New Risk • Apr 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.5% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (€32.0m market cap, or US$37.4m). Reported Earnings • Mar 30
Full year 2025 earnings released: €0.034 loss per share (vs €0.045 loss in FY 2024) Full year 2025 results: €0.034 loss per share (improved from €0.045 loss in FY 2024). Revenue: €12.5m (up 33% from FY 2024). Net loss: €4.38m (loss narrowed 16% from FY 2024). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Mar 14
Implanet S.A., Annual General Meeting, Apr 17, 2026 Implanet S.A., Annual General Meeting, Apr 17, 2026. Location: allee f, magendie technopole bordeaux montesquieu, martillac France Announcement • Mar 03
IMPLANET Receives FDA Clearance for the Swingo Anterior Cervical Cage IMPLANET announced that it has received clearance from the U.S. Food and Drug Administration (FDA) for its Swingo anterior cervical cage. Developed through the work of a dedicated development group established in 2024 with a panel of international surgeons, the Swingo cage range features a broad portfolio of implant sizes with a design tailored to vertebral anatomy, ensuring improved control of interbody fusion. These titanium implants, manufactured using 3D printing technology, can be used for all types of procedures, regardless of the surgical approach chosen by the surgeon. A dedicated next-generation instrumentation range is included in this clearance and is designed to enhance patient safety while reducing surgical time. In the short term, combined with JSS (posterior fusion system), it will enable IMPLANET to offer a comprehensive range of implants dedicated to spinal fusion in the United States. The potential synergies created by the expanded product portfolio fully support the strategy to strengthen presence in the U.S. This represents another structural step in the development plan, aimed at reinforcing the offering in the spine surgery segment within a market estimated at $1.35 billion. This clearance will also allow commercialization of this range, in addition to the existing portfolio, with many distributors in countries recognizing U.S. FDA regulations, pending CE marking for the European market. Announcement • Dec 17
IMPLANET Announces First Surgeries Using the Jazz System in China IMPLANET announced the successful completion of the first surgical procedures using the JAZZ system in China. As part of a distribution partnership signed in November 2022, IMPLANET and Sanyou Medical have completed the regulatory registration of the JAZZ range on the Chinese market, the largest in the world by volume potential. The JAZZ range, dedicated to band-based fixation for the treatment of spinal pathologies, is supported in China by Sanyou Medical, a recognized player with a strong nationwide network and proven clinical expertise. In July 2025, the JAZZ system obtained regulatory approval from the CFDA in China, paving the way for its commercialization in China. The first shipment of implants, invoiced to Sanyou Medical, took place in September 2025. The JAZZ range was officially presented from November 11 to 14, 2025, at the Sanyou Medical booth during the Annual Congress of the Chinese Orthopaedic Association (COA), the leading scientific event for the Chinese orthopedic community. Following this launch, the first surgeries using the JAZZ system in China were successfully performed by Dr. Huanxiang Chen, Head of the Spine Surgery Department at Hainan Medical University, China. Prior to these first procedures, Dr. Chen completed a two-month clinical training program in France at leading hospital centers, under the supervision of expert spine surgeons: Prof. Illharreborde - Robert-Debre Children's Hospital, Paris, Prof. Ferrero - Georges-Pompidou European Hospital, Paris, Prof. Barrey - Wertheimer Hospital, Hospices Civils de Lyon, Prof. Cunin - Hopital Femme Mere Enfant (HFME), Hospices Civils de Lyon. This in-depth training ensured a complete transfer of expertise, enabling optimal handling of the JAZZ system in full compliance with international standards of quality and safety. Beyond Hainan, additional procedures were also performed in Shanghai and Beijing, reflecting IMPLANET and S any reference hospitals. New Risk • Sep 26
New major risk - Negative shareholders equity The company has negative equity. Total equity: -€1.4m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€1.5m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Negative equity (-€1.4m). Earnings have declined by 10% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€43.8m market cap, or US$51.3m). Announcement • Jul 16
IMPLANET Announces CFDA Approval for Its Innovative JAZZ Range in China IMPLANET announced that its innovative JAZZ range has been approved by the CFDA in China. As part of a distribution partnership signed in November 2022, IMPLANET and Sanyou Medical have successfully registered the JAZZ range, dedicated to tape fixation in the treatment of spinal pathologies, on the Chinese market, the world's largest potential market in terms of volume. This is a major milestone in the strategic partnership with Sanyou Medical. The JAZZ system can be used in combination with the full range of spinal fixation systems already developed by Sanyou Medical, offering Chinese surgeons a complete hybrid surgical solution that is unique in this market. New Risk • Jul 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 8.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€3.0m free cash flow). Earnings have declined by 12% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (€11.9m market cap, or US$14.0m). Announcement • Apr 25
Implanet to Co-Exhibit Its Innovative Spine Solutions Alongside 8I Robotics' Next-Gen Robotic Solutions At AANS in Boston At this year's American Association of Neurological Surgeons Annual Meeting (AANS) Annual Meeting in Boston, USA, IMPLANET will co-exhibit at booth #1029 alongside fellow innovator 8i Robotics, pioneering the development of a multi-arm robotic system for use in spine and orthopaedic surgery. IMPLANET will present its Jazz Spinal System (JSS), a complete pedicle screw offering now in its initial US launch. From open and minimally invasive degenerative spine surgery to more complex deformity cases, the JSS system offers a wide range of pedicle screws covering the entire thoracolumbar spine. In the innovations-themed exhibit booth, IMPLANET will be featuring OLEA, its ultrasonic osteotome technology, as well as highlighting the launch of JSS. IMPLANET'S OLEA ultrasonic scalpel technology enables surgeons to perform safer and more controlled bone removal while sparing soft tissueand neural structures. The device's non-rotating micro-vibration frequency enables efficient and precise cutting while significantly reducing harmful noise pollution and heat transfer found in competitive systems. The easy-to-use system cuts bone like aknife rather than having to press down, or "jackhammer", as is found in other competitive systems. 8i Robotics will demonstrate first-of-its-kind multi-arm surgical robot technology. The system builds on the latest developments in robotics, surgical navigation, and optical imaging technologies to offer a modular platform for precision spine surgery. With a humanoid body, the 8i Robotics system positions itself alongside the operating table to provide full reach from cervical spine to pelvis, with an integrated high torque power driver for pedicle screw insertion. Working with the master surgeon, embedded algorithms and undled implants allow 8i Robotics to provide spinal surgical assistance in both open and minimally invasive procedures while minimizing intraoperative radiation. Reported Earnings • Mar 28
Full year 2024 earnings released: €0.045 loss per share (vs €0.17 loss in FY 2023) Full year 2024 results: €0.045 loss per share (improved from €0.17 loss in FY 2023). Revenue: €9.41m (up 26% from FY 2023). Net loss: €5.22m (loss narrowed 22% from FY 2023). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Announcement • Mar 08
Implanet S.A., Annual General Meeting, Apr 11, 2025 Implanet S.A., Annual General Meeting, Apr 11, 2025. Location: allee f magendie technopole bordeaux montesquieu, martillac France New Risk • Sep 18
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€4.4m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€4.4m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 9.4% per year over the past 5 years. Shareholders have been substantially diluted in the past year (205% increase in shares outstanding). Minor Risk Market cap is less than US$100m (€14.4m market cap, or US$16.0m). Announcement • May 15
IMPLANET Receives FDA Clearance for Its New Hybrid Fixation System Jazz Spinal System™ IMPLANET announced the Food and Drug Administration (FDA) 510(k) clearance of its new hybrid fixation system Jazz Spinal System™. As a result of the technological partnership established in November 2022 between IMPLANET and Sanyou Medical, this brand new and unique hybrid fixation system Jazz Spinal System™ encompasses the full range of technological expertise and R&D capabilities of both groups. It features a comprehensive solution of pedicle screws, combined with the most relevant Band implant range on the market, JAZZ®. Jazz Spinal System™ incorporates the latest developments and innovations in spinal surgery, including a complete system for the treatment of pediatric deformity as well as a comprehensive range of solutions for the treatment of adult spinal pathologies, including minimally invasive approaches. Designed for both traditional open surgery of the thoracolumbar spine and minimally invasive percutaneous fixation, this innovative system also meets the needs of surgeons treating complex deformities. Reported Earnings • Apr 07
Full year 2023 earnings released: €0.17 loss per share (vs €0.17 loss in FY 2022) Full year 2023 results: €0.17 loss per share. Revenue: €7.45m (down 7.2% from FY 2022). Net loss: €6.68m (loss widened 89% from FY 2022). Announcement • Mar 06
Implanet S.A. Announces Board Changes Implanet S.A. announced that during its meeting on March 5, 2024, Ms. Paula Ness Speers, Ms. Mary Shaughnessy and Mr. Jean Gérard Galvez each tendered their resignations from the Company's Board of Directors. These resignations took effect on March 5, 2024. Ms. Minhui Yang, CFO of Sanyou Medical, and Mr. Michael Mingyan Liu, co-founder and R&D Director of Sanyou Medical, were co-opted as directors for the remainder of their respective predecessors' terms of office, that is for the former until the end of the Annual General Meeting called to approve the financial statements for the year ended December 31, 2024, and for the latter until the end of the Annual General Meeting called to approve the financial statements for the year ended December 31, 2025. Implanet's Board of Directors is now made up of David Fan, who were appointed Chairman of the Board to replace Jean-Gérard Galvez, Minhui Yang, Michael Mingyan Liu, Ludovic Lastennet and Benjamin Letienne. New Risk • Feb 08
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 317% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (43% average weekly change). Shareholders have been substantially diluted in the past year (317% increase in shares outstanding). Minor Risk Market cap is less than US$100m (€9.87m market cap, or US$10.6m). Board Change • Nov 19
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Mary Shaughnessy was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Aug 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€3.0m free cash flow). Shareholders have been substantially diluted in the past year (176% increase in shares outstanding). Market cap is less than US$10m (€6.12m market cap, or US$6.66m). Minor Risk Share price has been volatile over the past 3 months (6.0% average weekly change). Announcement • Jun 22
IMPLANET Announces the European Launch of the MIS Range, a Minimally Invasive Pedicle Screw System IMPLANET announced the launch of the MIS range, a minimally invasive pedicle screw positioning system, a result of joint developments with its partner Sanyou Medical. Minimally invasive spine surgery was developed to treat spinal pathologies while limiting tissue damage, Bleeding, and post operative infection, with the goal of faster recovery. The pedicle screw system proposed by Implanet consists of latest generation implants and a single set of instruments. The range of pedicle screws and associated implants provides surgeons with a comprehensive solution for treating degenerative, traumatic or tumoral spine pathologies. Within the framework of this European commercial launch, Implanet has initiated system demonstrations in various health centers in Europe and has already received its first orders in June 2023. Announcement • May 06
Implanet S.A. Appoints David Fan to the Board of Directors Implanet S.A. approved the appointment of Mr. David FAN to the Board of Directors for a period of three years. Reported Earnings • Apr 17
Full year 2022 earnings released: €0.17 loss per share (vs €0.54 loss in FY 2021) Full year 2022 results: €0.17 loss per share (improved from €0.54 loss in FY 2021). Revenue: €8.03m (up 31% from FY 2021). Net loss: €3.54m (loss narrowed 23% from FY 2021). Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Director Mary Shaughnessy was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Oct 28
Implanet S.A. to Report Fiscal Year 2022 Results on Jan 17, 2023 Implanet S.A. announced that they will report fiscal year 2022 results at 5:40 PM, Central European Standard Time on Jan 17, 2023 Reported Earnings • Sep 21
First half 2022 earnings released: EPS: €0 (vs €0.24 loss in 1H 2021) First half 2022 results: EPS: €0. Revenue: €4.11m (up 11% from 1H 2021). Net loss: €2.08m (loss widened 14% from 1H 2021). Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Medical Equipment industry in France. Price Target Changed • Apr 27
Price target decreased to €1.86 Down from €22.00, the current price target is provided by 1 analyst. New target price is 673% above last closing price of €0.24. Stock is down 76% over the past year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. Independent Director Mary Shaughnessy was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Mar 17
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: €6.14m (up 2.1% from FY 2020). Net loss: €3.09m (loss narrowed 22% from FY 2020). Revenue missed analyst estimates by 20%. Over the next year, revenue is forecast to grow 51% compared to a 1.6% decline forecast for the industry in France. Reported Earnings • Sep 23
First half 2021 earnings released The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €3.72m (up 43% from 1H 2020). Net loss: €1.83m (loss narrowed 24% from 1H 2020). Reported Earnings • Mar 20
Full year 2020 earnings released: €1.27 loss per share (vs €3.07 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: €6.01m (down 19% from FY 2019). Net loss: €3.98m (loss widened 9.1% from FY 2019). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 61% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 19
New 90-day high: €1.10 The company is up 9.0% from its price of €1.01 on 18 September 2020. The French market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Medical Equipment industry, which is down 6.0% over the same period. Is New 90 Day High Low • Nov 01
New 90-day low: €0.75 The company is down 33% from its price of €1.12 on 03 August 2020. The French market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is down 6.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: €0.91 The company is down 34% from its price of €1.37 on 26 June 2020. The French market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 4.0% over the same period. Reported Earnings • Sep 19
First half earnings released Over the last 12 months the company has reported total losses of €4.23m, with losses narrowing by 8.0% from the prior year. Total revenue was €6.18m over the last 12 months, down 11% from the prior year. 