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Mauna Kea Technologies Reports First Quarter 2013 Sales Up 11% to EUR 1.8 Million


4/16/2013 10:40:52 AM

PARIS--(Marketwired - April 16, 2013) - Mauna Kea Technologies (EURONEXT PARIS: MKEA), leader in the optical biopsy market and developer of Cellvizio®, the fastest way to see cancer, today announced its sales for the first quarter of the year ended March 31, 2013.

                                                                            
In EUR k                          Q1 2013              Q1 2012     % change 
IFRS                       March 31, 2013       March 31, 2012              
--------------------------------------------------------------------------- 
Sales                               1,784                1,611          +11%
--------------------------------------------------------------------------- 
                                                                            

Q1 2013 sales growth: 11%

Sales grew by 11% year-over-year in the first quarter of 2013. Clinical sales (Cellvizio® sales to hospitals and clinics) moved up 16% to EUR 1,440k, while preclinical sales (Cellvizio® sales to preclinical research laboratories) receded by 7% to EUR 344k. Sales of Cellvizio® to hospitals and clinics, the company's key target market, generated 81% of total revenue for the quarter, while preclinical sales accounted for 19%.

The breakdown by product type shows that equipment sales edged down by 3% to EUR 1,163k. Sales of consumables (miniprobes) advanced by 27% to EUR 427k. Sales of services more than doubled, rising by 168% to EUR 193k.

The geographical breakdown reflects a strong contribution from the APAC (Asia-Pacific) region in the first quarter, driven by robust business in China. In the first quarter, the Americas accounted for 45% of sales, EMEA (Europe, Middle East and Africa) for 17% and APAC for 38%. In the United States, the Cellvizio equipment sales team (not the same as the miniprobe sales force) underwent reorganization during the first quarter, which explains the decline in the sales contribution from the Americas.

Sacha Loiseau, Chief Executive Officer of Mauna Kea Technologies, commented: "The business of Mauna Kea Technologies is highly seasonal, with the first quarter accounting for a smaller proportion of full-year sales than the others. And even though we reorganized part of the US sales force, our sales in the first quarter were 11% higher than in the first quarter of 2012. As indicated when we released our full-year results, in 2012, we laid the foundations for our future growth. We are pursuing and intensifying our efforts to gradually make optical biopsy a world-wide standard of care for multiple indications. In this respect, the fifth International Conference of Cellvizio® Users (ICCU), which ended on April 7, 2013, was an unqualified success. The conference attracted 200 of the world's leading experts in gastroenterology, pulmonology, urology, surgery, molecular imagery and other areas where optical biopsy constitutes a major breakthrough."

Next Quarterly Financial Press Release: 2013 First Half Sales, July 16, 2013 (post-market)

About Mauna Kea Technologies
Mauna Kea Technologies is a global medical device company dedicated to the advent of optical biopsy. The company researches, develops and markets innovative tools to visualize and detect cellular abnormalities during endoscopic procedures. Its flagship product, Cellvizio®, a probe-based Confocal Laser Endomicroscopy (pCLE) system, provides physicians and researchers high-resolution cellular views of tissue inside the body. Large, international, multicenter clinical trials have demonstrated Cellvizio's ability to help physicians more accurately detect early forms of disease and make treatment decisions immediately. Designed to improve patient outcomes and reduce costs within a hospital, Cellvizio can be used with almost any endoscope. Cellvizio has 510(k) clearance from the U.S. Food and Drug Administration and the European CE-Mark for use in the GI tract, biliary and pancreatic ducts and lungs.

For more information on Mauna Kea Technologies, visit www.maunakeatech.com

Disclaimer
This press release and the information contained herein do not constitute an offer to sell or subscribe to, or a solicitation of an offer to buy or subscribe to, shares in Mauna Kea Technologies ("the Company") in any country. This press release contains forward-looking statements that relate to the Company's objectives. Such forward-looking statements are based solely on the current expectations and assumptions of the Company's management and involve risk and uncertainties. Potential risks and uncertainties include, without limitation, whether the Company will be successful in implementing its strategies, whether there will be continued growth in the relevant market and demand for the Company's products, new products or technological developments introduced by competitors, and risks associated with managing growth. Unfavorable developments in connection with these and other risks and uncertainties described, in particular, in the Company's prospectus prepared in connection with its IPO and on which the French Autorité des marches financiers ("AMF") granted its visa number 11-236 on June 20, 2011, could cause the Company to fail to achieve the objectives expressed by the forward-looking statements above.


United States
Erich Sandoval
Tel: +1 917 497 2867
esandoval@lazarpartners.com

France and Europe
NewCap.
Investor Relations and Financial Communication
Pierre Laurent / Florent Alba
Tel: +33(0)1 44 71 94 94
maunakea@newcap.fr

Mauna Kea Technologies
Eric Cohen
Vice President, Finance
Tel: + 33 1 70 08 09 86
eric@maunakeatech.com


Read at BioSpace.com


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