MAUNA KEA TECHNOLOGIES (EPA:MKEA) MAUNA KEA TECHNOLOGIES ANNOUNCES 2014 SALES GROWTH OF +10% TO €11.0M

Transparency directive : regulatory news

07/01/2015 18:00

Press release

MAUNA KEA TECHNOLOGIES ANNOUNCES 2014 SALES GROWTH OF +10% TO EUR11.0M

                  . Strong growth in Asia-Pacific region: +52%
                     . Solid growth in probe volumes: +30%
            . Increase in the number of Cellvizio systems sold: +21%

PARIS, January 7, 2015 - Mauna Kea Technologies (Euronext: MKEA, FR0010609263),
inventor of Cellvizio(r), the multidisciplinary confocal laser endomicroscopy
platform, today announced its consolidated sales figures for the financial
year ended December 31, 2014.

EUR thousands             2014        2013     Change (%)
IFRS
Q1 (at March 31)         2,164       1,784       +21%
Q2 (at June 30)          2,405       2,536        -5%
Q3 (at September 30)     3,229       2,731       +18%
Q4 (at December 31)      3,218       2,927       +10%
Total sales             11,016       9,977       +10%

Sacha Loiseau, Co-Founder and Chief Executive Officer of Mauna Kea Technologies,
declared: "We have ended this year with sharply contrasting trends: despite a
sales slowdown in the United-States, our biggest market, we have managed to post
double-digit global revenue growth; thanks to a good momentum in other regions
and the organic clinical demand for our consumable products. The implementation
in the United States of our pancreatic cysts and biliary strictures marketing
and sales strategies have taken longer than forecasted to contribute to sales
results. However, the meaningful increase in miniprobes sales volume in 2014
reflects the clinical adoption of our innovative technology. In 2014, we passed
several key milestones as a Company, thus strengthening the strong foundation
for Mauna Kea's future success. Finally, our lon g-term goal remains unchanged:
to make Cellvizio a benchmark technology platform. To this end, our recent
clinical partnership with Siemens to evaluate Cellvizio for use in
interventional radiology procedures forms an important element of this
strategy."

Q4 2014: further significant growth in Asia-Pacific, pre-clinical sales
increased 2.5x and steady growth in the number of probes sold

By activity: a contrasted quarter with strong growth in Pre-clinical sales

Mauna Kea Technologies saw Q4 sales up +10% to EUR3,218 thousand compared with
EUR2,927 thousand in Q4 2013. In the fourth quarter, Clinical sales (use of
Cellvizio in hospitals and clinics) fell by -18% to EUR2,011 thousand (compared
with EUR2,444 thousand in the prior year period) and rose by +150% in
Pre-clinical (use of Cellvizio in pre-clinical research) to EUR1,207 thousand
(compared with EUR482 thousand in the prior year period). Sales to hospitals and
clinics represented 62% of sales during the quarter (compared with 84% in Q4
2013).

By product and type: another significant increase in miniprobe sales volume

Analysis of changes in sales by product and type shows Q4 growth in Equipment
sales of +11% to EUR2,160 thousand compared with EUR1,944 thousand last year,
and sales of Consumables (miniprobes) up +12% to EUR862 thousand, compared with
EUR772 thousand last year.

By volume over the quarter, the company sold 25 systems compared with 22 in Q4
2013, and 288 probes compared with 219 in Q4 2013, demonstrating growth of +14%
and +32% respectively. These figures reflect the continuing increase in adoption
of the technology by its users.

Services sales fell by 7% over the quarter to EUR196 thousand, compared with
EUR210 thousand in Q4 2013, but growth remained strong over the full year.

By geography: strong growth in Asia-Pacific, an increase in EMEA and a slight
drop in the Americas

Mauna Kea Technologies had another dynamic quarter in APAC (Asia-Pacific), with
growth of +37% to EUR1,118 thousand compared with EUR814 thousand in Q4 2013, as
a result of the gradual ramp up of market development efforts in key countries
such as China and Japan. EMEA (Europe, Middle East and Africa) sales rose by +3%
to EUR1,217 thousand, compared with EUR1,179 thousand in the prior year period.
Sales in the Americas fell by -5% to EUR883 thousand compared with EUR932
thousand in Q4 2013, reflecting a disappointing quarter in the United States.
Q4 2014 sales in the Americas, EMEA and APAC represented 27%, 38% and 35% of
total sales respectively (compared with 32%, 40% and 28%).

2014: further robust growth in Asia-Pacific and implementation of key marketing
milestones for the pancreatic cysts application of AQ-Flex miniprobes

By activity: the solid momentum in Pre-clinical continued with the success of
the Cellvizio Dual Band

Mauna Kea Technologies posted sales up +10% over the financial year to
EUR11,016 thousand compared with EUR9,977 thousand in FY 2013. 2014 Clinical
and Pre-clinical sales saw growth of +7% (to EUR8,591 thousand) and +25% (to
EUR2,425 thousand) respectively, compared with EUR8,036 thousand and
EUR1,941 thousand, in the prior year. Sales to hospitals and clinics
represented 78% of activity over the financial year (compared with 81% in
2013).

By product and type: sales of Consumables grew by +30%, showing continuously
growing adoption by gastroenterologists

A breakdown of sales by product and type reveals an increase in sales of
systems of +5% to EUR7,175 thousand over the financial year, compared with
EUR6,835 thousand in the previous year and a rise in sales of Consumables of
+14% to EUR2,958 thousand, compared with EUR2,603 thousand in 2013.

By volume over FY 2014, the company sold 88 systems and 896 probes (compared
with 73 and 688 in 2013), demonstrating sales growth by volume of +21% for
Equipment and +30% for Consumables.

The significant growth in the number of miniprobes sold reflects an equivalent
rise in the number of clinical procedures carried out using Cellvizio.

As of December 31, 2014, Mauna Kea Technologies had an installed base of 444
Cellvizio systems. The net installed base of Cellvizio systems includes 315
Clinical and 129 Pre-clinical systems.

Sales of associated services also rose by +64% to EUR882 thousand, compared
with EUR538 thousand in 2013, as a result of the efforts undertaken to
increase this recurring revenue.

By geography: further strong growth in Asia-Pacific

Analysis of the geographical breakdown of 2014 sales confirms the strong
momentum in Asia-Pacific, with sales growth in this region of +52% to EUR3,806
thousand, compared with EUR2,501 thousand in 2013. EMEA posted growth of +8% to
EUR3,197 thousand, compared with EUR2,973 thousand last year, reflecting slower
penetration than forecasted, particularly in Germany, Russia and Turkey. The
Americas were the only region to post a decline over the financial year, at
-11% to EUR4,012 thousand, compared with EUR4,502 thousand in 2013, as the
company works toward finding the right commercial dynamic in the United States.

Sales in the Americas represented 36% of total sales in FY 2014, compared with
29% and 35% for EMEA and APAC respectively. The geographical breakdown of the
global installed base of 444 Cellvizio systems is as follows: 144 in North
America (134 in the United States), 191 in EMEA, 94 in APAC and 15 in Latin
America.

As of December 31, 2014, Mauna Kea Technologies' available cash position was
EUR15 M.

Next press release: 2014 results and Q1 2015 sales on April 14, 2015 About
Mauna Kea Technologies

Mauna Kea Technologies is a global medical device company focused on leading
innovation in endomicroscopy and optical biopsy. The company designs, develops
and markets innovative tools to visualize and detect cell abnormalities in real
time during standard gastrointestinal and pulmonary endoscopy procedures. The
company's flagship product, Cellvizio(r), a probe-based Confocal Laser
Endomicroscopy (pCLE) system, provides physicians and researchers with
high-resolution cellular imaging of internal tissues. Large- scale,
international, multi-center clinical trials have demonstrated Cellvizio's
ability to help physicians to more accurately detect early forms of diseases
and make immediate treatment decisions. Designed to help physicians in their
diagnoses, provide patients with better treatment and reduce hospital costs,
the Cellvizio system can be used with practically all endoscopes. Cellvizio has
5 10(k) clearance from the United States Food and Drug Administration and CE
Marking in the European Union for use in the gastrointestinal tract and the
urinary and respiratory systems, for endoscopic exploration of the biliary and
pancreatic ducts, and for fine-needle aspiration procedures. Cellvizio also
obtained SFDA regulatory approval in China and MHLW approval in Japan.

For further information on Mauna Kea Technologies, visit www.maunakeatech.com

NewCap                             Westwicke Partners
Europe - Investor Relations        United States - Investor Relations
Florent Alba                       Mark Klausner
Tel.: +33 (0)1 44 71 94 94         Tel.: +(443) 213-0500
maunakea@newcap.fr                 maunakea@westwicke.com

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MAUNA KEA TECHNOLOGIES (EPA:MKEA) MAUNA KEA TECHNOLOGIES ANNOUNCES 2014 SALES GROWTH OF +10% TO €11.0M

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