Board Change • Jun 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 6 experienced directors. No highly experienced directors. Independent Director Jean-Philippe Caffiero is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Major Estimate Revision • May 15
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €12.2m to €12.0m. Losses expected to increase from €0.25 per share to €0.30. Medical Equipment industry in France expected to see average net income growth of 25% next year. Consensus price target broadly unchanged at €8.55. Share price fell 2.0% to €7.82 over the past week. Breakeven Date Change • May 05
Forecast breakeven date pushed back to 2027 The 2 analysts covering S.M.A.I.O previously expected the company to break even in 2026. New consensus forecast suggests losses will reduce by 37% to 2026. The company is expected to make a profit of €378.0k in 2027. Average annual earnings growth of 91% is required to achieve expected profit on schedule. Price Target Changed • Apr 16
Price target increased by 40% to €8.40 Up from €6.00, the current price target is provided by 1 analyst. New target price is 14% above last closing price of €7.34. Stock is up 93% over the past year. The company is forecast to post a net loss per share of €0.11 next year compared to a net loss per share of €0.45 last year. Price Target Changed • Mar 06
Price target decreased by 25% to €6.00 Down from €8.00, the current price target is provided by 1 analyst. New target price is 15% below last closing price of €7.05. Stock is up 101% over the past year. The company is forecast to post a net loss per share of €0.12 next year compared to a net loss per share of €0.45 last year. Announcement • Nov 25
SMAIO Appoints Matthieu Ville as Chief Commercial Officer SMAIO announced the appointment of Matthieu Ville as Chief Commercial Officer (CCO). Matthieu Ville is a French-American citizen with over 15 years of leadership in MedTech innovation and commercialization across continents. He has held key strategic roles focused on developing and scaling both patient-specific and open-platform solutions for leading MedTech companies such as Medicrea/Medtronic (UNiD ASI solution) and eCential Robotics (eCential Robotics Open Platform). Graduated from Paris Sorbonne University, Matthieu Ville began his career in finance, before joining the spine industry at Medicrea, where he progressed to Marketing Director. There, he played a pivotal role in the development and sales of the UNiD ASI patient-specific platform and more than 10 spinal systems ranging from cervical to iliac. Building on this success, Matthieu joined NuVasive in San Diego (CA), where he led the worldwide upstream marketing team for enabling technologies, overseeing the Pulse digital and analytics product portfolio, driving its launch across three continents, and establishing the collaboration with SMAIO. Most recently, Matthieu served as Vice President of Marketing at eCential Robotics, leading the marketing and clinical team for the imaging and robotics portfolio, while actively contributing to the company's U.S. implantation and expansion through system sales and company partnerships. In his new role, Matthieu Ville will be leveraging SMAIO's decades-long legacy of spinal science and surgical data intelligence, which has laid the foundation for a holistic, patient-centric approach to spinal realignment, embodied in the unique i-Kontrol smart realignment ecosystem. He will lead SMAIO's global commercial and marketing efforts to expand adoption of i-Kontrol and the recently launched KEOPS-4ME open platform in the United States. New Risk • Nov 10
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: Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (€36.0m market cap, or US$41.6m). Announcement • Nov 04
SMAIO Adds Tenner Guillaume as Member to Its Scientific Advisory Board SMAIO announced the appointment of Dr. Tenner Guillaume, Orthopaedic Surgeon who specializes in spinal deformity at Gillette Children's Hospital (St. Paul, Minnesota), to its U.S. scientific advisory board. Dr. Tenner Guillaume is a recognized specialist in spinal deformities, in children. He joined the largest group of pediatric surgeons in the Midwest in 2011, at Gillette Children's Hospital. He is a member of the Scoliosis Research Society, the Pediatric Orthopaedic Society of North America, and the American Academy of Orthopaedic Surgeons. He is also a member of several professional organizations, including the Pediatric Spine Study Group and the Minnesota Orthopaedic Society. His appointment to the scientific advisory board opens up new perspectives on the treatment of spinal disorders, including in the youngest patients. With the appointment of Dr. Tenner Guillaume, SMAIO's Scientific Advisory Board now has four members and may continue to grow. Major Estimate Revision • Oct 16
Consensus EPS estimates fall by 91% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€0.11 to -€0.21 per share. Revenue forecast unchanged at €10.2m. Medical Equipment industry in France expected to see average net income growth of 38% next year. Consensus price target up from €7.00 to €8.00. Share price fell 7.2% to €7.05 over the past week. New Risk • Jul 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of French stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Market cap is less than US$100m (€48.7m market cap, or US$57.2m). Price Target Changed • Jun 25
Price target increased by 21% to €7.00 Up from €5.80, the current price target is provided by 1 analyst. New target price is 23% above last closing price of €5.70. Stock is up 54% over the past year. The company is forecast to post a net loss per share of €0.11 next year compared to a net loss per share of €0.45 last year. New Risk • Jun 20
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 7.3% 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: Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (€30.7m market cap, or US$35.3m). Announcement • May 13
S.M.A.I.O S.A., Annual General Meeting, Jun 17, 2025 S.M.A.I.O S.A., Annual General Meeting, Jun 17, 2025. Location: 2 place berthe morisot, parc technologique, saint priest France Reported Earnings • Apr 27
Full year 2024 earnings: Revenues exceed analyst expectations Full year 2024 results: Revenue: €6.46m (down 26% from FY 2023). Net loss: €2.35m (down 322% from profit in FY 2023). Revenue exceeded analyst estimates by 1.8%. Revenue is forecast to grow 39% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Medical Equipment industry in France. Announcement • Mar 01
SMAIO Adds Donald J. Blaskiewicz as Member to Its Scientific Advisory Board SMAIO announced the appointment of Dr. Donald J. Blaskiewicz, neurosurgeon at St. Luke’s Clinic in Boise (Idaho) to its recently created U.S. scientific advisory board. In mid-October 2024, SMAIO announced the creation of a U.S. scientific advisory board with the appointment of its two founding members, Dr. Brian Neuman (orthopedic surgeon) and Dr. Camilo Molina (neurosurgeon), both practicing at the Washington University School of Medicine in St. Louis (Missouri). Today, the Company is glad to announce an important addition to the U.S. scientific advisory board with the appointment of Dr. Donald J. Blaskiewicz, neurosurgeon at St. Luke’s Clinic in Boise (Idaho). Donald J. Blaskiewicz, MD, specializes in caring for people with complex spinal conditions, scoliosis, spinal deformity, and complex pathologies of the cervical spine. He is a fellow of the Scoliosis Research Society and the American Association of Neurological Surgeons (AANS). He is also a member of several professional organizations, including the Congress of Neurological Surgeons (CNS), the North American Spine Society (NASS), the Society of Minimally Invasive Surgery (SMISS) and the California Association of Neurological Surgeons (CANS). SMAIO's objective is to bring together the best experts in spine surgery within this advisory board in order to foster the Company's development in the U.S. spine market, through various initiatives such as training sessions and the organization of “Sagittal Alignment Think Thanks” across North America. Announcement • Jan 07
S.M.A.I.O S.A. to Report First Half, 2025 Results on Oct 14, 2025 S.M.A.I.O S.A. announced that they will report first half, 2025 results on Oct 14, 2025 New Risk • Dec 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 6.6% 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: Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (€13.0m market cap, or US$13.6m). Reported Earnings • Oct 18
First half 2024 earnings released: €0.23 loss per share (vs €0.21 profit in 1H 2023) First half 2024 results: €0.23 loss per share (down from €0.21 profit in 1H 2023). Revenue: €2.62m (down 43% from 1H 2023). Net loss: €1.23m (down 214% from profit in 1H 2023). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Medical Equipment industry in France. Announcement • Oct 15
S.M.A.I.O S.A. to Report Fiscal Year 2024 Results on Apr 15, 2025 S.M.A.I.O S.A. announced that they will report fiscal year 2024 results at 5:40 PM, Central European Standard Time on Apr 15, 2025 New Risk • May 05
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (€760k net loss in 2 years). Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (€17.9m market cap, or US$19.3m). Price Target Changed • Apr 18
Price target increased by 7.4% to €5.80 Up from €5.40, the current price target is provided by 1 analyst. New target price is 88% above last closing price of €3.09. Stock is down 11% over the past year. The company is forecast to post a net loss per share of €0.27 compared to earnings per share of €0.54 last year. New Risk • Feb 11
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 6.6% 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: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€1.6k net loss in 2 years). Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (€14.1m market cap, or US$15.2m). Reported Earnings • Oct 22
First half 2023 earnings released First half 2023 results: Revenue: €5.50m (up 226% from 1H 2022). Net income: €1.60m (down 70% from 1H 2022). Profit margin: 29% (down from 319% in 1H 2022). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Medical Equipment industry in France. Announcement • Jun 08
SMAIO Receives FDA 510(k) Clearance for Customized Surgery Planning Software Co-Developed with NuVasive SMAIO announced that it has received FDA 510(k) clearance for the customized surgery planning software co-developed with NuVasive. Obtaining FDA 510(k) approval for this customized version of the surgery planning software represents a key milestone in the partnership and licensing agreement signed in First Quarter 2022 between SMAIO and NuVasive. This customized surgery planning software is based on SMAIO's previously released vertebral realignment planning technology, "Balance Analyzer 3D". The achievement of this first milestone, in line with the roadmap presented by SMAIO at the time of its IPO in April 2022, triggers a $3 million payment by NuVasive to SMAIO. As part of the previously announced partnership, an additional milestone payment will be triggered after further integration of the Balance Analyzer 3D into the NuVasive platform, as well as additional technical capabilities. New Risk • Jun 08
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 6.4% 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 Risk Earnings are forecast to decline by an average of 36% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Revenue is less than US$5m (€3.2m revenue, or US$3.4m). Market cap is less than US$100m (€10.7m market cap, or US$11.5m). Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €2.24, the stock trades at a trailing P/E ratio of 4.1x. Average forward P/E is 26x in the Medical Equipment industry in France. Total loss to shareholders of 52% over the past year. Breakeven Date Change • Nov 19
Forecast to breakeven in 2022 The analyst covering S.M.A.I.O expects the company to break even for the first time. New forecast suggests the company will make a profit of €4.00m in 2022. Earnings growth of 15% is required to achieve expected profit on schedule. 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. 5 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. 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. 5 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Apr 19
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. 5 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. 
