(AOF) – Mauna Kea Technologies gained 4.35% to 0.74 euro, supported by the presentation of its cost savings plan. This plan will allow the medtech to focus its financial resources to support the strategic direction to use Cellvizio as the key tool to aid in the characterization of lung cancer and for molecular imaging-guided surgeries.
The company plans to reduce operating expenses by around 40% (in 2020, it had operating expenses of 17.1 million euros and total revenue of 7.9 million, of which 6.5 million came from sales ).
These expense reductions reflect a combination of lower administrative costs, sales and marketing expenses, board fees, the discontinuation of several contracts with non-essential external consultants, and a roadmap of more focused and disciplined product development, among other sources.
Cash at the end of December amounted to 11.8 million euros. With this expense rationalization plan and the use of the rest of the financing line (3.6 million stock warrants), the group is extending its financial horizon by five quarters to the fourth quarter of 2023, compared to the third quarter of 2022 previously.
At the same time, Shu-i Gautheron, financial and administrative manager since June 2021, was promoted to the position of financial director following the departure of Christophe Lamboeuf.
Daryl Donatelli, currently Director of Global Marketing, becomes Vice President of Global Marketing. Finally, Fredéric Banegas, who joined the company in March 2021 as Director of R&D, was promoted to Chief Technology Officer.
Receive our latest news
Every morning, the information to remember on the financial markets.