Mauna Kea Technologies Reports Second Quarter and First Half of 2021 Sales

Mauna Kea Technologies today announced second quarter and first half 2021 sales results for the three and six-month periods ended June 30, 2021. 

 Second Quarter 2021 Sales Summary: 

• Total sales for the second quarter of 2021 increased €1.1 million, or 177% year-over-year, to €1.7 million
  • Consumables sales increased €0.5 million, or 149% year-over-year, to €0.9 million 
  • Systems sales increased €0.6 million to €0.6 million 
  • Services sales decreased €26 thousand, or 10% year-over-year, to €0.25 million 

First Half 2021 Sales Summary: 

• Total sales for the first half of 2021 increased €1.2 million, or 58% year-over-year, to €3.3 million o Consumables sales increased €0.6 million, or 62% year-over-year, to €1.6 million 
  • Systems sales increased €0.6 million, or 109% year-over-year, to €1.2 million 
  • Services sales were €0.6 million, unchanged year-over-year 

2021 Revenue Outlook: 

Assuming the global capital equipment recovery continues, the Company continues to expect to increase sales in the range of 25% to 30% year-over-year for the twelve months ending December 31, 2021. 

Management Commentary: 

“Our second quarter sales results reflect strong execution and the continued overall improvement in the global operating environment, consistent with the expectations we outlined earlier in the year,” stated Robert L. Gershon, Chief Executive Officer of Mauna Kea Technologies. “We remain encouraged by the indications during the quarter that the global capital equipment environment continues to recover with systems sales increasing 14% quarter-over-quarter, driven by capital sales in each of our primary geographic regions in the period. Consumables sales trends continued to improve in the second quarter as well, increasing 21% quarter-over-quarter, driven primarily by utilization from our U.S. customers; second quarter procedures in the U.S. showed continued improvement in each month of the period and represented a record number of procedures in any quarter of the Company’s history. We are encouraged by the continued recovery in consumable demand in the U.S. as we believe it represents further evidence of both an improving procedure environment, and that our new targeting strategy in the U.S. GI market focused on high-volume upper GI clinicians is working. We are driving adoption of Cellvizio in this targeted group and we continue to see higher utilization per system from these customers. Outside the U.S., we are seeing measured recovery in our primary global markets, though they continue to lag the recovery we are seeing in the U.S.” 

Mr. Gershon continued: “We remain confident in our expectation to drive total sales growth in the range of 25% to 30% year-over-year in 2021 driven by the combination of strong execution of our commercial strategy, continued improvements in the global capital equipment environment over the second half of the year and improving consumable demand as the global recovery continues to progress and customers around the world return to normal case-loads.”