VISIOMED GROUP: Excellent half-year for Visiomed Group, which continues its significant growth and transformation phase – 2022-10-03 at 18:30

Paris, October 3, 2022

VISIOMED GROUP (FR0013481835 – ALVMG), a group dedicated to innovative health technologies and services, presents its revenue for the first half of 2022 and the operational and strategic decisions made for its two subsidiaries, Smart Salem and BewellConnect.

The first half of 2022 is successful. It was marked in particular by the very strong growth in consolidated turnover, the record development of Smart Salem in its core business (+66%), operational streamlining and the significant drop in fixed costs for BewellConnect (-47%). .

Strong growth in consolidated revenue, multiplied by 29 in the first half of 2022:

Consolidated revenue for the first half of 2022 reached €8.8 million, i.e. +€8.5 million compared to consolidated revenue for the first half of 2021. This growth is mainly due to:

• The contribution of Smart Salem, a company acquired in August 2021 (+€6.4 million);

• The organic growth of BewellConnect (+€2.1 million).

Smart Salem: phenomenal growth of +66% in the “Medical Fitness” core business

Given the acquisition of the Smart Salem subsidiary in August 2021, the company deemed it relevant to present a comparative analysis with proforma revenue achieved in the first half of 2021.

Smart Salem’s activity in the first half of 2022 is marked by:

• A very strong growth of +66% in revenues generated by the “Medical Fitness” activity, Smart Salem’s core business, linked to the increase in attendance at the center; the average number of daily visits going from 213 visits/day in the first half of 2021 to 320 visits/day in the first half of 2022 (+50%);

• The desire of the new Management, in place since the spring of 2022, to disengage the Group from activities related to COVID, which are non-recurring and have become low margins; the turnover generated by the tests and sales of PCR kits is therefore down by €2.6 million.

As a reminder, and in line with the strategic choice to invest in “Medical Fitness” activities, Smart Salem continues to deliver its development plan with:

• The opening of the second center located in the Dubai CBD (DIFC) in September 2022;

• The authorization received for the opening of a third center in the Dubai Knowledge Park district (part of the TECOM group), for an opening scheduled for the first quarter of 2023.

Smart Salem therefore has a solid foundation to continue its cycle of strong growth.

BewellConnect: growth driven by COVID-related sales in H1 2022

Turnover on BewellConnect increased by +€2.1 million between the first half of 2021 and the first half of 2022, notably impacted by:

• Significant sales of COVID products (masks and gels) in the first quarter of 2022 of around €2.3 million. Management has since withdrawn from this activity, which is outside the core business, consumes human and financial resources, and has a low margin;

• The evolution of the Connected Health activity, not significant due to sales
  
  non-recurring transactions carried out in the first half of 2021.

Operational and strategic decisions around BewellConnect:

As planned in previous publications, Management wanted to communicate on the actions implemented and the preferred paths for the future of BewellConnect.

The Management appointed in April 2022 quickly reported the need for strong actions on BewellConnect to respond to the problem of recurring operational loss in connection with a poorly controlled cost structure and the complex functioning of the teams requiring remobilization and accountability of the entire workforce.

A plan to rationalize external expenses has thus been drawn up around two axes:

• The reduction in the number of service providers and the scope of the assignments, which has allowed a simplification of the operational mode of operation as well as a better internal control of know-how;

• The readjustment of teams with the aim of tightening skills and know-how around key people; to set up a flattened organization involving everyone in the company’s projects and issues and offering better control of the payroll.

These actions have enabled a significant reduction in the structure of BewellConnect’s monthly fixed costs from €244 k in March 2022 to €129 k in September 2022, i.e. a structural saving of 47%.

This optimization plan, which began in the first half of 2022, will have a full effect on the second half of 2022 and offers more latitude to Management for targeted investments and recruitment.

At the same time, the strategic review of BewellConnect’s activity is continuing, particularly around the study of commercial or capital partnership projects.

About VISIOMED GROUP

Created in 2007, VISIOMED GROUP relies on a long experience in the health sector to invest in innovative health technologies and services in France and abroad.

The Group now has two wholly-owned subsidiaries:

• BewellConnect, created in 2014, pioneer in connected health and teleconsultation solutions
  

BewellConnect offers an enriched technological universe, both in medical devices and software, making it possible to respond to all telehealth use cases: enriched and assisted teleconsultation, home telemonitoring, hospital monitoring, tele-expertise, teleassistance and tele-regulation.

BewellConnect’s flagship product, VisioCheck, is the first telemedicine station weighing less than 300g for healthcare professionals, available in a case, station or modular health space.

BewellConnect is now deploying its solutions in France and abroad.

• Smart Salem, the first digital medical analysis center accredited by the Dubai Ministry of Health (DHA) in the United Arab Emirates
  

The Smart Salem offer is based on know-how in medical analysis, radiology and data analysis and processing to detect nearly 35 diseases in 7 minutes in a patient (in particular HIV, hepatitis and tuberculosis) by offering reliable results. , readability and exceptional patient experience enabled by advanced artificial intelligence and virtual reality technologies.

Smart Salem’s “Medical Fitness Assessment” offer resulting from this know-how thus makes it possible to obtain a residence or work visa in the space of 30 minutes compared to 10 to 15 days in historical health centers.

Smart Salem is a technological platform offering many growth opportunities, as shown by the opening of the second center in Dubai in September 2022 and the authorization received for the opening of a third, for opening in the first quarter of 2023.

Based in Paris, VISIOMED GROUP is listed on Euronext Growth (ALVMG). More information on visiomed.fr, smartsalem.ae and www.bewell-connect.com.

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© Visiomed Group SA 2022. The brands mentioned are the property of their respective authors. Reproduction prohibited, even partial, without prior authorization.

[1]

H1-2021 average exchange rate: EUR/AED = 4.4253

[2]

H1-2022 average exchange rate: EUR/AED = 4.0120

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