) compared to the first half of 2021, to €3,708K
- Cash position of €5.3 million at the end of June 2022 and total long-term debt of €26.4 million, compared to €11.9 million in cash and €26.9 million in long-term debt at December 31, 2021
Subsequent events
- Creation of a Joint Venture and conclusion of licensing agreements between Mauna Kea Technologies and Tasly Pharmaceutical
On July 11, Mauna Kea Technologies announced the signing of a strategic agreement to create a Joint Venture (JV) with a Chinese pharmaceutical company, Tasly Pharmaceutical. On November 7, the Joint Venture was legally incorporated as Tasly Mauna Kea Medical Engineering Technology Co. Ltd, based in the Chinese province of Zheijang, with a share capital of RMB 250 million (€35 million1).
Under terms of their agreement, this partnership includes:
- The marketing of broad Cellvizio indications in China,
- The development and global commercialization of a dedicated Cellvizio in the fields of Neurology and Neurosurgery, and
- The manufacturing of a dedicated Cellvizio platform for the Chinese market.
- Sacha Loiseau appointed as Chief Executive Officer
On October 4, Sacha Loiseau, cofounder and Chairman of the Board of Directors of Mauna Kea Technologies, was appointed as Chief Executive Officer. Mr. Sacha Loiseau is now Chairman and Chief Executive Officer of Mauna Kea Technologies.
- Successful clinical study on the prediction of major adverse events in patients with Inflammatory Bowel Disease (IBD) using Cellvizio
Mauna Kea Technologies announced the successful completion of a long-term prospective clinical study on the prediction of remission or relapse in patients with chronic Inflammatory Bowel Disease (IBD) using Confocal Laser Endomicroscopy with Cellvizio®. The results were published in Gastroenterology, the flagship journal of the American Gastroenterological Association. The study prospectively showed that the predictive value of intestinal barrier healing assessed dynamically and functionally by confocal laser endomicroscopy (Cellvizio®) was far superior to that of endoscopic and histologic remission in predicting long-term remission or relapse in a large cohort of IBD patients in clinical remission.
For additional details and financial results, please see the full press release.
[1] As of November 6th, 2022.
