Mauna Kea Technologies: Sales Up 24% Over Nine Months, Third Quarter Down 11%
Mauna Kea Technologies published on October 20, 2026 revenue of €4.4 million over the first nine months of the year, up 24% at constant exchange rates, driven by Europe and the rest of the world. The third quarter in isolation came in down 11% at constant exchange rates, a decline the company attributes to vacant sales positions in the United States, all filled since October.
Nine Months: €4.4M in Sales, of Which €1.5M Outside the United States
Over the first nine months of 2026, revenue reached €4,409 thousand, compared to €3,645 thousand a year earlier, representing an increase of 21% on a reported basis and 24% at constant exchange rates. Recurring revenues (probes, usage-based payment and services) amounted to €2.9 million, up 17% at constant exchange rates. Ten systems were sold, compared to six over the same period in 2025.
Excluding China, where no sales were recorded in the first nine months of 2025 and 2026, sales of €4.4 million represent the highest level in six years (€4.2 million in the first nine months of 2021).
The Europe and rest of world region concentrated the bulk of growth, with €1.5 million in sales compared to €0.6 million (+128%). Six systems were sold there, compared to two in Germany, Switzerland, the United Arab Emirates and France. Probe volumes increased from 29 to 96 units, and initial sales were recorded in the United Arab Emirates, Switzerland, Poland and Spain.
CellTolerance generated €1.1 million in sales (+47%), representing 24% of the group's revenue. The number of paying centers increased from 17 at the end of 2025 to 27, distributed across nine countries.
United States: Selling Prices Up and Coverage Deficit
In the United States, sales reached €2.9 million over nine months, up 1% at constant exchange rates and down 2% on a reported basis. Probe sales grew 5% at constant exchange rates, driven by a 6% increase in average selling price, at $10,336, higher than the 3% increase in list price. Average discount on probes returned to 12.8%, compared to 15.6% in 2025 and 21% in 2023.
Services grew 11% at constant exchange rates and four systems were sold, as in 2025. Usage-based payment revenues declined 5% at constant exchange rates due to a less favorable mix, while procedure volumes increased 2%. Systems installed since 2025 already represent 46% of American probe sales.
The third quarter was marked by the departure, at the end of the first half, of the territory managers for the Northeast and South, as well as the Northeast clinical attaché in June. Over nine months, Northeast sales were cut in half, while the three other territories grew 14% at constant exchange rates. For the quarter alone, American sales declined 14% at constant exchange rates, at €883 thousand, with probe sales down 30%.
In Europe and rest of world, quarterly sales were stable at €0.3 million (-2%); excluding systems, they grew 86%. "The third quarter was hampered by two unfilled American territories. These positions are now filled," said Sacha Loiseau, Chief Executive Officer. When publishing its half-year results on October 8, 2026, the company had reported a 37% increase in sales in the first half.
Busy Project Pipeline in the Fourth Quarter and Cash Position Through End of 2027
The company notes that the fourth quarter is historically its strongest period, with €1.9 million in sales in the fourth quarter of 2025. It indicates that the bulk of its current system project pipeline concerns this final quarter, notably in the indication of pancreatic lesions and for the renewal of previous generation American systems whose maintenance ends at year-end.
Mauna Kea Technologies also cites ongoing discussions on system sales in Turkey and the Middle East, as well as the partnership with TaeWoong Medical, now operational, with more than 200 potential accounts identified. Since October, each of the four American territories has a territory manager and a clinical attaché. Beyond the fourth quarter, the company is exploring other partnerships modeled on the agreement reached with TaeWoong for its other indications.
From a financial perspective, and as announced on October 8, 2026, the company estimates it has sufficient resources to finance its activities through the end of 2027, taking into account the optional shareholder current account facility of €5.0 million made available by Vester Finance.
