Mauna Kea Technologies Reports Full Year 2023 Sales of €10.5m, Up +42% vs 2022
Record-high PPU Growth of +109%1 in Q4 2023, Full Year PPU Growth of +57%1
Tasly and Telix Partnerships Remain On-Track
Partnership Pipeline Building
Paris and Boston, January 25, 2024 – 5:45 pm CET – Mauna Kea Technologies (Euronext Growth: ALMKT), inventory of Cellvizio®, the multidisciplinary probe and needle-based confocal laser endomicroscopy (p/nCLE) platform, today reported its unaudited sales for the fourth quarter and full year 2023, ended December 31, 2023.
Sacha Loiseau, Ph.D., Chairman and CEO of Mauna Kea Technologies , commented: “In addition to advancing important strategic relationships with announced development partners Tasly Pharmaceutical (neurology), Telix Pharmaceuticals (urology) and Johnson & Johnson (lung), in 2023 Mauna Kea remained disciplined in all phases of the business. I am particularly pleased with the US performance, where we saw, once again, improved operational efficiency and sales force productivity as well as 10% organic sales growth on a constant currency basis. Likewise, in Asia, our team is working actively with our partners at Tasly to operationalize our Joint Venture, which we expect will deliver initial Cellvizio orders for the Chinese domestic market from 2024 onwards. Finally, our R&D team continues to enhance the capabilities and clinical effectiveness of Cellvizio, including advancing AI and wireless connectivity solutions. With a building pipeline of potential new development partners and the ongoing support of the global clinical community, I am excited for what we can accomplish in the year ahead.”
2023 Highlights
- Successful Shift in U.S. Operations
In 2023, sales efforts focused on high volume Ambulatory Surgery Centers (ASCs) with our Pay-Per-Use (PPU) program which represented 63% of Q4 sales. This model offers greater stability and more consistent recurring revenue, enables access to a high volume of patients, and generates significant operational leverage as system usage increases.
Throughout the year, PPU growth accelerated significantly, culminating to year-on-year growth of +109%1 in Q4 2023 and a +52%1 rise from Q3 2023. This growth trajectory is primarily attributed to the high satisfaction rates among physicians using Cellvizio leading to increased adoption among existing accounts and the onboarding of 11 new accounts over the year.
- Enhanced Operational Leverage Through U.S. Sales Growth
In 2023, the United States solidified its position as the 1st market, accounting for 72% of total sales, marking a significant increase of 16 percentage points from the previous year. This shift has yielded substantial operational leverage and has particularly improved the Group's profitability profile due to the region's high gross margin.
This solid performance was accomplished with a sales force that was reduced by half compared with 2021, reflecting a notable increase in productivity and profitability.
- Initial Contributions and Operational Launch of the Tasly Joint Venture
In 2023, the Group recorded revenues of $4.7 million (€4.3 million), including upfront fees of $6.5 million (€6.2 million) spread over 3 years and a technology transfer milestone of $2.5 million (€2.3 million).
The year was pivotal in laying the groundwork for the operational launch of the JV, setting up the JV structure, recruiting the leadership and sales teams, and acquiring the necessary business licenses for the marketing of Cellvizio.
- Strategic Investment from Telix Pharmaceuticals in Mauna Kea Paving the Way for Long-Term Collaboration
At the end of 2023, Telix Pharmaceuticals made a strategic €6.0 million investment in Mauna Kea, reflecting an expansion of their existing alliance in uro-oncologic surgery. The shared vision between the groups is to develop new hybrid pharmaceutical-device products through the combination of Telix's cancer-targeting agents with the Cellvizio platform in order to provide uro-oncologic surgeons with enhanced tools for patient care.
This investment marks a significant milestone for Mauna Kea, underscoring the attractiveness and strategic importance of the Cellvizio technology for key players such as Telix. It signals the beginning of a more integrated collaboration between the two entities, aimed at combining the advanced technologies of both groups for the contemplated therapeutic area.
[1] Growth at constant exchange rate (CER)
