Mauna Kea Technologies Reports 74% Increase in 9-Month 2023 Sales
Strong performance thanks to partnership revenue and U.S. growth
+40% increase in Q3 U.S. PPU revenue
Strong convergence of current and upcoming clinical results
and potential strategic partnerships
Paris and Boston, October 19, 2023 – 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 revenue for the third quarter and first nine months of 2023, ended September 30, 2023.
o +74% sales growth in the first 9 months of 2023 driven by U.S. sales and licensing fees from the Tasly J.V.
o +40% PPU (Pay-Per-Use) growth in U.S. in Q3 2023 accelerating QoQ through increased utilization
o 4 new PPU accounts secured in Q3 2023, paving the way for sustained growth
o Tasly J.V. on track to be fully operational by January 2024
o Positive results in transbronchial cryobiopsy strengthening our active discussions with potential strategic partners
Sacha Loiseau, Ph.D., Chairman and CEO of Mauna Kea Technologies, commented: “This third quarter was another positive quarter on top of a solid Q2, a performance highlighting both commercial and business development accomplishments. Indeed, the Group is benefiting from its partnerships strategy, generating over 30% of our revenue, and we continue to see attractive opportunities to expand the number of strategic partners commercializing Cellvizio. With regard to our partnership with Tasly, our China-based leadership team is working relentlessly to become operational by January 2024 and thereafter be able to capture the significant commercial potential of the Chinese domestic market. Following my recent visit to China, I am thrilled to see the joint venture’s overall progress. Simultaneously, our U.S. operations are expanding Cellvizio utilization, both from the increased use of existing systems and from the addition of new sites. More importantly, we are now beginning to see the financial benefits of a revenue mix increasingly weighted to our recurring per-procedure (PPU) revenue model. Finally, our product development teams have been highly contributing to this momentum by continuously upgrading Cellvizio's core functionality and through the development of new capabilities. In conclusion, I am grateful for the tremendous contribution of the entire Mauna Kea organization towards meeting the high expectations of our shareholders, patients, users and clinical partners”.