Mauna Kea Technologies Announces Sales of €4.2 million for the first quarter of 2023, up 121% from 2022
Recognition of first revenues from the Joint Venture with Tasly Pharmaceutical
Paris and Boston, April 20, 2023 - 5:45 p.m. CEST - Mauna Kea Technologies (Euronext: MKEA), inventor of the Cellvizio®, the multidisciplinary probe and needle-based confocal laser endomicroscopy (p/nCLE) platform, today announces its revenues for the quarter ended March 31, 2023.
Total revenues in the first quarter of 2023 increased to €4,168k, up 121% compared to the same period in 2022, benefiting from the recognition of the first Licensing and Technology Fees from the Joint Venture with Tasly Pharmaceutical, which represented €2.8m ($3.0m) of revenues during the past quarter. These revenues are composed of a non-recurring portion of €2.3m ($2.5m1) and a recurring portion of €0.5m ($0.54m) per quarter until the end of fiscal year 2025, with that income being fully secured.
Sacha Loiseau, Chairman and CEO of Mauna Kea Technologies, commented: "In the first quarter, we began recognizing revenue from our previously announced joint venture with Tasly Pharmaceutical. This is an important milestone for Mauna Kea and further validates that the partnering strategy we announced in late 2021 will deliver value for shareholders. As such, we continue to build a pipeline of strategic partnership opportunities that we believe can further expand global access to Cellvizio.” Mr Loiseau, continued: " We continue to successfully execute our strategic plan: we have significantly reduced expenses, realigned the organization to be more efficient, top-graded a number of key positions, advanced our clinical development in lung cancer and chronic inflammatory bowel disease (IBD), while maintaining commercial momentum in our gastroenterology franchise."
For additional details and financial results, please see the full press release.