New Risk • Jul 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 118% 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 Less than 1 year of cash runway based on free cash flow trend (-€2.2m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Negative equity (-€11m). Earnings have declined by 95% per year over the past 5 years. Shareholders have been substantially diluted in the past year (118% increase in shares outstanding). Market cap is less than US$10m (€127.5k market cap, or US$145.8k). New Risk • Jul 01
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (15% average weekly change). Market cap is less than US$10m (€58.4k market cap, or US$66.4k). New Risk • Jun 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Negative equity (-€8.4m). Revenue has declined by 13% over the past year. Market cap is less than US$10m (€52.0k market cap, or US$59.6k). Minor Risk Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Board Change • Dec 09
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. No experienced directors. 4 highly experienced directors. No independent directors (3 non-independent directors). Member of Scientific Advisory Board Steven Van Gaalen is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Nov 24
Safe Orthopaedics SA, Annual General Meeting, Dec 26, 2025 Safe Orthopaedics SA, Annual General Meeting, Dec 26, 2025. Location: za de montepy 80 rue de montepy, fleurieux sur l arbresle France New Risk • Jul 01
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (20% average weekly change). Shareholders have been substantially diluted in the past year (over 24416x increase in shares outstanding). Market cap is less than US$10m (€218.9k market cap, or US$258.1k). Announcement • Jun 11
Safe Group Announces FDA 510(K) Clearance for SpineUp's Frida Solution Safe Group announced that Frida, the innovative cervical plate developed by SpineUp, has received 510(k) clearance from the Food and Drug Administration (FDA). This clearance marks a crucial step in SpineUp's expansion into the North American market, and testifies to its ongoing commitment to providing cutting-edge medical solutions. Frida is a new-generation cervical plate offering high adaptability with a multiplicity of plate and screw sizes. Thanks to this technology, healthcare professionals will be able to offer more personalized treatments, tailored to the specific needs of surgeons and their patients. FDA 510(k) clearance is the result of several years of research and development. This certification attests to the safety and efficacy of the Frida solution, which complies with the FDA's strict standards and is due to be marketed by the end of the year. New Risk • Jun 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Negative equity (-€202m). Revenue has declined by 0.9% over the past year. Shareholders have been substantially diluted in the past year (over 7642x increase in shares outstanding). Market cap is less than US$10m (€62.8k market cap, or US$71.6k). Minor Risk Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). New Risk • Nov 26
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 9172x increase in shares outstanding. 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 Latest financial reports are more than 1 year old (reported December 2022 fiscal period end). Share price has been highly volatile over the past 3 months (44% average weekly change). Shareholders have been substantially diluted in the past year (over 9172x increase in shares outstanding). Market cap is less than US$10m (€3.43m market cap, or US$3.60m). New Risk • Nov 25
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2022. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2022 fiscal period end). Share price has been highly volatile over the past 3 months (43% average weekly change). Market cap is less than US$10m (€410 market cap, or US$430). New Risk • Jun 30
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2022. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2022 fiscal period end). Share price has been highly volatile over the past 3 months (89% average weekly change). Negative equity (-€1.3m). Market cap is less than US$10m (€4.5k market cap, or US$4.8k). Announcement • Mar 12
Safe Orthopaedics SA to Report Fiscal Year 2023 Results on Apr 30, 2024 Safe Orthopaedics SA announced that they will report fiscal year 2023 results on Apr 30, 2024 New Risk • Jan 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (59% average weekly change). Negative equity (-€1.3m). Shareholders have been substantially diluted in the past year (over 519x increase in shares outstanding). Market cap is less than US$10m (€61.6k market cap, or US$67.1k). Minor Risk Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Announcement • Nov 25
Safe Orthopaedics SA, Annual General Meeting, Dec 15, 2023 Safe Orthopaedics SA, Annual General Meeting, Dec 15, 2023, at 14:00 Central European Standard Time. Agenda: To consider and approve the financial statements for the year ended 31 December 2022; to consider and approve renewal of Directors and allocate their remuneration ; and to consider and approve powers for formalities. New Risk • Oct 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €129.9k (US$137.6k) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (38% average weekly change). Negative equity (-€1.3m). Shareholders have been substantially diluted in the past year (over 738x increase in shares outstanding). Market cap is less than US$10m (€129.9k market cap, or US$137.6k). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (€4.3m net loss in 3 years). Announcement • Sep 07
Safe Group Announces the Opening of Rehabilitation Proceedings Safe announced the opening of rehabilitation proceedings. Following the press release of July 28, 2023 announcing the suspension of the financing agreement with ABO and the Group's decision to file a petition before the Commercial Court of Pontoise for the opening of a rehabilitation proceedings, the said court, by judgments dated September 4, 2023, ordered the opening of rehabilitation proceedings with regard to SAFE SA and its French subsidiaries (SAFE ORTHOPAEDICS SAS and SAFE MEDICAL SAS), providing a 6-months observation period, and appointed SELARL BLERIOT & Associés, in the person of Maître Philippe Blériot, as Judicial Administrator. . In accordance with the provisions of article L. 631-15 of the French Commercial Code, the Commercial Court shall consider the opportunity to continue the observation period within two months of the opening judgment. Rehabilitation proceeding initiated in respect of the SAFE Group companies will thus be examined by the Commercial Court of Pontoise, at an interim review hearing on November 17, 2023. As a reminder, rehabilitation proceedings are designed to "enable the company to continue to operate the business, maintain the employment and pay off its liabilities" (article L.631-1 of the French Commercial Code). By filing for the Commercial Court of Pontoise protection, the SAFE Group will aim to pursue the restructuring initiated since the beginning of 2023, and to rebuild its short-term cash position in order to seek long-term financing solutions, as part of a plan to continue its commercial and technological activities. Board Change • Sep 01
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. 11 experienced directors. No highly experienced directors. Censor Jean-Marc Feige was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Jul 14
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 93468x increase in shares outstanding. 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 Less than 1 year of cash runway based on free cash flow trend (-€6.3m free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Negative equity (-€1.3m). Shareholders have been substantially diluted in the past year (over 93468x increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (€4.3m net loss in 3 years). Reported Earnings • Jun 06
Full year 2022 earnings released Full year 2022 results: Revenue: €5.86m (up 29% from FY 2021). Net loss: €8.48m (loss widened 26% from FY 2021). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Medical Equipment industry in France. Board Change • Nov 16
High number of new directors Censor Jean-Marc Feige was the last director to join the board, commencing their role in 2020. Reported Earnings • Oct 07
First half 2022 earnings released First half 2022 results: Revenue: €2.75m (up 30% from 1H 2021). Net loss: €3.90m (loss narrowed 7.6% from 1H 2021). Revenue is forecast to grow 49% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Medical Equipment industry in France. Reported Earnings • May 03
Full year 2021 earnings released Full year 2021 results: Revenue: €4.56m (up 25% from FY 2020). Net loss: €6.69m (loss narrowed 19% from FY 2020). Over the next year, revenue is forecast to grow 57% while the industry in France is not expected to grow. Price Target Changed • Apr 27
Price target decreased to €0.39 Down from €0.46, the current price target is an average from 2 analysts. New target price is 253% above last closing price of €0.11. Stock is down 75% over the past year. The company posted a net loss per share of €2.05 last year. Board Change • Apr 27
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 4 experienced directors. No highly experienced directors. Member of Scientific Advisory Board Steven Van Gaalen is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Price Target Changed • Mar 22
Price target decreased to €0.39 Down from €0.47, the current price target is an average from 2 analysts. New target price is 196% above last closing price of €0.13. Stock is down 74% over the past year. The company posted a net loss per share of €2.05 last year. Price Target Changed • Feb 22
Price target decreased to €0.46 Down from €0.51, the current price target is an average from 2 analysts. New target price is 171% above last closing price of €0.17. Stock is down 68% over the past year. The company posted a net loss per share of €2.05 last year. Price Target Changed • Jan 18
Price target decreased to €0.47 Down from €0.53, the current price target is an average from 2 analysts. New target price is 93% above last closing price of €0.25. Stock is down 61% over the past year. The company posted a net loss per share of €2.05 last year. Price Target Changed • Dec 14
Price target decreased to €0.53 Down from €0.65, the current price target is an average from 2 analysts. New target price is 87% above last closing price of €0.28. Stock is up 5.0% over the past year. The company posted a net loss per share of €2.05 last year. Board Change • Nov 27
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 4 experienced directors. No highly experienced directors. Member of Scientific Advisory Board Steven Van Gaalen is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Nov 27
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 4 experienced directors. No highly experienced directors. Member of Scientific Advisory Board Steven Van Gaalen is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Breakeven Date Change • Nov 24
No longer forecast to breakeven The 2 analysts covering Safe Orthopaedics no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of €1.50m in 2021. New consensus forecast suggests the company will make a loss of €6.58m in 2022. Reported Earnings • Oct 03
First half 2021 earnings released The company reported a solid first half result with improved revenues and control over costs, although losses increased. First half 2021 results: Revenue: €2.11m (up 22% from 1H 2020). Net loss: €4.22m (loss widened 19% from 1H 2020). Board Change • Jul 31
High number of new directors Co-Founder, CTO & Director Thomas Droulout was the last director to join the board, commencing their role in 2019. Price Target Changed • Jul 08
Price target decreased to €0.65 Down from €0.75, the current price target is an average from 2 analysts. New target price is 68% above last closing price of €0.38. Stock is down 21% over the past year. Major Estimate Revision • Feb 14
Analysts update estimates The 2020 consensus revenue estimate was lowered from €4.47m to €3.82m. Earning per share (EPS) estimate was unchanged from the last update at -€0.09. The Medical Equipment industry in France is expected to see an average net income growth of 39% next year. The consensus price target of €0.57 was unchanged from the last update. Share price is down by 5.6% to €0.57 over the past week. Is New 90 Day High Low • Dec 23
New 90-day high: €0.73 The company is up 102% from its price of €0.36 on 23 September 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Oct 16
New 90-day low: €0.34 The company is down 31% from its price of €0.49 on 17 July 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 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Reported Earnings • Oct 04
First half earnings released Over the last 12 months the company has reported total losses of €7.40m, with losses widening by 2.7% from the prior year. Total revenue was €4.29m over the last 12 months, up 11% from the prior year. Is New 90 Day High Low • Sep 24
New 90-day low: €0.36 The company is down 33% from its price of €0.54 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. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. 
