SpineGuard: operating loss of €1.2M in first half against €0.7M, breakeven target maintained
SpineGuard published interim results on September 9, 2026 marked by a change in its commercial model in the United States, where the company shifted from direct sales to distribution through its partner Omnia Medical. This transition, combined with a stocking effect, the accounting of all asset disposal costs from its American subsidiary and the spreading of the proceeds from this disposal until 2032, weighs on revenue, margin and the half-year result.
Revenue at €1,449K, gross margin rate at 61.3%
Consolidated first-half 2026 revenue amounts to €1,449K, down 32% at current exchange rates (29% at constant exchange rates) compared to €2,120K in the first half of 2025. In the United States, revenue declined 47% in dollars, to $776K versus $1,476K a year earlier, due to the commercial model change and a temporary stocking effect by Omnia Medical in preparation for the transfer of the American subsidiary. In the rest of the world, revenue amounts to €785K versus €769K, driven by a 17% increase in European sales. The gross margin rate stands at 61.3% as of June 30, 2026, compared to 78.5% as of June 30, 2025, an evolution attributed mainly to transition effects related to SpineGuard Inc.'s asset transfer and the shift to a distribution model in the United States. The operating result shows a loss of €1,177K, compared to a loss of €743K in the first half of 2025, and the net result shows a loss of €1,226K, compared to €1,083K, with financial charges declining from €340K to €49K.
Disposal proceeds spread until 2032, cash reduced to €694K
Financial performance is affected by the costs of the SpineGuard Inc. asset disposal operation to Omnia Medical, fully accounted for in the half-year, as well as the spreading, under IFRS 15 standard, of the main proceeds from this disposal over the duration of the exclusive distribution contract, until December 31, 2032. Adjusted for this spreading and despite these costs, net result would have reached a loss of €221K as of June 30, 2026, according to the company. Current operating expenses amount to €2,065K for the half-year, compared to €2,407K a year earlier, a decline of €342K mainly related to the reduction in sales and marketing costs and research and development expenses. Headcount is reduced to 9 people as of June 30, 2026, compared to 11 at the end of December 2025 and 15 as of June 30, 2025. Cash and liquid investments amount to €694K as of June 30, 2026, compared to €1,723K as of December 31, 2025, and €778K as of August 31, 2026.
Operational breakeven target maintained for the last quarter of 2026
For the second half of 2026, SpineGuard intends to pursue its efforts to achieve operational breakeven in the last quarter of 2026, the priority financial objective since June 2024. The company indicates that the model change in the United States generates an improvement in the net margin per unit sold and that the number of units distributed should increase under the impetus of Omnia Medical, thanks to its sales network and access to ambulatory surgery centers. During the half-year, 2,544 DSG units were sold, of which 598 in the United States, compared to 3,068 a year earlier, a decline of 17% which the company attributes largely to the stocking effect. The going concern was retained by the Board of Directors considering in particular commercial and financial projections, the reduction in expenses, the possible use of the remaining €700K bond financing and the study of various options to strengthen the financial structure, with the company indicating it is mindful of limiting shareholder dilution as much as possible. SpineGuard believes it is able to cover its financing needs until the second quarter of 2027. The next financial milestone is set for October 8, 2026, with the publication of third quarter revenue.
