SpineGuard: Revenue Down 14% in Third Quarter, But Volumes Up
At SpineGuard, the gap between revenues and volumes is explained by the business model change implemented in the United States, where the company shifted from direct sales to distribution through its partner Omnia Medical. The group sold 1,398 units equipped with its DSG technology in the third quarter of 2026, compared to 1,144 a year earlier, for revenue of €662k versus €770k.
The decline in revenue is narrowing from quarter to quarter: -32% in the first quarter, -31% in the second, then -14% in the third. For the quarter, activity also grew 5% compared to the second quarter of 2026. At the same time, the company reaffirmed, in its publication of October 8, 2026, its ambition to achieve operational break-even in the fourth quarter.
Nine Months at €2,111k, With Decline Easing in Third Quarter
For the first nine months of 2026, SpineGuard's consolidated revenue (IFRS standards, unaudited figures) stood at €2,111k, compared to €2,891k a year earlier, a decline of 27% at current exchange rates. The first quarter had reached €820k (versus €1,205k) and the second €628k (versus €915k).
In the third quarter, revenue reached €662k, down 14% at current exchange rates and 15% at constant exchange rates. The cumulative reading and that of the last quarter therefore do not tell the same story: -27% over nine months, but -14% in the third quarter alone, with a 5% increase compared to the previous quarter.
In terms of volume, the trend is reversed. The 1,398 units sold during the quarter are distributed between Europe (638 units, or 46% of the total), the United States (406 units, or 29%) and the rest of the world (354 units, or 25%).
In the United States, Units Rise 7% While Revenue Falls 39%
The American market concentrates the effect of the transition. Revenue there reached $334k in the third quarter of 2026, compared to $548k a year earlier, while the number of units sold increased 7%. A higher volume thus now translates to lower revenue for SpineGuard in this area, which the company attributes directly to the business model change.
During its half-yearly publication on September 9, 2026, the group reported a 47% decline in its American revenue linked to this transition. In the third quarter, SpineGuard indicates that Omnia Medical's orders are gaining in regularity. It also notes that the mobilization of Omnia's agents on PediGuard, and SpineGuard Inc.'s former network on PsiFGuard, has already led to first surgeries performed by new users.
Pierre Jérôme, Chief Executive Officer and co-founder, stated: "The commercial synergies we were targeting by transferring the assets of our American subsidiary to them are beginning to materialize". Outside the United States, revenue increased 25%, to €377k from €302k, driven by Europe, Asia and the Middle East. The company notably cites the expansion of new distributors in the United Kingdom, Croatia and Turkey.
Operational Break-Even Targeted for Fourth Quarter, Financing Needs Covered Until Second Quarter 2027
SpineGuard intends to continue its efforts to achieve operational break-even in the last quarter of 2026. This objective had already been maintained during the half-yearly results published on September 9, 2026. The company had then reported an operating loss of €1.2m in the first half, compared to €0.7m a year earlier.
Cash stood at €882k as of September 30, 2026, compared to €694k as of June 30, 2026 according to the half-yearly publication. The board of directors retained going concern in light of commercial and financial projections and reduced expenses. It also relies on the possible use of bond financing of an initial amount of one million euros, the search for new strategic partnerships and the study of various options for strengthening the financial structure.
SpineGuard estimates it is able to cover its financing needs until the second quarter of 2027.
