Mauna Kea Reports Slow but Strong Adoption of Cellvizio in 2015

Laser endomicroscope developer Mauna Kea Technologies has reported its first full-year financial results. Sales of the company’s Cellvizio multidisciplinary confocal laser endomicroscopy platform were disappointing, though the company said it has improved its gross margin and reduced fixed operating costs.

Mauna Kea recorded a 22 percent decline in its full-year 2015 sales to €8.55 million. A 2 percent preclinical sales was not sufficient to make up for the larger 29 percent decline in worldwide clinical sales, which accounts for the majority of the company's sales. Probe reorders from existing Cellvizio customers rose by 17 percent, reflecting strong clinical adoption by physicians and growing third-party reimbursement support.

By Dec. 31, 2015, the company had an installed base of 495 Cellvizio systems.

Over the full year, Mauna Kea improved its gross margin to 70%, up 3 percent over 2014. Annual operating expenses declined by 12 percent in 2015 to €22.9 million. The company's full-year operating loss came to €12.73 million, compared to €13.8 million in 2014.

After €84,000 in financial income, Mauna Kea’s 2015 net loss was €12.64 million, compared to €13.97 million in 2014.