Mauna Kea Technologies Reports Full Year 2023 Results and Q1 2024 Sales

Full Year 2023 Sales increased +42%¹ to €10.5m 

€1.2m positive full-year operating income 

+47% growth in Q1 2024 in U.S PPU volume 

Recent Telix strategic investment and restructured EIB loan improve capital profile 

2024 guidance set over +20% organic sales growth, excluding licensing income 

 

Webcast to be held today at 6:00 pm (in French) 

 

Paris and Boston, April 25, 2024 – 5:45 p.m. CEST – Mauna Kea Technologies (Euronext Growth: ALMKT), inventor of Cellvizio®, the multidisciplinary probe and needle-based confocal laser endomicroscopy (p/nCLE) platform, today reported its financial results for the full year 2023 and its sales for the first quarter 2024. 

For full year 2023, total Group sales increased by 42% to €10.5m, driven by the strong volume growth of the PPU business in the U.S. and the substantial contribution of licensing sales. The Group's operating income for 2023 significantly improved to €1.2m (compared with a loss of -€9.1m in 2022), reflecting the positive impact of the Group's strategic partnership with the Tasly J.V. 

Cash and cash equivalents stood at €8.0m as of December 31, 2023, up €4.8m since December 31, 2022 notably thanks to the capital increase reserved to Telix Pharmaceuticals. 

In Q1 2024, the pay-per-use (PPU) business, which accounts for 50% of sales in the United States, continued to track to the favorable utilization trends observed in 2023, with volumes up 47% year-on-year. 

Commenting on the results, Sacha Loiseau, Ph.D., Chairman and CEO of Mauna Kea Technologies observed, “2023 marks the conclusion of an intensive period of transformation for the Company, initiated in late 2021 with a focus on forging strategic partnerships and enhancing the momentum and productivity of our operations notably in the U.S. I am very pleased with the progress we have made in delivering our commitments which include, on one hand, the establishment of a strategic partnership with Tasly in China and the expansion of our collaboration with Telix in uro-oncology—now our leading shareholder, and on the other hand, the operational excellence with a sustained increase in the number of Cellvizio procedures in the United States, surpassing the significant milestone of 1,000 procedures per quarter, alongside a notable reduction in operating losses and strengthening of the balance sheet.” 

2024 Priorities and Financial Guidance: 

In 2024, Mauna Kea Technologies intends to confirm its growth trajectory both through the sale of systems, probes and procedures but also by forging new strategic partnerships. The Group will lean on: 

- The continued growth of the U.S. activity especially in PPU with an emphasis in procedure volumes and the acquisition of new accounts; 

- The operational ramp-up of the JV in China and the first orders for systems and probes; 

- The full-scale commercial launch of the food intolerance activity; 

- The conclusion of new strategic partnerships. 

The Group also sets financial targets for the year, specifically: 

- Over +20% sales growth excluding licensing income, driven by volume growth in the U.S.; 

- A two-fold increase in the production of Cellvizio systems to meet demand across the different markets and to support the ramp-up of the JV in China and the launch of the food intolerance activity; 

- A reduction in operational loss thanks to the growth of activity and a continued cost cutting efforts; 

- A strengthened financial structure. 

Sacha Loiseau concluded, “2024 is the start of an exciting phase of growth for the Company, driven by the ongoing positive momentum in the United States in the field of esophageal and gastric cancer, major clinical results in pancreatic cysts, anticipated to contribute to incremental sales growth, the first orders from our joint venture in China and the launch of our food intolerance business. All these achievements and the solid foundations laid over the past two years have created a strong intrinsic value for Mauna Kea, which, while clear to our partners, is not reflected in our current capitalization. We remain confident that this will be the case in the