Mauna Kea Technologies: Sales Up 37% in First Half, Financial Visibility Extended to End of 2027
Mauna Kea Technologies published its consolidated results for the first half of 2026 on October 8, 2026. The company combines growth in its commercial activity, driven by CellTolerance in Europe and in new markets, with controlled cost base: R&D expenses and general overheads are slightly down.
Operating expenses, excluding share-based payments, amount to 5.9 million euros, a level higher than product and service revenue of 3.2 million euros. In this context, renewed support from Vester Finance, a shareholder in the company, extends financial visibility to the end of 2027. The chief executive officer presents this horizon as the means to execute the company's plan.
Revenue of 3.2 Million Euros and Gross Margin of 65%
In the first six months of 2026, Mauna Kea Technologies' product and service revenue reached 3.2 million euros, up 37%. The gross margin on this revenue stands at 65%, up 2 percentage points according to the company.
Operating expenses, calculated excluding share-based payments, amount to 5.9 million euros. The group indicates that research and development expenses and general overheads are slightly down. The accounts were approved by the board of directors on September 28, 2026, and the half-yearly financial report will be available on the company's website.
Listed on Euronext Growth under the code ALMKT, Mauna Kea Technologies has developed Cellvizio, a laser confocal endomicroscopy platform by probe and needle, used in several medical specialties.
Growth Driven by CellTolerance in Europe and New Countries
The increase in sales is primarily based on CellTolerance. According to Sacha Loiseau, chief executive officer, sales have progressed in Europe, particularly in Germany and Switzerland. The company has also completed its first sales in the United Arab Emirates, Australia and Spain.
In the United States, Mauna Kea Technologies has modified its business model. A team of Clinical Associates is now responsible for clinical support and development of Cellvizio usage. This organization was completed in June and is, according to the executive, ramping up.
The combination of published figures sheds light on the half-year business model: activity up 37%, gross margin up 2 percentage points and R&D expenses and general overheads slightly down. Operating expenses remain however higher than product and service revenue.
On the clinical front, management cites two supports. The first is an independent meta-analysis conducted in South Korea in Barrett's esophagus. The second is the CLIMB study and its ancillary studies in pancreatic cysts. For Sacha Loiseau, "Cellvizio is gradually establishing itself in interventional endoscopy".
Vester Finance Support Extends Visibility to End of 2027
The main element of financial structure in the publication concerns financing. Thanks to renewed support from Vester Finance, presented as a shareholder and long-term partner, Mauna Kea Technologies' financial visibility now extends to the end of 2027.
The executive describes the first half as "in line with our roadmap". According to him, growth was achieved "while maintaining strict cost discipline". He adds that Vester Finance's commitment "gives us the means to execute our plan".
At the end of this half-year, the company shows product and service revenue of 3.2 million euros, up 37%, operating expenses of 5.9 million euros excluding share-based payments and a financing horizon established to the end of 2027.
