Mauna Kea Technologies reports second half and full year 2020 financial results and first quarter of 2021 sales
Strong 2H’20 financial results driven by 27% sales growth and a 15% reduction in net loss compared to prior year period
The Company expects to deliver 25% to 30% sales growth for full year 2021 period
Mauna Kea Technologies today announced second half and full year 2020 financial results for the twelve months ended December 31, 2020 and its sales for the first quarter of 2021.
“Over the second half of 2020, we delivered 20% growth in total revenue and strong financial results as evidenced by the improvement in both our current operating loss, and our net loss, by 11% and 15%, respectively, year-over-year,” stated Robert L. Gershon, Chief Executive Officer of Mauna Kea Technologies. “Our second-half sales increased 27% year-over-year – reflecting the overall improvement in the global operating environment. We remain encouraged by the indications during the second half of 2020, that the global capital equipment environment continues to recover and the 63% growth in system shipments we reported in the first quarter of 2021 provides further confidence. We reported first quarter sales growth of 7% year-over-year driven by 14% growth in consumables sales and we continue to expect improving consumable demand as the global recovery continues to progress and customers around the world return to normal case-loads.”
Mr. Gershon continued: “We remain confident that our commercial strategy is well founded and our results in recent quarters continues to reflect that our new targeting strategy in the U.S. GI market focused on high-volume upper GI clinicians is working. We are driving adoption of Cellvizio in this targeted group and, importantly, we are seeing higher utilization per system as evidenced by upper GI procedures representing a higher percentage of their total procedure mix each year. We expect strong execution of this strategy in 2021 to result in the U.S. representing the largest contributor to total Company sales growth year-over-year. Outside of the U.S., we will continue to focus on leveraging our strong distribution relationships, and KOL support, in EMEA and certain APAC markets. Assuming the global capital equipment recovery continues to progress as we move through 2021, we expect to drive total sales growth in the range of 25% to 30% year-over-year in 2021. Finally, we will continue our formal evaluation process for identifying a new clinical indication for Mauna Kea’s next commercial focus-area and look forward to continued progress in the area of Interventional Pulmonology, specifically in combining nCLE and robotic navigational bronchoscopy, using both Cellvizio and the Monarch™ Platform as part of our collaboration with the Lung Cancer Initiative at Johnson & Johnson.”
For additional details and financial results, please see the full press release.