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- August, 2017 Debt service is a term used to describe the payments made on a loan or debt. These payments can be made on a monthly, quarterly, or yearly basis, and may include principal, interest, or other fees. Debt service payments are typically used to pay off the principal balance of a loan or debt over time, as well as any associated interest or fees. In some cases, debt service payments may also be used to pay down the principal balance of a loan or debt. Debt service payments can be made to a lender, creditor, or other third party, depending on the details of the loan or debt.
Press release: Sequana Medical announces 2024 Full Year Results and 2025 Outlook - ForexTV
Sequana Medical announces 2024 Full Year Results and 2025 Outlook alfapump® – US FDA approval of alfapump® for the treatment of recurrent or refractory ascites due to liver cirrhosis; US commercial launch planned for mid Q3 2025DSR® – Publication of RED DESERT and SAHARA data in peer-reviewed “European Journal of Heart Failure” highlights DSR as potential treatment for Cardiorenal Syndrome; Positive data from non-randomized cohort in US MOJAVE study, DSMB approval to start randomized cohortTotal cash position of EUR 3.8 million at the end 2024 and cash runway into Q1 2025Financing package announced today expected to extend cash runway to the end of 2025 Ghent, Belgium – 18 March 2025 – Sequana Medical NV (Euronext Brussels: SEQUA) (the "Company" or "Sequana Medical"), a pioneer in the treatment of fluid overload in liver disease, heart failure and cancer, today announces its financial results for the year ended 31 December 2024, and provides a business update and outlook for 2025 and beyond. Ian Crosbie, Chief Executive Officer of Sequana Medical, commented: “2024 was a momentous year with US approval for the alfapump system - the result of many years of dedication and hard work by the entire Sequana Medical team. We believe that the alfapump has the potential to transform the treatment options for the US liver ascites community, who for too long have had to put up with a standard of care that dates back thousands of years. We are on track to commence sales in mid Q3 of this year through our own specialty salesforce that will target the 90 US liver transplant centers that we believe represents the large majority of our target patients and are highly encouraged by the strong interest seen from the doctors in the centers we are initially targeting. We are excited by the publication in the European Journal of Heart Failure of our RED DESERT and SAHARA studies, highlighting DSR as a novel potential treatment for cardiorenal syndrome and diuretic resistance in heart failure. There is a clear need for better treatment options for congestive heart failure than loop diuretics that have well understood problems as well as widespread resistance, resulting in the very large number of hospitalizations and the huge cost to payers. With approval of the independent DSMB in hand, we look forward to commencing the randomized cohort of the US MOJAVE study With the financing package that we announced today, comprising the continued support from existing investors, the share subscription facility from GEM and the extension to the repayments of our key loans, we expect our cash runway to be extended to the end of this year providing the opportunity to demonstrate the strong commercial interest we expect from our initial launch sites in the US.” 2024 highlights US alfapump liver program US Commercial PMA approval: On 20 December 2024, Sequana Medical received Premarket (PMA) Approval from the FDA to market the alfapump system for the treatment of recurrent or refractory ascites due to liver cirrhosis in the United States. With this major regulatory milestone, achieved earlier than market expectations, alfapump is the first active implantable medical device in the US that automatically and continuously removes ascites from the abdomen into the bladder. The Company estimates there are approximately 70,000 patients in the US with recurrent or refractory ascites, representing a market opportunity in excess of $2 billion for the alfapump system; this population is forecast to reach 130,000 patients by 2032, primarily driven by NASH/MASH and alcoholic liver disease1. The alfapump had previously received FDA Breakthrough Device Designation in October 2019, this scheme was established by the FDA to support the development of devices that provide for more effective treatment of life-threatening or irreversibly debilitating diseases or conditions. As well as expediting the development and FDA approval process, it provides additional benefits, particularly for Medicare reimbursement.US Reimbursement – CPT III: In January 2024, the American Medical Association (AMA) approved the issuance of six new CPT III codes for the alfapump system. This was a key step in facilitating reimbursement and the US commercialization strategy, augmenting the existing ICD-10 procedure codes. This will allow healthcare professionals to submit claims for the alfapump system, paving the way for broader adoption and supporting commercial rollout in the US.US Reimbursement – NTAP: In September 2024, the Company announced that it had submitted the alfapump application for the NTAP (new technology add-on payment) program. CMS established this program to ensure that Medicare beneficiaries have access to emerging technologies, recognizing that the cost of such new technologies often exceeds the existing payments under the relevant DRGs (diagnostics related groups). The Company believes that it meets all criteria for NTAP given alfapump’s FDA breakthrough device designation and the anticipated average selling price of $30,000. Publications and presentations Poster presentation at the EASL Congress by key investigators from the North American pivotal POSEIDON study in June 2024. The data demonstrated similar safety outcomes and significantly improved quality of life for alfapump patients compared to baseline, which is not seen in a matched cohort of refractory ascites patients enrolled contemporaneously in the prospective NACSELD3 (North American Consortium for Study of End-Stage Liver Disease) study. Poster presentation at the American Association for the Study of Liver Diseases (AASLD) conference (‘The Liver Meeting’) in November 2024 with new data from the POSEIDON study. The new 24-month results concluded that the alfapump system was very effective in control of ascites, virtually eliminating the need for large volume paracentesis (LVP) long term. Frequency of LVP requirement in the roll-in cohort decreased from pre-implantation to 3 months post-implant and persisted to 24 months by more than 50% (mean LVP/month 2.7±1.3 to 0.1±0.2). Ascites volume removed by LVP fell from 22.8 ±12.5L/month pre- to 2.6± 6 L/month 3 months post-alfapump system implant. Overall survival at 24 months in the alfapump pivotal cohort was 62%. DSR heart failure program MOJAVE – US randomized controlled Phase 1/2a study for treatment of congestive heart failure Approval to commence randomised phase: In January 2024, the independent Data and Safety Monitoring Board (DSMB) approved the start of the randomized cohort in MOJAVE, following review of the safety data reported from the non-randomized cohort.Study results from non-randomised cohort: On 25 March 2024, the three-month follow-up data from all three patients in the non-randomized cohort of MOJAVE were announced, confirming the dramatic and durable improvement in diuretic response and virtual elimination of loop diuretic requirements. Publications and presentations: On 28 February 2024, at THT 2024, a leading international heart failure conference, presentation of a late-breaking abstract including data from the RED DESERT and SAHARA proof-of-concept studies of the Company’s DSR therapy in patients with diuretic-resistant heart failure.On 3 April 2024, the Company announced publication of the results of the RED DESERT and SAHARA proof-of-concept studies, in the prestigious peer-reviewed journal European Journal of Heart Failure. This highlights DSR as a potential novel treatment for diuretic resistance and cardiorenal syndrome in heart failure.On 27 November 2024, announcement of the publication in the prestigious peer-reviewed journal Kidney Medicine regarding the Company’s proprietary DSR 2.0, a potential therapy for the treatment of cardiorenal syndrome and diuretic resistance in heart failure. The article highlights the improved efficiency and safety of DSR 2.0 compared to dextrose-based solutions, showing a significant enhancement in sodium and fluid removal over a longer duration, building on the initial proof of concept studies with DSR 1.0. Corporate Financing February Shareholder Financing: On 8 February 2024, announcement of the granting of an unsecured subordinated convertible loan of EUR 3.0 million by two major shareholders, Partners in Equity and Rosetta Capital, and the agreement from lenders to defer the debt service payments, alongside the decision of the board of directors to prioritize resources towards FDA PMA approval of the alfapump as a key value inflection point for the Company. This loan was converted into equity on 10 July 2024.March Equity Financing: On 21 March 2024, announcement of a successful equity raise of EUR 11.5 million in gross proceeds by means of a private placement allowing continued progress towards FDA PMA approval of the alfapump, preparing US commercial launch, implementing CMC activities for DSR 2.0, as well as extending the cash runway of the Company to the end of Q3 2024.September – December Shareholder Financing: On 30 September 2024, the Company announced an unsecured subordinated convertible loan of up to EUR 6.1 million from existing shareholders, with an initial tranche of EUR 3.05 million. This financing was subsequently increased to EUR 7.6 million through the support of additional existing shareholders and the receipt of the second tranche from all participating investors. The increased financing extended the cash runway into Q1 2025.Exploring direct financing into each of the alfapump and DSR programs: In September 2024, based on feedback from potential investors, the Company announced that it was exploring how to enable investments into each of the DSR drug and the alfapump device programs separately, which may expand the pool of potential investors and enable more effective financing of the Company’s business. The Company believes that such an approach may be beneficial to Sequana Medical investors through expanding the pool of potential experienced investors, while retaining the ability to invest in Sequana Medical through the EuroNext Brussels listing. As a result of the success of the DSR development program and the data from the RED DESERT and SAHARA studies demonstrating the durability of the treatment effect, it was decided to pursue development of the DSR program without the alfapump. As a result, there is little synergy between the DSR and alfapump programs. Board changes: to improve cost efficiency and to meet the Belgian requirements for gender diversity prior to January 1, 2025, Douglas Kohrs and Kenneth Macleod stepped down from the board on 27 November 2024. Post-period events US alfapump liver program Publication on January 6 2025, of “The Effects of alfapump on Ascites Control and Quality of Life in Patients with Cirrhosis and Recurrent or Refractory Ascites” in the prestigious peer-reviewed journal, American Journal of Gastroenterology. The publication covered the six month data for the forty implanted patients in the pivotal cohort of the POSEIDON study, the multicenter, open-label, single arm study with a within-subject crossover design conducted in patients with cirrhosis and recurrent or refractory ascites. The authors reported that the alfapump system effectively controlled ascites, which improved quality of life2, with complication rates similar to the expectation in patients with refractory ascites at six months post-implantation3. Results from the literature indicate that the overall survival of patients with the alfapump was not worse as compared to TIPS and was higher than reported for standard of care (LVP)4.The Company hosted a Key Opinion Leader (KOL) Webinar to discuss alfapump US Commercial Roll-Out following FDA approval of the alfapump system. Sequana Medical management, together with Dr Saab, Professor of Medicine and Surgery, David Geffen School of Medicine, UCLA and Dr Pagadala, Transplant Hepatologist, Methodist Dallas Medical Center, discussed i) the clinical need in recurrent and refractory ascites due to liver cirrhosis, including current treatment options, ii) the results of the alfapump POSEIDON and Patient Preference studies, and what this means for US patients and physicians, and iii) alfapump US commercial roll-out plans and market opportunity. Corporate Financing Conversion of EUR 4.50 million of outstanding indebtedness into equity. On 24 January 2025, the Company announced the conversion of EUR 0.53 million under the Sensinnovat 2020 loan, EUR 1.28 million under the 2024 convertible loan with various shareholders, and EUR 2.68 million under the Kreos 2022 loan into equity, reducing net debt by EUR 4.50 millionToday, Sequana Medical announced a financing package comprising i) the granting of an unsecured subordinated convertible loan of EUR 4.0 million (the "2025 Convertible Loan") by certain of its major shareholders, namely Partners in Equity V B.V. ("Partners in Equity") and EQT Health Economics 3 Coöperatief U.A. ("EQT") and ii) entering into a share subscription facility agreement (the "Facility") with GEM Global Yield LLC SCS ("GEM"), a $3.4 billion, Luxembourg based alternative investment group with offices in Paris, New York and Bahamas. Pursuant to the Facility, GEM agreed to commit, subject to certain conditions, an amount of up to EUR 20 million in cash (with Sequana Medical's option to increase the commitment to up to EUR 60 million in cash, once the aforementioned EUR 20 million has been drawn down) (the "Capital Commitment"), within a maximum term of three years in exchange for new ordinary shares in Sequana Medical and subject to certain share lending arrangements being in place. In addition, the Company agreed with its existing debt providers to restructure several features of the Company's debt, subject to certain conditions. These financing arrangements are expected to extend the Company's cash runway to the end of 2025 based on the expected drawdown of the initial EUR 20 million commitment of the share subscription facility. Outlook for 2025 and beyond US alfapump liver program – on track for US commercial launch in mid Q3 2025: The preparations continue for the start of US sales, both in terms of product availability and the preparation of our group of launch hospitals. Production is underway of the alfapump systems for initial sales and the necessary support and logistical preparations are on track to support the launch. Training of the teams at our initial launch sites including hepatologists, interventional radiologists and their teams is underway with three sites completed and a further three planned for April. Discussions are progressing for the administrative and contractual arrangements at these sites to facilitate the purchase of alfapump systems.Sequana Medical is a sponsor of “Liver Connect”, the annual conference of the Chronic Liver Disease Foundation (“CLDF”) in San Antonio from March 20-22, a premier event for healthcare professionals dedicated to advancements in liver disease. Last year, over 500 participants attended the meeting. The Sequana Medical commercial and medical affairs teams will be attending. DSR heart failure program – start of the randomized cohort of MOJAVE. The Company’s phase I/IIa randomized controlled study of DSR in the US is approved by the independent DSMB, and the start is subject to additional fundraising. Detailed financial review in Thousand Euros (if not stated otherwise)FY 2024FY 2023ChangeRevenue106712-85%Cost of goods sold(26)(164)-84%Gross margin79548-86%Sales & Marketing(1,058)(1,799)-41%Clinical(3,174)(6,947)-54%Quality & Regulatory(3,243)(5,586)-42%Supply Chain(3,315)(4,724)-30%Engineering(1,683)(4,041)-58%General & Administration(6,313)(6,943)-9%Total operating expenses(18,786)(30,040)-37%Other income484629-23%Earnings before interest and taxes (EBIT5)(18,223)(28,862)-37%Finance income2131,052-80%Finance cost(26,363)(4,288)515%Total net finance expense(26,150)(3,236)708%Income tax expense(280)(466)-40%Net loss for the period(44,654)(32,564)37% Basic Loss Per Share (in Euros)(1.22)(1.22)0%Cash position* at 31 December3,8072,58447% * Cash position only includes cash and cash equivalents. Consolidated statements of profit and loss Revenue Revenue decreased from €0.71 million in 2023 to €0.11 million in 2024 due to the decision to terminate European commercial activities in Q1 2024. Cost of goods sold Cost of goods sold decreased from €0.16 million in 2023 to €0.03 million in 2024, in line with the decrease in revenue. Operating expenses Total operating expenses decreased from €30.04 million in 2023 to €18.79 million in 2024, due to the measures taken to substantially reduce the cash burn in 2024. Sales and marketing expenses decreased from €1.80 million in 2023 to €1.06 million in 2024 due to the decision to terminate European commercial activities in Q1 2024. Clinical expenses decreased from €6.95 million in 2023 to €3.17 million in 2024 mainly as a result of lower costs related to the North American pivotal POSEIDON study of the alfapump and the decision to postpone the randomized phase of the MOJAVE DSR study in the US. Quality and Regulatory expenses decreased from €5.59 million in 2023 to €3.24 million in 2024, mainly due to the measures taken to reduce cash burn in 2024 and higher expenses in 2023 for external advice solicited for the preparation of the submissions for marketing approval of the alfapump in the US. Supply chain expenses decreased from €4.72 million in 2023 to €3.31 million in 2023 largely driven by the measures taken to reduce the cash burn in 2024 and higher spend in 2023 for additional staffing and external advice for the preparation of the submissions for marketing approval of the alfapump in the US. Engineering expenses decreased from €4.04 million in 2023 to €1.68 million in 2024, largely driven by the measures taken to reduce the cash burn in 2024 and the one off costs for test samples in 2023 required for the preparation of the submissions for marketing approval of the alfapump in the US. General and Administration expenses decreased from €6.94 million in 2023 to €6.31 million in 2024 largely driven by the measures taken to reduce the cash burn in 2024. Other income remained broadly unchanged at €0.63 million in 2023 and €0.48 million in 2024 and includes recognized income from Belgian Research & Development (R&D) incentives with regard to incurred R&D expenses. EBIT As a result of the above, earnings before interest and taxes (EBIT) evolved from a loss of €28.86 million in 2023 to a loss of €18.22 million in 2024. Total net finance expenses Net finance cost increased from €3.24 million in 2023 to €26.15 million in 2024, mainly resulting from the fair value measurements of i) the Kreos Loan (most recently amended in 2024), ii) the September – December 2024 unsecured subordinated convertible loan agreements, and iii) the different subscription rights. All of these items are non-cash items. Income tax expense Income tax expense remained broadly unchanged at €0.28 million in 2024 and €0.47 million in 2023. Net loss for the period As a result of the above, the net loss increased from €32.56 million in 2023 to €44.65 million in 2024. Basic losses per share (LPS) Basic losses per share remained stable, from €1.22 in 2023 to €1.22 in 2024. Consolidated balance sheet Net debt Net debt6 at 31 December 2024 was €36.30 million, an increase of €21.37 million compared to 31 December 2023. The increase is mainly driven by (i) issuance of new convertible loans (September-December unsecured subordinated convertible loan agreements), and (ii) the fair value measurements of the Kreos Loan (most recently amended in 2024) and the September - December 2024 unsecured subordinated convertible loan agreements. These fair value measurements are non-cash items. On 24 January 2025, Sensinnovat, Kreos and certain others converted some or all of their debt positions into equity of Sequana Medical NV for an amount of €4.50 million. Excluding this debt from the 31 December 2024 position, and assuming that all remaining September - December 2024 unsecured subordinated convertible loans convert, the remaining principal, accrued interest and fees at 31 December 2024 would have been €13.03 million. Working Capital Working capital7 in 2024 dropped €1.44 million compared to 31 December 2023. The decrease is largely driven by measures taken to reduce cash burn in 2024. Liquidity Although the Company received approval for the alfapump from the US FDA, the Company still has to execute on its alfapump US commercialization strategy. Furthermore, DSR is still in its development phase and further clinical trials will be required to achieve regulatory marketing approvals. Both programs incur various risks and uncertainties, including but not limited to the uncertainty of the development & commercialization process and the timing of achieving profitability. The Company’s ability to continue operations also depends on its ability to raise additional capital and to refinance existing debt, in order to fund operations and assure the solvency of the Company until revenues reach a level to sustain positive cash flows. The impact of macroeconomic conditions and geopolitical situation on the Company’s ability to secure additional financing rounds or undertake capital market transactions remains unclear at this point in time and will remain under review by the Executive Management and the Board of Directors. The above conditions indicate the existence of material uncertainties, which may also cast significant doubt about the Company’s ability to continue as a going concern. The Company will continue to require additional financing in the near future and in 2024 i) entered into a €3.0 million mandatory convertible loan agreement in February with Partners in Equity and Rosetta Capital, ii) successfully raised €11.5 million gross proceeds in March in a private equity placement via an accelerated bookbuild offering, iii) entered into several unsecured subordinated convertible loan agreements for a total amount of €7.6 million in Q3 and Q4. With the financing package announced today, comprising the €4.0 million unsecured subordinated convertible loan from existing investors, the GEM share subscription facility of up to €60 million and the extension to the repayments of key loans, the Company expects the net proceeds from these financings, based on the expected drawdown of the initial €20 million commitment of the share subscription facility, together with the existing cash resources to extend the current cash runway to the end of 2025. The Company continues to evaluate equity and other financing options, including discussions with existing as well as new investors. The Executive Management and the Board of Directors remain confident about the strategic plan, which comprises additional financing measures including equity and/or other financing sources, and therefore consider the financial information in this press release on a going concern basis as appropriate. Consolidated statement of cash flows Net cash outflow from operating activities was €20.26 million in 2024 compared to €29.06 million in 2023. The lower outflow was driven by the measures taken in 2024 to reduce the cash burn. Cash flow from investing activities resulted in a net outflow of €0.10 million in 2024, compared to a net outflow of €0.72 million in 2023. Cash flow from financing activities resulted in a net inflow of €21.56 million in 2024, mainly as a result of the proceeds from the equity placement and the various convertible loan arrangements, partially compensated by repayments of financial debt and interest. The Company ended 2024 with a total cash and cash equivalents amount of €3.81 million (2023: €2.58 million). 2025 Financial Calendar 22 April 2025 Online publication of Annual Report 2024 22 May 2025 Annual General Meeting 2025 For more information, please contact: Sequana MedicalInvestor RelationsE: IR@sequanamedical.comT: +44 (0) 797 342 9917 About Sequana Medical Sequana Medical NV is a pioneer in treating fluid overload, a serious and frequent clinical complication in patients with liver disease, heart failure and cancer. This causes major medical issues including increased mortality, repeated hospitalizations, severe pain, difficulty breathing and restricted mobility. Although diuretics are standard of care, they become ineffective, intolerable or exacerbate the problem in many patients. There are limited effective treatment options, resulting in poor clinical outcomes, high costs and a major impact on their quality of life. Sequana Medical is seeking to provide innovative treatment options for this large and growing "diuretic resistant" patient population. alfapump® and DSR® are Sequana Medical's proprietary platforms that work with the body to treat diuretic-resistant fluid overload, and are intended to deliver major clinical and quality of life benefits for patients, while reducing costs for healthcare systems. The Company received US FDA approval for the alfapump System for the treatment of recurrent or refractory ascites due to liver cirrhosis in December 2024, following the grant of FDA Breakthrough Device Designation in 2019. Sequana Medical intends to start US commercialisation early in the second half of 2025 through a small specialty salesforce that it will establish to target the 90 US liver transplant centers that perform 95% of liver transplants. Results of the Company's RED DESERT and SAHARA proof-of-concept studies in heart failure published in European Journal of Heart Failure in April 2024 support DSR's mechanism of action as breaking the vicious cycle of cardiorenal syndrome. All three patients from the non-randomized cohort of MOJAVE, a US randomized controlled multi-center Phase 1/2a clinical study, have been successfully treated with DSR, resulting in a dramatic improvement in diuretic response and virtual elimination of loop diuretic requirements8. Sequana Medical is listed on the regulated market of Euronext Brussels (Ticker: SEQUA.BR) and headquartered in Ghent, Belgium. For further information, please visit www.sequanamedical.com. Important Safety Information: For important safety information regarding the alfapump® system, see https://www.sequanamedical.com/wp-content/uploads/ISI.pdf. The alfapump® System is currently not approved in Canada. DSR® therapy is still in development and is currently not approved in any country. The safety and effectiveness of DSR® therapy has not been established. Note: alfapump® and DSR® are registered trademarks. Forward-looking statements This press release may contain predictions, estimates or other information that might be considered forward-looking statements. Such forward-looking statements are not guarantees of future performance. These forward-looking statements represent the current judgment of Sequana Medical on what the future holds, and are subject to risks and uncertainties that could cause actual results to differ materially. Sequana Medical expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements in this press release, except if specifically required to do so by law or regulation. You should not place undue reliance on forward-looking statements, which reflect the opinions of Sequana Medical only as of the date of this press release. Financial information The financial statements have been prepared in accordance with IFRS, as adopted by the EU. The financial information included in this press release is an extract from the full IFRS consolidated financial statements which will be published on 22 April 2025. As of the date of this press release, the statutory auditor, PricewaterhouseCoopers Bedrijfsrevisoren BV, with registered office at Culliganlaan 5, 1831 Machelen, Belgium, represented by Peter D’hondt, auditor, has not yet completed his audit procedures on the IFRS consolidated statements as of and for the year ended 31 December 2024. The statutory auditor has confirmed that the audit, which is substantially complete, has not to date revealed any material misstatement in the draft consolidated accounts, and that the accounting data reported in the press release is consistent, in all material respects, with the draft consolidated accounts from which it has been derived. Consolidated statement of profit and loss in Thousand Euros (if not stated otherwise)Year ended 31 December20242023Revenue106712Cost of goods sold(26)(164)Gross margin79548 Sales & Marketing(1,058)(1,799)Clinical(3,174)(6,947)Quality & Regulatory(3,243)(5,586)Supply Chain(3,315)(4,724)Engineering(1,683)(4,041)General & Administration(6,313)(6,943)Total operating expenses(18,786)(30,040) Other income484629Earnings before interests and taxes (EBIT)(18,223)(28,862) Finance income2131,052Finance cost(26,363)(4,288)Total net finance expense(26,150)(3,236) Income tax expense(280)(466)Net loss for the period(44,654)(32,564) Basic losses per share (in Euro)(1.22)(1.22) Consolidated statement of comprehensive income in Thousand Euros (if not stated otherwise)Year ended 31 December20242023Net loss for the period(44,654)(32,564)Components of other comprehensive income (OCI) items that will not be reclassified to profit or loss: Remeasurements of defined benefit plans(105)(356) Items that may be reclassified subsequently to profit or loss: Currency translation adjustments(34)(64) Total other comprehensive income/(loss)-net of tax(138)(420)Total comprehensive income(44,792)(32,984) Attributable to Sequana Medical shareholders(44,792)(32,984) Consolidated balance sheet in Thousand Euros (if not stated otherwise)As at 31 December20242023ASSETSProperty, plant and equipment1,7742,316Financial Assets104100Other non-current assets1,6491,388Total non-current assets3,5273,805Trade receivables-43Other receivables and prepaid expenses5631,373Inventory2,0462,296Cash and cash equivalents3,8072,584Total current assets6,4176,296Total assets9,94410,101EQUITY AND LIABILITIESShare capital4,6042,926Share premium201,565185,644Reserves(721)(2,896)Loss brought forward(250,676)(206,022)Cumulative translation adjustment849882Total equity(44,379)(19,465)Long term financial debts-8,969Long term lease debts358464Retirement benefit obligation754668Total non-current liabilities1,11210,101Short term financial debts39,6987,818Short term lease debts55269Other current financial liabilities7,3872,767Trade payables and contract liabilities1,8892,907Other payables1,6932,257Accrued liabilities and provisions2,4883,448Total current liabilities53,21119,466Total equity and liabilities9,94410,101 Consolidated statement of cash flows in Thousand Euros (if not stated otherwise)Year ended 31 December20242023Net loss for the period(44,654)(32,564)Income tax expense280466Financial result26,2033,271Depreciation615661Change in defined benefit plan(7)(50)Share-based compensation(179)564Changes in trade and other receivables592(543)Changes in inventories211483Changes in trade and other payables/provisions(2,948)(905)Taxes paid(371)(446)Cash flow used in operating activities(20,258)(29,063)Investments in tangible fixed assets(95)(711)Investments in financial assets(5)(11)Cash flow used in investing activities(100)(721)Proceeds from capital increase11,66515,786(Repayments) from leasing debts(472)(414)(Repayments) from financial debts(158)(982)Proceeds from financial debts10,682-Interest paid(162)(929)Cash flow from financing activities21,55513,461Net change in cash and cash equivalents1,197(16,324)Cash and cash equivalents at the beginning of the period2,58418,875Net effect of currency translation on cash and cash equivalents2633Cash and cash equivalents at the end of the period3,8072,584 Consolidated statement of changes in equity in Thousand Euros (if not stated otherwise)Share capitalShare premiumReservesLoss brought forwardCurrency translation differencesTotal shareholder equityBalance at 1 January 20232,460170,324(2,426)(173,458)946(2,153)Net loss for the period (32,564) (32,564)Other comprehensive income (356) (64)(420)April 2023 Equity Placement46115,320 15,780Capital increase 10/2350 6Transaction costs for equity instruments (678) (678)Share-based compensation 564 564Balance at 31 December 20232,926185,644(2,896)(206,022)882(19,465)Balance at 1 January 20242,926185,644(2,896)(206,022)882(19,465)Net loss for the period (44,654) (44,654)Other comprehensive income (105) (34)(138)March 2024 Equity Placement79410,706 11,500Capital increase convertible loans to shares8245,1082,853 8,785Capital increases RSU and Retention shares59106 165Transaction costs for equity instruments (393) (393)Share-based compensation (179) (179)Balance at 31 December 20244,604201,565(721)(250,676)849(44,379) 1 Based on US market assessment conducted by highly experienced international consulting group2 as defined by subjective physical health (assessed by SF-36 PCS) and ascites symptoms (assessed by Ascites Q)3 Data on file; statements from “The Effects of alfapump on Ascites Control and Quality of Life in Patients with Cirrhosis and Recurrent or Refractory Ascites” American Journal of Gastroenterology [January 2025]4 Tan HK, James PD, Wong F. Albumin may prevent the morbidity of paracentesis-induced circulatory dysfunction in cirrhosis and refractory ascites: A pilot study. Dig Dis Sci 2016;61:3084-3092; b) Salerno F, Cammà C, Enea M, Rössle M, Wong F. Transjugular intrahepatic portosystemic shunt for refractory ascites: a meta-analysis of individual patient data. Gastroenterology 2007;133:825-834.5 EBIT is defined as revenue less cost of goods sold and operating expenses.6 Net debt is calculated by adding short-term, long-term financial and lease debt and deducting cash and cash equivalents7 The components of working capital are inventory + trade receivables + other receivables and prepaid expenses - trade payables - other payables - accrued liabilities and provisions.8 Data reported in press release of March 25, 2024; mean increase of 326% in six-hour urinary sodium excretion at 3 months follow up vs baseline, and 95% reduction of loop diuretics over same period Attachments 20250318 Press Release_FYR 2024_ENG 20250318 Press Release_FYR 2024_NL
Glacier Reports Year End 2024 Results - ForexTV
VANCOUVER, British Columbia, March 21, 2025 (GLOBE NEWSWIRE) -- Glacier Media Inc. (TSX: GVC) (“Glacier” or the “Company”) reported revenue and earnings for the year ended December 31, 2024. Summary Results (thousands of dollars) except share and per share amounts 2024 2023 Revenue $141,946 $154,940 EBITDA (1) $9,712 $(4,169) EBITDA (1) margin 6.8% (2.7%) EBITDA (1) per share $0.07 $(0.03) Capital expenditures $3,848 $4,316 Net loss attributable to common shareholder $(24,442) $(99,250) Net loss attributable to common shareholder per share $(0.19) $(0.76) Weighted average shares outstanding, net 131,131,598 131,198,520 (1) EBITDA is considered a non-GAAP measure. Refer to “EBITDA Reconciliation” below for a reconciliation of the Company’s net (loss) income attributable to common shareholders as reported under IFRS to EBITDA. 2024 performance Over the past two years, the Company has moved aggressively to close or sell underperforming print community media operations to focus on its core businesses. The Company objective is to focus on the long-term growth of its business information and consumer digital businesses. The Company is optimistic that its core operations can and will continue to perform well in the long term and will generate strong cash flows and enhance shareholder value. The respective brands, market positions, and value to customers remain strong. Certain remaining print operations continue to perform well, generating cash flow and providing value to customers and readers. The Company will operate these businesses while continuing to closely monitor their performance. The Company will take measures to address the underperforming legacy businesses. Consolidated revenue for the year ended December 31, 2024, was $141.9 million, down $13.0 million or 8.4% from the prior year. Consolidated EBITDA for the year was $9.7 million, an improvement of $13.9 million from an EBITDA loss of $4.2 million in the prior year. Capital expenditures for the year were $3.8 million as compared to $4.3 million in the prior year. In 2024, the Company revised the reporting of its operating segments to reflect the focus on the environmental risk and compliance information, commodity information, and consumer digital information businesses, as this is how senior management and decision makers view the business. Given the Company’s transformation, it was determined that a change in the segments better reflects the future of the Company and provides better insight into its areas of growth separate from the management of its legacy operations. The 8.4% year-over-year revenue decline was primarily driven by the closure and sale of underperforming print community media operations over the course of the last two years, and the sale of certain mining operations. Excluding print community media, where the bulk of the restructuring and sales/closures of businesses occurred, overall revenues increased by 1.8%. Lastly, the mix of revenues shifted between 2023 and 2024; the share of print community media revenues declined to 14.8% of total revenues in 2024 from 23.4% of total revenues in 2023. EBITDA for the year was $9.7 million, a $13.9 million improvement over an EBITDA loss of $4.2 million in 2023. The profitability improvement in the year resulted from a combination of restructuring legacy operations and improved profitability in several core operating businesses. EBITDA includes several grants and funding payments, which are relatively consistent with the prior year. Financial position As at December 31, 2024, the Company had a cash balance of $6.4 million and $6.8 million of non-recourse mortgages (which relate to land for the farm shows in Saskatchewan and Ontario). For further information please contact Mr. Orest Smysnuik, Chief Financial Officer, at 604-708-3264. About the Company Glacier Media Inc. is a broad portfolio of business information and consumer digital businesses. Serving a diverse array of industries and users, the businesses are typically leaders in their respective industry and/or geographic markets. Forward looking statements This news release contains forward-looking statements that relate to, among other things, the Company’s objectives, goals, strategies, intentions, plans, beliefs, expectations, and estimates. These forward-looking statements include, among other things, statements relating to our expectations as to the core operations performing well in the long-term, the generation of future cash flows, and that the Company will take measures to address the underperforming legacy businesses. These forward-looking statements are based on certain assumptions, including continued economic growth and recovery and the realization of cost savings in a timely manner and in the expected amounts, which are subject to risks, uncertainties and other factors which may cause results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, and undue reliance should not be placed on such statements. Important factors that could cause actual results to differ materially from these expectations include failure to implement or achieve the intended results from our strategic initiatives, and the other risk factors listed in our Annual Information Form under the heading “Risk Factors” and in our MD&A under the heading “Business Environment and Risks”, many of which are out of our control. These other risk factors include, but are not limited to that future cash flow from operations and the availability under existing banking arrangements are believed to be adequate to support financial liabilities, the ability of the Company to sell advertising and subscriptions related to its publications, foreign exchange rate fluctuations, the seasonal and cyclical nature of the agricultural and mining sectors, discontinuation of government grants, general market conditions in both Canada and the United States including the economic effect of potential tariffs, changes in the prices of purchased supplies including newsprint, the effects of competition in the Company’s markets, dependence on key personnel, integration of newly acquired businesses, technological changes, tax risk, financing risk, debt service risk and cybersecurity risk. The forward-looking statements made in this news release relate only to events or information as of the date on which the statements are made. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Non-IFRS financial measures Earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA margin and EBITDA per share, are not generally accepted measures of financial performance under IFRS. Management utilizes EBITDA as a financial performance measure to assess profitability and return on equity in its decision making. In addition, the Company, its lenders and its investors use EBITDA to measure performance and value for various purposes. Investors are cautioned; however, that EBITDA should not be construed as an alternative to net income (loss) attributable to common shareholders determined in accordance with IFRS as an indicator of the Company’s performance. The Company’s method of calculating these financial performance measures may differ from other companies and, accordingly, they may not be comparable to measures used by other companies. A quantitative reconciliation of these non-IFRS measures is included in the section entitled EBITDA Reconciliation. EBITDA Reconciliation (thousands of dollars) except share and per share amounts 2024 2023 Net (loss) income attributable to common shareholders $(24,442) $(99,250)Add (deduct): Non-controlling interests $1,015 $(2,436)Interest expense, net $4,951 $19,925 Depreciation and amortization $11,231 $11,873 (Gain) loss on disposal, net $(2,683) $2,726 Impairment expense $18,964 $13,588 Other income $(3,005) $(2,115)Restructuring and other expenses, net $7,499 $7,790 Share of (earnings) loss from joint ventures and associates $(850) $(590)Income tax recovery $(2,968) $44,320 EBITDA (1) $9,712 $(4,169)Notes: (1) Refer to "Non-IFRS Measures" section of MD&A for discussion of non-IFRS measures used in this table.
External debt service burden rises to $17.2 billion in 2024 — BSP data - BusinessWorld Online
THE COUNTRY’S external debt service burden jumped to $17.16 billion in 2024, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP). Central bank data showed debt servicing on external borrowings climbed by 15.6% to $17.16 billion last year from $14.85 billion in 2023. Broken down, amortization payments rose by 15.3% to $8.94 billion […]
Debt service declines in February - BusinessWorld Online
THE NATIONAL GOVERNMENT’S (NG) debt service slumped year on year in February as amortization payments declined, the Bureau of the Treasury (BTr) said. Latest data from the BTr showed payments made by the NG for its debt plunged by 82.24% to P52.15 billion in February from P293.62 billion in the same month last year. Month […]
MYT Netherlands Parent B.V. ("Mytheresa") and Richemont announce the successful completion of Mytheresa's acquisition of YOOX NET-A-PORTER ("YNAP") - ForexTV
MYT Netherlands Parent B.V. (“Mytheresa”) and Richemont announce the successful completion of Mytheresa’s acquisition of YOOX NET-A-PORTER (“YNAP”) 24 April 2025 – Mytheresa (NYSE:MYTE) successfully closed its acquisition of YNAP from Richemont (SWX:CFR), through its subsidiary Richemont Italia Holding S.P.A., following the fulfillment of all conditions including receipt of all unconditional approvals from the relevant regulatory authorities. Mytheresa is now YNAP’s sole shareholder which it will fully consolidate under the MYT Netherlands Parent B.V. umbrella. The company will be renamed “LuxExperience B.V.” and will continue to be listed on the New York Stock Exchange (NYSE) with the trade name “LuxExperience” and a new ticker symbol of “LUXE”, effective 1 May 2025. In exchange for all shares of YNAP and a net cash position of €555m and no financial debt, Richemont has received 49,741,342 shares in Mytheresa, representing 33% of Mytheresa’s fully diluted share capital post issuance of the consideration shares. Nora Aufreiter, Chair of the Supervisory Board of MYT Netherlands Parent B.V., said: “The successful acquisition marks a milestone in the great success story of Mytheresa. Our company will become a group that includes some of the best retail banners in digital luxury. We will use our proven strength to execute on our strategic plans and create even more value for our shareholders, brand partners, customers and employees. We are confident that in the course of the integration and restructuring we will become one of the strongest and most resilient global players in the digital luxury sector.” The store brands Mytheresa, NET-A-PORTER, MR PORTER, YOOX and THE OUTNET will be strengthened in their differentiated and complementary profiles. Significant synergies will be achieved primarily through a shared infrastructure and technology platform as well as operational efficiency improvements. The off-price division - consisting of YOOX and THE OUTNET – will be separated from the luxury division to enable a much simpler and more efficient operating model under the new roof. YNAP's white label service business will be discontinued as soon as the Richemont Maisons' online stores powered by YNAP have been migrated to their own chosen platforms. Forward-looking statements This press release contains “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact or relating to present facts or current conditions included in this press release are forward- looking statements. Forward-looking statements give Mytheresa’s current expectations and projections relating to the completed transaction and the operation of the combined companies; its financial condition, results of operations, plans, objectives, future performance and business, including statements relating to financing activities, future sales, expenses, and profitability; future development and expected growth of our business and industry; our ability to execute our business model and our business strategy; having available sufficient cash and borrowing capacity to meet working capital, debt service and capital expenditure requirements for the next twelve months; and projected capital spending. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements contained in this press release are based on assumptions that Mytheresa has made in light of its industry experience and perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. As you read and consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond Mytheresa’s control) and assumptions. Although Mytheresa believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual operating and financial performance and cause its performance to differ materially from the performance anticipated in the forward-looking statements. Mytheresa believes these factors include, but are not limited to: the risk that the completed transaction and its announcement could have an adverse effect on the ability of YNAP to retain customers and retain and hire key personnel and maintain relationships with their brand partners and customers and on their operating results and businesses generally; the risk that problems may arise in successfully integrating the businesses of YNAP and Mytheresa, which may result in the combined company not operating as effectively and efficiently as expected; the risk that the combined company may be unable to achieve cost-cutting synergies or that it may take longer than expected to achieve those synergies; Mytheresa’s ability to effectively compete in a highly competitive industry; Mytheresa’s ability to respond to consumer demands, spending and tastes; general economic conditions, including economic conditions resulting from deteriorating geopolitical and macroeconomic conditions, such as the recent global trade war that escalated after the U.S. imposed tariffs on countries across the globe, and the adoption of retaliatory tariffs by those countries, that may adversely impact consumer demand; Mytheresa’s ability to acquire new customers and retain existing customers; consumers of luxury products may not choose to shop online in sufficient numbers; the volatility and difficulty in predicting the luxury fashion industry; Mytheresa’s reliance on consumer discretionary spending; and Mytheresa’s ability to maintain average order levels and other factors. Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove incorrect, Mytheresa’s actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements. Mytheresa undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. The achievement or success of the matters covered by such forward-looking statements involves known and unknown risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, Mytheresa’s results could differ materially from the results expressed or implied by the forward-looking statements it makes. You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent Mytheresa’s management’s beliefs and assumptions only as of the date such statements are made. Further information on these and other factors that could affect Mytheresa’s financial results is included in filings it makes with the U.S. Securities and Exchange Commission (“SEC”) from time to time, including the section titled “Risk Factors” in its annual report on Form 20-F and on Form 6-K (reporting its quarterly results). These documents are available on the SEC’s website at www.sec.gov and on the SEC Filings section of the Investor Relations section of our website at: https://investors.mytheresa.com. About Mytheresa Mytheresa is one of the leading luxury multi-brand digital platforms shipping to over 130 countries. Founded as a boutique in 1987, Mytheresa launched online in 2006 and offers ready-to-wear, shoes, bags and accessories for womenswear, menswear, kidswear as well as lifestyle products and fine jewelry. The highly curated edit of up to 250 brands focuses on true luxury brands such as Bottega Veneta, Brunello Cucinelli, Dolce&Gabbana, Gucci, Loewe, Loro Piana, Moncler, Prada, Saint Laurent, The Row, Valentino, and many more. Mytheresa’s unique digital experience is based on a sharp focus on high-end luxury shoppers, exclusive product and content offerings, leading technology and analytical platforms as well as high quality service operations. The NYSE listed company reported € 913.6 million GMV in fiscal year 2024 (+7% vs. FY23).For more information, please visit https://investors.mytheresa.com/. “LuxExperience” will be the trade name for LuxExperience B.V., a Dutch company with limited liability, upon completion of the renaming of MYT Netherlands Parent B.V. About Richemont At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term. Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier, Van Cleef & Arpels and Vhernier; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, Chloé, Delvaux, dunhill, G/FORE, Gianvito Rossi, Montblanc, Peter Millar, Purdey, Serapian as well as Watchfinder & Co. Find out more at https://www.richemont.com/. Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. The ‘A’ shares are also traded on the Johannesburg Stock Exchange (JSE), Richemont’s secondary listing. Investor Relations ContactsMytheresa.com GmbHStefanie Muenzphone: +49 89 127695-1919email: investors@mytheresa.com Media Contacts for public relationsMytheresa.com GmbHSandra Romanomobile: +49 152 54725178email: sandra.romano@mytheresa.com Media Contacts for business pressMytheresa.com GmbHLisa Schulzmobile: +49 151 11216490email: lisa.schulz@mytheresa.com Media Contacts for business pressBOC Consult GmbHRuediger Assionmobile: +49 176 2424 7691email: ruediger.assion@boc-consult.com Richemont ContactsInvestor / analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.netMedia enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com Source: MYT Netherlands Parent B.V. Click here for a printer-friendly version in English (PDF)
Global roundtable sees rising debt risks for low-income countries as uncertainty mounts
WASHINGTON (Reuters) -More work is needed to improve the sovereign debt restructuring process and help countries facing mounting debt service challenges, the chairs of a global debt roundtable said on Wednesday, as they released a new playbook to aid those efforts. The Global Sovereign Debt Roundtable, formally launched in late 2022 to help accelerate progress on securing debt treatment for countries in default, met Wednesday during the spring meetings of the International Monetary Fund and the World Bank. Co-chaired by the IMF, the World Bank and South Africa, current chair of the Group of 20 major economies, it includes creditors, borrowing countries, private sector executives, debt experts, and financial and legal advisers.
Gov’t debt service bill plunges 66% in March - BusinessWorld Online
THE NATIONAL Government’s (NG) debt service bill plunged in March amid a decline in amortization payments, the Bureau of the Treasury (BTr) said. The latest data from the Treasury showed that payments made by the government for its obligations went down by 65.63% to P183.36 billion in March from P533.52 billion in the same month […]
NG debt service bill soars in April - BusinessWorld Online
THE NATIONAL Government’s (NG) debt service bill sharply increased year on year in April as amortization payments more than doubled, the Bureau of the Treasury (BTr) reported. Data from BTr showed that the debt service bill went up by 73.72% to P280.9 billion in April from P161.7 billion in the same month last year. Month […]