Dear Shareholder,

First and foremost, welcome to our Investors section and thank you for your interest in our Company. As everyone knows, 2020 is proving to be a totally unprecedented year. It started out well for Implanet with dynamic revenue growth of +15% through March 16. But then the Covid-19 pandemic required all medical infrastructures to be mobilized, causing all surgical operations deemed non-essential to be stopped and then resumed at a reduced pace.

Our activities have been affected, but we were able to take rapid action and the shortfall in activity was partly offset by adapting our cost structure and being pragmatic in the way we have managed our operations depending on the situation at any given time, both in France and abroad.

This situation must not undermine all the progress made by our teams over the last two years. Implanet has remained focus on its key development strategies. We have:

- 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.

We have also continued product innovation (notably strengthening the JAZZ® range), protected by several international patents, whilst intensifying our regulatory scope by renewing CE markings and approvals. The clinical value of the platform of orthopedic products unique to Implanet, as well as our ability to develop technologies that comply with the highest market standards and that can be marketed directly or via international partnerships, is fully acknowledged.

At the same time, specific attention has been paid to the Company’s financial situation with focus on operating cash burn, which we reduced by 37% in 2019. Implanet has put the resources in place to pursue its development, and we regularly review the various potential financial levers available to us with the utmost attention.

In conclusion: Implanet has reestablished solid fundamentals.

All the elements of our strategy are in place and ready for an upturn. However, the performance in the coming months will depend on the evolution of the public health situation. Given the ongoing changes in this situation, it is difficult to establish estimates for the full year. Implanet will continue to work hard to make the most of the resumption of surgical operations and to optimize its cost structure to end this quarter and the year in the most positive way possible.

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


Ludovic Lastennet
Chief Executive Officer
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