(Telix Pharmaceuticals to acquire a 19% stake in Mauna Kea Technologies through a EUR6million equity investment)

Mauna Kea Technologies Reports Full Year 2023 Results and Q1 2024 Sales (yahoo.com)

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

Business Wire

Fri, Apr 26, 2024, 4:50 AM GMT+1014 min read

In This Article:

• MKEAF0.00%

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 & BOSTON, April 25, 2024--(BUSINESS WIRE)--Regulatory News:

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."