Brief: Spineway FY Consolidated Operating Loss Narrows To 2.3 Million Euros

Spineway SA

17/04/2020 07:08

April 17 (Reuters) - SPINEWAY SA  ALSPW.PA :
    * REPORTED ON WEDNESDAY 2019 RESULTS
    * FY CONSOLIDATED REVENUE EUR 5.0 MLN VS EUR 6.5 MLN YR AGO
    * FY CONSOLIDATED OPERATING LOSS EUR 2.3 MLN VS LOSS EUR 3.9
MLN
YR AGO
    * FY CONSOLIDATED NET LOSS EUR 2.9 MLN VS LOSS EUR 4.1 MLN
YR AGO
    * FY CONSOLIDATED GROSS MARGIN EUR 3.8 MLN VS EUR 4.2 MLN YR
AGO
    * GEOPOLITICAL SITUATION IN LATIN AMERICA AUTOMATICALLY HAD
AN
ADVERSE EFFECT ON GROUP’S ACTIVITY
    * AS OF DECEMBER 31, AVAILABLE CASH EUR 2.6 MLN VS EUR 0.1
YR AGO
    * AS OF DECEMBER 31, GROUP’S NET DEBT DROPPED SHARPLY TO EUR
2.0
MLN VS EUR 4.1 YR AGO
    * COVID-19 CRISIS: AS MOST SPINAL SURGERIES HAVE BEEN
POSTPONED,
SPINEWAY HAS DRAWN UP AN OVERALL PLAN FOR PARTIAL ACTIVITY TO
ADAPT WORKFORCE AND PROTECT CASH POSITION
    * COVID-19 CRISIS: HAS PUT IN PLACE MEASURES IN LINE WITH
GOVERNMENT PROVISIONS AND MEASURES TO OPTIMISE SHORT-TERM CASH
REQUIREMENTS
    * Q1 REVENUE EUR 1.0 MLN VS EUR 1.4 MLN YR AGO, FOLLOWING
EXPECTED
DECREASE IN SALES IN FRANCE (-60%) AND THE MIDDLE EAST (-58%)
    * WITH APPROVAL OF FINANCIAL PARTNER NEGMA, SPINEWAY DECIDED
TO
ENTER SECOND PHASE OF FINANCING REPRESENTING EUR 6 MLN
    * FIRST TRANCHE OF CONVERTIBLE BONDS IN APRIL 2020 FOR EUR
3.6
MLN, I.E., 1,600 CONVERTIBLE BONDS WITH PAR VALUE OF EUR 2,500
    * SECOND TRANCHE BY SEPTEMBER 4 FOR MAXIMUM OF EUR 2.4 MLN,
GIVING
RIGHT TO MAXIMUM OF 960 BONDS WITH PAR VALUE OF EUR 2,500

    Source text for Eikon:  ID:nGNE8y7v0w 
    Further company coverage:  ALSPW.PA  
   


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