Spineway: revenue down 25% in third quarter, hampered by supply chain difficulties
Spineway published on October 15, 2026 revenue of €8.0 million over the first nine months of the fiscal year, compared to €8.6 million a year earlier. The third quarter reached €2.3 million, down 25%. The group attributes this performance to supply chain difficulties encountered with certain subcontractors, while indicating that commercial momentum remains broadly well-oriented.
Third quarter at €2.3 million, down 25%
For the third quarter of 2026 alone, Spineway's revenue stood at €2,287 thousand, compared to €3,045 thousand a year earlier, representing a decline of 25%. The quarterly profile of the fiscal year alternates between declines and growth: -23% in the first quarter (€2,177 thousand), +30% in the second (€3,565 thousand), then -25% in the third.
On a cumulative basis, consolidated revenue reached €8,029 thousand over nine months, down 7% compared to €8,618 thousand in 2025. These consolidated figures are unaudited.
According to the press release, this "jagged" evolution of quarterly sales reflects supply difficulties from certain subcontractors. The company indicates at the same time that commercial momentum "remains broadly well-oriented".
France and Asia advance, Latin America declines 33%
The geographic breakdown reveals divergent trajectories. In France, revenue over nine months increased 4%, to €3.9 million. Sales in Europe declined 3%, to €1.6 million.
Major Exports, which represents 51% of consolidated revenue as of September 30, 2026, encompasses contrasting developments. In Asia, sales increased 27%, to €1.9 million, which the group attributes to the ramp-up of new customers and the attractiveness of its intervertebral disc implants. Latin America declined 33%, also at €1.9 million.
For this latter region, the company puts forward two factors: supply difficulties for certain product lines and a temporary slowdown related to national elections in several countries. Spineway notes that it has renewed its distribution network and indicates it will shortly benefit from market authorizations in countries considered strategic for its arthrodesis and intervertebral disc prosthesis ranges.
In the Middle East and Africa, activity rebounded in the third quarter, without offsetting a first half marked by a sharp decline linked to the regional conflict. Over nine months, the region stood at €0.3 million, down 25%.
Erwan Martin appointed Deputy Chief Executive Officer, annual publication scheduled for January 26, 2027
The press release highlights the continued structuring of the group to optimize supply chains, presented as a contribution to its development strategy. In this context, Erwan Martin, previously Chief Financial Officer, was appointed Deputy Chief Executive Officer, effective October 1, 2026.
According to the company, he will support senior management, led by CEO Stéphane Le Roux, in steering the group and implementing its development plan. Spineway will discuss its latest developments and prospects during a shareholders webinar on October 20, 2026 at 5:30 p.m.
For the full fiscal year, the sole analyst included in the consensus anticipates revenue of €13 million. Full year 2026 revenue will be published on January 26, 2027. As of end-September, cumulative activity stood at €8.0 million, down 7%, with the group realizing over 70% of its sales through exports via a network of more than 50 independent distributors.
