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  Communiqué de la société DMS du 03/10/2022

  03/10/2022 - 17:00

2022 bi-annual results: 4.6% of EBITDA margin Including 10.3% for the DMS Imaging division - Presentation of the future strategic plan in October 2022


The Board of Directors of Diagnostic Medical Systems Group (Euronext Growth - FR0012202497 - ALDMS) stopped the 2022 bi-annual accounts on September 30th, 2022 (not audited). The 2022 bi-annual report will be available in the upcoming days on the company's website, www.dms.com, in the shareholders space.

Activity of the 1st semester slightly progressing at 18.6 M€

During the 1st semester 2022, DMS Group realized a turnover of 18.6 M€, progressing by +1% in comparison with the 1st semester 2021. As a reminder, in early 2022, DMS Group sold the division DMS Wellness (0.1 M€ during 1st semester 2021).

The sales of the division DMS Imaging grew by +2% during the first semester. In radiology, the bi-annual turnover reached 15.3 M€ (-3%). The turnover realized in the framework of the distribution agreements (Fujifilm, Carestream and Canon) is highly increasing by +120% in France and in the United States. These commercial agreements represent for the first time over 50% of the radiology activity (53%) on a semester, against 34% last year on the same period. In Bone densitometry, the activity remains very dynamic with a growth of +38% in the 1st semester 2022, at 2.9 M€, supported by the dynamism of export sales.

The turnover of the DMS Biotech division reached 0.4 M€ during the 1st semester 2022, growing by +14%, in part due to the agreements with different groups of surgeons through Europe by the company Stemcis. The obtaining of the FDA clearance (Food and Drug Administration), allowing the company to commercialize its medical devices in the United States, is a significant growth driver for the activity.

DMS Imaging: bi-annual EBITDA margin over 10%

The following table details the contribution of the different divisions to the turnover and to the operational performance (EBITDA):

Consolidated data in M€
IFRS standard
DMS Imaging DMS Biotech DMS Holding   DMS Group
S1 2021 S1 2022 S1 2021 S1 2022 S1 2021 S1 2022   S1 2021 S1 2022
Turnover 17.9 18.2 0.3 0.4 0.0 0.0   18.3 18.6
EBITDA1 1.7 1.8 -0.2 -0.6 -0.5 -0.5   0.9 0.9
EBITDA margin1 9.7% 10.3% n.a. n.a. n.a. n.a.   5.1% 4.6%

1 The EBITDA corresponds to the recurring operating income before interest, taxes, depreciations and amortization.

The 2022 bi-annual EBITDA of the division DMS Imaging reached 1.9 M€, representing an EBITDA margin of 10.3%. The proforma EBITDA margin of the 1st semester 2021 was established at 9.7%. The improvement of the operational profitability is the result of the increase of the commercial margin rate and the effects of the costs rationalization plan implemented in early 2021. This improvement constitutes a performance all the more solid as it was achieved in a very tense context in terms of supply, requiring even more mobilization from DMS Imaging's procurement, supply chain, R&D and production teams.

The DMS Biotech division recorded an EBITDA of -0.6 M€ during the 1st semester 2022, against -0.2 M€ a year before, under the effect of recruitments and the strategy implemented at the beginning of the exercise.

2022 biannual consolidated results of DMS Group

Consolidated data in M€
IFRS standard
S1 2021 S1 2022
Turnover 18.3 18.6
EBITDA 1 0.9 0.9
EBITDA margin 1 5.1% 4.6%
Recurring operating income -0.6 -0.6
Other products and operational charges 0.0 -4.0
Operating income -0.6 -4.6
Net result -0.8 -5.1
Group's attributable net income -0.6 -4.0

1 The EBITDA corresponds to the recurring operating income before interest, taxes, depreciations, amortization and provisions.

After taking into account the charges of 0.5 M€ during the 1st semester 2022, DMS Group recorded a stable EBITDA at 0.9 M€, representing an EBITDA margin of 4.6%.

After considering the interest, taxes, depreciation and amortization, the recurring operating income is established at -0.6 M€, comparable to its level during the 1st semester 2021.

The other products and operational charges reach -4.0 M€. They are mainly constituted (i) of a charge to provisions of 1.6 M€ for the impairment of a tax receivable deemed non-recoverable for DMS Imaging, following the change of control of the company after the contribution operation of the medical imaging branch of DMS Group, and (ii) a purely accounting listing charge of 3.0 M€ (IFRS 2) also recorded in the context of the operation of assets contribution (with no impact on treasury), and (iii) a cession added value of 0.7 M€ on the DMS Wellness division sold at the beginning of the year.

After accounting of a financial result of -0.3 M€, the group's attributable net income reached -5.1 M€ during the 1st semester 2022.

Balance sheet situation on June 30th, 2022: 4.1 M€ of available treasury

Consolidated data in M€
IFRS standard
31/12
2021
30/06
2022
  Consolidated data in K€
IFRS standard
31/12
2021
30/06
2022
Non-current assets 17.7 18.6   Equity 20.4 21.5
Right of use (IFRS 16) 5.3 5.0   Financial liabilities 10.4 11.6
Stocks 11.9 12.9   Lease liabilities (IFRS 16) 5.5 5.1
Customers 6.8 8.0   Subcontractors and other debts 15.1 15.4
Other assets 5.2 5.8   Other liabilities 1.6 0.9
Treasury 4.2 4.1        
Total assets 53.0 54.5   Total liabilities 53.0 54.5

At the end of the 1st semester 2022, the available treasury was 4.1 M€.

The financial debt was established at 11.6 M€ on June 30th, 2022, leading to a net financial debt of 7.6 M€ that is a gearing net2 of 35% against 6.2 M€ at the end of 2021 (gearing net2 of 30%).

On June 30th, 2022, DMS Group's shareholders equity amounted to 21.5 M€, against 20.4 M€ on December 31st, 2021.

Perspectives

Regarding the DMS Imaging division, the end of the year 2022 will be marked by many conventions and trade shows (French Days of Radiology from October 7th to 10th in Paris, Medica from November 14th to 17th in Düsseldorf (Germany), Radiological Society of North America from November 27th to December 1st in Chicago (United States) during which DMS Imaging and its partners Fujifilm and Carestream will make several presentations of the new X-ray table Platinum Néo, future key product of the company whose international deployment starts during the 2nd semester 2022.

The Platinum Néo is the first solution available on the market with a “machine intelligence” engine to significantly optimize workflow, but also increase reliability and quality of associated diagnoses as well as the securing of the examination at the service of the patient and the medical profession.

The imaging department of the American Hospital in Paris, under the direction of Professor Sarrazin, decided to equip itself with this new X-ray table, clearly showing its ambition to continue on the way to excellence by choosing equipment of the highest technological level. The installation of the radiology room occurred during summer 2022. The national and international dimension of the American Hospital will be a first-class showcase for DMS Imaging in the framework of the international launch of the Platinum Néo.

In July 2022, DMS Imaging won for a period of 4 years, the UniHA referencing, 1st French public purchaser in the health sector and 1st cooperative purchasing network for French public hospitals, for its remote-controlled radiology table solutions. This referencing reinforce the positioning of DMS Imaging as French leader on this market segment. During the 1st semester, the remote-controlled X-ray tables sold by DMS Imaging in France, under the brand Apelem, or through distribution agreements, represented 26% of all tables sold on the market (source: SNITEM – French National Association for Medical Technologies and Industries).

The company continues its progress in the MC2 project, aiming to develop two new high-end imaging solutions, an X-ray mobile and a C-arm for operating rooms manufactured in France, which will reinforce DMS Imaging's range of products by 2024. Consecutively to the conclusion of the strategic partnership with the company
Micro-X for the supply of cold cathode X-ray tubes in April 2022, the first integration tests of this technology in the X-ray mobile are underway. This solution will be presented in 2023, during the French Days of Radiology, for a marketing launch in 2024.

Following the extension of the distribution agreement with Fujifilm, DMS Imaging sold its first Platinum DRF X-ray table in the area Africa - Middle East during the 3rd quarter 2022. This market, new area addressed by Fujifilm, constitutes a new growth vector for DMS Imaging.

Finally, to face the difficulties in terms of supply, especially for some electronic components or parts, during the last months, DMS Imaging had to review its production schedule during summer, resulting in delivery delays in the third quarter 2022. However, these delays will not impact the level of activity expected over the exercise.

In Bone densitometry, the commercial dynamic remains sustained, and the order book is at a high level for the upcoming quarters. After the repatriation of production to its new assembly unit, DMS Imaging continues to work on increasing its nominal production capacity to be able to serve the demand of its customers.

The DMS Biotech division continues and refines the strategy deployed since January 1st, 2022. Indeed, the key recruitments are over, and the team is now complete and operational. Hybrigenics houses all the support functions allowing its subsidiaries to structure themselves. Other investments are underway: the Dutch press relations agency PRLab, specialized among other things in communication for healthcare companies, has been chosen to support the Biotech division's communication plan. The agencies Sharing and Granite have been chosen to develop new websites and the marketing strategy of each structure.

These investments will allow the DMS Biotech division to gain new market shares and thus secure its growth.

Presentation of the future strategic plan in October 2022

Consecutively to the group's governance evolution in July 2022, the new Chief Executive Officer of DMS Group started a strategic review of all the activities of the group, with the objective to pursue the group's development, by capitalizing on the skills of the teams in place and reposition the shareholders at the center of the group's goals by creating a real stock market dynamic.

The result of this reflection will be shared with the shareholders and collaborators in October through a communication aiming to present the DMS Group strategic plan. This strategic plan will be based on the reinforcing of the DMS Imaging's medical imaging position as major European actor. On the other hand, the strategic reflections continue about the future of the DMS Biotech division (participation of about 40% in Hybrigenics and its subsidiaries Stemcis, Adip'Sculpt, Inoviem Scientific and B Celle Design).

DMS Group also confirms its project of issuing and free allocation of equity warrants (BSA) to its shareholders. Further details on the modalities of this operation project will also be communicated in the upcoming weeks.


Financial calendar for 2022

Date Event
October 20th, 2022 Publication of the third quarter's turnover 2022
January 20th, 2023 Publication of the 2022 annual turnover

The publications will be made when the Euronext Paris market is closed. These dates are given as an indication, they can be changed if necessary.


About DMS Group

DMS Group is composed of companies with a high innovation potential. Historically centered on medical imaging industry, the activity is developing in new directions. By investing on the future and betting on research, DMS Group hopes to bring the solutions of tomorrow.

  • Specialized in high technology for medical diagnosis, DMS Imaging is now the French leader in development, design and manufacture of imaging systems dedicated to radiology, bone densitometry, 3D modeling and posturology. DMS Imaging (previously ASIT Biotech) is quoted on the Euronext Brussels and Euronext Paris markets (ISIN: BE0974289218 - memo: DMSIM).
  • DMS Biotech supports the development strategy of the group in the field of biotechnologies, and more specifically, technologies for the treatment of osteoarthritis and regenerative medicine based on the injection of fat stem cells. Hybrigenics is quoted on the Paris Euronext Market (ISIN: FR0004153930 - memo: ALHYG).

DMS Group is on every continent through a network of over 140 national distributors, subsidiaries and joint ventures. DMS Group is quoted on the Paris Euronext market (ISIN: FR0012202497 - memo: DGM).

More information on www.dms.com .

FREE SUBSCRIPTION TO THE FINANCIAL INFORMATION OF DMS GROUP AT WWW.ACTUSNEWS.COM .

Contacts

DMS Group

Samuel SANCERNI
ACTUS FINANCE
CEO 04 67 50 49 00
Mathieu OMNES Investors relations 01 53 67 36 92
Nawel NAAMANE Press Relations 01 53 67 36 34

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  Original Source : DMS