Mauna Kea Technologies reports third quarter and first nine months of 2021 sales

Mauna Kea Technologie announced third quarter and first nine months of 2021 sales results for the periods ended September 30, 2021. 

First Nine Months of 2021 Sales Summary: 

• Total sales for the first nine months of 2021 increased €0.9 million, or 23% year-over-year, to €5.1 million
  • Consumables sales increased €0.4 million, or 23% year-over-year, to €2.3 million 
  •  Systems sales increased €0.5 million, or 36% year-over-year, to €2.0 million 
  • Services sales were €0.8 million, unchanged year-over-year 

Third Quarter 2021 Sales Summary: 

• Total sales for the third quarter of 2021 decreased €0.3 million, or 13% year-over-year, to €1.8 million
  • Consumables sales decreased €0.2 million to €0.7 million 
  • Systems sales decreased €0.1 million to €0.8 million 
  • Services sales were €0.3 million, unchanged year-over-year 

 Management Commentary: 

“Our third quarter sales results reflect softer-than-expected procedure and adoption trends in our primary commercial markets as a result of the surge in COVID-19 cases associated with the Delta variant,” stated Robert L. Gershon, Chief Executive Officer of Mauna Kea Technologies. “Our U.S. customers experienced significant COVID-related business disruption in recent months and capital equipment adoption trends have not progressed at the pace that we expected coming into the year. Consumable demand from U.S. customers has been impacted by lower patient throughput and a shift in procedure prioritization to non-elective procedures in response to the increase in new COVID-19 Delta cases during the quarter. As expected, the pace of recovery in APAC continues to lag the U.S. which impacted demand for consumables and capital equipment from our distribution partner in China. Notably, sales results in EMEA were impressive in light of the continued COVID-related challenges in the region; we were pleased to deliver five new systems to customers in EMEA during the third quarter, the majority of which were a result of our efforts to expand awareness of the utility of Cellvizio in potential new clinical applications within GI. Specifically, new system adoption in EMEA during Q3 was driven by customers that valued Cellvizio’s demonstrated efficacy in the food allergy and pancreatic cyst markets.” 

Mr. Gershon continued: “Given the slower-than-anticipated recovery in the global capital equipment market to-date and our revised outlook for customer demand in our primary global markets driven by the unexpected rise in COVID-19 cases driven by the Delta variant, we have revised our growth expectations for the full year 2021 period. Importantly, while we are not as far along in the COVID-recovery as previously expected, our fourth quarter sales expectations reflect continued improvement on a sequential basis. Specifically, we expect sales to increase in the range of 18% - 20% on a quarter-over-quarter basis in the fourth quarter, driven primarily by strong execution of our commercial strategy, measured improvement in consumable demand and modest improvement in the capital equipment environment, as compared to the third quarter.”