Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All Public Company News
      • All Multimedia News
      • View All News Releases

      • Regulatory News

      • D/A/CH Regulatory News
      • UK Regulatory News
      • View All Regulatory News

  • Business & Money
      • Auto & Transportation

      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • SocialBoost
  • Rooms
    • MediaRoom
    • ESG Rooms
  • AI Tools
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Hamburger menu
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO
    • Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • News in Focus
    • Browse News Releases
    • Regulatory News
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • Cision Communications Cloud®
  • AI Tools
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists

CORRECTION - Mauna Kea Technologies: Mauna Kea Technologies Announces its FY 2015 Results


News provided by

Mauna Kea Technologies

24 Mar, 2016, 09:35 GMT

Share this article

Share toX

Share this article

Share toX

3-point gross margin improvement to 70%
Steep reduction in operating expenses
€10.6 million in available cash

Mauna Kea Technologies (Euronext: MKEA, FR0010609263; OTCQX: MKEAY), inventor of Cellvizio®, the multidisciplinary confocal laser endomicroscopy platform, today announced its full-year results for the financial year ended December 31, 2015, as approved by the Board of Directors at its meeting on March 23, 2016.

Benoît Jacheet, Chief Financial Officer of Mauna Kea Technologies, stated: "2015 was a critical year in the implementation of our updated strategic plan and this affected our sales performance. Even so, we successfully delivered a significant improvement in our gross margin and operating performance by streamlining our cost structure to reduce fixed operating costs. Increased financial flexibility is expected to support the continued growth of our global user base."

    In EURK - IFRS (Audited figures)                      2015               2014
                                             (Year to Dec. 31,  (Year to Dec. 31,
                                                         2015)              2014)
    Operating revenue
    Sales                                                8,547             11,016
    Other income                                         1,434              1,267
    Total revenue                                        9,981             12,282
    Operating expenses
    o/w Cost of sales                                  (2,534)            (3,675)
    Gross margin (%)                                       70%                67%
    o/w Research and development                       (4,648)            (4,583)
    o/w Sales & marketing                             (11,665)           (12,753)
    o/w General & administrative                       (3,642)            (3,819)
    o/w Share-based payments                             (450)            (1,257)
    Total operating expenses                          (22,939)           (26,088)
    Other operating income and expenses                    232                  -
    Operating profit/(loss)                           (12,726)           (13,805)
    Net profit/(loss)                                 (12,643)           (13,973)

             

Rebound confirmed in the United States over the full year, despite broadly disappointing sales

As previously reported, Mauna Kea Technologies recorded a 22% decline in its full-year 2015 sales to €8,547 thousand. The small increase (2%) in Pre-clinical sales was not sufficient to make up for the larger decline (-29%) in worldwide Clinical sales, which accounts for the majority of the Company's sales. Probe reorders (orders from existing Cellvizio customers) rose by 17%, reflecting strong clinical adoption by physicians and growing third-party reimbursement support. Against the backdrop of an overall sales decline of 10% in the Americas, sales in North America rose by 14%, with the United States leading the way; results that emphasize the importance of our concerted marketing efforts in this key market. Sales in APAC declined by 35%, largely reflecting the delay in obtaining regulatory approval for the Cellvizio 100s in China (approval that was granted in December 2015). EMEA sales dropped 23% amid persistently tough conditions in the region.

At December 31, 2015, the Company had an installed base of 495 Cellvizio systems. Cellvizio's net installed base grew to 353 clinical and 142 pre-clinical systems, including 31 Cellvizio Dual Band systems.

Other income, which came to €1,434 thousand (vs. €1,267 thousand), chiefly consisted of a €1,201 thousand research tax credit (vs. €1,178 thousand in 2014).

Gross margin improvement and steep reduction in operating expenses

Over the full year, Mauna Kea Technologies improved its gross margin to 70%, up 3 percentage points over 2014. This improvement reflected an initiative undertaken by the Company to optimize its procurement channel as well as a higher average selling price (ASP). Increased ASP reflects greater contribution from US sales in the global total as well as a greater contribution from Pre-clinical sales, which carry a higher selling price than the Clinical version of Cellvizio.

2015 sales and marketing costs, including spending on clinical affairs, totaled €11,665 thousand, down 9% on the 2014 level. Implementation of our strategic pivot toward a partnership strategy as well as staffing adjustments made in anticipation of difficult market conditions in China and Brazil led to a targeted reduction in direct sales and marketing costs.

Research and development (R&D) costs recorded on the income statement remained stable at €4,648 thousand, compared with €4,583 thousand in 2014. Including the research tax credit, net R&D spending rose by 1.2% in 2015.

General and administrative costs fell to €3,642 thousand, down 5% compared with 2014.

Operating expenses declined by 12% in 2015 to €22,939 thousand (vs. €26,088 thousand at year-end 2014). The Company's full-year operating loss came to €12,726 thousand (vs. €13,805 thousand in 2014).

After €84 thousand in financial income, Mauna Kea Technologies' net loss stood at €12,643 thousand in the financial year ended December 31, 2015 (vs. €13,973 thousand in the year to December 31, 2014).

In the second half of 2015, Mauna Kea Technologies used €1.6 million in net cash (vs. €2.8 million in H1 2015 and €5.0 million in H2 2014) including the impact of the capital increase linked to the May 2015 private placement and drawdowns under its PACEO step-up equity financing program. Its actual cash burn stood at around €3.8 million in H2 2015 (vs. €5.0 million in H2 2014). At December 31, 2015, it had €10.6 million in available cash.

Mauna Kea Technologies had 91 employees at December 31, 2015, compared with 120 at December 31, 2014. This decline reflects several measures implemented in support of the new partnership strategy including the shutdown of direct sales and marketing operations in Germany, a reduction in staff in corporate marketing/clinical affairs, and departures in US sales and operations; positions that were not replaced.

Sacha Loiseau, Founder and Chief Executive Officer of Mauna Kea Technologies, concluded: "Implementation of our Vision 2020 strategic plan, which is set to make Mauna Kea Technologies a leading player in the digital transformation of medicine and surgery, is now well underway. After successfully bringing microscopes into the patient's body, we are now on the verge of bringing in vivo the connected laboratory of the future, harnessing the full power of the latest artificial intelligence techniques now available in the Cloud and the advent of next-generation molecular markers. Our partnerships with Cook Medical, Siemens and Fujifilm are concrete illustrations that our vision for Mauna Kea is becoming a reality, and the recent launch of Cellvizio by Cook Medical at the European Association of Urology Congress demonstrates the commercial leverage inherent to our new strategy. We remain confident in the potential of our key markets and in the power of our existing and future partners."

A conference call will be held at 7:30 PM CET (Paris time) today on the following number: +1.855.40.277.62 (USA) or +44-2033679454 (UK). You will be able to play back the conference call for three months by calling: +1.877.64.230.18 (USA) or +44.2033679460 (UK) and using the access code: 299716#.

About Mauna Kea Technologies 
Mauna Kea Technologies is a global medical device company focused on eliminating uncertainties related to the diagnosis and treatment of cancer thanks to real time in vivo microscopic visualization. The Company's flagship product, Cellvizio, has received clearance to sell a wide range of applications in more than 40 countries, including the United States, Europe, Japan, China, Canada, Brazil and Mexico.

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

Mauna Kea Technologies
Investors relations US
Sebastien Cadet
Global Marketing Director and OEM Leader
investors@maunakeatech.com

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

This is a disclosure announcement from PR Newswire.

Modal title

Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT
  • General Enquiries
  • Media Enquiries
  • Partnerships

Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
  • Data Privacy

Do not sell or share my personal information:

  • Submit via Privacy@cision.com 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 PR Newswire Europe Limited. All Rights Reserved. A Cision company.