Cellnovo announces its Q4 and Full Year 2018 Sales
in portfolio news
Strong growth in Q4 sales
Annual revenues more than doubled compared to 2017
Cellnovo Group (“Cellnovo” or the “Company” - CLNV: EN Paris), a medical technology company marketing the first connected diabetes management platform comprised of a discreet, wearable micro-pump that communicates via Bluetooth® with a locked-down AndroidTM smartphone, today reports its revenue from sales for the fourth quarter of 2018, and the full year 2018.
During the fourth quarter of the year, the Company's sales amounted to €1,050k, compared with €369k for the same period in the previous year. Fourth quarter revenue alone was equivalent to the total annual sales for the previous year and represents a +58% increase from the previous quarter (Q3: €665k.) For the full year 2018, Cellnovo reported sales of €2,569k, up +142% compared with the previous year. This strong revenue growth is the result of the start of large-scale production of insulin cartridges last June and the roll-out of the new Gen 3 System in September 2018.
Cellnovo sold 347 new systems in the fourth quarter of 2018, compared to 58 in the fourth quarter of 2017, bringing the total number of systems sold in 2018 to 674 and the total number of systems sold since launch to 1,506.
Sophie Baratte, Chief Executive Officer of Cellnovo, commented: “The strong sales growth in the last quarter of 2018 confirms the positive response of the type 1 diabetes community to the new version of our unique connected system that combines a micro-pump for insulin delivery with a locked-down AndroidTM smartphone. 2018 marked the successful industrialization and ramp-up of insulin cartridge production with Flex. The improved performance and user experience of our new Gen 3 System, which provide real added value for patients and caregivers, allow us to anticipate strong growth in 2019 in a market that remains as fast-growing and dynamic as ever.”