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EDAP Reports Second Quarter 2024 Financial Results
EDAP TMSEDAP TMS(US:EDAP) GlobeNewswire News Room·2024-08-28 11:00

Financial Performance - Record Q2 2024 total worldwide revenue of EUR 15.8 million (USD 17.0 million), an increase of 10.6% over Q2 2023 [1] - Record first half 2024 total worldwide revenue of EUR 30.7 million (USD 33.1 million), an increase of 5.6% over the first half of 2023 [1] - Gross profit for Q2 2024 was EUR 5.9 million (USD 6.4 million), with a gross profit margin of 37.5%, down from 39.6% in Q2 2023 [16] - Operating loss for Q2 2024 was EUR 6.1 million (USD 6.6 million), compared to an operating loss of EUR 4.2 million (USD 4.6 million) in Q2 2023 [18] - Net loss for Q2 2024 was EUR 6.1 million (USD 6.6 million), or EUR (0.16) per share, compared to a net loss of EUR 4.7 million (USD 5.1 million), or EUR (0.13) per share in Q2 2023 [18] Business Updates - Strong Q2 2024 U.S. Focal One® HIFU procedure growth of +63% year-over-year [1] - Five Focal One systems were placed in Q2 2024, including placements with two additional National Cancer Institute designated comprehensive cancer centers [2] - The company appointed Fran Schulz to its Board of Directors, bringing over 35 years of experience in the life sciences industry [5] - Marc Oczachowski resigned as Chairman of the Company's Board of Directors effective September 30, 2024 [4] Clinical Developments - The HIFI study results presented at EAU and AUA meetings indicate that Focal One robotic HIFU is at least as effective as radical prostatectomy for localized prostate cancer, with potential for improved functional outcomes [3] - Interim results from a Phase 3 study on robotic HIFU for deep infiltrating endometriosis show positive safety data, although the primary endpoint of reduced acute pelvic pain was not met [9][10] - Approval received from the French National Agency for Medicines and Health Products Safety to initiate a Phase 1-2 Clinical Trial for Focal One Robotic HIFU in treating Benign Prostate Hyperplasia [11] Revenue Breakdown - Total revenue in the HIFU business for Q2 2024 was EUR 4.8 million (USD 5.2 million), compared to EUR 4.9 million (USD 5.3 million) in Q2 2023, with a 29.4% year-over-year growth in worldwide disposables revenues [13] - Total revenue in the Distribution business for Q2 2024 was EUR 8.7 million (USD 9.4 million), an increase from EUR 7.2 million (USD 7.8 million) in Q2 2023 [14] - Total revenue in the LITHO business for Q2 2024 was EUR 2.3 million (USD 2.5 million), slightly up from EUR 2.2 million (USD 2.4 million) in Q2 2023 [15] Upcoming Events - A conference call and webcast to discuss the second quarter 2024 financial results will be hosted on August 28, 2024, at 8:30 a.m. EDT [24]