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30/03/2022 08:00

Positive EBITDA in H2 2021 for first time in Group history and strong profitable outlook

  • Successful integration of Smart Salem;
  • H2 2021 consolidated EBITDA1 of €0.5 million;
  • FY 2021 pro forma EBITDA2 of €1.1 million;
  • Target consolidated gross operating margin of around 20% in 2022.

Paris, March 30th, 2022

Visiomed Group (FR0013481835 - ALVMG), a key player in the connected healthcare sector, has published its 2021 results as approved on March 29th, 2022 by the Board of Directors chaired by Patrick Schiltz.

EURm - French GAAP H1-2021
consolidated
H2-2021
consolidated
  2020
consolidated
2021
consolidated
2021
pro forma
Revenue 0.3 6.8   19.0 7.2 16.8
EBITDA (4.4) 0.5   (7.6) (3.8) 1.1
Operating income/(loss) (EBIT) (3.4) (0.3)   (6.6) (3.7) 0.7
Net income/(loss) (3.6) (0.8)   (5.2) (4.5) (0.1)

Visiomed Group Chairman and CEO Patrick Schiltz said: “2021 represents a turning point in Visiomed Group's history and the culmination of a strategic cycle initiated in summer 2019 when I first became the Company's Chairman.
We took over a company that made €20 million losses each year and generated most of its business from selling everyday healthcare products to the general public. We sold off non-strategic businesses, restructured the company, continued to invest in connected healthcare through BewellConnect® and acquired Smart Salem. Today, Visiomed Group is a profitable company that generated full-year gross operating profit of €1 million and can achieve 5 times that amount in 2022.
I would like to congratulate all our employees for their hard work and to thank the partners who have made this transformation possible.”

Given Visiomed Group's profound transformation following the acquisition of Smart Salem in August 2021, the Company decided to publish pro forma (unaudited) financial statements, in addition to its consolidated financial statements, to provide an overview of its new business scope.

Highlights

The 2021 financial year was marked by the implementation of the second stage of the Company's transformation plan.

After the stage involving the divestment of non-strategic assets (family health and dermocosmetic businesses) and cost reductions (operating expenses fell from €11.9 million in H1 2019 to €4.4 million in H1 2021), Visiomed Group has set up a financing line for strategic acquisitions.

This strategy led to the August 1st, 2021 consolidation of Smart Salem, which created the first digital medical center accredited by the Dubai Ministry of Health (DHA) as well as the General Directorate of Residency and Foreign Affairs (GDRFA) in the United Arab Emirates.

Income statement analysis

Accordingly, in 2021 Visiomed Group posted consolidated revenue of €7.2 million and pro forma revenue of €16.8 million, versus 2020 consolidated revenue of €19.0 million. As a reminder, 2020 revenue included €17.9 million from sales of personal protective equipment to tackle the COVID-19 epidemic (mainly masks, hand sanitizer, gloves and tests).

Most of pro forma revenue was generated by Smart Salem (€16.2 million3), while BewellConnect's telemedecine solutions business based on VisioCheck® (€0.6 million) is not representative of its potential and the numerous in-depth commercial negotiations, given naturally long sales cycles in a booming and totally disruptive business.

Driven by measures to control operating expenses at BewellConnect and the contribution of Smart Salem, Visiomed Group posted pro forma EBITDA of €1.1 million in 2021 compared to a €7.6 million loss in 2020.

After depreciation, amortization and provisions (representing a €0.4 million expense) and interest expenses (€0.6 million), pro forma net loss came to €0.1 million, compared to a €5.2 million loss in 2020.

Balance sheet analysis
As of December 31st, 2021, Visiomed Group posted shareholders' equity of €14.1 million and cash of €6.6 million. Gross debt totaled €5.0 million, consisting of bonds which have been fully converted since January 1st, 2022.

In 2021, Visiomed Group raised a gross total of nearly €28 million to cover financing requirements related to operations and the initial payments for the acquisition of the entire share capital of Smart Salem4. Since the beginning of 2022, Visiomed Group has raised €5.0 million through the issue of convertible bonds.

Outlook
In 2022, Visiomed Group is aiming for a sharp increase in profitable growth.

The Group plans to ramp up sales of telemedicine solutions driven by BewellConnect and the expansion of Smart Salem. Bolstered by the success of its first center, which received the H.H. Sheikh Salem Al Ali Al Sabah Informatics Award for its ability to integrate the best health technologies and artificial intelligence in service of patient satisfaction, Smart Salem won the call for tenders issued by the Dubai authorities for the opening of a new digital medical center in the Dubai International Financial Center (DIFC), Dubai's financial district and the largest financial hub in the region. With double the capacity of the first one, this new center will open in spring 2022.

As a result, Visiomed Group expects to reach new record consolidated revenue of around €25 million in 2022, along with an unprecedented gross operating margin5 of around 20%.

As a reminder, in April 2020 Visiomed Group announced target revenue of nearly €20 million by 2022 and a gross operating margin of over 10% by 20246.

Availability of the Annual Financial Report
The annual financial report, including the financial statements for the year ended December 31st, 2021 and the notes thereto, will be made available to the public and submitted to Euronext within the statutory deadlines. The consolidated financial statements and notes are already available (in French) and may be found under the heading “Shareholder center/Financial Reports” on the Company's website www.visiomed-group.com.

About VISIOMED GROUP

Founded in 2007, VISIOMED GROUP relies on a long experience in the health sector to invest in innovative health technologies and services in France and abroad.

The Group now has two wholly-owned subsidiaries:

  • BewellConnect, created in 2014, pioneer in connected health and teleconsultation solutions

    BewellConnect offers an enriched technological universe, both in medical devices and software, making it possible to respond to all telehealth use cases: enriched and assisted teleconsultation, home telemonitoring, hospital monitoring, tele-expertise, teleassistance and tele-regulation.

    BewellConnect's flagship product, VisioCheck, is the first telemedicine station weighing less than 300g for healthcare professionals, available in a case, station or modular health space.

    BewellConnect is now deploying its solutions in France and abroad.
  • Smart Salem, the first digital medical analysis center accredited by the Dubai Ministry of Health (DHA) in the United Arab Emirates

    The Smart Salem offer is based on know-how in medical analysis, radiology and data analysis and processing to detect nearly 35 diseases in 7 minutes in a patient (in particular HIV, hepatitis and tuberculosis) by offering reliable results, readability and exceptional patient experience enabled by advanced artificial intelligence and virtual reality technologies.

    Smart Salem's “Medical Fitness Assessment” offer resulting from this know-how thus makes it possible to obtain a residence or work visa in the space of 30 minutes compared to 10 to 15 days in historical health centers.

    Smart Salem is a technological platform offering many growth opportunities, as shown by the opening of the second center in Dubai in September 2022 and the authorization received for the opening of a third center, planned to open in the first quarter of 2023.

Based in Paris, VISIOMED GROUP is listed on Euronext Growth (ALVMG). More information on visiomed.fr, smartsalem.ae and www.bewell-connect.com.

CONTACTS

Jérôme FABREGUETTES-LEIB
Investor Relations
visiomed@actus.fr
Phone: +33 1 53 67 36 78
Fatou-Kiné N'DIAYE
Financial Press Relations
fndiaye@actus.fr
Phone: +33 1 53 67 36 75

© Visiomed Group SA 2022. The brands mentioned are the property of their respective authors. Reproduction prohibited, even partial, without prior authorization.

 

Disclaimer

This press release contains non-factual information, including but not limited to certain statements regarding upcoming results and other future events. These statements are based on the Company management's current guidance and assumptions. They incorporate known and unknown risks and uncertainties that could result in material differences versus forecast earnings, profitability and events. Furthermore, Visiomed Group and its shareholders, affiliates, directors, officers, advisors and employees have not verified the accuracy of, and make no representations or warranties regarding, the statistical data or forward-looking information contained in this press release that originates or is derived from third-party sources or industry publications. Such statistical data and forward-looking information are used solely for information purposes in this press release.

 

1 Consolidated data including Smart Salem from August 1st, 2021.
2 Pro forma data including Smart Salem from January 1st, 2021.
3 Versus €16.6 million as stated on February 21st, 2022, on the basis of unaudited data, due to varying exchange rates between the publication dates of provisional revenue and the consolidated financial statements
4 Payment of the balance, representing a maximum of €6.0 million in cash and €1.8 million in Visiomed Group shares, is expected to be settled over the coming weeks.
5 Gross operating margin = EBITDA/revenue
6 See Financial objectives of the strategic roadmap (in French)


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