Dear Shareholder,

First and foremost, welcome to our Investors section and thank you for your interest in our Company.

Although our activities have been impacted by the public health crisis and the resulting cancellation or postponement of surgical operations, the current period has been an opportunity to demonstrate the resilience of our model. Despite this highly disruptive environment, we have been able to improve our gross margin rate and reduce our current operating loss while continuing to invest in R&D in order to maintain our technological lead and secure our approvals.

We have continued the in-depth work over the past two years, having defined very clear strategic development areas to which we have committed ourselves. We have been able to:

- undertaken a global reorganization of our commercial activities;

- repositioned our two Knee and Spine product ranges on the markets on which the Company operates directly;

- accelerated our international development via strategic new partnerships with KICo and Seaspine.

- maintain our policy of product innovation by strengthening the JAZZ® range and our intellectual property protection strategy by renewing CE markings and approvals.

This atypical period also allowed us to study external growth opportunities. While the clinical value of our JAZZ® technology has, over the years, enabled us to become a pivotal player in pediatric spinal deformity, it has not, until now, allowed us to grow at a similar pace in the degenerative adult segment.

The recent completion of the acquisition of Orthopaedic & Spine Development (OSD) now strengthens our entire range of spine surgery implants, while positioning Implanet as an integrated supplier capable of competing with the market’s largest players. This merger will create numerous value-creating synergies and will contribute to the new entity achieving its strategic targets, i.e. rapidly achieve a critical mass in terms of revenue, continue innovating to enhance our implant range, continue expanding our certifications and approvals and strengthen the sales organization.

We are more than ever focused on the commercial development of our activities. Implanet and its teams will continue to develop the Company to become a leading player in an increasingly competitive and regulated spine surgery market.

On behalf of the entire team, I would like to thank you for your trust.

Ludovic Lastennet
Chief Executive Officer
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