Mauna Kea Technologies: Semi-Annual Revenue Up 44%, CellTolerance Jumps 145%
On July 21, 2026, Mauna Kea Technologies reported a first semester revenue of €3.2 million, up 44% at constant exchange rates and 39% in reported data. This growth is driven by two main factors: the adoption of Cellvizio for pancreatic cysts in the United States and the international expansion of CellTolerance, whose revenues increased by 145% to €0.9 million. Concurrently, the group has strengthened its financial structure through a shareholder current account advance agreement for a maximum of €4 million, concluded on July 15, 2026, with Vester Finance.
Cellvizio and CellTolerance Drive 44% Growth
The S1 2026 revenue stands at €3.2 million, up 44% at constant exchange rates and 39% in reported data. This increase is based on two main drivers: the adoption of Cellvizio for pancreatic cyst indications in the United States, with four new accounts operating on a Pay-Per-Use (PPU) model added during the semester, and CellTolerance, which generated €0.9 million in revenue, up 145%. The geographical expansion of CellTolerance is accelerating: the group entered four new markets in S1 2026 and opened its first centers operating on a direct patient payment model. CellTolerance's international activity in EMEA and the rest of the world grew by 261% during the semester.
Strong Sales Pipeline for the Second Half of the Year
Mauna Kea Technologies reports having a strong sales pipeline for system sales in the second half of 2026, particularly in the United States and new international regions. This visibility, combined with a growing base of recurring revenue and a strengthened balance sheet, supports the trajectory towards profitability by the end of 2027. The group also deployed Cellvizio Link, its remote data collection solution, for the first time and secured several new clinical publications in its key indications. These commercial and clinical advancements should contribute to further adoption of Cellvizio.
Strengthened Balance Sheet and Path to Profitability by End of 2027
Mauna Kea Technologies confirms its path to profitability by the end of 2027, driven by revenue growth and a strengthened balance sheet. This strengthening is notably based on a shareholder current account advance agreement for a maximum of €4 million, concluded on July 15, 2026, with Vester Finance, a long-term shareholder and financial partner. This line is available for 24 months, at Mauna Kea's sole discretion, without any obligation to utilize it. It is intended to strengthen the group's financial structure and fund its organic growth. For investors, the main challenge will be the group's ability to sustainably convert business growth into improved results and achieve its profitability target by the end of 2027. The revenue growth recorded in S1 2026 should be viewed in light of the announced profitability trajectory for the end of 2027.
