Fundamental balance sheet reset achieved through a 70% reduction in financial debt and €20M increase in equity
Product sales momentum in 2025 driven by record U.S. sales performance (+38% CER) despite an active safeguard procedure
€1M improvement in Adjusted EBITDA1 reflecting strong operating leverage and continued cost discipline validating the trajectory towards profitability by year-end 2027
As previously announced, commercial momentum extended into Q1 2026, including +68% CER commercial organic sales growth
Webinar for shareholders and investors – Wednesday, April 22, 2026
5:45 p.m. (CEST) – French Session: Click here to register
6:30 p.m. (CEST) – English Session: Click here to register
Paris and Boston, April 22, 2026 – 5:45 p.m. CEST – Mauna Kea Technologies (Euronext Growth: ALMKT), inventor of Cellvizio®, the multidisciplinary probe and needle-based confocal laser endomicroscopy (p/nCLE) platform, today reported its financial results for the full year ended December 31, 2025, as approved by the Board of Directors on April 21st, 2026.
“2025 was perhaps the most transformative year yet for Mauna Kea Technologies and what I believe is an inflection point in our financial and commercial performance. By successfully completing a demanding, court-supervised Safeguard Procedure, we have improved the Company’s balance sheet, including reducing our debt by €27M2; we thank our advisors, lenders, and partners for helping to ensure Cellvizio can continue to deliver life-changing care to patients. In parallel, we have continued to impose greater cost discipline across all departments. When combined with record U.S. sales productivity, we reduced our 2025 operating cash burn by 34%.” said Sacha Loiseau, Ph.D., Chairman and CEO of Mauna Kea Technologies. “Further, strong Q1 2026 sales as published last week reflect gratifying activity levels in both pancreatic cysts and food intolerances as well as the professionalism of our US sales organization over the past 15 months. Looking ahead, we feel well positioned to further scale our U.S. operations, re-accelerate our international growth, and maintain our path to profitability.”
Recent Developments & 2026 Outlook
As reported on April 22, 2026, the Company’s commercial momentum has accelerated into 2026. Q1 2026 core product sales reached €1.5 million, a +68% increase at constant exchange rates (CER) compared to Q1 2025. This highlights a continuous sequential acceleration from the second half of 2025, progressing from +12% in Q3 2025 and +38% in Q4 2025 to +68% in Q1 2026. This performance was driven by an 85% year-over-year increase in U.S. system placements and triple-digit (+326% CER) international growth fueled by CellTolerance®. As anticipated, the quarter reflected the expected absence of license revenues due to the accounting phase-out of the Tasly JV fee, which was already fully cashed-in during 2023.
To put this performance in perspective, it is important to note that the first quarter is historically the Company’s weakest due to strong seasonality, typically representing only ~15% of total annual sales. Achieving €1.5 million in core sales during this traditionally quiet period establishes a highly promising baseline for the full year 2026.
The Company recently secured the European CE Mark under the new Medical Device Regulation (MDR) and obtained several new regulatory approvals paving the way for further international expansion, notably in the UK and Switzerland. Furthermore, the U.S. strategic partnership signed with TaeWoong Medical USA late 2025 is expected to be fully operational and generate its first commercial contributions in Q2 2026.
For additional details and financial results, please see the full press release.
1 EBITDA adjusted for non-cash share-based compensation (IFRS 2)
2 Including a canceled €8M commitment of royalties to the EIB
