Spineway: Revenue up 3% in H1, but operating loss worsens
Spineway has published its half-year results showing a 3% increase in revenue, an operating loss deepened to -€1.6 million, and a net result in slight decline at -€1.5 million.
To support its growth and finance its regulatory investments, the group specializing in spinal implants raised 1 million euros through a bond issuance on July 30, 2026, with a total nominal amount potentially reaching 1.5 million euros (including 0.5 million euros in additional possibilities until March 15, 2027).
Revenue up 3%, driven by a second quarter at +29%
Spineway recorded revenue of €5.7 million in the first half of 2026, up 3% compared to €5.6 million in H1 2025. This growth is driven primarily by second quarter performance: Q2 2026 reached €3.5 million, an increase of 29% compared to Q2 2025.
This acceleration reflects, according to the group, a gradual normalization of supplies following a period of previous volatility. Gross margin stands at 67% of revenue, compared to 69% a year earlier, a relatively stable level in value (-€27k).
Operating income declined to -€1.646 million compared to -€1.236 million in H1 2025, a deterioration of €410 thousand attributed to planned regulatory investments and non-recurring charges related to the deployment of a new ERP system.
Regulatory investments and ERP charges weigh on results
The group emphasizes that its structure costs (operations and personnel expenses) remain stable, revealing increased budgetary discipline over the past two years. Net income stands at -€1.541 million, compared to -€1.416 million in H1 2025, a deterioration of €125 thousand limited by a positive financial result benefiting from a favorable exchange effect and reduced interest charges.
Spineway attributes this operational deterioration to the increase in regulatory spending, included in its growth plan, and to transition costs to its new information system. These investments are accompanied by an intensification of Medical Education (MEDED) actions aimed at accelerating the international deployment of its ESP intervertebral disc range.
Bond financing to support development
Spineway had a net cash position of €1.5 million as of June 30, 2026. To finance its working capital needs and support its regulatory investments, the group concluded on July 30, 2026 an issuance of simple bonds with a nominal amount potentially reaching €1.5 million with Australian fund manager L1 Capital.
An initial subscription of €1 million was received at signing, with the balance of €0.5 million potentially being issued until March 15, 2027 under certain conditions (notably market capitalization and cash horizon). The bonds will bear an annual interest of 6% payable monthly and will have a maturity of 18 months. Spineway also has a redemption option in shares.
In parallel, the group issued 4,411,764 warrant subscription warrants (BSA) at a fixed exercise price of €0.17. Stéphane Le Roux, president of Spineway, stated that this financing "marks a new stage in Spineway's financial strategy" by moving "progressively towards more conventional financing". Following this initial fundraising, the company has sufficient working capital to meet its obligations and cash requirements for at least twelve months as part of the continuation of its operations and development plan.
