Implantica publishes Interim Report Q2 2022

VADUZ, Liechtenstein, Aug. 23, 2022

Executing on RefluxStop™ Commercialisation Strategy

Significant events in the second quarter of 2022

• Implantica has completed the first AppetiteControl™ food sensor clinical trial on 20 human volunteers. The results are currently being evaluated.
• Implantica successfully conducted its first User Meeting with 11 highly experienced anti-reflux Key Opinion Leaders (KOLs) participating, from several European countries. The purpose of the meeting was to standardize the surgical technique for the RefluxStop™ procedure. A consensus paper has been written and will be published.
• Implantica was named the winner of the Frost & Sullivan 2022 European Technology Innovation Leadership Award for its novel RefluxStop™ technology treating gastroesophageal reflux disease (GERD). Frost & Sullivan's Industry Analyst, Neeraj Nitin Jadhav, concludes that Implantica's development of its groundbreaking technology, RefluxStop™ treats gastroesophageal reflux disease without affecting the food passageway and provides maximum safety, superiorly treating a pathological low pH in lower esophagus (causing heartburn and cancer) and thereby lowers the economic burden on both patients and society.
• Significant progress has been made in generating real-world evidence on RefluxStop procedural feasibility, safety, and efficacy. Multiple patient case series articles utilizing RefluxStop patient data are under development and expected to be submitted to scientific journals by the end of this year.

Significant events after the end of the period

• University of York's Health Economics Consortium in UK has made an in-depth and robust health economic analysis of RefluxStop™ versus Standard of Care and other alternative treatment options. The analysis clearly showed the superior cost-effectiveness of RefluxStop against other anti-reflux interventions. The outcome of this assessment highlights RefluxStop™, as superior compared to all other therapies in quality-of-life outcomes. This is excellent news for RefluxStop's™ commercial development as it will be considered by governmental bodies and insurance companies.
• Implantica initiated a therapy awareness project to enhance the patient, physician and caregiver's awareness about gastroesophageal reflux disease (GERD) and anti-reflux surgery.         
• A dedicated patient awareness website on GERD is under development and expected to be ready for launch before the end of this year.
• Implantica attended several key scientific congresses and patient meetings in Germany, Sweden, Spain, Italy, Austria, and Switzerland to raise awareness and medical education about RefluxStop therapy among the Anti-Reflux experts, patients, and the GERD community at large.

Second quarter financial summary

• Net sales increased 80% to TEUR 207 (115).
• Adjusted gross margin amounted to 97% (94%).
• Operating loss (EBIT) increased to TEUR 4,347 (2,968).
• Loss after tax amounted to TEUR 5,858 (2,875).
• Basic and diluted loss per Class A share amounted to EUR 0.08. (0.04).
• Cash and short-term investments as at the end of the period amounted to MEUR 121.5.

First six months financial summary

• Net sales increased 106% to TEUR 405 (197).
• Adjusted gross margin amounted to 96% (93%).
• Operating loss (EBIT) increased to TEUR 8,758 (5,247).
• Loss after tax amounted to TEUR 10,746 (4,841).
• Basic and diluted loss per Class A share amounted to EUR 0.15 (0.07).

Implantica will hold a telephone conference on August 23 at 15:00 CEST.